Woohoo! I might lose my job!

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IdofEntity

New member
Well we're coming upon another historic decision point in congress. The dreaded Debt Limit. What Mr. Geithner and the majority of economists are warning us about is that when the USA has reached it's legal borrowing limit it will have to default on it's obligations. This will ruin the USA's AAA Credit Rating, drive up the rates of almost all forms of credit. (Banks borrow against the US daily, and the US borrows against pretty much everyone, and everyone borrows against banks)

This is what everyone has to look forward to. Now, I work on a contract for the DoD. The dollars for that contract are tied indirectly, but definitively, to the USA's ability to borrow. This wouldn't be too much of an issue if the contract didn't expire in May. (Murphy's Law is a b!tch)

May 26th. If the Debt Limit isn't raised by May 26th (realistically 3 days before would be needed for paperwork) there are a lot of employees who will be joining the unemployment line. Mr. Geithner of the Treasury has already started preparing for the blown deadline. (he anticipates he'll have to do quite a bit of song and dance to balance the sheets for the next two months)

I guess I have to ask: Who the hell are these twits that they are gambling with everyone's financial security on the premise of politics? I mean, the debt limit will be raised. It's not optional. Even with unprecedented cuts the debt limit will be raised. So who the hell do they think they are?

Anyways, if it happens I'm leaving Alabama. Anyone know of companies in Canada that are hiring Sys Admins or Developers?
 
Chern Ann

Chern Ann

Only when they're green
Staff member
The USA losing its AAA rating has incredibly far reaching consequences and would be a global economic disaster, but this is not the issue. Both the GOP and Democratic party want to raise this ceiling (no budget plan on the table right now has enough cuts in it to avoid it), so it's going to be a monumental game of chicken over the new budget.

Once the ceiling is raised, the expectation is that China will step in and continue to prop up the USA while it works through its financial problems; what China's internal calculations are on this is not immediately clear. They hold lots of US debt, so a strong US$ benefits their holdings, but also increases the rate of inflation within China. I suspect domestic policy concerns like inflation and social stability will be more important to China in the short term than the value of their paper assets.
 
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QuietiManes

QuietiManes

New member
Canadian economy is in the same ringer...government jobs are also in decline due to budget cuts and questions. Recently got the "your contract will not be extended" notice myself.
 
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Torn blue sky

New member
Ditto, I was fired on the sly from a Govt job after they announced 250 of us would be getting the chop. Funnily enough 250 people were then found to be in some kind of breach and would have been fired if not for the unions... SO, the MoD was forced to back down of face some seriously bad publicity. Now they're just picking people out, doctoring records to *make* violations and having a biast panel sit in the hearings.
If that's not bad enough, the guy that sits at the head of it is a Brigadier. Good lad, but he can only act on "evidence" he's given and the whispers in his ear from all sides, which is a shame. He knows all about it, but there's bugger all he can do about it...Which kina makes it worse!
Don't reckon i'd work for the Govt again in any form, right boot in the balls after all those years serving the country. This "We make the rules, so f**k you, what you gonna do about it?!" is some serious BS.
 
D

Dedwrekka

New member
Unfortunately I'm in something of a different boat. The way I see it, this is more or less another "government shutdown" scare with an added "we'll be canceling a bunch of contracts too". Unfortunately, being military, even if they decide to stop paying people the military still has to work without legal recourse or a word in edgewise (actually trying to put a word in edgewise will net you a federal charge).

There's the additional problem with military members receiving money from the Post-9/11 GI bill (the Montgomery GI bill continues to work like Social Security), who may not receive the needed tuition, housing, or other assistance from the government. With the addition of the Veterans Administration's already underfunded assistance, it does not look like this will be good for active or retired military members.
 
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IdofEntity

New member
QuietiManes said:
Canadian economy is in the same ringer...government jobs are also in decline due to budget cuts and questions. Recently got the "your contract will not be extended" notice myself.
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Sorry to hear that man. Join me in a pint.

I guess we can hope the next generation learns from these politicians and amount to more than a bunch of geriatric toddlers. I'm having a difficult time looking at the baby-boomer generation of economists and politicians without scorn.
 
TrystanGST

TrystanGST

New member
IdofEntity said:
Sorry to hear that man. Join me in a pint.

I guess we can hope the next generation learns from these politicians and amount to more than a bunch of geriatric toddlers. I'm having a difficult time looking at the baby-boomer generation of economists and politicians without scorn.
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You're not the only one. Bastards.

I seriously hope they're not stupid enough to bone over the current service members or vets - talk about a death sentence in the current climate. Ah screw it - I'll take a hit to my VA benefits if it gets some of these gits out of office.
 
D

Dedwrekka

New member
TrystanGST said:
You're not the only one. Bastards.

I seriously hope they're not stupid enough to bone over the current service members or vets - talk about a death sentence in the current climate. Ah screw it - I'll take a hit to my VA benefits if it gets some of these gits out of office.
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Considering that both parties like to declare themselves "pro-military members" (Though occasionally and awkwardly also "anti-military"), if something happened with military or VA benefits, then it would certainly give the next guy in line a stance over the incumbent.
 
uglybug

uglybug

New member
To bad we can't throw everyone out in one election that way the new guys going in won't get taught all the little tricks
 
M

Mr.S.Marbo

New member
I don't understand why we listen to these credit rating agencies. These are the same ones that didn't spot all these banks imploding and causing a global recession right? Does anyone seriously think the USA would default? It's ludicrous scaremongering.

Standard & Poor threaten to cut the rating of the USA. Yeah and why should we listen? This is the same Standard & Poor that rated the bank RBS A+/A-1 (that's STRONG capacity to meet financial obligations!) on 6 Oct 2008. On 11 October 2008 RBS was in the national press as the first high street bank to apply for the UK Government's financial crisis rescue scheme and apply for £10billion emergency funding to keep it afloat and ultimately stop a run on the bank. Why do we let these agencies decide poorly who should stay employed and who shouldn't? Personally I'd rate the credit rating agency "ratings" mostly like "junk bonds" and not worth the paper they are written on. Sorry to hear that IdofEntity. I can't wait to get a government that actually REALLY wants to help the people who voted for it, and actually does that. I feel I will be waiting a long time.
 
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