Bush official: Debt ceiling foes are ‘al Qaeda terrorists’

From The Hill:

“Former Treasury Secretary Paul O’Neill compared lawmakers trying to block raising the debt ceiling to “al Qaeda terrorists.”

“The people who are threatening not to pass the debt ceiling are our version of al Qaeda terrorists. Really,” O’Neill, Treasury secretary in the Republican administration of George W. Bush, said Wednesday in an interview with Bloomberg Television’s InBusiness with Margaret Brennan.

“They’re really putting our whole society at risk by threatening to round up 50 percent of the members of the Congress, who are loony, who would put our credit at risk,” O’Neill said.”

O’Neill, you may recall, was fired in 2002 after warning the Bush administration that a second round of tax cuts, following the initial round in 2001, would create a huge deficit, especially with a new war in Iraq underway.

After O’Neill brought up his concerns to his friend Dick Cheney, the vice president infamously responded:

“You know, Paul, Reagan proved that deficits don’t matter. We won the mid-term elections, this is our due.”

– Jay Bookman

428 comments Add your comment

stands for decibels

April 27th, 2011
5:41 pm

Why, how shrill.

stands for decibels

April 27th, 2011
5:42 pm

That “50% loony” estimate seems conservative.

Logical Dude

April 27th, 2011
5:42 pm

quoting: deficits don’t matter

Evidently they do when you have to actually PAY them.

Good little liberal

April 27th, 2011
5:43 pm

We HAVE to do it and we HAVE to do it now.

How many times will liberals continue to believe this garbage?

How many crisis d’jour will they swallow before they finally figure it out and oh yea: has anything they have ever done actually worked?

Fool me once, but fool me daily?

Liberals. Gotta love them because we sure can’t depend on their intelligence.

Logical Dude

April 27th, 2011
5:46 pm

I disagree with degrading the others as “al Qaeda terrorists”, but I guess he needs the harsh language to actually show them that they will do great harm if they do not raise the debt ceiling.

Of course, if we DO raise the debt ceiling, we are also doing harm because that puts us more in a hole that will take us even longer to get out of (if at all. .. . based on current progress, I”m not hopeful).

We MUST raise taxes and cut spending on the “Big 3″ – Defense, Social Security, and Medicare. If we are to get out of the hole we are in.

Defense should be cut significantly, with the highest percentage of cuts.

Either way, we have to be fiscally responsible as a country!

josef nix

April 27th, 2011
5:46 pm

Shoot…asked for clean sheets and look at what I got…more economics stuff…phooey…

Left wing management

April 27th, 2011
5:49 pm

Good little liberal: “Liberals. Gotta love them because we sure can’t depend on their intelligence.”

What’s a “liberal” dude?

Is it “liberal” to be concerned about the creditworthiness of the United States government? If I can’t get a car loan or a mortgage a year from now because a giant hole has been blown in the Treasury’s ability to meet its obligations and an international credit market is shaken to its foundation?

Do you even have a sense of what it means for us to refuse to raise the ceiling? If I recall correctly from our last discussion, you’re taking it on BELIEF that certain experts (in the minority) thing the risks are overblown. On what basis do you place your TRUST in those voices?

md

April 27th, 2011
5:50 pm

From what I have seen, seems deficits still don’t matter…………but not to worry, the misfits took months to negotiate a whopping 6 days worth of cuts in an effort to save us…..

stands for decibels

April 27th, 2011
5:52 pm

An equally if not more serious threat from Gooperville, here:

http://www.nytimes.com/2011/04/27/opinion/27wed1.html

what is it about a fair fight that these sociopaths can’t stand?

kayaker 71

April 27th, 2011
5:52 pm

It’s like those 30K credit card balances….. if you didn’t spend the money, you wouldn’t have the problem.

Keep Up the Good Fight!

April 27th, 2011
5:53 pm

Ah the stupidity. GLL is concerned about the intelligence of liberals after a day of birthers expanding their wackiness.

