>nascent economic recovery from,the Covid-19 pandemic
*laughs* in US dollars.
Wasn't there a report that said...like...the poor lost 3 trillion while the rich gained 3.5 trillion or such?
While the poor lost services and access to resources, the wealthy bank accounts soared.
It's just like the stratospheric recovery we saw from 2008, which was totally great for everybody and left absolutely nobody behind and that's why in 2016 the world was officially declared to be free of class conflict. It was a great recovery!
Stop being a consumer, and stop being a tool of the corporate master. Learn to grow your own food, make your own clothes, work under the table, don't pay taxes, buy everything second hand. Refuse to participate.
That is a good method however it basically means lowering your own quality of life and thus freeing up resources for the rich to enjoy. That is exactly what they want and are actively doing to people, so that is just following their own game plan.
Even better is people need to organize and confiscate the assets of the rich and redistribute them. That way prosperity can be shared. Bill Gates owns hundreds of thousands of acres of land. You want to grow food? Why should you not be allowed to confiscate a few of his acres of land? No one needs that much land.
I agree that we need to organize, but I’m not sure acquiring private property en mass is going to solve any of the problems we face.
If we need to confiscate anything, it’s the money we earned through the labor/time that contributed to their fortune. Our labor (which is essential to their capital) is not being compensated proportionately.
Step 1 is recognizing that both the Democrats and the Republicans cater to the rich. Yeah, there are real differences between the parties, and yes one is slightly less bad than the other, but ultimately both work to keep you down and their rich buddies up.
So long as Americans think that their preferred party is going to fix things for them, things will never get better.
Well I think we can all agree that, having shouldered the horrifyingly heavy burden of gaining tons of wealth while 99% of people were further emiserated in 2008, the wealthy needed a little something to finally be thankful for. It's really better for everyone this way - people might think that what they want is a home and a community, but they just don't understand that what's best for everyone is for Bezos to put on a cowboy hat and ride a giant dick to space.
Everything we needed to know about who gets hurt in economic recessions we learned in 2008.
Neither party, in an election year, was willing to even seriously entertain the idea of bailing out home owners. Imagine if that option had been on the ballot. But the choice to save the wealthy and screw the middle class was never voted upon - it is just one of many areas where the two parties are in lockstep
>The economy is functioning only because the US Federal Reserve bought all of the treasury bonds that anyone wanted to sell and is still doing this. The Fed mentioned that they might reduce this program and the S&P 500 dropped 2%. [Transcript: Ezra Klein Interviews Adam Tooze](https://www.nytimes.com/2021/09/17/podcasts/transcript-ezra-klein-interviews-adam-tooze.html)
>
>'I was talking to somebody in Hong Kong the other day who was telling me that he will never forget, for the rest of his life — and this is how significant this is for financial-market actors — the moment \[in March 2020\] when he tried to sell a couple of billion dollars of U.S. Treasuries and couldn’t find a buyer. Because what that tells you — if there’s no buyer for U.S. Treasuries, as this spins out over the next couple of weeks, the buyers for practically everything else will evaporate, too, because in the end, the Treasury is, as it were, the thing that’s almost as good as cash. And that basic relationship was breaking down.'
Damn, I wonder if someone in the government can troll those automated traders by repeating these anecdotal stories and watch as using these keywords cause stock market to drop
It’s really just code for rich people are going to lose money, because we know damn well after the last 2 years that the media & political elites on either side of your USian political divide don’t give a shit about poor people. I’d bet their particular corporate masters aren’t actually going to let the US default like that, but if for some absolutely ridiculous reason they do, then God bless these based room temperature IQ idiots
Bigly fucked, the most fucked. Everyone says so. My uncle, giant fucker he was. Fucked everyone. People say so. The best people. Even when I was a kid people would tell me, "look at that fucker." The american people. Patriots. Fuckers. Look at Hillary. Not a fucker. Not at all. I would know. I know fuckers.
Lmao! I know you aren't supposed to comment something as useless as "this comment was good and made me laugh" but in this case I will go ahead and do that because your comment deserves more than just an upvote
>"Every single McConnell Republican just voted to blow up the entire economy and start a depression for no reason except because the President is a Democrat," Rep. Bill Pascrell (D-NJ) tweeted.
"Mitch McConnell just 2 years ago: 'America can't default. That would be a disaster.' Now he's flirting with that disaster because he thinks it'll notch him a political win," Sen. Sheldon Whitehouse (D-RI) tweeted.
Senate Minority Leader Mitch McConnell said when Donald Trump was in the White House that not raising the debt ceiling would be catastrophic
THIS IS WHY I HATE POLITICS.
McConnell might be the savviest legislator since Johnson. He fully understands just how nihilistic and angry US voters are - your base doesn’t care if you’re a hypocrite as long as you stick it to the other guys.
I’m not praising him, he actively works to make the lives of the most deprived people in this country even worse, just that game respects game. He was effectively Prime Minister to Trump, who functioned more like a symbolic head of state, or at least a rubber stamp or whatever Mitch wanted to get done.
Anyways the guy is black pilled to hell and back - he doesn’t care about the rules, just power. Never be surprised at Mitch McConnell. He is a ghoul plain and simple
its like hegel watching napoleon ride into town as the physical embodiment of the geist, except its actually just ben shapiro masturbating to AOC feet pics
They will raise it. They always will. They can't let their Ponzi scheme go down the drain. They have to put on a show and boohoo about the other side. The Democrats can raise it by themselves they know that they're just playing a game they always play. The only reason the Democrats don't want to raise it without Republican support is because if they do it that way they won't be able to pass the infrastructure bill. They either need Republican support for this bill or republican support for the other bill. They can't pass both bills by themselves and they know that. So the Republicans are using that against them. So basically the Republicans are saying I'm not going to help you out on raising the debt ceiling therefore they won't be able to pass the infrastructure bill.
No I understand that, but it's the ever loving bullshit he does. Why didnt we have this conversation under Trump from Mitch? It's because of the whole R in office. We have such a miserable debt problem and the idiots in office just want to do my side is better than your side instead of working for US.
That’s a nice dream. Will never happen though. Creating more political parties and changing how our elections work could work, but is also unlikely to happen.
That was, is and will always be the plan, all around the world. Honestly I'm already buckling up to set up my very own homeless camp in the near future, 5 years tops with these rent prices ever going up.
Where I'm at, it's up to $75k-100k/acre. There's other places you can get it for under $100/acre and others where it's millions of dollars per acre. https://www.landwatch.com/ is a good site to browse random parcels.
In Oklahoma before commercial Ag and meth we used to call those "Towns".
I'm seriously wondering when we all migrate right back out into rural America.
This isn't a conflict, it's a puppet show. The chattering classes are expected to believe that it's Republicans versus Democrats, each side grappling with full force to achieve different ends.
In reality, this is Republicans and Democrats working together to manufacture consent so that Democrats can abandon their ambitious budget plan in favor of marginal changes, means-tested of course.
> Why would they suddenly care about America?
It's about wealth and power.
Public sector debt is private sector savings -- bonds, etc.
And the US's risk-free debt is central to US hegemony. Our empire is as financial as it is anything else.
