If I recall correctly, the "last time" Argentina had to settle up, their bond holders had to take a 50% hair cut. Could have been worse, I guess... but that's the kind of thing which lurks in our future unless somebody kicks Obama and Congress in the BALLS so they wake up.
How much will higher taxes (repeal Bush cuts) reduce future revenue. That needs to be figured into the equasion. How much of the war spending is actually stimulus. That money goes to build weapons, airplanes and military salary. What happens when you lose that spending in this economy.
$34 bil represents over $100 from every man, woman, and child in the U.S. I would rather keep my hundreds and tell those on unemployment to go find a job - any job! I'm not your daddy!
Your chart is from the Center on Budget and Policy Priorities and they want to raise taxes and cut defense spending so there's more wealth to redistribute. Oh... I meant to reduce the deficit. I'm skeptical of any organization that, from their website, was founded to: "analyze federal budget priorities, with particular emphasis on the impact of various budget choices on low-income Americans." And I don't trust any organization that Biden thinks this highly of: âThe invaluable Center on Budget and Policy Priorities ⦠[has] been the go-to resource for consistently reliable analysis on matters of budgets and fiscal policy at every level of government.â - Vice President Biden Here's a better idea. Let's reform entitlements: <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=2900754>
50 YEARS BEFORE FISCAL STABILITY? ARE YOU SERIAL. The bondholders won't take that! Depression is upon us!
That would be just for THIS round of extensions... what about the prior ones? And what about later ones? (You don't think do you that even if this one passes... it will be the last?)
Probably true. We may develop a culture of "permanently unemployed, but receiving monthly benefits"... until age 65-70 where Social Security can kick in? Can we afford that?