Reagan on the Debt Ceiling

Dixie said:
That was when the national debt was less than $1 trillion, it's now over $14 trillion.
In the words of the great philosopher, Bobby Dylan; Things Have Changed!

Democrats and the liberal administration are trying to SCARE people into thinking we are going to "default" if we don't raise the debt ceiling. That is hogwash and the people should simply reject the argument on principle. Failure to raise the debt ceiling means we would have to cut federal spending in other areas in order to pay our debt obligations to avoid default. That's exactly what we would do, and should do.
Click to expand...

Bravo; it is refreshing when someone gets it.
 
Damocles said:
He has interest rates we pay, but they set those in the FED, it would be the same as matching up interest rates for your mortgages some in the 70s paid upwards of 14% and higher for their mortgage, those same people today would be paying 6% and lower, even those without the best credit.. Saying that interest rates are the same thing as credit rating shows a misunderstanding, it certainly doesn't prove "better" credit now than we had then.
Click to expand...

Interest rates on treasury notes are set by the market, not the FED. Those interest rates reflect the market's opinion of the creditworthiness of the USA. If you seriously think that market rates of 12% as compared to 3.16% reflect that the United States was mush more creditworthy in 1983 than today, you simply have no clue what the fuck you are talking about.

Damocles said:
The reality is our credit was recently downgraded due to the S&P indicators not believing the US has a healthy interest in paying their debt. We haven't paid a dime of our debt since 1962, not one iota of our money has gone towards debt reduction, why would we start now?
Click to expand...

The reality is that the market rates show that the Untied States is significantly more creditworthy now than it was when Reagan wrote the letter.


Edit: And yes, we have paid many dimes of debt since 1962 and have not ever defaulted on our debt (which means we paid it back). And that won't change, unless the House Republicans get their way.
 
David St. Hubbins said:
Typically, I'm not one to praise Ronald Reagan, but for those that are, here's his view of not raising the debt ceiling and that consequences of the US defaulting on its debt:

http://www.washingtonpost.com/r/201...onal-Politics/Graphics/reagan_letter_0514.pdf
Click to expand...

I am always amused when liberals quote Conservatives thinking that somehow it will legitimize their failed ideology. I am quite certain, as I am currently reading Reagan's book, that if Reagan were alive today he would be suggesting that continuously raising the debt ceiling without any spending discipline is the definition of insanity.

But then, when it comes to insane political policy, Progressive Liberals constantly out-do themselves.
 
David St. Hubbins said:
Interest rates on treasury notes are set by the market, not the FED. Those interest rates reflect the market's opinion of the creditworthiness of the USA. If you seriously think that market rates of 12% as compared to 3.16% reflect that the United States was mush more creditworthy in 1983 than today, you simply have no clue what the fuck you are talking about.
Click to expand...

Right, when the highest of rates people are paying for their mortgages aren't that much higher including those without the best credit it shows that your assumption of "better" credit now is quaint, but in accurate.

The reality is that the market rates show that the Untied States is significantly more creditworthy now than it was when Reagan wrote the letter.
Click to expand...

No, they show that the rates set at the FED for loaning between banks is low enough now that the banks make money on lower interest rates.

Edit: And yes, we have paid many dimes of debt since 1962 and have not ever defaulted on our debt (which means we paid it back). And that won't change, unless the House Republicans get their way.
Click to expand...

We have paid zero dimes towards debt reduction. Not one iota has ever been paid on the principal of any of our debts since Eisenhower was president. Every President has increased our debt every year including Clinton in that last year with the projected budget surplus, we still borrowed money to pay the bills. If we don't start with accuracy we wind up with inanity based on political affiliation rather than what actually happened.

What we have done is pay interest while continuing to increase our debt.
 
David St. Hubbins said:
Interest rates on treasury notes are set by the market, not the FED. Those interest rates reflect the market's opinion of the creditworthiness of the USA. If you seriously think that market rates of 12% as compared to 3.16% reflect that the United States was mush more creditworthy in 1983 than today, you simply have no clue what the fuck you are talking about.
Click to expand...