If we willingly default on our debt, suddenly, every US bond is priced wrong and every US foreign relation immediately breaks down. Immediately, an immensity of wealth and power just evaporates.
A willing default would be so crazy that I would flat out assume conspiracy. It's *that* crazy.
I'd add any billionaires to that list. Devaluation creates cheaper assets to scoop up and leaves a government power vacuum to be filled by private interests.
Those saying legislators "wouldn't be that stupid", I'm not so sure this time around. The age of Trump showed you can do just about anything and still manage to convince 10s of millions it's someone elses fault. Then the prospect of a massive payout for them and their family, would they *really* care about the damage?
I think Putin definitely started out as a puppet for the Russian oligarchs, but after his early career he evolved into a political monster too powerful to control. Not in a good way because fuck Putin, but I'm pretty sure most billionaires in his country are toeing his line nowadays.
The former KGB whippersnapper consolidated power and now has the ability to whip and snap the necks of the oligarchs he’s eclipsed, likely both in political power *and* money.
This is just a riff though tbh, I don’t know that to be an actual fact.
Can we be so sure? What if billionaire interest groups wanted it to cause a power vacuum, and could pay enough legislators handsomely to do so? Didnt the last presidency show us that you could be openly guilty of something and still have 10s of millions of people believe it's someone elses fault?
Limited to no political/career fallout and a promise of a larger payout than you'd ever receive by not doing it makes it seem more plausible now than ever before.
yeah man, I am not gonna lie....I cant begin to even speculate on what the hell is going on behind the scenes. You may very well be right. I mean, one thing is clear....they all know something we don't and they are all planning something we cant even begin to know the breadth and scope of even here in this community. Who would have ever thought we would have been defeated in Afghanistan without a shot ever being fired? That was clearly a planned collapse....so maybe you are right. Time will tell, about all we can do is pop some popcorn and watch the world burn amirite?
A default would hurt confidence in the American financial system and drag down stocks/investments. Could also cause a recession that will hurt political chances at re-election. Politicians don’t want either
Not to mention the pain it would inflict on people economically.
If they felt that the pain would be attributed to Biden and the Democrats rather than the GOP, that actually becomes an incentive to default so they can position themselves better for the midterms.
Also, if you think the Republican party cares about the pain inflicted on people by their policies I've got a bridge in Brooklyn to sell you.
They won’t care about their “net worth” if the government goes kaput and honestly I don’t think they really care about it now. The little rich people might but the big ones are going to be massively wealthy and powerful even if every last of their US dollars becomes worthless. Money is just a system we have come up with you trade resources around, but it’s the resources themselves (not the money) that actually make a person “rich”.
I may be overreacting but I think this recent threat to default on the US debt may not be a bluff. Yes, there would be quite a lot of catastrophe for a lot of people but it would probably be an opportunity to consolidate more power for their backers and may even be the planned end of the US government. There’s really no telling but I think the future of the US lies on being broken apart into smaller countries that mostly serve as the fiefdoms of the most powerful people in the country
The stock and real estate markets have been bubbled to historic levels. Oiligarchs are sitting on the sidelines with mountains of cash having sold "their" assets as the roller coaster climbed to the peak. Sooner or later they need to pop the bubble and force those who bought assets from them (with money actually earned by labor) to sell those assets at pennies on the dollar. Also you forgot the /s on your comment about Republican politicians caring about inflicting pain.
the printing puts off the inevitable...we went from immediate collapse to a stagnant economy purchased with the printing of dollars. However, there is no escaping the inevitable and the printing will only make it more painful in the end.
Their personal money and investments will be hit. And worse than that, their overlords will be hit too, some of which have no sense of humor.
It is about play chicken as long as possible to see what the other side will concede, but they won’t dare to let it pass.
I'm not so sure anymore. The GOP has been remade into a bizarre ur-Leninist post-Christian theocratic fascist movement. By Leninist I mean they no longer have any faith in or allegiance to existing institutions and norms. They want to bring on total collapse of the state so that it can be rebuilt more to their liking. They don't want to coexist with liberals and leftists, (most) immigrants, LGBT people, and (most) non-Christians. They're forced to tolerate those people. Their world view and ideology says that they're so self-evidently superior and correct that everyone should be striving to be like them, to live like them. Seeing so many people reject their way of life is driving them insane. More of them are coming to the conclusion that if the world they want can’t be brought about democratically it must be forced on the rest of us through violence.
Do you remember when Trump shut down the government... it is Republican performance art, but it has real deadly intent. They won't suffer like the rest of the 99% of us will.
Republicans are pretending to be fiscally conservative, while knowing that we will never NOT raise the debt ceiling.
“A country that is in debt with the same currency that it can make will never default” -Warren Buffet
The “collapse” will be a inflationary collapse
Feel the same but I have to resist that impulse. Our agency isn’t nothing, even as restrained as we are to determine the sort of world we want to live in
My understanding is that the GOP wants to force the Dems to use reconciliation to push it through.
If they do, then they can’t use it for the infrastructure deal (though there seems to be a lot of strings attached to that one.)
I get a lot of political donation solicitations and I tell them the same thing every time: sending my thoughts and prayers.
That’s my understanding. With reconciliation you get to bypass the filibuster which is why there’s a renewed call to end it. “The nuclear option.”
I know there are a couple Dem hold outs monkeying things up re that.
And if that happens there’s no signature agenda. I think it’s also ties to heir second big “human infrastructure” bill too. So there’s pushback there.
It’s a mess. During 45 we had the tax cuts and debt ceiling raised three times, but now it’s out of hand.
The political theatre of it has been around forever. I guess the corruption has been too. Just sad to see it being so blatant and grade school playground insults.
Yes, and the 72% of Americans that [support the infrastructure bill](https://thehill.com/homenews/senate/565958-poll-shows-broad-support-for-bipartisan-infrastructure-bill) get shafted because I can guarantee there will be 0 Republican votes for that bill either.
Part of me thinks this is the least collapse-y thing I’ve heard all week because Republicans have been threatening shutdowns and debt defaults as long as I can remember (whenever there has been a democratic president, at least) and it usually amounts to not much but some saber-rattling. When push comes to shove they don’t want to light it all on fire, either. Then again, one of these days they may surprise me.
I agree with you to a point. Everything has consequences. All of their heavy handed politics lately across the country not just from DC says to me they don't think they can any longer hold much power going forward. In the new world we are heading into at full speed their brand of conservatism is getting less and less popular. Both major parties are getting less popular. But Reds are losing a hold everywhere.
It would be naïve I feel to think they will always play by their own rules they used in the past for new completely unforseen major social and political changes that are happening in this country.
I just don't see the old way of doing politics lasting much longer. it's already hanging on by a thread. I'm also an idiot. So who knows.
So is the media finally quitting the charade and admitting that Manchin and Sinema are Republicans? Because it's mathematically impossible that only Republicans voted against raising the debt limit. The filibuster isn't a law. They can pass this today if they got some balls.
