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The GOP Is About To Carry Out The Greatest ECONOMIC EVIL In American History

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Segami Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-23-11 09:55 PM
Original message
The GOP Is About To Carry Out The Greatest ECONOMIC EVIL In American History



:smoke: :smoke:


" The United States Treasury has been authorized by Congress to issue such debt as is needed to fund government operations (as authorized by each federal budget) as long as the total debt (excepting some small special classes) does not exceed a stated ceiling. According to the Treasury, the debt ceiling was hit on May 16th, and extraordinary measures have since been employed to finance the government since then; “according to their best estimates will actually run out of money to pay interest on the debt, or in other words “default”, on August 2nd.”



And with little more than a week remaining to increase the federal debt ceiling before the federal government defaults on its debts, the Republicans, who are holding raising the debt ceiling hostage to the demands of the wealthy, have walked out of talks and appear fully poised to perpetrate the greatest evil against America our nation has ever known. Now we come to it: the great battle against an imminent evil, the real fight for America in the harsh light of day. What we are up against is essentially the jeering section of the national lunatic asylum. What America is up against is the very real possibility that the fanatic GOP jeering section will out shout the rest of us.



The Great Depression is commonly used as an example of how far the world’s economy can decline. The Great Depression had devastating effects in virtually every country, rich and poor. Personal income, tax revenue, profits and prices dropped, while international trade plunged by more than 50%. Unemployment in the U.S. rose to 25%, and in some countries rose as high as 33%. Cities all around the world were hit hard, especially those dependent on heavy industry. Construction was virtually halted in many countries. Farming and rural areas suffered as crop prices fell by approximately 60%. Facing plummeting demand with few alternate sources of jobs, areas dependent on primary sector industries such as cash cropping, mining and logging suffered the most.



Sound familiar? It should. Because these are some of the consequences responsible economists are now predicting for America if some kind of agreement to raise the debt ceiling is not reached – a debt ceiling that has been raised unconditionally by Republicans and Democrats 62 times, overall, and by Republicans 7 times under Bush.



cont'


http://www.politicususa.com/en/gop-economic-evil



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givemebackmycountry Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-23-11 10:02 PM
Response to Original message
1. I'm thinking, they just don't give a shit.
They have their eyes on the prize, and that prize is 2012.
The fact that there is a black man running the country, and a business friendly black man at that, does not matter.
They hate him.
And taking him down is JOB ONE.

Nothing else matters.
And THAT will spell trouble for them that they are too stupid to foresee.
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aquart Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-23-11 10:04 PM
Response to Original message
2. The TREASONOUS GOP. Do not neglect your appropriate adjectives.
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Sarah Ibarruri Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-23-11 10:07 PM
Response to Original message
3. Somebody should blow Repukes out of the planet. They're psychopaths like the Oslo shithead nt
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Why Syzygy Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-23-11 10:09 PM
Response to Original message
4. Unemployment
is already about 20% 'non-officially' (using the old measurement method).
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Kurmudgeon Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-23-11 10:09 PM
Response to Original message
5. Just got through talking to 2 high school friends blaming the Dems for this, so disgusted right now.
If this country as a whole is this determinedly ignorant, maybe we deserve a good crash.
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reformist2 Donating Member (998 posts) Send PM | Profile | Ignore Sat Jul-23-11 10:11 PM
Response to Original message
6. It is indeed evil. But let them win this battle. They will lose the war in 2012.
Edited on Sat Jul-23-11 10:14 PM by reformist2

The GOP has handed us an issue that can reap huge rewards next year. We don't have to win every single battle. And if we win next year, we can reverse everything they did.
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Renew Deal Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-23-11 10:13 PM
Response to Original message
7. I still don't think republicans are crazy enough to go through with it.
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Segami Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-23-11 10:34 PM
Response to Reply #7
10. The Tea Bagger lunatic fringe within the rethuglican party
are unwilling to budge on increased revenues. Anything that smells like a tax increase will be met with stiff opposition.
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AverageJoe90 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-23-11 10:25 PM
Response to Original message
8. What I'm most worried about now is......
If we do default, will China go nuts eventually? After all, that's the country that we owe the most debt to, am I right?
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Mrs. Ted Nancy Donating Member (303 posts) Send PM | Profile | Ignore Sat Jul-23-11 10:37 PM
Response to Reply #8
11. Yes, but Japan is a close second
Here is a table showing who owns the US debt.


http://www.treasury.gov/resource-center/data-chart-center/tic/Documents/mfh.txt
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AverageJoe90 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jul-24-11 12:30 AM
Response to Reply #11
13. At least we could trust Japan not to invade and/or nuke us.
But China's a different story.........maybe I'm being a little paranoid, but TBH, I can't help it too much, things are starting to look bad, even if Obama's gamble has started to paid off a little.
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Art_from_Ark Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jul-24-11 03:43 AM
Response to Reply #11
15. Japan won't do anything to jeopardize the US economy
I'm surprised that Japan actually increased its holdings of Treasuries after the March 11 disasters, though, considering its need for massive amounts of capital to fund the rebuilding, clean-up and nuclear containment operations.
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DinahMoeHum Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-23-11 10:31 PM
Response to Original message
9. And if they do, the GOP signs its own political death warrant.
n/t
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girl gone mad Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-23-11 10:41 PM
Response to Original message
12. Slavery was the greatest economic evil In American history.
Vietnam, the Gulf wars, and the bank bailouts are also high on the list.
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yurbud Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jul-24-11 12:36 AM
Response to Original message
14. that ''seven times under Bush'' begs the question of why the debt ceiling exists at all.
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thatsrightimirish Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jul-24-11 04:22 AM
Response to Original message
16. This entire situation is completely and utterly.....
Ridiculous! completely manufactured by the house of representatives. This "speaker" is a disgrace and just because his party controls one half of one branch of the government, he thinks he can do whatever he wants. He is truly one of the worst legislators of any congress ever. He makes president Buchanan blush. What a disgrace to humanity. Totally embarrassing.
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dmosh42 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jul-24-11 04:43 AM
Response to Original message
17. I would think the billionaires will lose a lot more than me.....
so I think the Repukes will get their orders this week. And we'll move on....
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