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View Diary: There will be no default on the national debt (113 comments)

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  •  You are a good writer. (0+ / 0-)

    And seem to be able to communicate
    economic ideas to us in an understandable way.
    Just wondering if you would care to share
    your expertise on the discretionary cuts,
    and how they might possibly be implemented.

    I was hoping that someone of your skills might
    be able to explain the depth and scope of the
    actual budget cuts that take effect 1/2/2012.

    My unlettered reading of the OMD report below
    leads me to believe that there is little leeway in the
    actual determination of which and what programs
    are cut and by exactly how much. You seem to
    understand such things and explain them better.

    I am wondering why many in the MSM are happy
    to debate the pros and cons of entitlement cuts,
    but completely ignore the economic impacts that
    will take effect after the new year. Very troubling.

    What bothers me is that so many here are confusing
    the debt ceiling, which is somewhat separate, and the
    trillions in actual cuts over the next 9 years that will not
    only effect the poorest, but also everyone else, and is
    what has been known as the 'fiscal cliff' by some.
    (caution PDF)

    If we wish to revisit the exact reasons that this law was
    passed and signed, yes, an argument can be made that
    it was unneeded as a response to the last round of
    hostage taking budget/debt ceiling negotiations in 2011.
    This argument may or not be correct, but is certainly moot.

    The millions who received unemployment compensation
    ever since then may have a somewhat different perspective.
    It does not change the fact that this is now the law.

    If it were only cutting defense spending and higher
    taxes on the rich, I doubt any here would be worried.
    Save for the rich defense vendors. I hope my brother's
    wife is fully vested. She has worked on the line building
    Apache helicopters for Lockheed for over two decades.

    Anyone claiming that cutting 8% from all government
    spending won't effect the very poor and our economy
    has not thought these issues all of the way through.
    Especially their future economic, social, and political prices.

    Thanks for all of your efforts.

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