a compromise seems to have been reached on the debt ceiling crisis, who lost?
By francesca5
@francesca5 (1344)
August 1, 2011 4:17am CST
although not a US citizen I have been reading about this issue with great interest. I have read in todays newspapers that a deal has probably been reached. The view amongst democrats seems to be that Obama has conceded too much, but an alternative view is that by pushing this right to the edge the republicans have revealed the true ugliness of their extreme right wing, the tea party. what do you think?
1 person likes this
4 responses
@soapies1973 (931)
• United States
2 Aug 11
I think that the people that are rich should be paying taxes. They have all this money but have tons of loopholes. There were so many that were against raising taxes for the rich. The rich have the power and they don't want to tax them. Nobody could understand what it is to live on a fixed income unless they did it for one month. I think the president and every lawmaker should have to live on a fixed income for just one month. I think they would then leave SS alone.
@deebomb (15304)
• United States
1 Aug 11
Hello francesca and welcome to myLot. To begin with the tea party is not extreme in either direction. We the tax payers want a better bang for our buck. we want spending under control. We want a balanced budget and no more tax funded bail outs.
The demarcates had control of both houses for almost two years and did nothing to even do a budget. So the creation of the tea party. Sure there probably are some extreme right but there are extremes to the left too. And yes Obama lot the right to spend spend and more spending.
@francesca5 (1344)
•
1 Aug 11
interesting. you do know the tea party is funded by some extremely rich people don't you. i can't remember who, and the RAM on this computer is so small it would take me about a week to do the necessary research, but i could if you wanted the information.
i agree with you about bailing out the financial sector, though.
but really, though i have my own opinions, i am just interested in what people think.
government debt is a big problem for countries in europe too, it is not just the incompetence of democrats in the US that has caused it, there must be a factor beyond that, otherwise it would be unique to the US.
1 person likes this
@Taskr36 (13963)
• United States
1 Aug 11
The American people lost. We didn't lose because the debt ceiling was raised, we lost because there is nothing in place to keep it from being raised again, and again, and again, until our currency isn't even worth the paper it's printed on. That's already happened with our older coins.
@francesca5 (1344)
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1 Aug 11
yes, the american people probably did lose.
but the value of your currency falls, in your own country, becaue of inflation, and rising government debt is also partly caused by inflation.
inflation is a big problem, i agree.
@mensab (4200)
• Philippines
1 Aug 11
me too im not a US citizen, but i know that the impact of default by the US will be felt worldwide. thus, the issue has become a global one. bankers and economists are following closely the development. now that the deal is reached. everyone could have a sigh of relief. the markets are expected to react positively on this news. i think with the deal, it seemed that the government won, but in the end, the americans will have to pay their swelling debt.
@francesca5 (1344)
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1 Aug 11
yes. swelling debt is a serious problem, and its a problem for other developed countries too.
i was looking at the new york times and there was a chart on how the us trillions of debt accumulated, and $2.4 trillion was attributed to the period since obama has been in office, through lost revenue and stimulus spending, and $6.1 trillion was accumulated during george w. bush's period in office, from tax cuts, wars and economic downturns in 2001 and 2007.
government debt is a difficult problem to solve, as the last thing they want to do is slow down the economy, and push the burden for paying it off onto the poor, but its a problem that needs solving.