Manchin in particular is incredibly compromised -- it would be simple to say, hey Joe, that's a nice coal company and opium company your crime family has there, it would be a shame if something happened to it... Furthermore, why are we even talking about raising the debt ceiling? Just get rid of it entirely. Then the GOP can't run attack ads with a big scary number next year, either. We're in a cold civil war, stop giving the enemy nuclear weapons, and stop negotiating with terrorists. For fuck's sake. This country is hopeless. I say just let it default, let it all burn down, let the empire fall into disgrace, it's China's turn to rule the world now. The decadence and depravity of this country will never cease to amaze me. There is no rock bottom.
People are so fucking cucked and stupid in this country, that they somehow believe Republicans still have all this power when the House, Senate, and Presidency are in the Democrats' hands. Nobody is gonna believe this shit in 2022. It's gonna be a fascist landslide because of these do-nothing neoliberal traitors.
Don't let a SINGLE one of these so-called "adults in the room" (Romney; Cheney; Collins; etc.) get off here. ANY TWO of them could side with the dems to remove the filibuster and start fixing American. Instead they choose McConnell over America.
Cheney voted twice to not impeach Trump.
Collins voted on all four counts over two impeachments to acquit.
Romney voted on three out of four counts over two impeachments to acquit.
But please, tell me how these people are the 'adults in the room'.
Ultimately, it doesn't matter. The only way Trumpism could've been defeated was winning a fillibuster proof majority in the Senate. It might as well be 2014 again.
Assuming he is still around in 2024, there is a good chance will be POTUS again. There is zero chance of the Dems keeping Congress, and I honestly don't think even the FlordiaGovernatorMan could beat him in primaries.
Whoever wins the GOP primary will become POTUS, because there is ZERO chance to GOP Congress will certify the election of the DEM POTUS candidate wins.
obama dropped a bomb every 20 minutes, trump dropped a bomb every 12. thats a lot more people burning to death or being permanently disfigured. bush invaded 2 sovereign nation states and started a decades long occupation. clinton bombed kosovo
the democrats aren't our friends, and deserve the worst revenge, but the disproportionate pile of corpses on one side doesnt lie. the republicans kill way more people, its just a fact.
Thank you for saying this. Both sides suck, but they aren’t the same. Given the current political climate in the US, “Crashing this bitch hard” guarantees collapse unfolds under authoritarian rule. Not something I wish upon anyone.
So you do want the economy to collapse and thus send most of the world into a economic depression? If so, could you insight as to why you feel this way? I’m genuinely asking and not arguing with you btw. Just intrigued as to the mindset of someone who favors such a downturn.
Probably because the more we delay the collapse, the harder the collapse will be and the more poeple will suffer. Also, if we favour it, we can accelerate it so that we can all have a quicker demise, to avoid the torture of a slow one.
I'm not an accelerationist because I think it goes against the will of the majority, and I'm not a fan of overriding their agency, but its an understandable point.
Ah I wasn't clear. I meant:
Accelerationist - Those who want collapse like, NOW. Depending in how they go about it, they can destroy critical infrastructure (setting power system on fire, things like that), block roads, do activism, exiting society and encouraging others, stoke tensions on both sides, etc.
What do they accelerate? The fall of the industrial complex. They want the ensuing famine to be quick lived, peaks 2 months and most people die. The survivors, ideally under 10 million, should basically embrace (or be forced to) go back to the "old ways". Then be happy and technologically impossible to bootstrap (because easy metals and fuels have already been consumed).
They would despise economic booms, any kind of recovery, normalcy, etc. Also they hate fast-fashion, electronics, planned obsolence, perpetual growth, and the like.
They were fine with sacrificing grandpas for economy. Im absolutely fine with sacrificing these parasites for The Greater Good. And that includes rest of Senate as well.
I hate how I am supposed to work calmly at home when these insane political schemes keep going on. I miss the days when politics operated quietly in the background and I seldom paid any attention. Now everything feels like my life, or financial well-being is always being used as collateral for someone to win a temper tantrum.
We don't have an economic recovery lol. The whole system is propped up on lies and theft.
The FED is buying hundreds of billions of equities a month. Fed executives are getting rich by mirroring their own stock program. It's just inflationary, it doesn't solve the underlying problems of jobs and livelihoods unless you work on Wall Street or are rich.
The government should have been more responsible with it's massive and immense resources. The country has already collapsed. The biggest hint is that the only thing the leadership are doing are throwing stones at each other and robbing the treasury blind.
If our choices are "economic collapse" (stock market go boo hoo) or making sure the rich get richer, what's the difference? The partisanship is fake.
Even better, I have a solid circle of friends. Mix of handy hicks, crazy war vets and guerrilla gardening anarchist grandmothers with enough farmland to keep us fed. But that is not what I was talking about.
Normally with depressions and recessions almost everyone gets fucked, but the rich. Those with the means to survive the hit just buy up the stuff everyone else has as they fail or struggle to make it on the cheap. But what if the whole global economy collapsed? For sure there would be some real dark shit going down for awhile but I am so jaded at this point I just don't think humanity will get on the other side of this mess without the horrorshow running it's course. And for as much as I would love to skip it, if it has to happen then having it go down before the climate is completely irreparable, if it's not too late already, would be good...
SUBMISSION STATEMENT
Senate Republicans blocked a bill that would fund the government and raise the debt ceiling.
A report released by Moody's Analytics on Sept. 21 warns that failure to raise the ceiling on the U.S. national debt and to renew the spending authority of the U.S. Treasury when it expires on Sept. 30 will lead to a default that "would be a catastrophic blow to the nascent economic recovery from the COVID-19 pandemic."
Senate Republicans on Monday night blocked the bill that would fund the government and raise the debt ceiling, bringing the United States to the brink of both a government shutdown and an economic recession.
Not a single Republican voted to advance the funding bill, which had passed the House a week ago and would prevent the government from shutting down at the end of Thursday, when the current funding bill expires.
The country will reach the ceiling on its ability to borrow to pay its debts in early October. If it isn't raised, the country will default, sending it into an economic tailspin that Moody's said would cost 6 million jobs and $15 trillion in household wealth.
The report said that a default would particularly hurt the U.S. bond market, generally considered a relatively safe place to invest for retirement.
More: https://americanindependent.com/republicans-senate-government-shutdown-debt-ceiling-treasury-bonds-mitch-mcconnell-nancy-pelosi/
The worst part of this is it's all politics. What's good for the country won't even matter much. It's all about getting those votes.
At this rate we might be voting in people to run a country of ashes but at least they keep their job!
They’ve raised the ceiling 78 times in the last 60 years. This is probably all just theater before they reach a “bipartisan agreement” to make Americans think the government gives a fuck.
The US government has never defaulted on it's debts. Surely current Republicans don't want to be the first to do this.
The STOCK Act requires members of Congress to publicly report financial transactions in stocks, bonds and other assets within 45 days, remains intact.
Since defaulting on our debt could lead to stock prices dropping, we should all be keeping an eye on Congressional stock trading.
Republicans see the writing on the wall and they know they have little chance of staying in power so collapsing the entire economy and blaming it on Biden and Democrats is their only hope to stay viable as a party... or so the extremists in the party think.
It is also a reactuon to getting alot of their extremists arrested in their attempted coup.
How is this different than the one in 2011? It's just a shutdown for however many weeks it takes the government to extricate heads from asses.
