Posted on 03/14/2013 6:27:56 PM PDT by Olog-hai
Rep. John Conyers (D-Mich.), the ranking member of the House Judiciary Committee, said on Thursday that the nation’s current debt of $16.7 trillion is “not endangering” the country, adding that “some debt is not a bad idea” and that he and other congressional Democrats “don’t think there’s a problem.” …
Conyers and other liberal Democrats spoke at a Capitol Hill press conference about their initiative to compel Congress to cancel the across-the-board budget cuts (sequester) of $1.2 trillion over 10 years, which actually are reductions in the rate of increase in federal spending and amount to $44 billion for this year. …
Conyers said, “Let me let you understand, first of all, that the debt is not endangering us a bit—not at all. Our economists say we’re in debt but it’s not endangering everything. As a matter of fact, there are economists that say some debt is not a bad idea at all. So all those ideas about the ceiling falling, the walls caving in because of that, you can sleep more comfortably in your bed at night when you realize that we don’t think there’s a problem.” …
(Excerpt) Read more at cnsnews.com ...
Yes, and even the national debt.
They also screamed bloody murder about the way that the unemployment rate was calculated, but when they seized the reins and used it themselves, it was suddenly perfectly valid.
Well, Adm. Mullen must have missed the memo, cause the COMPAC Pacific Fleet Commander says it’s.....Global Warming (aka climate change) seriously.
Debt will decide our fate. Cloward Piven is marching along quite well to chaos.
He should listen a bit more to the CBO. Why, just today, were these two tidbits... (if two in one day, multiply that by the hundreds of reports each month):
CBO projects that, starting in 2015, the highway account of the Highway Trust Fund will have insufficient revenues to meet its obligations, resulting in steadily accumulating shortfalls.
The Social Security Disability Insurance program has expanded rapidly during the past few decades, and CBO projects that, under current law, future spending for the program will significantly exceed the revenues dedicated to it.
Is that what they want? No more Obama-phones? No more food stamps? No more welfare?
Libs can't deal in cold hard facts, so they resort to vague generalities. If you leave your wallet home and a co-worker spots you 5 bucks for lunch, then “some debt is not a bad idea." Owing $50 grand to a Mafia bookie is also "some debt." Not such a good idea, though.
And the ones who 20 years ago said Savings and Loans should be able to invest your money in their home furnishings.
And the some ones who said $500 million to Solyndra would give us ‘green energy’
And who told us that the surge in Iraq would not work. Or waterboarding would not help us find Bin Laden.
With a track record like that- why not trust the government!
Conyers has been in congress since 1965. The Detroit News needs to publish a photo layout of how Detroit looked in 1964 vs how it looks now.
Just look at Detroit and you'll see what Conyers has in mind for all of America soon.
Proposal: Amendment XXVIII
No Representative shall have any compensation or pension whatsoever, after completing their time of elected service. Any pensions from past service are considered null and void and no longer in force.
The current thinking in the government goes like this. The debt cannot be stopped, just like a drug addict cannot be deprived of his drugs without killing him. There are several generations of people now who expect the debt to house and feed them; and besides, even if they'd like to work, there are no jobs for them, nor they are educated to do any sensible work that can be sold on the international market. Stopping the largesse would instantly trigger massive riots that will quickly transform into an all-out civil war. The US Army will be incapable to help; they only can join up as yet another combatant, against everyone else.
If that is true, then the government believes that there is no point in hastening the demise. While the credit is still available, it is gladly taken and forwarded as entitlements. This keeps the riots away. There is another term for that: kicking the can down the road. While that is happening, the wisest power brokers buy themselves property in safer countries.
How much of this theory is true? If we look at the ever-rising debt, it is clear that at some point there will be simply not enough money in the whole world to feed us. Naturally, foreign creditors will drop the USD far before that, at the time of their choosing.
If a stable and sensible country is suddenly denied foreign credits, it's not even a concern. It is an everyday occurrence in the world for a country to need money and not being able to borrow on reasonable terms. Most of Europe is now in that boat; it's not just the usual fare of countries like Zimbabwe.
But the USA is addicted to free money. The whole economy is built around borrowing money and then using that money to feed a hundred million citizens (and non-citizens.) No other country does that. If they borrow, it's because they want to build something or buy something specific. Nobody borrows just to finance everyday expenses. This country does. As result, it will be cut off from those everyday expenses. Farmers are doing good here, they are feeding the USA and many other countries - but only as long as oil is available. Stop the oil, and we don't have enough oxen and horses; and we'd be back in 1800's, productivity wise. Hunger is inevitable because horse-driven industry cannot feed the current population of the USA. When people are hungry they tend to look for food and take it by force. In other words, this country (as we know it today) exists only because it is regularly supplied with external money. The USA is a hopeless drug addict on an IV, and that IV can be pulled out at any time.
He's right in one sense - as long as we have the world's strongest military, we don't have to pay back the foreign part of the debt.
As long as...
He’s not called Con Yours for nothing.
“Because he is an idiot. Mugabe thought everything was great too. And it is for him.”
That is probably Conyers’ view. The collapse of the U.S. isn’t a problem; it just means his gang can start building their workers paradise sooner.
This clown states that some debt is OK,yet;17 trillion does not bother him.
Is this the new liberal econ?
Didn't Rep. Barney Frank say Fannie Mae and Freddie Mac were in great financial shape about six weeks before they pulled the plug?
He must have thought his wife Monica well. Until she went to jail she was on the Detroit City Council. With the mentor she had it’s no surprise that Detroit is on the brink of bankruptcy with an emergency financial manager now running the city.
He must have taught his wife Monica well. Until she went to jail she was on the Detroit City Council. With the mentor she had it’s no surprise that Detroit is on the brink of bankruptcy with an emergency financial manager now running the city.
His wife is a Con!
I have never been accused of being an economist, but when you still have a deficit over a trillion and you have a debt of 16 Trillion. How do you ever pay it off?
Reminds me of a guy I knew in the service, an alcoholic who said he didn’t have a drinking problem...the only time he had a drinking problem was when he didn’t have any money, then he had a drinking problem...
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