Redneck Convert (R---and proud of it)

April 27th, 2011
5:55 pm

Well, I hope they don’t raise that debt ceiling. See, even if the world goes flat busted (no offense to all the flat busted women out there), people will still want to drink more beer to kind of drown their sorrows. And that’s good for my job and my 401k.

See, I’m a Republican. What’s good for me is good for me. And if it ain’t good for you, well, you made some downright sorry choices in life and need to change your way of living.

josef nix

April 27th, 2011
5:57 pm

Good Fight…

Most folks, including many who wear the tag, wouldn’t know what a liberal is if one whapped ‘em upside the head…and the same can be said of conservative…there are precious few of either posting hereabouts…as the looney tune said downstairs, a lotta wannabes! :-)

Hillbilly Deluxe

April 27th, 2011
5:58 pm

Shoot…asked for clean sheets and look at what I got…more economics stuff…phooey…

Be careful what you wish for. ;-)

Just more hyperbole, looks to me like. I don’t think we’ll ever have serious discussions, as long as either/both side(s) engage in all the hyperbole. As much as both sides in Washington disgust me, I don’t really see any of them as “al-Qaeda terrorists”.

Good little liberal

April 27th, 2011
5:59 pm

Left wing management

It’s no big surprise that you buy it. I wish my father would have been a liberal. I could have talked him into anything.

Do you also believe Obama when he now says that decreasing our debt is the most important thing we could do right after he has spent like no other president in history?

Economists are saying that it is not critical and economists are saying that it is. So there are obviously two points of view.

That tells me that we are being fed another load of horse manure. For anyone with a brain, crying wolf only works a couple of times, but the clown in the white house has been doing it for two and a half years, almost daily.

El Jefe

April 27th, 2011
5:59 pm

And as Joe Biden, Vice President said, we can spend our way out of bankruptcy.

I know I can’t in my budget, maybe he has a leprechaun in his pocket.

1811/1801 - 0311/0317

April 27th, 2011
6:01 pm

josef:

Be careful. “ilk” means “it’s like Kammie”

Dusty

April 27th, 2011
6:01 pm

JOSEF,

I tagged on a question for you not knowing about this clean new leftwing political “thread” being placed. I would like your opinion.

I think I will turn the light off on this ceiling. Even leftover spghetti sounds more interesting than this. (I’m not much on stuffed peppers. I like ‘em crunchy, not cooked.)

Good little liberal

April 27th, 2011
6:01 pm

Keep Up the Good Fight!

I saw few birthers that were here. I saw a lot of conservatives that were amazed that liberals had thought that this was some sort of great victory for the clown. I guess you saw something else. No big surprise.

josef nix

April 27th, 2011
6:02 pm

Hillbilly

Ain’t it the truth!

And I’m with you on that al Qaaida terrorist thing…that was about the only thing in this post that really had any resonance for me…

josef nix

April 27th, 2011
6:02 pm

DUSTY

I got your downstairs…answered there….

Good little liberal

April 27th, 2011
6:02 pm

josef nix

Walks like a liberal. Goes hysterical at the drop of a hat. Would support the clown no matter what he did. It’s a liberal.

Jay

April 27th, 2011
6:03 pm

Good little liberal, would you care to cite by name these economists who are “saying that it is not critical” to raise the debt ceiling?

kayaker 71

April 27th, 2011
6:04 pm

The last time I voted in GA, I was required to show a photo ID to prove that I was the actual voter that I said I was. I have to show the same ID when I cash a check, use my credit card (which I don’t sign on purpose) or have my age checked in a bar. Voting is the most important of these activities. How is it restricting the “young, the old and the AA vote” to ask for some sort of identification when voting?

josef nix

April 27th, 2011
6:05 pm

GLL

You’re just plumb silly, imho…

Keep Up the Good Fight!

April 27th, 2011
6:05 pm

josef…I go with the JFK definition: If by a “Liberal” they mean someone who looks ahead and not behind, someone who welcomes new ideas without rigid reactions, someone who cares about the welfare of the people — their health, their housing, their schools, their jobs, their civil rights, and their civil liberties — someone who believes we can break through the stalemate and suspicions that grip us in our policies abroad, if that is what they mean by a “Liberal,” then I’m proud to say I’m a “Liberal.”

