Even if the U.S. debt ceiling isn’t lifted, Felix Salmon says the government won't...

This news story has 10 comments:

Register or Login to rate comments »

Econtrarian Comments (10)
 
Withholding the salaries of Congress members is an idea long overdue. In fact, why don't we hold an annual popular vote on whether they get paid for their performance in the prior year. That might motivate less political manuvering and more legislating with the country in mind.
14 Jan 2011, 10:57 AM Reply Like

mowjo Comments (96)
 
I'm liking this.... Maybe as small stipend and then a bonuse based on performance. Of course, only voed on by the electorate. Oh well, an interesting fantasy.
14 Jan 2011, 11:06 AM Reply Like

Neil459 Comments (2640)
 
Come on, none of the members of Congress need the salary they are paid. Most spent millions getting elected. It won't matter and it'll never happen.
14 Jan 2011, 11:24 AM Reply Like

Stoploss Comments (1727)
 
With QE 3 and TARP 2 out in the open, it's going up. The MAD clause has already been invoked by the banksta's.
14 Jan 2011, 11:54 AM Reply Like

Econtrarian Comments (10)
 
Neil, I agree popular votes on Congressional pay is not likely to happen. But, conversations of this type (if they surface to popular awareness) play a useful role by letting the pols know we are still here.
By the way, most congress-people do not spend their own millions to get elected. That's the exception, not the rule.
14 Jan 2011, 12:15 PM Reply Like

Neil459 Comments (2640)
 
Econtrarian, well my house value is down 25% and as far as I am concerned Congressional salaries should be down 25% from 2008 values.

While were talking about Congress, they should have the exact same healthcare and retirement that I have to live with. Lets get rid of their program and force them into Medicare and Social Security. I'll bet if we did that, those programs would improve dramatically.
14 Jan 2011, 02:01 PM Reply Like

Econtrarian Comments (10)
 
Definitely agree re. the healthcare, but it appears that paying them the SS rate would lead to increases sizable enough to bankrupt us much sooner than we are likely to be. Pendulums came to mind, but then I realized it is really more like a teeter-totter.
15 Jan 2011, 01:25 PM Reply Like

Josh ODonnell Comments (229)
 
Anybody buying a house now is crazy anyway... I see another 5 million foreclosures in the next 18 months. Then a bottom in the housing market sometime in late 2012, when all is set in done..

2012...THE END OF DAYS!
14 Jan 2011, 05:11 PM Reply Like

Econtrarian Comments (10)
 
Please restrain yourself from useless armageddon BS.
15 Jan 2011, 01:27 PM Reply Like

Neil459 Comments (2640)
 
What a silly comment. If you spend $200,000 and get a 20 yr loan, you will end up with another $110,000 in interest payments at 5%, bringing the total cost to about $310,000. People need to live someplace and even if one does lose another 5 or $10,000 its really not significant compared to the total cost of $310,000.

Compare this to the many years where interest rates were 7 or 8 percent. At 8% the amount paid for interest goes up to 160,000. Thats another $50,000 in interest over the life of the loan.

Now is the perfect time to buy a house, if you have a stable job and buy a house you can afford. Even if the price goes down some you are still likely ahead when interest prices go back up (which they have to do.)

Then if you make a few payments ahead, then the interest saved will likely offset any loss on principle, even if you have to sell early. Again the trick is to buy a house you can afford and pay for it ahead of time.

At the end, whenever that is, getting something back when you sell is much better than the alternative or renting and getting nothing back. Of course, when renting you do not have to worry about selling at a loss, whatever that means.
15 Jan 2011, 08:00 PM Reply Like