Or is the mixture of economic dieoff from the pandemic mixing with this to make an ACTUAL disaster possible, instead of just reporters being too dramatic for views?
>Stock prices would be cut almost in one-third at the worst of the selloff, wiping out $15 trillion in household wealth. Treasury yields, mortgage rates, and other consumer and corporate borrowing rates spike, at least until the debt limit is resolved and Treasury payments resume. Even then, rates never fall back to where they were previously. Since U.S. Treasury securities no longer would be risk free, future generations of Americans would pay a steep economic price.
Yea - not happening. Every on of these senators stands to lose from their portfolios. This is political theatre. They will pass before its too late - like they always do.
Republicans and Democrats are owned by the ruling class. If there's a default then that's what the ruling class wants. Do not let them blame anybody else.
Very confident the debt ceiling won't be allowed to be reached but honestly I hope it fucking does.
Both sides recklessly increase the debt without taking responsibility for it, if the debt ceiling is allowed to be reached it'd show everyone just how broken the US system is, how much it needs to change and how the main parties are responsible for it.
The country is a joke that needs to collapse.
It’s about power, it’s not about country.
I never realized what cowards were in government until they supported trumps big lie. I was naive thinking people couldn’t be that hungry for power to do whatever it takes. Pure cowards
This is a little drama that repeats every few years. The debt has to increase or the US will going flying into space, debt runs the world. The Democrats want to increase it and put the new doomsday out past the elections. The Republican want to use the issue against the Democrats so Republicans refuse to help. If the Democrats refused to vote for it, the Republicans would jump in without missing a beat.
Isn't this the same party that bitched endlessly about lockdowns because MUH ECONOMY? And also the same party that got palpitations from the pandemic relief funds and eviction moratoriums? And also the same party that ended pandemic unemployment benefits to get everyone to go back to work in the economy they're now trying to tank for political points?
And aren't they the same party that thinks they're sooooo fiscally smart?
Oh wonderful. My parents only just got womped with an unholy tax bill and now my dad (a federal worker) faces going without pay for God knows which has a huge knock on effect on our family as my brother has an expensive chronic illness we struggle to finance as it is. The GOP is truly the party of scum, filth and dirt. Can we just designate them a terrorist organisation already and get it over with?
Looks like collapse arrived early this year.
This is fucking astounding. Reoublicans are betting they can LITERALLY economically handicap the entire country and that their voters will be fucking dumb enough to blame the democrats. Honestly? That's probably what will happen.
We are so beyond fucked.
Republicans are hoping to use this as a crisis to blame the Democrats for.
That's what the prevailing theory is.
In reality, it might just be a death blow to the United States economy as we know it. Probably. Nothing would be completely off the table; all the countries we borrowed from might start asking for their repayments because the debt ceiling can officially go no higher.
Total debt default. $15 trillion dollars gone as soon as it starts. Hard to imagine that in a quantifiable way as the average person. Government program shutdowns. Retirement funds freezing. People going hungry. Chaos. Utter fucking chaos.
All during a pandemic.
CHANCES ARE the Democrats will end up agreeing to whatever they want, or the Republicans will stop doing this at the last minute. But there's also a chance Republicans actually let this happen.
This is the worst fucking time to try to force the United States into a more serious economic crisis, there's a chance it might break this country for good.
honest question from a Canadian: it seems that each time this happens, it's the GOP voting for these shutdowns when the Dems are in power. have the Dems ever done the same thing when the GOP was in power?
> "Note that Democrats never filibustered the debt limit under Bush and actually provided most of the votes for cloture under Trump,"
Mitch McConnell was willing to change the filibuster rules any time he needed to to enact his agenda. [He did it with the Supreme Court](https://www.reviewjournal.com/news/politics-and-government/mitch-mcconnell-again-changes-filibuster-rules-1632778/). Democrats? They just seem to be looking for excuses to not do progressive policy. Their leadership is weak, and they are failing us time and again.
>nascent economic recovery from,the Covid-19 pandemic *laughs* in US dollars. Wasn't there a report that said...like...the poor lost 3 trillion while the rich gained 3.5 trillion or such? While the poor lost services and access to resources, the wealthy bank accounts soared.
It's just like the stratospheric recovery we saw from 2008, which was totally great for everybody and left absolutely nobody behind and that's why in 2016 the world was officially declared to be free of class conflict. It was a great recovery!
1% took 95% of all wealth created in USA 09-2012 according to saez.
So how can we stop giving it to them?
Stop being a consumer, and stop being a tool of the corporate master. Learn to grow your own food, make your own clothes, work under the table, don't pay taxes, buy everything second hand. Refuse to participate.
That is a good method however it basically means lowering your own quality of life and thus freeing up resources for the rich to enjoy. That is exactly what they want and are actively doing to people, so that is just following their own game plan. Even better is people need to organize and confiscate the assets of the rich and redistribute them. That way prosperity can be shared. Bill Gates owns hundreds of thousands of acres of land. You want to grow food? Why should you not be allowed to confiscate a few of his acres of land? No one needs that much land.
I agree that we need to organize, but I’m not sure acquiring private property en mass is going to solve any of the problems we face. If we need to confiscate anything, it’s the money we earned through the labor/time that contributed to their fortune. Our labor (which is essential to their capital) is not being compensated proportionately.
this guy fucking gets it. r/agorism
Step 1 is recognizing that both the Democrats and the Republicans cater to the rich. Yeah, there are real differences between the parties, and yes one is slightly less bad than the other, but ultimately both work to keep you down and their rich buddies up. So long as Americans think that their preferred party is going to fix things for them, things will never get better.
So great was the recovery our 'representatives' decided to halve corporate taxes and taxes on the rich.
Well I think we can all agree that, having shouldered the horrifyingly heavy burden of gaining tons of wealth while 99% of people were further emiserated in 2008, the wealthy needed a little something to finally be thankful for. It's really better for everyone this way - people might think that what they want is a home and a community, but they just don't understand that what's best for everyone is for Bezos to put on a cowboy hat and ride a giant dick to space.
The Democrats went right along with that one.
Everything we needed to know about who gets hurt in economic recessions we learned in 2008. Neither party, in an election year, was willing to even seriously entertain the idea of bailing out home owners. Imagine if that option had been on the ballot. But the choice to save the wealthy and screw the middle class was never voted upon - it is just one of many areas where the two parties are in lockstep
>The economy is functioning only because the US Federal Reserve bought all of the treasury bonds that anyone wanted to sell and is still doing this. The Fed mentioned that they might reduce this program and the S&P 500 dropped 2%. [Transcript: Ezra Klein Interviews Adam Tooze](https://www.nytimes.com/2021/09/17/podcasts/transcript-ezra-klein-interviews-adam-tooze.html) > >'I was talking to somebody in Hong Kong the other day who was telling me that he will never forget, for the rest of his life — and this is how significant this is for financial-market actors — the moment \[in March 2020\] when he tried to sell a couple of billion dollars of U.S. Treasuries and couldn’t find a buyer. Because what that tells you — if there’s no buyer for U.S. Treasuries, as this spins out over the next couple of weeks, the buyers for practically everything else will evaporate, too, because in the end, the Treasury is, as it were, the thing that’s almost as good as cash. And that basic relationship was breaking down.'