Good little liberal

April 27th, 2011
6:06 pm

Jay

Would you like to site by name the economists that believe that Obama wants to lower the amount of debt our country owes?

kayaker 71

April 27th, 2011
6:07 pm

the 6:04 was addressed to stands for decibels in response to the article he posted from the NYT

AmVet

April 27th, 2011
6:07 pm

I wanna see Dick Cheney’s birth certificate.

Even if it is from the Lincoln Zoo…

Left wing management

April 27th, 2011
6:08 pm

GLL Do you also believe Obama when he now says that decreasing our debt is the most important thing we could do right after he has spent like no other president in history?

No.

Economists are saying that it is not critical and economists are saying that it is. So there are obviously two points of view.

Yeah, well there were people, both lay and professional, on both sides of the integration fight in the south in the 50s. Did that mean the choice being made was any less real?

That tells me that we are being fed another load of horse manure. For anyone with a brain, crying wolf only works a couple of times, but the clown in the white house has been doing it for two and a half years, almost daily.

And with that you close your eyes to the facts staring you in the face. You don’t even see the fallacy in what you’ve just said. You’re saying in effect: the people in charge are always crying wolf, and therefore I’m going to just ignore them, because all they’re doing it crying wolf. The whole point of the fable was that disaster really does finally come. But you’re whistling by the graveyard.

Jay

April 27th, 2011
6:10 pm

You made the claim, GLB. I just want to see you back it up.

Again, which economists have said it’s not a big deal if the debt ceiling isn’t raised?

Good little liberal

April 27th, 2011
6:10 pm

josef nix

You are crowing about what being a liberal really means.

I know what it used to mean. JFK was considered a liberal but now days he would be hard right. It’s a moving target. Margaret Sanger was a progressive liberal as she wanted to legalize abortions in order to hold down “inferior” (her word, not mine) minority populations. Are you that kind of liberal?

So how about you. What does being a liberal mean to you?

Soothsayer

April 27th, 2011
6:11 pm

Anyone notice how Harry Callahan clocks out at around 5:30 everyday? Methinks Harry blogs for a living — a la “Americans for Prosperity.”

Jay

April 27th, 2011
6:11 pm

Since Trump’s “investigators” now have some time on their hands, GLB, maybe you can enlist them in the search for said economists.

Good little liberal

April 27th, 2011
6:12 pm

Jay

You seem to want to avoid the claims made by Obama. Why is that? Don’t you trust the man?

Yippee

April 27th, 2011
6:13 pm

Everybody has a pie-hole. Sounds like O’Neill has a chip on his shoulder. He has made some comments in the past that also were not very flattering to himself. I am having trouble understanding why he attempts to draw a comparison between Al Qaeda killers, literal murderers, and elected representatives that may hold a differing opinion.

I realize it is late in the workday, but don’t see the point in Jay changing the sheets to this mumbo-jumbo, except maybe that he feels this somehow damages republicans or conservatives. Perhaps this was sent to all lib bloggers and media types by whomever feeds them the stories they are to run to stay in good graces and support the regime. Nothing personal, Jay, but this is a crappy one.

Soothsayer

April 27th, 2011
6:15 pm

The biggest threat to the dollar’s credit rating, however, may be the game of chicken being played with the federal debt ceiling. Nearly 70 percent of Americans are said to be in favor of a freeze on May 16, when the ceiling is due to be raised; and Tea Party-oriented politicians could go along with this scheme to please their constituents.

If they get what they wish for, the party could be over for the whole economy. The Chinese are dumping U.S. Treasuries, and the Fed is backing off from its “quantitative easing” program, in which it has been buying federal securities with money simply created on its books. When the Fed buys Treasuries, the government gets the money nearly interest-free, since the Fed rebates its profits to the government after deducting its costs. When the Chinese and the Fed quit buying Treasuries, interest rates are liable to shoot up; and with a frozen debt ceiling, the government would have to default, since any interest increase on a $14 trillion debt would be a major expenditure. Today the Treasury is paying a very low .25% on securities of 9 months or less, and interest on the whole debt is about 3% (a total of $414 billion on a debt of $14 trillion in 2010). Greece is paying 4.5% on its debt, and Venezuela is paying 18% — six times the 3% we’re paying on ours. Interest at 18% would add $2 trillion to our tax bill. That would mean paying three times what we’re paying now in personal income taxes (projected to be a total of $956 billion in 2011), just to cover the interest.

