Comments by "worn down" (@worndown8280) on "The Debt Ceiling Issue: Will the US Gov Default? || Peter Zeihan" video.

  1. Government spending is 20% of GDP, you would have to cut spending by half damn near to get a balanced budget. A 10% decline in spending would create a depression. If the government increased taxes to that amount it would have the same effect. But some people dont understand economics, so they cant understand that.
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  2.  @notdan995  because of the debt limit no. It should never happen. Since 1979 when Congress passes a budget the debt ceiling automatically gets raised, its call the Gephardt rule. The thing is Congress hasnt passed an actual real budget since 1997.
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  3. In 2018. How quickly people forget. 35 days.
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  4. It would be great if the young were not taxed into serfdom to pay for the elderly. You think they are going to cut SSI? You think families will actually take care of each other? We have had 90 years of social conditioning and most families are in tatters. The average American is just as irresponsible as the government they vote for.
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  5.  @jeffr6280  Most of their wealth, the wealthy folks you listed, isnt liquid. Should they be forced to sell their assets, it would have a deflationary impact on the markets of those assets. This would make other Americans poorer as well.
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  6. The last time Congress passed and actual full budget and not a continuing resolution was in 1997. After a continuing resolution was passed, they then did additional appropriation bills to fund portions of the government. EVERY YEAR since 1997. If Congress fails to pass a budget they should all immediately be removed from their positions.
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  7.  @listener523  Thats just it, there hasnt been a budget since 1997, just continuing resolutions. If there was the Gephardt rule would automatically raise the debt ceiling to whatever the amount that Congress budgeted for.
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  8.  @listener523  I mean, if we did we be in a depression. I got a farm with livestock, I'm basically self sufficient. If we went back to 1997 spending, millions would die just from cuts to Medicare and medicaid. At that point it becomes a question if you are ok with that. And if you are, well those folks might do some desperate things. But in general I think we should at least freeze spending. But we have probably already spent ourselves over the cliff now anyways.
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  9.  @listener523  If you dont see why a 10% drop of the GDP would cause a depression then there really isnt any additional reason to talk. lol Current spending would get us to that point, just slower. We are well past the cliff at this point. Best we can hope for is time to get ready individually.
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  10.  @jeffr6280  Ah well there you go, more inflation. lol
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  11. There isnt anyone in Washington who knows how to do math, only how to shovel pork into the mouths of people of their states.
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  12. Yea that sounds good until millions of people start to die. Which is what would happen
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  13.  @geocam2  Thats what people dont understand. Biden is the only one who can give in and have it not wreck him. McCarthy had to make concessions to become Speaker. If he gives in, he loses his position. And then the House and the government basically stops because the Republicans are a disorganized clown show.
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  14. Clinton did it in 1995. You would probably blame the Republicans, so its whatever. The debt ceiling isnt the problem, its just another symptom. The problem is that Congress has not passed an actual whole budget since 1997. In 1979 the Gephardt rule was instituted in all budgets. It automatically raised the debt ceiling. But since 1977 there have only been 4 actual budgets passed by congress. Most Americans are utterly ignorant on the maleficence of both parties in Congress. Mostly because the average voter is moronic. But go ahead, stick to your tribalism. You cannot expect to run a fiscally responsible nation via continuing resolutions.
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