This is what it looks like when a person of ignorance tries to debate a person grounded in common sense.
CNBC on air editor Rick Sentelli has to be one of the few people on CNBC that actually exercises logical thinking. It's amazing that CNBC which is suppose to be a financial network has so many people working for it, yet many of them are utterly clueless, when it comes to understanding why the ever continuing increase in the federal debt ceiling is actually a bad thing to do. I give Rick all the credit in the world, because he is a man who understands logic. The other day Rick had a debate on air with a simpleton by the name of Michael Farr. Watch the exchange, and tell me who made more sense.
posted by Alpha Conservative Male at 1:34 PM
10 Comments:
All I heard was Santelli screaming his point of view. He never directly answered any questions. In specific, the shows moderator asked hypothetically, what if the debt ceiling was not raised (as Santelli suggested) and the results were catastrophic on the worlds economy. Santelli basically "pooh-poohed" the thought as not important.
I don't claim to know much about the government debt ceiling nor it's effects if the ceiling is not raised. What I do know is that it has been raised by every congress (regardless of the amount pf debt) since 1939.
That leads me to ask a couple of questions about the reasoning of the congressional Republican's, and the president's debates over the U.S. budget and the debt ceiling. For one, why now is it no big deal for Republicans that the debt ceiling should not be raised? Secondly, why use the debt ceiling as your hold card when negotiating the budget?
The lack of concern by the Republicans appears awfully precarious. Just the other day the Republicans in the house rejected the presidents $4 trillion deficit-reduction package proposal. The proposal was said to include major cuts to Medicare and Social Security.
First off, no Democratic president has come close to offering major cuts to Medicare and Social Security in a budget proposal. Cuts in Medicare and Social Security is something Republicans have sought for decades. Second, the Republicans say the don't want any tax increase's. However, tax increase's have occurred under many administrations, Republican and Democrat.
Under the Clinton administration a tax increase on the richest 2% "PROVED" that budget cuts combined with a tax increase lowered the national debt, and in addition resulted in a budget "SURPLUS." The unemployment rate fell steadily after Congress approved the Clinton budget. Inflation rates held steady, combined with years of sustained growth.
The Republicans in congress are well aware of this history, yet they still claim a tax increase on the wealthiest Americans would worsen the recession. For this claim, there is historic "PROOF" to the contrary. Yet the Republicans claim that "not" raising the debt ceiling will not cause an economic meltdown. For this assertion, there is "NO" historic "PROOF."
The Republicans train of thought absolutely makes no sense. The Obama budget proposal offers, basically, deeper cuts to government spending than the Clinton budget. With the included tax increase, the Clinton budget "PROVED" to have no adverse effects on the economy. The assertion that a tax increase will hurt the economy is an unproven speculation.
On the other end is the debt ceiling, which has "ALWAYS" been raised. The result of not doing so indeed has many known and obvious effects. Although it's not known if the effects would turn catastrophic, the idea that it 'would not' hurt the economy, is also an unproven speculation.
So why are the Republicans holding the budget hostage asserting 'speculation', while negating the known facts and historic proofs? Why are they willing to turn down cuts to Medicare and Social Security, cuts they've sought after for decades?
Mitch McConnell sums up the answer to my questions. With absolutely no regard for the economic health of the country (let alone the entire world), McConnell explains the Republicans "top priority."
p allen "All I heard was Santelli screaming his point of view. He never directly answered any questions. In specific, the shows moderator asked hypothetically, what if the debt ceiling was not raised (as Santelli suggested) and the results were catastrophic on the worlds economy. Santelli basically "pooh-poohed" the thought as not important."
I can care less about how he said what he said, that's superficial. All I care about is what he said allen. The debt ceiling needs to be lowered not raised. The government needs to spend within it's means like Americans do. People have budget. Revenue- Expenses=What is left or not. Simple concept to understand for most people. Expenses need to be reduced.
It would be beyond insanity for a person to max out their credit cards and then say that if the credit card company doesn't increase their credit limit, the person may default.