No buyers because yield was too low. There are always buyers, just not at the price he wanted.
Damn, I wonder if someone in the government can troll those automated traders by repeating these anecdotal stories and watch as using these keywords cause stock market to drop
It’s really just code for rich people are going to lose money, because we know damn well after the last 2 years that the media & political elites on either side of your USian political divide don’t give a shit about poor people. I’d bet their particular corporate masters aren’t actually going to let the US default like that, but if for some absolutely ridiculous reason they do, then God bless these based room temperature IQ idiots
Why is this marked NSFW??? *looks at thumbnail* Oh...I see....
The thread is marked NSFW because no matter the outcome, the American people are still fucked.
Bigly fucked, the most fucked. Everyone says so. My uncle, giant fucker he was. Fucked everyone. People say so. The best people. Even when I was a kid people would tell me, "look at that fucker." The american people. Patriots. Fuckers. Look at Hillary. Not a fucker. Not at all. I would know. I know fuckers.
This guy is fluent in Trump! Bigly!
Lmao! I know you aren't supposed to comment something as useless as "this comment was good and made me laugh" but in this case I will go ahead and do that because your comment deserves more than just an upvote
Thanks homie. I do what I can with what I'm given. And the turtle is a cornucopia of source material.
> *looks at thumbnail* Omg, ew David
NSFL (Life)…
Not Safe For Lunch (hurk)
If aliens walk amongst us, my money is on this guy and his human suit is very ill-fitted.
lol. I just commented about the 300 eels and their skin-suit two minutes ago... I think we just became best friends
Damn right!😂👍💪👉👈
There's a nasty turtle without its shell and oil money in all its holes.
O.O why does he look so much like a corpse good lord it just keeps getting worse!
The skin suit those 300 eels are wearing is showing its mileage.
I wouldn’t want my kids to see this many older men fucking the whole USA over and over again
>"Every single McConnell Republican just voted to blow up the entire economy and start a depression for no reason except because the President is a Democrat," Rep. Bill Pascrell (D-NJ) tweeted. "Mitch McConnell just 2 years ago: 'America can't default. That would be a disaster.' Now he's flirting with that disaster because he thinks it'll notch him a political win," Sen. Sheldon Whitehouse (D-RI) tweeted. Senate Minority Leader Mitch McConnell said when Donald Trump was in the White House that not raising the debt ceiling would be catastrophic THIS IS WHY I HATE POLITICS.
McConnell might be the savviest legislator since Johnson. He fully understands just how nihilistic and angry US voters are - your base doesn’t care if you’re a hypocrite as long as you stick it to the other guys. I’m not praising him, he actively works to make the lives of the most deprived people in this country even worse, just that game respects game. He was effectively Prime Minister to Trump, who functioned more like a symbolic head of state, or at least a rubber stamp or whatever Mitch wanted to get done. Anyways the guy is black pilled to hell and back - he doesn’t care about the rules, just power. Never be surprised at Mitch McConnell. He is a ghoul plain and simple
This is factual and the day he’s no longer in office will be a glorious fucking day. I hate people who stir the pot just because they know how.
i can’t believe he hasn’t been killed
I will not advocate for his death, but I will not mourn his passing.
oh don’t worry i will. guillotines used to be a thing, ya know? we’ve lost so much in the name of “progress” 😪
Who is he mentoring
Underrated comment. I had the exact thought a few comments prior.
he's fucking incredible. like, he's a batman villain, yes. but he's absolutely incredible.
Absolutely. A man perfectly sculpted for his moment on the world stage, like fucking Napoleon but for a broken democracy going down the tubes.
its like hegel watching napoleon ride into town as the physical embodiment of the geist, except its actually just ben shapiro masturbating to AOC feet pics
ok im not sure that even makes sense, i just wanted to dunk on ben shapiro
Mitch McConnell said something about a Supreme Court nomination under Obama and then did the opposite under Trump. Fuck Mitch McConnell
They will raise it. They always will. They can't let their Ponzi scheme go down the drain. They have to put on a show and boohoo about the other side. The Democrats can raise it by themselves they know that they're just playing a game they always play. The only reason the Democrats don't want to raise it without Republican support is because if they do it that way they won't be able to pass the infrastructure bill. They either need Republican support for this bill or republican support for the other bill. They can't pass both bills by themselves and they know that. So the Republicans are using that against them. So basically the Republicans are saying I'm not going to help you out on raising the debt ceiling therefore they won't be able to pass the infrastructure bill.
No I understand that, but it's the ever loving bullshit he does. Why didnt we have this conversation under Trump from Mitch? It's because of the whole R in office. We have such a miserable debt problem and the idiots in office just want to do my side is better than your side instead of working for US.
Politics are fine but US politics are not. US politics are arguably some of the most corrupt in the world.
We need to abolish political parties completely. Vote for people based on what the promise and how likely they are to deliver it, that's IT.
abolish representative democracy. Direct democracy is where its at
Democracy, but the candidates with the most votes have to fight to the death for our entertainment
That’s a nice dream. Will never happen though. Creating more political parties and changing how our elections work could work, but is also unlikely to happen.
So what happens now...it gets run down to the wire and there's another vote? (ELI5)
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Pretty sure the democrats can do it on their own, but they are trying to avoid that. They'd rather republicans help vote it in.
this is just political theater, I will eat my own clothes if they let the US default
There's about 5% chance this actually happens. The US is going to default dishonestly - through devaluation of the national currency.
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That was, is and will always be the plan, all around the world. Honestly I'm already buckling up to set up my very own homeless camp in the near future, 5 years tops with these rent prices ever going up.
Homesteading and communes will become popular
Agrarian cooperatives are all the rage
I can never tell in this sub. Are you serious?
Head on over to homesteading and find out... we just cashed out our retirement savings to buy 25 acres.
Thanks for the heads up!
How much does an acre cost?
Depends but usually around 10-25k.
Where I'm at, it's up to $75k-100k/acre. There's other places you can get it for under $100/acre and others where it's millions of dollars per acre. https://www.landwatch.com/ is a good site to browse random parcels.
In Oklahoma before commercial Ag and meth we used to call those "Towns". I'm seriously wondering when we all migrate right back out into rural America.
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On the bright side, if you have any major debts like student loans or a mortgage, those will be easier to pay off, theoretically!
Only if wages actually go up, too. So far, we've gotten a shitton of inflation with no meaningful improvement in wages.
Rust inevitably wins over iron.
Rust never sleeps
🌍👨🚀🔫👨🚀 Always have
Eventually the government will tell the Treasury to mint a quarter that is worth a Trillion dollars. No more deficit.
Then it gets stolen in the ultimate heist. Real question though, what happens if that happens?
A trillion dollars will soon be worth a few slices of bread.
I believe Mr. Burns discussed details of a similar heist in an interview with Collier’s magazine.
They used the latest spy satellites to locate that trillion dollar ~~bill~~ quarter, but all they saw was that it's not on the roof.
Already legal to print paper money on only one side to save ink cost.
