Predictions for Obama admin

[wilheldp_PE]

http://www.cnbc.com/id/27641538
This could be a serious problem. I am not blaming any party but our elected officials are entirely to blame for this. Read my previous post about loose monetary policy, then look at this. It isn't that hard to connect the dots. The end may be nigh. I certainly believe it will be within my lifetime but may be even sooner. Once we lose our AAA rating the interest rates go up. We already spend 20% of our federal budget just paying interest on the debt. What happens when that figure goes up? The government isn't going to slow down spending so the compounding effect will be tremendous, the credit rating will fall further, and the downward spiral accelerates. I hate to preach doom and gloom but think about your families and whether or not it is worth it to start making preparations in case the worse happens.

How the hell did we still have AAA rating with $10T in debt already?

 

[Chucktown PE]

Actually, if the government uses the accounting methods that businesses have to use then they are $53 trillion in debt. This includes all those unfunded liabilities (entitlements) that we voted to ourselves. While you're at it, if anyone hasn't read Atlas Shrugged, now would be a good time to do it.

 

[benbo]

If all you people beleive the end of the world is here, and the government is so horrible, why are you bothering to get a government sanctioned engineering license?

I swear I've been hearing this same stuff for 35 years. The natioanl debt as a portion of GDP was over 120% at the end of World War II.

 

[wilheldp_PE]

Ron Paul is the lone voice of reason in Washington.

 

[wilheldp_PE]

If all you people beleive the end of the world is here, and the government is so horrible, why are you bothering to get a government sanctioned engineering license?

In order to do our jobs and earn a living without interference from the armed wing of the government.

 

[benbo]

In order to do our jobs and earn a living without interference from the armed wing of the government.

How does getting a license from government exactly protect you from "the armed wing of government?"

 

[wilheldp_PE]

How does getting a license from government exactly protect you from "the armed wing of government?"

Doing engineering work without a valid license is an actionable offense in most states.

 

[Chucktown PE]

If all you people beleive the end of the world is here, and the government is so horrible, why are you bothering to get a government sanctioned engineering license?
I swear I've been hearing this same stuff for 35 years. The natioanl debt as a portion of GDP was over 90% at the end of World War II.

What choice do I have? I suppose it would be much more practical for me to go work at a ******* McDonalds so I don't have to have a government sanctioned engineering license. I don't agree with government licensing of anything but I have a wife and kids to support so in the name of practicality I have to play by the arbitrary ******** rules of the government. In addition, licensing is a state law and as long as the federal government isn't mandating it and it's a state's right then I don't have as much of a problem with it.

And you're WWII argument is really irrelevant in this argument. See the attached graphic by the GAO to illustrate my point.

 

[benbo]

Doing engineering work without a valid license is an actionable offense in most states.

Not in California for exempt industries. Maybe it's different in your state and every engineer needs a license. Come on out and you won't have to subject yourself to that governmental intrusion.

 

[wilheldp_PE]

Not in California for exempt industries. Maybe it's different in your state and every engineer needs a license. Come on out and you won't have to subject yourself to that governmental intrusion.

I think I'd rather be in jail than in California.

 

[benbo]

What choice do I have? And you're WWII argument is really irrelevant in this argument. See the attached graphic by the GAO to illustrate my point.

Of course you have a choice. There are plenty of professions that don't require a license. I worked as an electrical engineer for years without one.

As far as the debt, the past is always relevant to the future. I'm sure they could have made the same dire prognostications after WWII. Granted, if we don't change our ways the scenario in this projection could come true. But if you read the accompanying text it states it is based on a lot of assumptions. And the same document shows a surplus for a few years in the nineties. So I agree we have to do somehting about it, I just don't agree that the world will come to an end in a few years (or your lifetime) as you say.

 

[Chucktown PE]

I don't know anything about electrical engineering. But by the same rationale, maybe I should just go be an insurance salesman. I am not going to get into a debate on the licensing thing because I have done what I've had to do to increase my earning potential.

And I am not saying the world will come to an end. I am saying that this Republic turned into a Democracy will fall and a dictatorship will replace it or, given our state militias, hopefully a much more peaceful alternative would be that the states disband from the union as they see fit and multiple nation states will replace the USA .

 

[benbo]

And I am not saying the world will come to an end. I am saying that this Republic turned into a Democracy will fall and a dictatorship will replace it or, given our state militias, hopefully a much more peaceful alternative would be that the states disband from the union as they see fit and multiple nation states will replace the USA .

Well, you could always be right, I can't say for sure it won't happen. I just don't think I'll be around to see any of this.

 

[wilheldp_PE]

Well, you could always be right, I can't say for sure it won't happen. I just don't think I'll be around to see any of this.

NOBODY EXPECTS THE SPANISH INQUISITION!

 

[FLBuff PE]

^^^Wrong thread.

 

[MGX]

I heard some talk of bailing out credit card companies.

Seriously....Can we bail out anyone stupider?

 

[wilheldp_PE]

I heard some talk of bailing out credit card companies.
Seriously....Can we bail out anyone stupider?

Yep...car companies.

 

[MGX]

Yep...car companies.

Nationally, wealth can be mined, grown or manufactured. I could more argue the bailout of a manufacturer than a debt-peddler (and an insidious one at that) as being in the best interests of a nation.

I don't agree with any bailout period, but this is past insane. Chrysler may have had its flaws, but Iacocca paid that debt off in record time. I don't know if Ford or GM would pay back such a thing. Also, doesn't the gov take a stake in the companies they bail out? If so, I'd recommend Clinton to take the reigns of Hummer.

Part of me wants both Ford and GM to stick it out, given that they're American (or as American as any car company can be today). The other part says we're capitalist so screw them if they can't make a profit. The third, evil part says bankrupt the company and rise from the ashes like a phoenix only without the UAW.

 

[wilheldp_PE]

The other part says we're capitalist so screw them if they can't make a profit. The third, evil part says bankrupt the company and rise from the ashes like a phoenix only without the UAW.

That pretty much sums up my opinion.

 

[Dleg]

I'm no fan of the American auto makers. They have failed to compete with the rest of the world by producing decent product, in my opinion. If the government is going to bail them out, the terms of that bailout better be very harsh indeed - scrap all the management, bring in younger, more imaginitive teams, and start competing with decent new products and forego the reliance on the "buy American" guilt trip that has been the only thing keeping them in business for the last 25 years.