Tea Leaf: Life, above all: an economic update

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  • DeltaFoxtrot West Valley, UT
    July 13, 2011 10:05 a.m.

    @worf: Foreign aid is a grain of sand on the beach compared to the US debt. Stopping it won't make a noticeable impact.

    What we could stop are the two decade long wars in the ME that have inflated the Defense Department's budget by about 2/3. That's a significant reduction.

  • worf Mcallen, TX
    July 12, 2011 4:11 p.m.

    "stave off a potentially catastrophic U.S. debt default?"

    Should have thought of this when the checkbook was open.

    August 15th, our country will pay thirty billion dollars on loan interests. This is not a one time payment, and equals a hundred twenty dollars for every men, woman, and child. Can we at least stop foreign aid?

  • ouisc Farmington, UT
    July 12, 2011 4:00 p.m.

    I could seriously use an increase to my debt ceiling right now.
    Where's my help? Why must I be held accountable for my spending habits?

  • DeltaFoxtrot West Valley, UT
    July 12, 2011 2:16 p.m.

    Again, even if Congress doesn't act to raise the debt ceiling by August 2 does not mean there will be a default.

    The US Treasury is tasked with paying America's debts. They have a rather expansive list of powers (including the power to tax) and Geithner has made it pretty darn clear that a default will not happen on his watch, no matter what Congress does.

    Now, what can send markets tumbling and the economy sinking into an abyss is fear and speculation. Reports that the US might even consider default are what will influence things to come.

    So, could the media do us all a big favor and STOP FEARMONGERING? Quit with the endless negative speculation and we might have a chance of pulling out of this yet.

    Just the facts please, just the facts.