Guest Blogger Antoine Marshall breaks down the Debt Ceiling and puts forward his original proposal (in a 7 part blog series)-- let's hope Congress takes notice. Antoine Marshall is a rising 3rd year law student at Wake Forest University. http://www.linkedin.com/pub/antoine-marshall/1a/267/148
What’s the hold up in raising the debt Ceiling?
With the Republicans in control of the House of Representatives any debt ceiling vote is going to have to come with House Republican’s approval. Backed by a core of first term Tea Party candidates Republicans have trumpeted the cause of reducing federal spending.
In all fairness to their cause, economist caution that when a country’s debt reaches 100% of their Gross Domestic Product (GDP) they struggle to generate jobs and support a healthy economy (Greece before their economic meltdown had a 133.3% GDP to debt ratio, Italy which is juggling its economic meltdown has a debt to GDP ratio of 116%), and at a GDP at $15 trillion, there is major concern that our debt is going to lead us to a major economic depression.
Obama is calling for a $2.4 trillion dollar increase in the debt limits, because projections show that that is what’s needed to get us through the 2012 elections.
The President has stated outright that he will veto any short term deal, under the belief that with all the trouble we’re going through now to pass a deal it’s going to be impossible to do so during an election cycle. He also states that by passing a 3, 6 or 9 month plan will increase market uncertainty which will continue to slow the economic recovery.
Republicans have called Obama’s request for a long term deal a political ploy, that his request isn’t because he doesn’t think a deal can get done during an election season, but because he’s trying to avoid the issue come election time because it hurts his re-election.
They in turn have tied the debt ceiling to the debt and demand that any increase in the debt ceiling has to have a dollar for dollar reduction of the debt in the federal budget over the next 10 years. Included within that demand is a zero tolerance policy for any new taxes.
Essentially they are calling for $2.4 trillion dollars in cuts in federal spending, which can only be obtained through cuts to Democratic Darlings like Medicare and Social Security.
A deal that appeases Obama’s demand for a long term deal and a Republican demand for dollar for dollar cuts with no new taxes is virtually impossible and thus the impasse.
Stay Tuned for Part III
7/27/11
Guest Blogger: Part I: The Debt Ceiling: The Antoine Marshall Proposal
Guest Blogger Antoine Marshall breaks down the Debt Ceiling and puts forward his original proposal (in a 7 part blog series)-- let's hope Congress takes notice. Antoine Marshall is a rising 3rd year law student at Wake Forest University. http://www.linkedin.com/pub/antoine-marshall/1a/267/148
Fixing the Debt Ceiling.
Much has been made over our impending debtpocolypse that will occur if the Congress doesn’t raise the Congressional debt limit by August 2nd, the date given by Treasury Secretary Geithner, that the country will run out of money to obligate our payments. Although some question the date given by Geithner, and the effect of us defaulting, Congress and the White House have been working towards a deal to raise the debt limit.
What is the debt limit?
The debt limit is basically how much Congress allows us to borrow. A statutory limit has been placed on our debt as part of the Second Liberty Bond Act of 1917 which allowed us to finance World War I. Right now it’s at about $14.6 trillion dollars. Meaning the federal government has borrowed $14.6 trillion dollars that we haven’t paid back yet.
Total debt of the federal government can be increased in two ways.
As of right now
Even when Democrats took back the House during the final 2 years of the Bush Presidency, the debt limit was raised three times with a combined 136 Republican yes votes.
Between 2000 and 2008 the debt ceiling went from $5.9 trillion to $11.3 trillion. Since Obama has been in office the debt ceiling has been raised 3 times, with not a single Republican yes vote.
Stay Tuned for Part II
Fixing the Debt Ceiling.
Much has been made over our impending debtpocolypse that will occur if the Congress doesn’t raise the Congressional debt limit by August 2nd, the date given by Treasury Secretary Geithner, that the country will run out of money to obligate our payments. Although some question the date given by Geithner, and the effect of us defaulting, Congress and the White House have been working towards a deal to raise the debt limit.