Good little liberal

April 27th, 2011
6:15 pm

Jay

I’m still interested in what they have to say. Aren’t you? trump is claiming that Obama made horrible grades at Panahou but he got into Columbia where we have never seen his grades and then Harvard, where we have never seen his grades.

Maybe Trump has found something important and Obama played his hand first.

I guess the difference between the two of us is that i just don’t trust politicians, particularly this one.

Elantra

April 27th, 2011
6:15 pm

Long as the federal government can print money we’ll be good to go. Anyone who seriously believes they’ll cut spending in any meaningful way is in la-la land.

Sell a few trillion more in T bills to the Chicoms, then default. It’ll serve ‘em right.

Kamchak

April 27th, 2011
6:16 pm

Good little liberal

April 27th, 2011
6:12 pm

Jay

You seem to want to avoid the claims made by Obama. Why is that? Don’t you trust the man?

Still can’t back up your claim, can you?

md

April 27th, 2011
6:16 pm

“the people in charge are always crying wolf, and therefore I’m going to just ignore them, because all they’re doing it crying wolf. The whole point of the fable was that disaster really does finally come”

Well…the people in charge always seem to be more worried about getting votes vs tending to the needs of the country…….hence the more often than not use of management through crisis.

It is the congressional way………cry wolf and then blame the other guy when the wolf eats everybody.

Jay

April 27th, 2011
6:17 pm

Ah, trying the old “change-the-subject” ploy, GLB? It’s a confession of weakness on your part.

One more time: Please cite these economists who allegedly think it’s no big deal not to raise the debt ceiling. You made the claim. Just a name or two? No?

Dave R.

April 27th, 2011
6:17 pm

If memory serves, there have been 4 times previously that Congress hasn’t raised the debt ceiling “on-time”.

During none of those times did we have any catastrophic economic meltdown.

None.

Nor did anyone at the time label Congress-critters who supported said failure to raise the ceiling as “terrorists”.

Oh, and nice cherry-picking a semi-prominent Republican, Jay! Way to keep your ridiculous streak going . . . ;)

getalife

April 27th, 2011
6:20 pm

So?

Deficits don’t matter.

Go f yourself.

Shoot a lawyer in the face drunk and walk away without even a ticket.

Yeah, that cheney was a e v i l doer.

Billybob

April 27th, 2011
6:20 pm

sounds like this guy and colin powell have a lot in common when it comes to being a repbulican……write a story about one of your own, whose views are the same as yours, who didn’t agree with bush…..that’s weak…..then cheney dig…….excellent Lib 101….when in doubt, always blame bush and cheney for something…..keep talking please! it’s too easy….

Jay

April 27th, 2011
6:20 pm

Dave, O’Neill is the type of mainstream, competent, common-sense Republican that the party used to celebrate and elevate. Now he’s considered an embarrassment.

BlahBlahBlah

April 27th, 2011
6:21 pm

Yet it’s OK for Obama to just shrug his shoulders and say “golly gee, I was wrong when I voted against it in 2006″.

Hypocrites, all of you.

md

April 27th, 2011
6:22 pm

“Anyone notice how Harry Callahan clocks out at around 5:30 everyday? Methinks Harry blogs for a living — a la “Americans for Prosperity.””

Methinks you may want to read something other than conspiracy books…….if you like, you can respond back to BillyBob or whoever the others are that I’m supposed to be……….

Good little liberal

April 27th, 2011
6:22 pm

Yeah, well there were people, both lay and professional, on both sides of the integration fight in the south in the 50s. Did that mean the choice being made was any less real?

