Congress does it's job - who'd a thunk it?

[WanderngFool]

They did a 2 year budget deal. House Republicans figure Obama's approval ratings are so low that they can get reelected in November so they're taking a break from damaging our economy.

The bad news of course is that we do have problems that aren't getting fixed. The good news is we might be able to make some money in 2014. Happy New Year!

 

[layoutshooter]

First time in how long? The BEST job congress could do would be to resign. Obama and Biden along with them.

 

[xiggi]

Don't think anything has been passed yet has it?

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[layoutshooter]

Don't think anything has been passed yet has it?

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I don't think it has been, nothing on the news last night about it passing. Then who knows what the Senate will do?

 

[WanderngFool]

It may not be inked yet but media sites are saying they have a deal.

Personally I'm so confident because the tea party republicans have ruined their brand so badly, and ticked off the old school party leadership so badly, that it's hard to imagine they won't pin their November hopes on continued Obamacare backlash.

I happen to think they're underestimating the ability of Dems to remind the public what a major pita the children in congress have been, but that's their problem come November. They've been costing us money, plain and simple.

 

[layoutshooter]

It may not be inked yet but media sites are saying they have a deal.

Personally I'm so confident because the tea party republicans have ruined their brand so badly, and ticked off the old school party leadership so badly, that it's hard to imagine they won't pin their November hopes on continued Obamacare backlash.

I happen to think they're underestimating the ability of Dems to remind the public what a major pita the children in congress have been, but that's their problem come November. They've been costing us money, plain and simple.[/QUOTE


I find it hard to believe that ANYONE places their faith in EITHER party, considering what that "den of thieves" we call the "government has done to this country. 17 TRILLION in debt and they seem to have no problem with that, and they CONTINUE to RAISE IT! We will soon reach a point where will be further in debt than the socialist countries of Europe.

When are people going to get it? We are BROKE! We cannot afford to continue with deficit spending. We HAVE to downsize government and it's spending.

We must alse to away with the "ruling class". No more almost 100 years of the same family in a seat in congress. We also need to get big money out. To do THAT we must remove EVERYONE that is there now. Our government, and BOTH parties, are corrupt.

As the the "children" costing us money, for the entire first term of Obama they held the house, senate and White House, with a majority that could not be overridden, and did not pass a budget. They also run up 25% of ALL the combined debt of the US since 2008. Yep, they ALL have to go!

 

[WanderngFool]

I might have been just a little early with starting a thread about a budget deal. I was under the impression that the back room deals were all done and all that was left was the formality of signing.

Now they're talking about conservative groups being ticked off and Boehner being ticked off in return. Mitch McConnell said after the October embarrassment that they were done being the stupid party. I guess he can't control the children in the house any better than Boehner.

If they do happen to get around to doing their jobs... Have you been noticing a real uptick in optimism for our economy next year? Bloomberg has a nice piece this morning quoting bigwigs and of course they're never wrong. lol It's encouraging at any rate.

World Led by U.S. Poised for Fastest Growth Since 2010 - Bloomberg

 

[layoutshooter]

Did it EVER cross anyone's mind that those in the house who are opposed to this budget, which has a deficit, are opposed because those who sent them there, in other words, those who's wishes they represent, are doing what their constituents WANT them too? You know, the will of the People?

There are a LOT of people in this country who are fed up with the status quo, the back room deals. We are telling our representatives to fight ANY more borrowing, to get rid of the deficit so we can start to retire the debt.

The government should NOT be in charge, we should be. The sneaking around, the cover ups, the lies have to end.

If the deficit is not gotten rid of, and soon, the house of cards is going to fall. The short term thinking, the vote buying, has to stop. We need to be looking and planning, 50-100 years down the road, not the next quarters jobs report.

 

[WanderngFool]

Well given the fact that the Bloomberg article I linked to quotes many of the smartest people in the world, I'm going to take a wild guess that they've heard of the national debt. On a good day they might even think of it in terms of debt to gdp ratios and on a really good day they might even consult some of the research that's been done on the effect of debt on the economic vitality of nations. Maybe they need to be told about the debt though, I suppose it's possible that they missed it.


John Boehner has grown a pair? Really?

Boehner: Conservative Groups On Budget Deal Have 'Lost Credibility' - Business Insider

 

[xiggi]

Boehner is incredibly weak, no backbone to stand up for what is right. He has caved time and again.

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[WanderngFool]

Boehner is incredibly weak, no backbone to stand up for what is right. He has caved time and again.