What is the debt limit?
The debt limit is basically how much Congress allows us to borrow. A statutory limit has been placed on our debt as part of the Second Liberty Bond Act of 1917 which allowed us to finance World War I. Right now it’s at about $14.6 trillion dollars. Meaning the federal government has borrowed $14.6 trillion dollars that we haven’t paid back yet.
Total debt of the federal government can be increased in two ways.
- Either selling debt to the public, normally secured through US savings bonds (Those birthday gifts you probably received and were upset by as a kid. “Happy Birthday Little Johnny, here’s $100 in a US Savings Bond. You can’t spend it for another 20 years but it draws interest and will be very valuable by the time you forget you have it.”),
or
- When the federal government issues debt to certain government accounts such as social security, Medicare, and transportation trust funds.
As of right now
- commercial banks and credit unions hold about $269.8 billion,
- insurance companies hold about $260.8 billion,
- the UK and state and local governments have about $511 billion each,
- mutual funds hold about $637.7 billion,
- Pension funds worth $706.4 billion,
- Japan has traditionally been one of the largest US debt holders with $877.2 billion,
- China is the largest debt holder at $895.6 billion,
- $1.5 trillion is held by individuals, businesses, estates, corporations, and non-corporate business,
- and $5.351 trillion is actually held by the US Government (yeah the biggest holder of government debt is the federal government… go figure).
Even when Democrats took back the House during the final 2 years of the Bush Presidency, the debt limit was raised three times with a combined 136 Republican yes votes.
Between 2000 and 2008 the debt ceiling went from $5.9 trillion to $11.3 trillion. Since Obama has been in office the debt ceiling has been raised 3 times, with not a single Republican yes vote.
Stay Tuned for Part II
7/26/11
7/22/11
PT 4: Black VS African-American VS American
Esh: "But you ARE an Afro-descendent and that's why you are identified as such. White people have hyphens too, it's just because they're white and their identity has been normalized that they don't have to throw it on there. It's the same thing u...p here - I always get asked where I'm from but if you ask a white person they get thrown off track. It shouldn't be that way and by asking them and forcing them to realize that they have roots somewhere else it'll change, eventually. But in any case, you’re African-American."
Ash: "I'm resisting the labels! Lol... White people always get it...black ones don't hence this drawn out convo."
Jos: "so pick a few countries in Africa that interest you!"
Ant: " It's not because black people don't get it, it’s just because we are easier to differentiate. You stand an African-American next to an Italian-American and you can instantly spot the difference. Stand an Italian-American next to an Irish or ...German one. Can you really tell them apart? And because their bonds aren't as common as African-Americans.
A vast majority of African-Americans can trace their ancestry back to slavery. We all came over roughly the same time (between Jamestown and the end of the transatlantic slave trade). For a similar purpose. Our history has been connected. There was a wave of Germans in the early 1800s another in the 1880s, another in 1912 who all underwent different immigrant experiences.
True blacks in the Caribbean and America came over through the same way but each underwent different circumstances as time passed. There were experiences that are exclusively African-American (civil war, great migration, Harlem renaissance, Jim Crow, civil rights movement, etc.) That differentiates the African-American and say a Haitian or Dominican. All part of the black Diaspora but separate ethnic groups because of the distinctions in history which has shaped their language, culture, etc."
Tierra: "I think people stop at slavery, but shouldn't."
Ant: "I agree Tierra that we stop black history at slavery which is wrong. People should learn about the great African empires of Mali, Ethiopia, Ghana, Zulu, Carthage, Nubia, etc. But as an ethnic group African-Americans do stop at slavery. It was that moment we no longer belonged our respective groups because they erased that history."
