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Debt Ceiling Details

Friday, July 29, 2011

On the Brian Lehrer Show today at 10:26am. Audio and a recap of this conversation will be posted here by 1pm.

There are lots of questions about what the effects of the debt ceiling showdown will be, but some answers are starting to emerge about what groups will be affected, regardless of which plan passes. Bloomberg News Congressional correspondent Lisa Lerer breaks down the details of the proposals, while Jason D. Delisle, director of the Federal Education Budget Project at the New America Foundation, discusses their impact on student borrowers.

 

Guests:

Jason Delisle and Lisa Lerer

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Comments [6]

John from NYC

Daniel writes:

<<We're going into debt to invest in the people, with the hope that this results in economic growth, so we can sustain the debt. This has usually been true.>>

Our people are better educated and more productive ?????

If you had to hire 1,000 people, to work in a factory or a call center, and you had to get them randomly from NYC high school grads, class of 2011, or class of 1939, which would you choose?

There is no education going on in the city public schools today.

Jul. 29 2011 11:00 AM
Daniel

John, you are applying household economics to a country; you can't draw valid conclusions with that. All modern nations draw debts; I'm sure most nations throughout history have drawn debts. It's part of the operation of a sovereign economy. Despite the economic situation, the US has had a debt for its entire life, aside from a 1 year period in 1835.

You come closest with your second item. But we're not going into debt to invest in an interstate highway system that will increase growth. We're going into debt to invest in the people, with the hope that this results in economic growth, so we can sustain the debt. This has usually been true.

Jul. 29 2011 10:52 AM
RLewis

John, you are wrong. We have picked up several "big-ticket item"s recently: war in Aghan'; war in Iraq; an unfunded prescription drug plan; a major tax cut for rich people; and the employment of state teachers, firefighters and police through the stimulus plan. Jeez, where have you been hiding?

Jul. 29 2011 10:43 AM
Walter10021

Brian, you're so cheerful as you shill for the Republicans. Do you even realize that you're doing it? You steadfastly refuse to state the facts!

What are they?

The Republicans are protecting the rich.

The Republicans are dismantling the humanitarian state.

The Republicans want to raise your taxes, destroy Medicare and destroy Social Security.

The Republicans are servants of the Rich.

The Republicans lie to the people and fool half of them.

You don't have to love Democrats to know this is true.

Brian, it's YOUR responsibility to report the facts!

Jul. 29 2011 10:41 AM
John from NYC

I still don't understand why no one addresses the elephant in the room.

Why does the US have any debt or deficit at all?

The US is a rich country.

The only sensible reasons to go into debt are:

- You are buying a big-ticket item and need to spread out the cost (think Interstate Highway System)

- You are buying something that will increase wealth/earnings in the long run (think Interstate Highway System -- or building a multi-campus state university system.)

The US has done neither over the past 40 years.

Oh, yes, there is one more reason -- you are a banana republic buying votes to keep a corrupt bunch in power. Could it be???? No!!!!

Jul. 29 2011 10:21 AM
Penny from Upper West Side

These people who are being impacted negatively are basically having their taxes increased. It's ok if students and farmers end up with less after tax money but not multi millionaires. I don't understand why the democrats don't frame the debate with this in mind.

Jul. 29 2011 10:17 AM

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