No, those interest rates reflect the supply/demand equation. When the FED is buying up treasuries via QE1 and QE2, it is NOT reflecting the credit worthiness of the US. It is you that has no clue what you are talking about. As Damo mentioned, there was no negative credit watch on the US debt in 1983 as there is today. Also, to compare interest rates today to 1983, you don't simply look at what the US rates are vs. each other to determine credit worthiness. You look at US rates relative to the rest of the world in 1983 and then again today. Again, even if you were to do that, it doesn't account for the FED buying up bonds right now at insane levels.

The reality is that the market rates show that the Untied States is significantly more creditworthy now than it was when Reagan wrote the letter.
Click to expand...

No, it really doesn't.

Edit: And yes, we have paid many dimes of debt since 1962 and have not ever defaulted on our debt (which means we paid it back). And that won't change, unless the House Republicans get their way.
Click to expand...

Paying back debt with more debt is the same type of bullshit GM is trying to pass off right now that you idiots on the left continue to lap up. What he was referring to is the FACT that our debt has increased every single fiscal year since Ike was in office. EVERY SINGLE YEAR.
 
Truth Detector said:
I am always amused when liberals quote Conservatives thinking that somehow it will legitimize their failed ideology. I am quite certain, as I am currently reading Reagan's book, that if Reagan were alive today he would be suggesting that continuously raising the debt ceiling without any spending discipline is the definition of insanity.

But then, when it comes to insane political policy, Progressive Liberals constantly out-do themselves.
Click to expand...

Better get your truth detecter checked buddy.

If Reagan were president today, he would have far outspent Obama in an attempt (likely successful) to resurect the economy. He did it before, why on earth would he not do it again.
 
Superfreak said:
the ONLY reason our interest rates are that low is because the Fed is playing games with QE1, QE2 and other shenanigans .... that's right.... I called shenanigans.

Also, the interest rate comparison you use is not an apples to apples comparison of the two time frames. To compare the two, you have to look at where our rates are in both time frames relative to the rest of the world. That said, you are correct, Reagan inherited a far worse mess than Obama did. Thanks for reminding everyone of that. Yet Reagan's policies led to growth in the economy. Obama's have led to a continued sputtering and an increasing likelihood of another recession.
Click to expand...

Thanks for prooving that Obama should have spent more.
 
nigel.....do you understand how moody, S&P....rate the US government's credit rating?

and can you give any news stories about the concern of the US credit rating under reagan...such as it is now?
 
Yurt said:
nigel.....do you understand how moody, S&P....rate the US government's credit rating?

and can you give any news stories about the concern of the US credit rating under reagan...such as it is now?
Click to expand...

Yurt, do you understand that S+P is no longer credible since they rated the CDOs which desrtoyed the global economy A1A?

Do you think people (over than you) have already forgotten?
 
Rep. Joe Wilson R said:
Yurt, do you understand that S+P is no longer credible since they rated the CDOs which desrtoyed the global economy A1A?

Do you think people (over than you) have already forgotten?
Click to expand...

lol....yeah...when they give an opinion you don't like, they are no longer credible...only to hacks like you are they no longer credible

moody also has been warning t hat the US will lose is AAA rating...

it amazes me you think are credit rating is so outstanding....then again, it is you so i shouldn't be surprised
 
Superfreak said:
typical liberal nonsense. The mindset of 'just toss more money at the problem' is why Dems fail time and again. Spending WISELY is far better policy than spending frivolously.
Click to expand...

Of course it is. No one is advocating spending frivolously. Reagan quadrupled the deficit, Obama raised it by less than 40%. Perhaps it needed to be more.
Your boy Bush proved the spending wisely part pretty well.
 
Rep. Joe Wilson R said:
Of course it is. No one is advocating spending frivolously. Reagan quadrupled the deficit, Obama raised it by less than 40%. Perhaps it needed to be more.
Your boy Bush proved the spending wisely part pretty well.
Click to expand...

you're comparing 8 years to 2....and you're wrong that reagan quadrupled it....

:palm:
 
You must log in or register to reply here.
Back
Top