So this crisis is just as important as integration. That’s a bold statement, Have you heard what kind of a racist that Obama exposed his children to AGAIN last Sunday? Seems like he hasn’t gotten the memo about that integration thing. Personally, I think Child Protective services should take the kids. Wasn’t exposing them to Rev. Wright bad enough?

So explain again why we need to raise the debt ceiling? States take care of most of what we have. You guys want to end all the wars, and so do I. Bring em home.

It sounds like you know no more than anyone else about the actual reasons, other than it’s what Obama wants to do. How has what he has wanted worked out so far?

josef nix

April 27th, 2011
6:22 pm

Scout…
Someone pointed out to me that you asked the question the other day about what does an American Indian feel when s/he sees the American flag waving. Unmentionable said to tell you it’s a legitimate question and that his answer is only his. He does not presuppose to speak for any Indian other than himself.

“I come from a military family. Indians have fought in all of our national wars. I can’t help but feel some patriotism and pride in those who fought to defend their homes, our homes. But at the same time, when Indians fought to defend their homes, it that was the flag of those they were fighting. So, it is with mixed emotions. There’s no forgetting the past. You can’t deny what history holds.

Yet, the “Indian” feeling is something you carry within you, inside. You try and teach your own younger people to be proud to be an American, but to know at the same time that what you feel as an Indian is not going to be what others will feel. They will never understand you, and really there’s no point in trying to get them to. The best you can hope for with them is a ride down the Trail of Crocodile Tears, and that serves no useful purpose.

Left wing management

April 27th, 2011
6:23 pm

GLL: Do you also believe Obama when he now says that decreasing our debt is the most important thing we could do right after he has spent like no other president in history?

At the risk of letting you get me on a rant about the tragedy of this president, he’s handed his opponents just what they need to force his hand on the debt ceiling issue just as he did on the extension of the Bush tax cuts last December. Back then, you’ll recall, he justified “caving” on GOP demands for extension of said tax cuts on the basis that he couldn’t stand by and allow the American people – whom he thereby characterizes as being completely innocent and helpless, i.e. he infantalizes them – to be hurt by the bullies holding them “hostage”. So how is it going to be any different the next time around, even as the stakes are 3 times as great?

Sadly, this president needs to sit down and watch The Usual Suspects again, he must have slept through the film, if he ever watched it. As the Kayser Sozse story illustrates with chilling clarity, sometimes there is no happy outcome to a hostage situation. Sometimes the only out is to go ahead and allow the hostages to be sacrificed, no matter how precious they are to you, and in that way put your enemies back on their heels. Otherwise, you merely embolden the enemies for ever more brazen attacks in the future. A brutal logic, but one that politicians like Obama has sadly failed to see (unlike his enemies, who understand it a little better).

In his gentle soul, Obama has forgotten that politics is about radical conflict in which there must be a LOSER.

Gore Vidal said: “It’s not enough that I win. My enemies must lose”. Would that Obama would just grasp this simple, but cruel truth.

Billybob

April 27th, 2011
6:23 pm

FYI…..cheney’s statement was ridiculous and wrong, but two wrongs(obama’s ‘we won’ statement included) don’t make obama right…….

md

April 27th, 2011
6:25 pm

What timing……BillyBob makes an appearance at the same time……..that ought to really confuse.

Soothsayer

April 27th, 2011
6:26 pm

“Methinks you may want to read something other than conspiracy books…….if you like, you can respond back to BillyBob or whoever the others are that I’m supposed to be……….”

Huh? So you’re really Harry Callahan? Why change personas at 5:30?

Good little liberal

April 27th, 2011
6:26 pm

Jay

I work for a living. You may notice that unlike most of your posters, there are huge gaps in my posts. Those are filled with actual employment. Sort of like now. I’ve posted things to you before and your grand acknowledgment was to totally ignore the post.

So now you insists that I take time from work to prove something to you which you would never acknowledge. I’ll spend some time and find some economists, but I just need to know who I need to invoice.

