U.S. TO DEFAULT ON ITS DEBT – SUMMER 2009

[temeculaguy]

On a personal note, my vote is for kicking the can down the road just for a few more years. Like a lot of people, I was attracted to the tax free angle of savings bonds when they are used for higher education. I put about half my kids college funds in them. In about 90 days we are filling out applications for college. If those become worthless, cal state schools are their only option, good thing I have the only mail key, I can intercept any acceptance letters from pricier schools. Screw em, I went to a state school and I’m fine.

What was Judge Smails’ famous quote “the world needs ditch diggers too.”

[GH]

[quote=paramount]But Obama has to appear that he really fought to keep whatever program the middle class depends on.[/quote]

I am supposedly “middle class” and don’t depend on ANY government program. Like most of my middle class?friends I neither qualify for nor depend on any program. By middle class I assume we are talking about government workers and social security recipients rather than middle income Americans?

On a more serious note, we should be clear that when we talk about the national debt reduction and balancing the budget we are discussing Social Security and Medicare cuts. Everything else is nice a million here and there, but if we are to continue paying current and projected Medicare and Social Security then we MUST hope the Chinese continue purchasing US Treasuries and care as much about our elderly as we do. Even with tax increases the government faces dwindling taxable incomes across the board and we must prepare for a future where tax revenues are substantially lower than today’s. I am not suggesting we not pay “granny”. We just need to be prepared to borrow like there was no tomorrow.

[GH]

[quote=paramount]But Obama has to appear that he really fought to keep whatever program the middle class depends on.[/quote]

I am supposedly “middle class” and don’t depend on ANY government program. Like most of my middle class?friends I neither qualify for nor depend on any program. By middle class I assume we are talking about government workers and social security recipients rather than middle income Americans?

On a more serious note, we should be clear that when we talk about the national debt reduction and balancing the budget we are discussing Social Security and Medicare cuts. Everything else is nice a million here and there, but if we are to continue paying current and projected Medicare and Social Security then we MUST hope the Chinese continue purchasing US Treasuries and care as much about our elderly as we do. Even with tax increases the government faces dwindling taxable incomes across the board and we must prepare for a future where tax revenues are substantially lower than today’s. I am not suggesting we not pay “granny”. We just need to be prepared to borrow like there was no tomorrow.

[GH]

[quote=paramount]But Obama has to appear that he really fought to keep whatever program the middle class depends on.[/quote]

I am supposedly “middle class” and don’t depend on ANY government program. Like most of my middle class?friends I neither qualify for nor depend on any program. By middle class I assume we are talking about government workers and social security recipients rather than middle income Americans?

On a more serious note, we should be clear that when we talk about the national debt reduction and balancing the budget we are discussing Social Security and Medicare cuts. Everything else is nice a million here and there, but if we are to continue paying current and projected Medicare and Social Security then we MUST hope the Chinese continue purchasing US Treasuries and care as much about our elderly as we do. Even with tax increases the government faces dwindling taxable incomes across the board and we must prepare for a future where tax revenues are substantially lower than today’s. I am not suggesting we not pay “granny”. We just need to be prepared to borrow like there was no tomorrow.

[GH]

[quote=paramount]But Obama has to appear that he really fought to keep whatever program the middle class depends on.[/quote]

I am supposedly “middle class” and don’t depend on ANY government program. Like most of my middle class?friends I neither qualify for nor depend on any program. By middle class I assume we are talking about government workers and social security recipients rather than middle income Americans?

On a more serious note, we should be clear that when we talk about the national debt reduction and balancing the budget we are discussing Social Security and Medicare cuts. Everything else is nice a million here and there, but if we are to continue paying current and projected Medicare and Social Security then we MUST hope the Chinese continue purchasing US Treasuries and care as much about our elderly as we do. Even with tax increases the government faces dwindling taxable incomes across the board and we must prepare for a future where tax revenues are substantially lower than today’s. I am not suggesting we not pay “granny”. We just need to be prepared to borrow like there was no tomorrow.

[GH]

[quote=paramount]But Obama has to appear that he really fought to keep whatever program the middle class depends on.[/quote]

I am supposedly “middle class” and don’t depend on ANY government program. Like most of my middle class?friends I neither qualify for nor depend on any program. By middle class I assume we are talking about government workers and social security recipients rather than middle income Americans?

On a more serious note, we should be clear that when we talk about the national debt reduction and balancing the budget we are discussing Social Security and Medicare cuts. Everything else is nice a million here and there, but if we are to continue paying current and projected Medicare and Social Security then we MUST hope the Chinese continue purchasing US Treasuries and care as much about our elderly as we do. Even with tax increases the government faces dwindling taxable incomes across the board and we must prepare for a future where tax revenues are substantially lower than today’s. I am not suggesting we not pay “granny”. We just need to be prepared to borrow like there was no tomorrow.

[Author]

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