How can the debt ceiling be increased when the government is only receiving x amount in revenue? That is why the deficits are getting bigger and bigger, and the debt is growing bigger and bigger. Entitlements simply have to be reformed. There is no ifs ands or buts about it. Either there are reforms to the entitlements or they will collapse and be done away with. Chose your poison allen.
Quote: "It would be beyond insanity for a person to max out their credit cards and then say that if the credit card company doesn't increase their credit limit, the person may default."
Common Sense right there i say. If only humanity had more of it. Economics can be a simple concept if we choose to base it on common sense and responsible actions.
CB;"It would be beyond insanity for a person to max out their credit cards and then say that if the credit card company doesn't increase their credit limit, the person may default".
Bad argument, using a just as bad analogy, a.k.a. "talking point."
The U.S. Government is not a "person with a credit card." The U.S. Government is the credit card company...hell, they print the money! The "credit card" talking point is waaaaayyy off base and totally lame. Yet, I'm not surprised you're using it.
For the sake of the argument, lets use the right-wing talking point "person with a credit card" analogy.
The government, like you and me, takes in an "income", they call that income "taxes." According to the right-wing analogy, all you would have to do to rid your debt, is cut your spending and CUT THE AMOUNT OF INCOME (eg. TAXES) YOU TAKE IN! Yep, just cut the amount you take in and "voila", you increase your revenues! Now all the people in your household, even little ten year old Jimmy, will have to get a job. Wow!!! I guess tax cuts do create jobs. You've become a "Job Creator."
Can't see the forest for the tree's Tyrone? The Republicans in the house are not looking out for you nor me. The national debt "is what it is".... DEBT! The only way government pays off debt is by raising money. The only way I see the government raising money, is to get it from the citizens.
What you have to do is figure out if you want them to take it from working class people like you and me, or taking it from those who can most afford it. If the government takes another 4% to 6% from me, I go from driving a Ford truck to riding a bike. If the government takes 4% to 6% from the richest 2% (who are all by the way MULTI-MILLIONAIRES most of them BILLIONAIRES), instead of wiping their butts with $1000.00 bill, they'll have to use a $100.00 bill.
The leftest have ruined the country. I say let the government default in August. Stop all government funded wasteful programs. No more social safety nets. Let these bums find a way to pay for themselves.
I'm not a pansy ass. I'll say it and call it like it is. No matter how old you are, if you're healthy you can work. NO SOCIAL SECURITY OR WELFARE CHECK AND NO GOVERNMENT HEALTH CARE! Buy your own health insurance. If you choose not to buy it, oh well. You made the choice, you suffer the consequences.
And when the commie lefties cry foul, dont give in to thier whining. They cliam the people will revolt. NO PROBLEM! If they riot, call in the military. Its much cheaper to bury them than to keep wasting my tax money on them.
"The only way government pays off debt is by raising money. The only way I see the government raising money, is to get it from the citizens."
Then we run out. What a bight idea. Narrow minded much?
http://www.hannity.com/show/2011/07/12
"I say let the government default in August. Stop all government funded wasteful programs. No more social safety nets. Let these bums find a way to pay for themselves....I'll say it and call it like it is. No matter how old you are, if you're healthy you can work. NO SOCIAL SECURITY OR WELFARE CHECK AND NO GOVERNMENT HEALTH CARE!"
Yes, the government pays billions of dollars in social programs. What do you think will happen when the government stops these "wasteful programs"? The elderly and the poor won't receive aid, so they can't purchase food, clothes etc. That's billions of dollars not being pumped back into the American economy. How much work will you be doing when you don't have a job because demands fall.
"They cliam the people will revolt. NO PROBLEM! If they riot, call in the military. Its much cheaper to bury them than to keep wasting my tax money on them"
Are you going to be able to watch people kill over resources, children starve, and old people get sick and die in the streets. You need a sweater for that cold heart of yours.
Yes these were all very extreme predictions to your extreme solution.
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