Thulsa Doom

April 27th, 2011
6:26 pm

“You know, Paul, Reagan proved that deficits don’t matter. We won the mid-term elections, this is our due.”- Dick Cheney

Looks Like Obama must be a Dick Cheney fan. Who knew? He’s definitely a Cheney fan since Obama sure as hell took Cheney’s advice regarding deficits not mattering to a whole new stratospheric level. You’re wayyyy too funny Jay.

Soothsayer

April 27th, 2011
6:27 pm

OK, OK! I get it now! md, Dave R., billybob are all one in the same! WOW!

Billybob

April 27th, 2011
6:27 pm

md,
your ‘conspiracy’ about billybob will destroy you…..

josef nix

April 27th, 2011
6:28 pm

GLL

good fight at 6:05 did a pretty good job of summing it up…there’s a lot more to it, for sure, but those are some good starting points..

And what’s with that “crowing” thing? You lost me there…

Soothsayer

April 27th, 2011
6:29 pm

md you and billybob are alike right down to the number of psuedo-ellipsis that you use. (A real ellipsis has a space between periods.)

RW-(the original)

April 27th, 2011
6:30 pm

Anybody know why “good little liberal” is being abbreviated as GLB? I’m hoping it’s something nefarious, but I have my doubts.

Soothsayer

April 27th, 2011
6:30 pm

You know, it’s kinda like those old Westerns when they tried to make it appear like there were more of them than there really were! Brilliant, I applaud your resourcefulness!

md

April 27th, 2011
6:30 pm

“your ‘conspiracy’ about billybob will destroy you…..”

Actually, it was sooths conspiracy a while back (and again just a minute ago)…..I’m just amusing myself.

Jay

April 27th, 2011
6:30 pm

from what I can tell, BillyBob is just his ownself.

kayaker 71

April 27th, 2011
6:31 pm

I cannot believe that there is a liberal on this blog that won’t admit that if we hadn’t spent too much, we wouldn’t have these problems. The problems with the Chicoms would not exist, the dollar on the world markets would not be in danger and we would save close to 300B/yr. We are a debtor nation. We are broke. What does it take you libs to admit that we are in dire danger of becoming a 2nd tier nation because of our debt and our wild spending? Standard and Poors has done a job on us, the Chinese will catch up with us on GDP by 2015 and Bookman posts this kind of tripe. Must be a really slow news day.

Jay

April 27th, 2011
6:32 pm

Kayaker, I don’t know of a liberal here who would deny it.

The debate is over HOW we fix it, not that it needs fixing.

Thulsa Doom

April 27th, 2011
6:32 pm

LWM,

Obama caving in you say? Yep. He certainly caved in to Trump.

Who would have thought Trump could literally bully, intimidate and browbeat the potus into the shame of having to actually show his birth cert?

Jay

April 27th, 2011
6:33 pm

My innocent mistake, RW. Nothing meant by it.

Soothsayer

April 27th, 2011
6:33 pm

“from what I can tell, BillyBob is just his ownself.”

Jay, you are all-seeing and all-knowing. It just seems odd that two bloggers would have the same exact style — right down to the number of “dots” they use in their posts.

Heck, maybe old md, Dave R., and billybob got three computers under the same roof!

Jay

April 27th, 2011
6:33 pm

I think I may have gotten LBB mixed up with GLL = GLB

Good little liberal

April 27th, 2011
6:34 pm

Left wing management

Interesting post. So you are saying that in spite of everything Obama did with a solely Democratically controlled Congress for two years after the dims had controlled Congress since 2007, that all our problems are because of the Republicans that have held one branch of our government for three months.

To be honest, believe what you want. I understand my limitations. What we decide means nothing. I just really need inflation to slow down, the housing market to pick up and for many of my friends to finds real, good paying jobs. I’m not seeing this administration doing anything to address any of that.

The debt ceiling? I just spent almost my last dime to build a house far enough away from Atlanta to be able to start to live decently again. Want to buy a really nice house near Decatur? I would almost give it away at this point.

Kamchak

April 27th, 2011
6:34 pm

So now you insists[sic] that I take time from work to prove something to you which you would never acknowledge. I’ll spend some time and find some economists, but I just need to know who I need to invoice.