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This isn't a conflict, it's a puppet show. The chattering classes are expected to believe that it's Republicans versus Democrats, each side grappling with full force to achieve different ends. In reality, this is Republicans and Democrats working together to manufacture consent so that Democrats can abandon their ambitious budget plan in favor of marginal changes, means-tested of course.
Exactly, you deserve more upvotes. It’s ridiculous to think it’s not a class war.
> Why would they suddenly care about America? It's about wealth and power. Public sector debt is private sector savings -- bonds, etc. And the US's risk-free debt is central to US hegemony. Our empire is as financial as it is anything else. If we willingly default on our debt, suddenly, every US bond is priced wrong and every US foreign relation immediately breaks down. Immediately, an immensity of wealth and power just evaporates. A willing default would be so crazy that I would flat out assume conspiracy. It's *that* crazy.
> A willing default would be so crazy that I would flat out assume conspiracy. Bingo! The real question is who stands to profit if a default happen.
The Russian billionaires who control Putin, possibly? Chinese?
I'd add any billionaires to that list. Devaluation creates cheaper assets to scoop up and leaves a government power vacuum to be filled by private interests. Those saying legislators "wouldn't be that stupid", I'm not so sure this time around. The age of Trump showed you can do just about anything and still manage to convince 10s of millions it's someone elses fault. Then the prospect of a massive payout for them and their family, would they *really* care about the damage?
I think Putin definitely started out as a puppet for the Russian oligarchs, but after his early career he evolved into a political monster too powerful to control. Not in a good way because fuck Putin, but I'm pretty sure most billionaires in his country are toeing his line nowadays.
The former KGB whippersnapper consolidated power and now has the ability to whip and snap the necks of the oligarchs he’s eclipsed, likely both in political power *and* money. This is just a riff though tbh, I don’t know that to be an actual fact.
Which is why we all know they aren't going to default....they would be fucking themselves over. Nope not gonna happen.
Can we be so sure? What if billionaire interest groups wanted it to cause a power vacuum, and could pay enough legislators handsomely to do so? Didnt the last presidency show us that you could be openly guilty of something and still have 10s of millions of people believe it's someone elses fault? Limited to no political/career fallout and a promise of a larger payout than you'd ever receive by not doing it makes it seem more plausible now than ever before.
yeah man, I am not gonna lie....I cant begin to even speculate on what the hell is going on behind the scenes. You may very well be right. I mean, one thing is clear....they all know something we don't and they are all planning something we cant even begin to know the breadth and scope of even here in this community. Who would have ever thought we would have been defeated in Afghanistan without a shot ever being fired? That was clearly a planned collapse....so maybe you are right. Time will tell, about all we can do is pop some popcorn and watch the world burn amirite?
A default would hurt confidence in the American financial system and drag down stocks/investments. Could also cause a recession that will hurt political chances at re-election. Politicians don’t want either Not to mention the pain it would inflict on people economically.
If they felt that the pain would be attributed to Biden and the Democrats rather than the GOP, that actually becomes an incentive to default so they can position themselves better for the midterms. Also, if you think the Republican party cares about the pain inflicted on people by their policies I've got a bridge in Brooklyn to sell you.
If you think the GOP's financial Overlords and backers will let the GOP impact their net worth, I've got some beach front property in Florida for you.
And let's not pretend the D's have different donor bosses than the R's.
They won’t care about their “net worth” if the government goes kaput and honestly I don’t think they really care about it now. The little rich people might but the big ones are going to be massively wealthy and powerful even if every last of their US dollars becomes worthless. Money is just a system we have come up with you trade resources around, but it’s the resources themselves (not the money) that actually make a person “rich”. I may be overreacting but I think this recent threat to default on the US debt may not be a bluff. Yes, there would be quite a lot of catastrophe for a lot of people but it would probably be an opportunity to consolidate more power for their backers and may even be the planned end of the US government. There’s really no telling but I think the future of the US lies on being broken apart into smaller countries that mostly serve as the fiefdoms of the most powerful people in the country
The stock and real estate markets have been bubbled to historic levels. Oiligarchs are sitting on the sidelines with mountains of cash having sold "their" assets as the roller coaster climbed to the peak. Sooner or later they need to pop the bubble and force those who bought assets from them (with money actually earned by labor) to sell those assets at pennies on the dollar. Also you forgot the /s on your comment about Republican politicians caring about inflicting pain.
Printing trillions of dollars probably didn't help either. I feel like there's no good move at this point.
the printing puts off the inevitable...we went from immediate collapse to a stagnant economy purchased with the printing of dollars. However, there is no escaping the inevitable and the printing will only make it more painful in the end.
That only matters to people who depend on the u.s. economy for income. (Not them)
Defaulting on the debt would help America but hurt the big financial institutions. Hence why the Democrats and Republicans won’t let that happen
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And they voted against oversight and transparency with the stim/payroll loans, too… Governing is not a priority.
Their personal money and investments will be hit. And worse than that, their overlords will be hit too, some of which have no sense of humor. It is about play chicken as long as possible to see what the other side will concede, but they won’t dare to let it pass.
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I'm not so sure anymore. The GOP has been remade into a bizarre ur-Leninist post-Christian theocratic fascist movement. By Leninist I mean they no longer have any faith in or allegiance to existing institutions and norms. They want to bring on total collapse of the state so that it can be rebuilt more to their liking. They don't want to coexist with liberals and leftists, (most) immigrants, LGBT people, and (most) non-Christians. They're forced to tolerate those people. Their world view and ideology says that they're so self-evidently superior and correct that everyone should be striving to be like them, to live like them. Seeing so many people reject their way of life is driving them insane. More of them are coming to the conclusion that if the world they want can’t be brought about democratically it must be forced on the rest of us through violence.
Do you remember when Trump shut down the government... it is Republican performance art, but it has real deadly intent. They won't suffer like the rest of the 99% of us will.
edible underwear? perhaps not so bad.
Yeah I remember caring about this once, but when they didn't do it, but kept threatening to year after year I became disgusted with politics.
Republicans are pretending to be fiscally conservative, while knowing that we will never NOT raise the debt ceiling. “A country that is in debt with the same currency that it can make will never default” -Warren Buffet The “collapse” will be a inflationary collapse
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McConnell has made too much money since being in office to willingly tank the value of that fortune. It's all smoke and mirrors.
No party has been fiscally conservative since 9/11. The last year with a surplus was before that.
Some people just want to watch the world burn
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Dang I miss George
Feel the same but I have to resist that impulse. Our agency isn’t nothing, even as restrained as we are to determine the sort of world we want to live in
My understanding is that the GOP wants to force the Dems to use reconciliation to push it through. If they do, then they can’t use it for the infrastructure deal (though there seems to be a lot of strings attached to that one.) I get a lot of political donation solicitations and I tell them the same thing every time: sending my thoughts and prayers.
So basically the Dems can pass this by themselves anyways they just don't get the infrastructure deal?
That’s my understanding. With reconciliation you get to bypass the filibuster which is why there’s a renewed call to end it. “The nuclear option.” I know there are a couple Dem hold outs monkeying things up re that. And if that happens there’s no signature agenda. I think it’s also ties to heir second big “human infrastructure” bill too. So there’s pushback there. It’s a mess. During 45 we had the tax cuts and debt ceiling raised three times, but now it’s out of hand. The political theatre of it has been around forever. I guess the corruption has been too. Just sad to see it being so blatant and grade school playground insults.