Tierra: "they didn't erase it, they just stopped talking about, it's still there, and you can research and find it. In one breath blacks say we still have slave mentalities, in another, they condemn us for not knowing that we are and acting like kings and queens. Why would we if ever reference dates back to slavery"
Stac: " Not really erased at Ant. you can have them take a sample of your DNA and they can trace where your people originated from, and pin point where. An old friend from college paid $600 just to find out he was Ethiopian."
Ant: "That's what I plan on doing once I get out of school. And, I say erased from the slaves. They couldn't speak their language, celebrate their holidays or acknowledge their traditions"
Esh: " It's not that important for me to know where exactly I'm from in Africa. I assume I'm from somewhere in West Africa and that's enough for me - I got love for the whole continent so it's whatever. And I don't understand how this whole process works; frankly I think it sounds a little sketchy.
Also, a lot of people go to Africa and someone will take one look at them and tell them where they're probably from for free ninety-nine lol. It happened to my mom when she was in Ghana and makes me think even less about doling out cash for that. I think the interesting thing about it is that you don't know what you're going to find. Could turn out you hail from enslaved Africans somewhere in Africa too!"
I'm black/afro descendant. The end lol. However, I recognize my elements. It's up to you, what you wanna be :) you're gonna hear bullshit no matter what you choose though"
Ash: "I'm resisting the labels! Lol... White people always get it...black ones don't hence this drawn out convo."
Jos: "so pick a few countries in Africa that interest you!"
Ant: " It's not because black people don't get it, it’s just because we are easier to differentiate. You stand an African-American next to an Italian-American and you can instantly spot the difference. Stand an Italian-American next to an Irish or ...German one. Can you really tell them apart? And because their bonds aren't as common as African-Americans.
A vast majority of African-Americans can trace their ancestry back to slavery. We all came over roughly the same time (between Jamestown and the end of the transatlantic slave trade). For a similar purpose. Our history has been connected. There was a wave of Germans in the early 1800s another in the 1880s, another in 1912 who all underwent different immigrant experiences.
True blacks in the Caribbean and America came over through the same way but each underwent different circumstances as time passed. There were experiences that are exclusively African-American (civil war, great migration, Harlem renaissance, Jim Crow, civil rights movement, etc.) That differentiates the African-American and say a Haitian or Dominican. All part of the black Diaspora but separate ethnic groups because of the distinctions in history which has shaped their language, culture, etc."
Tierra: "I think people stop at slavery, but shouldn't."
Ant: "I agree Tierra that we stop black history at slavery which is wrong. People should learn about the great African empires of Mali, Ethiopia, Ghana, Zulu, Carthage, Nubia, etc. But as an ethnic group African-Americans do stop at slavery. It was that moment we no longer belonged our respective groups because they erased that history."
Tierra: "they didn't erase it, they just stopped talking about, it's still there, and you can research and find it. In one breath blacks say we still have slave mentalities, in another, they condemn us for not knowing that we are and acting like kings and queens. Why would we if ever reference dates back to slavery"
Stac: " Not really erased at Ant. you can have them take a sample of your DNA and they can trace where your people originated from, and pin point where. An old friend from college paid $600 just to find out he was Ethiopian."
Ant: "That's what I plan on doing once I get out of school. And, I say erased from the slaves. They couldn't speak their language, celebrate their holidays or acknowledge their traditions"
Esh: " It's not that important for me to know where exactly I'm from in Africa. I assume I'm from somewhere in West Africa and that's enough for me - I got love for the whole continent so it's whatever. And I don't understand how this whole process works; frankly I think it sounds a little sketchy.
Also, a lot of people go to Africa and someone will take one look at them and tell them where they're probably from for free ninety-nine lol. It happened to my mom when she was in Ghana and makes me think even less about doling out cash for that. I think the interesting thing about it is that you don't know what you're going to find. Could turn out you hail from enslaved Africans somewhere in Africa too!"
I'm black/afro descendant. The end lol. However, I recognize my elements. It's up to you, what you wanna be :) you're gonna hear bullshit no matter what you choose though"
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