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The Washington Post has video:

Boehner escalates feud with conservative groups as vote on budget bill looms - The Washington Post

 

[davekc]

No need to complicate the simple. It is basically a deal for the democrats. Republicans are hoping they can get traction in 14 with the Obamacare disaster.
But...."do the math".
Thier deal is "supposed to save 23B over ten years. That is rolling back the 63B in sequester cuts.
We currently are running at a record pace of spending 4T (thats TRILLION) a year.
You are currently over 17T in debt now.
Ummm???? what could possibly go wrong with such a good deal?

I guess we could always use those billions of "stimulus dollars and shovel ready jobs".
Oops......where did all of that go?

 

[WanderngFool]

Liberals really stepped in it with the stimulus, didn't they? I give ya that one. That was an epic fail. They were like children on halloween that hadn't seen a candy bar in about a year.

Debt levels as a percentage of GDP are higher than normal but it's nothing that a healthy US economy can't grow out of. We're not Greece by any means. What the children in the house have done is damaged the economy and therefore their own country with this fool's errand they're on.

The economy has been on life support. First you stitch the patient up and wheel him out of the operating room and then as he's healing you tell him to lose some weight.

 

[davekc]

I agree. I don't think you can compare the US financial system to Greece. But...if we don't get the spending under some kind of control, we are most certainly going to have problems.
And one can be assured, the "47 percent" will pay a heavy price. Just modest inflation and a devalued dollar will do it. Has already started actually. Been grocery shopping lately?

 

[WanderngFool]

I agree. I don't think you can compare the US financial system to Greece. But...if we don't get the spending under some kind of control, we are most certainly going to have problems.
And one can be assured, the "47 percent" will pay a heavy price. Just modest inflation and a devalued dollar will do it. Has already started actually. Been grocery shopping lately?

Yup. Food has gone up. Utilities and gasoline have come down. Most prices are pretty stagnant. Like you said the other day, inflation will start to heat up as the economy recovers. (Fox predicted we'd have inflation in 2009 but that's a different thread). We want inflation. Krugman was saying the other day he'd like to see 4% for some strange reason. Probably bonds, I get a little lost when they start talking bonds.

US debt as a percentage of GDP:
http://www.krusekronicle.com/.a/6a00d83451b14d69e2017c338769c5970b-450wi



Greece debt as a percentage of GDP:
http://financemymoney.com/wp-content/uploads/2012/05/greek-gdp-to-debt.jpg

We are not Greece by any means.


Edit: I dug up the way too short Krugman interview. He's always interesting.
http://www.businessinsider.com/paul-krugman-bubbles-economic-growth-2013-12

 

[davekc]

I would debate the utilities and gas. Maybe down to the power companies, but certainly not down to the end consumer. Mine are higher in both TN and FL.
As for gas, we have seen a lull for only a handful of months. It will likely go up because they are debating now about how to handle disruptions, new EPA requirements, and new highway tax that is double the current number.
The latter hasn't been voted on yet, but the bill has already been drafted.
What we end up paying for fuel will be driven by the global market with China playing a big part.

 

[WanderngFool]

I would debate the utilities and gas. Maybe down to the power companies, but certainly not down to the end consumer. Mine are higher in both TN and FL.
As for gas, we have seen a lull for only a handful of months. It will likely go up because they are debating now about how to handle disruptions, new EPA requirements, and new highway tax that is double the current number.
The latter hasn't been voted on yet, but the bill has already been drafted.

Utilities and gasoline were off the top of my head. Maybe I've just been a good boy lately and I'm consuming less. Something is obviously putting downward pressure on the cpi to make up for increases in food.

 

[davekc]

Utilities and gasoline were off the top of my head. Maybe I've just been a good boy lately and I'm consuming less. Something is obviously putting downward pressure on the cpi to make up for increases in food.

True.....the treasury is continuing to print money. That is why you have low interest rates. As you keep printing, the dollar goes down in value.
They like to call that "Quantitative Easing"

 

[WanderngFool]

True.....the treasury is continuing to print money. That is why you have low interest rates. As you keep printing, the dollar goes down in value.

Inflation. I thought we were talking about inflation and not the fact that deficit spending hasn't triggered inflation even though Fox said it would.

Rising mortgage rates will be the trigger (I think you said that the other day). But Fox said inflation was going to be out of control back in 2009 when mortgage rates were in the basement and not going anywhere.

Btw, did you see that I edited that post where I mentioned Krugman? I added a link to a 2 minute Krugman interview that I think you'll like.

 

[davekc]

Will check it out. Rising mortgage rates are only a component of inflation. There are numerous things that drive that number as to whether it goes up or down. Rising mortgage rates would only be a symptom. Wasn't me that said it would be the trigger. But....rising interest rates on government borrowed money will be a major factor.
Once you borrow too much, our credit rating changes. When that happens, your interest rate on borrowed money goes up.