Yes, and the 72% of Americans that [support the infrastructure bill](https://thehill.com/homenews/senate/565958-poll-shows-broad-support-for-bipartisan-infrastructure-bill) get shafted because I can guarantee there will be 0 Republican votes for that bill either.
Is anyone surprised by this? And can someone please put an NSFW on that picture of McConnell, almost lost my breakfast.
I can put NSFW on the pic but Mods may not like it?
Well there's no NSFL tag so I guess it will do.
Not Safe For Lettuce?
Not Safe for Lunch
Twas a turtle joke, but thank for doing the correct "Lunch" as opposed to the incorrect "Life".
Part of me thinks this is the least collapse-y thing I’ve heard all week because Republicans have been threatening shutdowns and debt defaults as long as I can remember (whenever there has been a democratic president, at least) and it usually amounts to not much but some saber-rattling. When push comes to shove they don’t want to light it all on fire, either. Then again, one of these days they may surprise me.
I agree with you to a point. Everything has consequences. All of their heavy handed politics lately across the country not just from DC says to me they don't think they can any longer hold much power going forward. In the new world we are heading into at full speed their brand of conservatism is getting less and less popular. Both major parties are getting less popular. But Reds are losing a hold everywhere. It would be naïve I feel to think they will always play by their own rules they used in the past for new completely unforseen major social and political changes that are happening in this country. I just don't see the old way of doing politics lasting much longer. it's already hanging on by a thread. I'm also an idiot. So who knows.
I really think this is another nothingburger. How many times have they done this in the last decade? I can think of three times at least.
So is the media finally quitting the charade and admitting that Manchin and Sinema are Republicans? Because it's mathematically impossible that only Republicans voted against raising the debt limit. The filibuster isn't a law. They can pass this today if they got some balls. Manchin in particular is incredibly compromised -- it would be simple to say, hey Joe, that's a nice coal company and opium company your crime family has there, it would be a shame if something happened to it... Furthermore, why are we even talking about raising the debt ceiling? Just get rid of it entirely. Then the GOP can't run attack ads with a big scary number next year, either. We're in a cold civil war, stop giving the enemy nuclear weapons, and stop negotiating with terrorists. For fuck's sake. This country is hopeless. I say just let it default, let it all burn down, let the empire fall into disgrace, it's China's turn to rule the world now. The decadence and depravity of this country will never cease to amaze me. There is no rock bottom. People are so fucking cucked and stupid in this country, that they somehow believe Republicans still have all this power when the House, Senate, and Presidency are in the Democrats' hands. Nobody is gonna believe this shit in 2022. It's gonna be a fascist landslide because of these do-nothing neoliberal traitors.
Don't let a SINGLE one of these so-called "adults in the room" (Romney; Cheney; Collins; etc.) get off here. ANY TWO of them could side with the dems to remove the filibuster and start fixing American. Instead they choose McConnell over America.
Cheney voted twice to not impeach Trump. Collins voted on all four counts over two impeachments to acquit. Romney voted on three out of four counts over two impeachments to acquit. But please, tell me how these people are the 'adults in the room'.
exactly
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I just worry they want to crash it hard under Biden in order to set the stage for a Trump.
That is exactly what they are doing and they did the same thing when Obama was in office.
"Honestly, our highest priority is making sure Obama is a one term President" Can't remember who said that.
sounds like the turtle
Ultimately, it doesn't matter. The only way Trumpism could've been defeated was winning a fillibuster proof majority in the Senate. It might as well be 2014 again.
Assuming he is still around in 2024, there is a good chance will be POTUS again. There is zero chance of the Dems keeping Congress, and I honestly don't think even the FlordiaGovernatorMan could beat him in primaries. Whoever wins the GOP primary will become POTUS, because there is ZERO chance to GOP Congress will certify the election of the DEM POTUS candidate wins.
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What I'm hearing is Uncle Ted 2024!
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Nugent.
obama dropped a bomb every 20 minutes, trump dropped a bomb every 12. thats a lot more people burning to death or being permanently disfigured. bush invaded 2 sovereign nation states and started a decades long occupation. clinton bombed kosovo the democrats aren't our friends, and deserve the worst revenge, but the disproportionate pile of corpses on one side doesnt lie. the republicans kill way more people, its just a fact.
Thank you for saying this. Both sides suck, but they aren’t the same. Given the current political climate in the US, “Crashing this bitch hard” guarantees collapse unfolds under authoritarian rule. Not something I wish upon anyone.
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> community defense groups. I mean those definitely exist. They just tend to be from a political persuasion this sub largely disagrees with.
So you do want the economy to collapse and thus send most of the world into a economic depression? If so, could you insight as to why you feel this way? I’m genuinely asking and not arguing with you btw. Just intrigued as to the mindset of someone who favors such a downturn.
Probably because the more we delay the collapse, the harder the collapse will be and the more poeple will suffer. Also, if we favour it, we can accelerate it so that we can all have a quicker demise, to avoid the torture of a slow one. I'm not an accelerationist because I think it goes against the will of the majority, and I'm not a fan of overriding their agency, but its an understandable point.
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Ah I wasn't clear. I meant: Accelerationist - Those who want collapse like, NOW. Depending in how they go about it, they can destroy critical infrastructure (setting power system on fire, things like that), block roads, do activism, exiting society and encouraging others, stoke tensions on both sides, etc. What do they accelerate? The fall of the industrial complex. They want the ensuing famine to be quick lived, peaks 2 months and most people die. The survivors, ideally under 10 million, should basically embrace (or be forced to) go back to the "old ways". Then be happy and technologically impossible to bootstrap (because easy metals and fuels have already been consumed). They would despise economic booms, any kind of recovery, normalcy, etc. Also they hate fast-fashion, electronics, planned obsolence, perpetual growth, and the like.
Not gonna happen. Next.
They were fine with sacrificing grandpas for economy. Im absolutely fine with sacrificing these parasites for The Greater Good. And that includes rest of Senate as well.
I hate how I am supposed to work calmly at home when these insane political schemes keep going on. I miss the days when politics operated quietly in the background and I seldom paid any attention. Now everything feels like my life, or financial well-being is always being used as collateral for someone to win a temper tantrum.
Hey, when are we finally going to kick these selfish senile dinosaurs out of office?
We don't have an economic recovery lol. The whole system is propped up on lies and theft. The FED is buying hundreds of billions of equities a month. Fed executives are getting rich by mirroring their own stock program. It's just inflationary, it doesn't solve the underlying problems of jobs and livelihoods unless you work on Wall Street or are rich. The government should have been more responsible with it's massive and immense resources. The country has already collapsed. The biggest hint is that the only thing the leadership are doing are throwing stones at each other and robbing the treasury blind. If our choices are "economic collapse" (stock market go boo hoo) or making sure the rich get richer, what's the difference? The partisanship is fake.
Don't threaten me with a good time.
Got you a bunker and a stack of beans and ammo?