Well, you did take time from work to make an unsubstantiated claim.

Who did you invoice for that time?

Hillbilly Deluxe

April 27th, 2011
6:34 pm

from what I can tell, BillyBob is just his ownself.

Has the AJC ever thought about having people sign in to post, like some sites do (MLB being one)? Might cut down on some of the multi-name stuff and charges and countercharges of same. One could of course go to the trouble of multi-registering but that’d be an awful lot of useless energy expended.

Jay

April 27th, 2011
6:36 pm

Hillbilly, a while back there was internal talk about instituting a registration system, but I haven’t heard anything new about it for months now.

RW-(the original)

April 27th, 2011
6:36 pm

My innocent mistake, RW. Nothing meant by it.

Drat! :-)

Billybob

April 27th, 2011
6:36 pm

I will show my birth certificate right now if I need to…….couldn’t resist….

md

April 27th, 2011
6:36 pm

“from what I can tell, BillyBob is just his ownself.”

Gosh Jay……be a party pooper.

Keep Up the Good Fight!

April 27th, 2011
6:36 pm

JFK would be hard right now? What next Teddy too? Pelosi and Frank must all be on the right. Reagan would be hard left? GLL lives in his own world.

Soothsayer

April 27th, 2011
6:36 pm

“I cannot believe that there is a liberal on this blog that won’t admit that if we hadn’t spent too much, we wouldn’t have these problems.”

kayaker 71 I am going ask you just like I asked Thulsa Doom the other night. Would you be willing to revert back to the taxes under Bill Clinton and to reduce Defense spending back to 2001 levels (about 1/2 of today’s levels)?

If not, how can you claim to be concerned about the deficit?

Thulsa Doom

April 27th, 2011
6:36 pm

kayaker71,

2nd rate nation? Hate forget about it. By the time Obama is done wrecking the nation’s finances we will eclipse 3rd world status and achieve 4th world status if that is possible.

In his press conference Trump poured it on some more and asked why the Saudis 3 days ago decided to cut production thus putting the squeeze on us even more. Looks like the Saudis like everyone else are realizing how weak Obama is and now they are bullying around what used to be the greatest nation on earth. Trump is certainly right about one thing- Obama is universally perceived as being weak.

Jackie

April 27th, 2011
6:38 pm

Mountains of evidence exists that clearly define the problems the WORLD economy would face if our debt ceiling is not raised.

If we are the largest economy in the world, then, it should be logical to conclude that we would be in more trouble than the rest of the world if we default on our loan obligations.

Good little liberal

April 27th, 2011
6:38 pm

Kamchak

It’s really funny that you guys make claims all day, most of them so asinine that no one would ask for proof, but anything anyone says that you don’t like, you insist on a term paper. And it’s not like I’m going to convince anyone. I just value my time.

Doggone/GA

April 27th, 2011
6:39 pm

“I cannot believe that there is a liberal on this blog that won’t admit that if we hadn’t spent too much, we wouldn’t have these problems.”

And *I* would venture to say that nearly EVERY “liberal” here has said EXACTLY that: we spent too much

too much on the war in Iraq
too much on the war in Afghanistan
too much on the Medicare prescription plan
too much on the DOD
too much on the tax cuts given to those who least need a tax cut
too much on the interest we have to pay on the bonds we sold to “pay” for all that spending

Soothsayer

April 27th, 2011
6:40 pm

“Hillbilly, a while back there was internal talk about instituting a registration system, but I haven’t heard anything new about it for months now.”

Heck, all you need is a nome de plume and an e-mail address! How hard is that! I’ve ten e-mail addresses and that’s just on one service!

md

April 27th, 2011
6:40 pm

“Heck, maybe old md, Dave R., and billybob got three computers under the same roof!”

Yep…got them at a building 7 clearance sale….

Good little liberal

April 27th, 2011
6:40 pm

Keep Up the Good Fight!

JFK believed in lowering taxes to spur the economy. REmember this: Ask not what your country can do for you, ask what you can do for your country? Doesn’t exactly sound like Obama, Pelosi or Reid to me.

