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In Reply to: RE: Fourteenth Amendment to the United States Constitution posted by Jay Buridan on May 23, 2023 at 15:33:43
Thank YOU Jay!
Good stuff and some may argue as an excuse (Reason?) for a 'balanced Budget Amendment' which would clearly supercede most 'debt ceiling' arguements.....
The last line concerning abrogation of SS payments? Wouldn't have happened if they had left SS OFF BUDGET with its own accounting scheme. As soon as the parasites put SS 'on budget' they had access to yet more money to spend while writing an IOU to the SS 'trust fund'...whatever That is.
Too much is never enough
Follow Ups:
US Treasury securities are deemed to be the safest investments, much safer than, e.g., loaning the surplus to Maralago Mussolini on a promissory note.
AFAIK, if the government defaults SS checks will stop being issued. And interest rates will climb to reflect the fact that US Treasury securities will have become risky investments.
It's complicated (see link below.)
"Horse sense is the thing a horse has which keeps it from betting on people. "
― W.C. Fields
Complicated, but still a way for 'them' to get at and spend the money rather than somehow isolating it (sequester?) for the intended use......
As it turns out? Workers pay into SS and the government pays interestest on the money borrowed and spent which is still obligated TO SS.....
Kicking the can down the road, done large. Your link says 2 Trillion$ plus.....that ain't chump change.
Too much is never enough
P.S. We are 'they'...
"Horse sense is the thing a horse has which keeps it from betting on people. "
― W.C. Fields
If only it were that simple.Do you think Joe Biden, Chuck Schumer, or Kevin McCarthy cares one whit what you or I tell them to do?
"They" are "they", and it pisses me off that we pay them to do a job, and THEY can't figure out how to do it.
Reduce spending and raise the credit card limit. What's hard to understand about doing that?
*********
We are inclusive and diverse, but dissent will not be tolerated.
Edits: 05/25/23
Yust yoking.
"Horse sense is the thing a horse has which keeps it from betting on people. "
― W.C. Fields
Politcians are very 'beholdin' to voters up until the MINUTE they are sworn to office, than they do as they please......Or rather as they are TOLD by the big $$ doners, party chiefs and paid staff.....
Billionaires? Top 1% of returns pay about 26% while the bottom HALF are overall at about 3.1%
Average return? Around 13%.
Top !% own a very large percentage of WEALTH of the country. Wealth is not taxed. Income is taxed.... Someone who owns a multi-million $ art collection? Not taxed until sold....than who knows? But wealthy people DO pay property tax. Here in California, if you own a million $ house? Maybe a thousand a month in property tax....1.25%......
Prop 13 ONLY in California protects against rapid increases in property value causing 'eviction by taxation'....
Too much is never enough
Point taken, Jay.
WE are US and the default will belong to us ALL. And we will all pay the price as stuff like my retirement goes to crap and inflation goes thru the roof and who knows WHAT other potentials.
Unintended Consequences rule......
Too much is never enough
I'm not Ken Fisher so don't ask me what the hell that means, but whatever it is, it's still going to be bad. If I and others were to default that would be a different story
He's probably selling off his investments this evening. He just wants to beat everyone to the punch.
"Horse sense is the thing a horse has which keeps it from betting on people. "
― W.C. Fields
truly fucked because it takes much too long the verify anything whatsoever. They are a fiduciary institution - " Individuals with fiduciary responsibility are legally obligated to act in their clients' best interests instead of their own "get me off this fucking planet
Edits: 05/26/23
When you quit paying your bills, I'd say you are in default.
It is the method that bugs me. Using this as a wedge issue is EVIL in the extreme. Especially when the opportunity exists to fix it once and write a law which would cover this situation than reduce spending by some formula where all bear the burden equally......
Having a section of the budget called 'entitlements' which is essentially off-limits is intellectually dishonest....And a form of pandering for votes.....
A question to be answered? Does the government pass laws encouraging dependence or to people demand services which makes them dependent?////
Too much is never enough
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