quote:Originally posted by Geraine: After reading that, I almost hope they don't do anything and let it run its course.
Cut the budget deficit for the year in half? Ok
What do you do when tax receipts plummet and expenditures rise due to massive GDP contraction and job loss?
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Hey, let's be fair, he said he 'almost hoped'. I read that to mean that while cutting the deficit by half would be a big draw, he nonetheless sees going over the cliff as bad.
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Blayne Bradley
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quote:Originally posted by Geraine: After reading that, I almost hope they don't do anything and let it run its course.
Cut the budget deficit for the year in half? Ok
Also to add, what happens when the US Army goes on strike? It costs money to run things you know.
That and Lyrhawn's point, if you cut the budget in half, then you'll enter a depression as the debt to gdp ratio spikes to 1929 levels.
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While the problems that allowing the "fiscal cliff" to run its course cause will be counterproductive in the short term, in the long run, anything that lowers the deficit will be beneficial.
Eventually something will have to be done to drastically reduce the deficit and begin to settle our debt as a nation. And as unsavory as it might sound, raising taxes and cutting spending will be the ultimate solution.
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Blayne Bradley
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Yeah but the problems from cutting it in half would not solve the problems even long term, you'll just end up with more debt from a worse economy.
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Don't pay them for a few months and see how that works out...
It wouldn't help in the short term, and it would cause more problems than it solved in the long term, by far.
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Blayne Bradley
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quote:Originally posted by BlackBlade:
quote:Originally posted by Blayne Bradley:
quote:Originally posted by Geraine: After reading that, I almost hope they don't do anything and let it run its course.
Cut the budget deficit for the year in half? Ok
Also to add, what happens when the US Army goes on strike? It costs money to run things you know.
Army isn't allowed to strike.
Tell that to the French army in 1917.
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