I didn’t mention Pelosi, Frank or Reagan. If you have to make up things to prove a point, it’s not much of a point.

Doggone/GA

April 27th, 2011
6:41 pm

“with a solely Democratically controlled Congress for two years”

A majority in Congress – especially in the Senate – does not necessarily equal control

Adam

April 27th, 2011
6:41 pm

Reagan proved that deficits don’t matter… when a Republican is president. They matter a lot when a Democrat is.

Thulsa Doom

April 27th, 2011
6:41 pm

Soothsayer at 6:36,

Answer to both questions is yes. It has to be part of the equation. Dramatically lower defense spending and a small level of increase in taxes on the wealthiest of us but not so much as to discourage investment. For example on the capital gains tax I wouldn’t mind if we moved it from 15 to 18% since I believe it is at a level above 18% at which tax consequences change economic behavior. Same with the top marginal income tax rate. We could and should raise it a little bit but not significantly.

Good little liberal

April 27th, 2011
6:42 pm

Doggone/GA

YOu didn’t mention a single thing that Obama had done. Why is that?

kayaker 71

April 27th, 2011
6:42 pm

Bookman,

No, the argument is why we got ourselves into this mess at all. There’s a really good way to fix it…. stop spending so much. But no one will admit it. We walk around in some kind of intellectual fog sparring with each other over mundane issues when the obvious is standing before us, screaming at us to stop making the same mistakes and expecting a different result. Increasing our debt raises our debt obligation, hurts the dollar, decreases our standing on the world financial economy and makes us look like the financial fools that we have become. Why is this so difficult for us to understand? What to do about it???? That’s the easy part. Stop spending so much.

Hillbilly Deluxe

April 27th, 2011
6:42 pm

Heck, all you need is a nome de plume and an e-mail address! How hard is that! I’ve ten e-mail addresses and that’s just on one service!

Not if they check IP addresses.

Kamchak

April 27th, 2011
6:43 pm

…you insist on a term paper.

Nope.

Just one or two names.

But it has become painfully obvious that you are just talking out of your ass.

Good little liberal

April 27th, 2011
6:44 pm

Doggone/GA

And apparently the democratically controlled Congress never made a mistake.

And everyone wonders why I don’t spend time to try to convince liberals on here of anything.

Adam

April 27th, 2011
6:44 pm

Sooth: They’re all bots. It’s a bot thing that is being done now to create the illusion of consensus :D

getalife

April 27th, 2011
6:44 pm

Huge tornado in Alabama.

“I would almost give it away at this point.”

So, give it to a homeless guy.

Doggone/GA

April 27th, 2011
6:44 pm

“YOu didn’t mention a single thing that Obama had done. Why is that?”

Because it was the hole dug by what I DID mention that got us in this mess.

md

April 27th, 2011
6:45 pm

“YOu didn’t mention a single thing that Obama had done. Why is that?”

I thought the same….at first glance….but DOD and the wars are now his…..he hasn’t stopped any of them and has added a 3rd, so she covered him to some degree.

Adam

April 27th, 2011
6:45 pm

“Stop spending so much!” Conservatives cry, saying that it’s how we got into this mess. You know what? You’re right, except when you start your time frame around when Democrats were in power or Obama got elected. You need to go back. WAY back. WAY WAY back. It’s not all Obama’s fault like you would like to believe.

Soothsayer

April 27th, 2011
6:46 pm

“Answer to both questions is yes. It has to be part of the equation. Dramatically lower defense spending and a small level of increase in taxes on the wealthiest of us but not so much as to discourage investment. For example on the capital gains tax I wouldn’t mind if we moved it from 15 to 18% since I believe it is at a level above 18% at which tax consequences change economic behavior. Same with the top marginal income tax rate. We could and should raise it a little bit but not significantly.”

I applaud your honesty. However, I think the LTCG (long-term capital gains) rate should be raised to 28% just like it always was. That is still significantly lower than the highest marginal rate under Clinton (39.6%).

Many argue that higher LTCG would reduce capital available for investment. I firmly believe that the biggest impediment to raising capital is near-zero interest rates.