RunRyder RC
WATCH
 1 page 469 views POST REPLY
Home🌌Off TopicsOff Topics News & Politics › WSJ Economist Moore: Obama Is Just Wrong on Debt Ceiling
06-04-2011 10:58 PM  8 years ago
Topic Vote0Post 1
Dennis (RIP)

rrApprentice

Oregon

MyPosts All Forum Topic
WSJ Economist Moore: Obama Is Just Wrong on Debt Ceiling
WSJ Economist Moore: Obama Is Just Wrong on Debt Ceiling

Saturday, 04 Jun 2011 By Andra Varin and Kathleen Walter

The U.S. economy could cave in under a “mountain of debt” if Republican lawmakers “blink first” and agree to raise the government debt ceiling without taking concrete steps to reduce the ballooning deficit, a top economic reporter told Newsmax.TV.

Stephen Moore, senior economics correspondent for The Wall Street Journal, said members of Congress and the American people need to realize the seriousness of the potential crisis as an Aug. 2 deadline looms for the government to raise its debt limit or default on its obligations.

“I think the first thing people need to understand is this is not a fire drill — this is a real financial emergency,” Moore said.

His comments came as credit ratings agency Moody’s said Thursday that it may cut the United States’ top-notch credit rating if lawmakers don’t make serious progress in their negotiations by mid-July.

The U.S. government does need to raise the limit on the amount of money it can borrow, Moore said, adding the warning that it also must halt its runaway spending.

The government is laboring “under a mountain of debt that could collapse the U.S. economy,” he told Newsmax.TV.

The Obama administration wants to raise the debt ceiling without first accepting that it will have to reduce spending by significant amounts, he said.

“I think the White House has this completely wrong,” Moore said. “The Republicans are saying we are not going to let you have the increase in the debt until you get this spending under control.”

“If Republicans fold on this one, which I don’t think they are going to do, but if they blink first . . . that’s what put America at risk of a financial crisis and a potential run on the dollar and a run on U.S. bonds.”

Moore said he approves of Republican House Speaker John Boehner’s call to cut spending by every dollar the debt limit is raised. “That’s a good way of framing the issue,” he said, adding, “The real question is, how much is Obama willing to cut the budget?”

And he warned that the government needs to begin budgetary reform — and maybe even adopt a balanced-budget amendment — to avoid future crises. The United States won’t be able to maintain its position as the global economic leader if it doesn’t fix the problem, he said.

“China owns more of our debt than any other country,” Moore said. “That puts us in a precarious position as we try to compete with that emerging economy.”

http://www.newsmax.com/Headline/oba...06/04/id/398832
SHARE  PM  EMAIL  GALLERY  Attn:RR  Quote
06-05-2011 02:54 AM  8 years ago
baby uh1

rrVeteran

St. James, Mo.

MyPosts All Forum Topic
Yes, we need to cut up the credit cards of the kids in the Whitehouse before we are all living in Chinese cardboard boxes!
Also we need to make sure that the radical leftists in the Senate and congress get the message too by firing those responsible for making this mess in the first place.
It's like my old Pappy used to say "you can't spend yourself out of debt!"
Anything is possible if you don't know what you are talking about!
SHARE  PM  EMAIL  GALLERY  Attn:RR  Quote
06-05-2011 03:16 AM  8 years ago
Havoc

rrElite Veteran

Ky.

MyPosts All Forum Topic
It seems to be the only leverage for any real spending cuts. But we can't just cut spending or politicians lose votes, we can't raise the debt limit or politicians lose votes. So we will probably just print money. Obama will keep his promise of not taxing those making over 250,000 because everyone will be making over 250,000. We face being downgraded now or later and it is best if it is now or else it is that much harder to climb out. But we won't default on our debt-service obligations if we fail to raise the debt ceiling. For no other reason than the president has the authority to dictate that those are paid first. But that means someone else won't get paid. Such as our wildlife fishing guides. Scary thought for those who need government's help to find or identify a fish.
SHARE  PM  EMAIL  GALLERY  Attn:RR  Quote
06-05-2011 03:24 AM  8 years ago
1800bigk

rrNovice

ohio

MyPosts All Forum Topic
He's a hypocrite. In 2006 he and the dems united and all voted against raising the debt ceiling now he wants the gop to not do that and raise it.

http://blogs.marketwatch.com/electi...t-ceiling-vote/
SHARE  PM  EMAIL  Attn:RR  Quote
06-05-2011 03:40 AM  8 years ago
dilberteinstein

rrNovice

texas - USA

MyPosts All Forum Topic
1800bigk
He's a hypocrite. In 2006 he and the dems united and all voted against raising the debt ceiling now he wants the gop to not do that and raise it.
You're so correct!

Obama claims he now regrets his vote from 2006. Will the idiot regret all his stupidness after he's booted out of the White House? His regrets won't save the people without jobs. His regrets won't pay people's overdue mortages. His regrets won't recover the economy from his mistakes. His regrets won't save the US from the illegal invasion.

Watch at YouTube

90% of life is "showing up"
SHARE  PM  EMAIL  GALLERY  Attn:RR  Quote
06-05-2011 06:10 PM  8 years ago
rcsoar4fun

rrKey Veteran

Boise, Idaho

MyPosts All Forum Topic
The headline needs to be written as "Obama Is Just Wrong on * "I give up on Loctite, nothing lasts long enough to vibrate loose anymore.
SHARE  PM  EMAIL  GALLERY  Attn:RR  Quote
06-05-2011 06:30 PM  8 years ago
3dfreya

rrNovice

Greenville,S.C.

MyPosts All Forum Topic
Bammys doing exactly what his goal is: to bring the country to its knees financially.How better to destroy a country?Instead of going to war he will destroy us financially.Hes also adding more burden to businesses from red tape and regulations.Our real problem losing jobs going overseas is not because of cheapeer labor its because of all the crap a business has to go through to start a business here;taxes,fees,regulations,epa,osha,etc.
SHARE  PM  EMAIL  GALLERY  Attn:RR  Quote
06-06-2011 03:48 AM  8 years ago
1800bigk

rrNovice

ohio

MyPosts All Forum Topic
If you are on the fence and still think that the left knows how to run an economy just read up on hyper inflation. The economic policies of democrats are crazy they have no concept on how things work in real life. They think just giving money away in bailouts and printing money fixes problems. These methods have proven not to work and it wasn't that long ago that other countries have gone through very hard times from just printing money.

http://en.wikipedia.org/wiki/Hyperinflation
SHARE  PM  EMAIL  Attn:RR  Quote
WATCH
 1 page 469 views POST REPLY
Home🌌Off TopicsOff Topics News & Politics › WSJ Economist Moore: Obama Is Just Wrong on Debt Ceiling
 Print TOPIC  Make Suggestion 

 5  Topic Subscribe

Monday, June 1 - 4:00 am - Copyright © 2000-2020 RunRyder   EMAILEnable Cookies

Login Here
 New Subscriptions 
 Buddies Online