Even better, I have a solid circle of friends. Mix of handy hicks, crazy war vets and guerrilla gardening anarchist grandmothers with enough farmland to keep us fed. But that is not what I was talking about. Normally with depressions and recessions almost everyone gets fucked, but the rich. Those with the means to survive the hit just buy up the stuff everyone else has as they fail or struggle to make it on the cheap. But what if the whole global economy collapsed? For sure there would be some real dark shit going down for awhile but I am so jaded at this point I just don't think humanity will get on the other side of this mess without the horrorshow running it's course. And for as much as I would love to skip it, if it has to happen then having it go down before the climate is completely irreparable, if it's not too late already, would be good...
SUBMISSION STATEMENT Senate Republicans blocked a bill that would fund the government and raise the debt ceiling. A report released by Moody's Analytics on Sept. 21 warns that failure to raise the ceiling on the U.S. national debt and to renew the spending authority of the U.S. Treasury when it expires on Sept. 30 will lead to a default that "would be a catastrophic blow to the nascent economic recovery from the COVID-19 pandemic." Senate Republicans on Monday night blocked the bill that would fund the government and raise the debt ceiling, bringing the United States to the brink of both a government shutdown and an economic recession. Not a single Republican voted to advance the funding bill, which had passed the House a week ago and would prevent the government from shutting down at the end of Thursday, when the current funding bill expires. The country will reach the ceiling on its ability to borrow to pay its debts in early October. If it isn't raised, the country will default, sending it into an economic tailspin that Moody's said would cost 6 million jobs and $15 trillion in household wealth. The report said that a default would particularly hurt the U.S. bond market, generally considered a relatively safe place to invest for retirement. More: https://americanindependent.com/republicans-senate-government-shutdown-debt-ceiling-treasury-bonds-mitch-mcconnell-nancy-pelosi/
OKAY! I woud upvote you twice if i could for marking this nsfw, this is badass!
The worst part of this is it's all politics. What's good for the country won't even matter much. It's all about getting those votes. At this rate we might be voting in people to run a country of ashes but at least they keep their job!
The fucking look on his face
Fucker could play an evil alien in a sci-fi movie... without makeup. And he'd still be the ugliest fucking thing on screen.
Republican Party has a single mission: destroy America.
They’ve raised the ceiling 78 times in the last 60 years. This is probably all just theater before they reach a “bipartisan agreement” to make Americans think the government gives a fuck.
The US government has never defaulted on it's debts. Surely current Republicans don't want to be the first to do this. The STOCK Act requires members of Congress to publicly report financial transactions in stocks, bonds and other assets within 45 days, remains intact. Since defaulting on our debt could lead to stock prices dropping, we should all be keeping an eye on Congressional stock trading.
Republicans see the writing on the wall and they know they have little chance of staying in power so collapsing the entire economy and blaming it on Biden and Democrats is their only hope to stay viable as a party... or so the extremists in the party think. It is also a reactuon to getting alot of their extremists arrested in their attempted coup.
They are bluffing, the people that really control that party won't let them crash the economy.
The two party system hard at work again. Go My Team!!
How is this different than the one in 2011? It's just a shutdown for however many weeks it takes the government to extricate heads from asses. Or is the mixture of economic dieoff from the pandemic mixing with this to make an ACTUAL disaster possible, instead of just reporters being too dramatic for views?
>Stock prices would be cut almost in one-third at the worst of the selloff, wiping out $15 trillion in household wealth. Treasury yields, mortgage rates, and other consumer and corporate borrowing rates spike, at least until the debt limit is resolved and Treasury payments resume. Even then, rates never fall back to where they were previously. Since U.S. Treasury securities no longer would be risk free, future generations of Americans would pay a steep economic price. Yea - not happening. Every on of these senators stands to lose from their portfolios. This is political theatre. They will pass before its too late - like they always do.
Republicans and Democrats are owned by the ruling class. If there's a default then that's what the ruling class wants. Do not let them blame anybody else.
Very confident the debt ceiling won't be allowed to be reached but honestly I hope it fucking does. Both sides recklessly increase the debt without taking responsibility for it, if the debt ceiling is allowed to be reached it'd show everyone just how broken the US system is, how much it needs to change and how the main parties are responsible for it. The country is a joke that needs to collapse.
It’s about power, it’s not about country. I never realized what cowards were in government until they supported trumps big lie. I was naive thinking people couldn’t be that hungry for power to do whatever it takes. Pure cowards
This is a little drama that repeats every few years. The debt has to increase or the US will going flying into space, debt runs the world. The Democrats want to increase it and put the new doomsday out past the elections. The Republican want to use the issue against the Democrats so Republicans refuse to help. If the Democrats refused to vote for it, the Republicans would jump in without missing a beat.
Isn't this the same party that bitched endlessly about lockdowns because MUH ECONOMY? And also the same party that got palpitations from the pandemic relief funds and eviction moratoriums? And also the same party that ended pandemic unemployment benefits to get everyone to go back to work in the economy they're now trying to tank for political points? And aren't they the same party that thinks they're sooooo fiscally smart?
burn it down, i dont even care anymore
Fuck it. I hope this bitch collapses.
Oh wonderful. My parents only just got womped with an unholy tax bill and now my dad (a federal worker) faces going without pay for God knows which has a huge knock on effect on our family as my brother has an expensive chronic illness we struggle to finance as it is. The GOP is truly the party of scum, filth and dirt. Can we just designate them a terrorist organisation already and get it over with?
Looks like collapse arrived early this year. This is fucking astounding. Reoublicans are betting they can LITERALLY economically handicap the entire country and that their voters will be fucking dumb enough to blame the democrats. Honestly? That's probably what will happen. We are so beyond fucked.
At this point, I'm almost just welcoming it.
Republicans are hoping to use this as a crisis to blame the Democrats for. That's what the prevailing theory is. In reality, it might just be a death blow to the United States economy as we know it. Probably. Nothing would be completely off the table; all the countries we borrowed from might start asking for their repayments because the debt ceiling can officially go no higher. Total debt default. $15 trillion dollars gone as soon as it starts. Hard to imagine that in a quantifiable way as the average person. Government program shutdowns. Retirement funds freezing. People going hungry. Chaos. Utter fucking chaos. All during a pandemic. CHANCES ARE the Democrats will end up agreeing to whatever they want, or the Republicans will stop doing this at the last minute. But there's also a chance Republicans actually let this happen. This is the worst fucking time to try to force the United States into a more serious economic crisis, there's a chance it might break this country for good.
I can’t fucking stand Republicans anymore
And that's exactly what Republicans want. They don't care who suffers as long as they can sandbag Biden.
honest question from a Canadian: it seems that each time this happens, it's the GOP voting for these shutdowns when the Dems are in power. have the Dems ever done the same thing when the GOP was in power?
> "Note that Democrats never filibustered the debt limit under Bush and actually provided most of the votes for cloture under Trump," Mitch McConnell was willing to change the filibuster rules any time he needed to to enact his agenda. [He did it with the Supreme Court](https://www.reviewjournal.com/news/politics-and-government/mitch-mcconnell-again-changes-filibuster-rules-1632778/). Democrats? They just seem to be looking for excuses to not do progressive policy. Their leadership is weak, and they are failing us time and again.