Politicspolitics

Fri Nov 13, 2015, 11:29 AM

Obama adds over $450 billion in new debt in 8 days

http://www.washingtontimes.com/news/2015/nov/12/government-adds-record-339-billion-to-national-deb/?page=all

Once again, candidate Obama called Bush' debt unpatriotic. Is there a word available to call Obamas debt?? Even treasonous seems mild.

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Reply Obama adds over $450 billion in new debt in 8 days (Original post)
nolidad Nov 2015 OP
orson Nov 2015 #1
nolidad Nov 2015 #6
Jack Burton Nov 2015 #2
nolens volens Nov 2015 #3
JoeHill Nov 2015 #5
nolidad Nov 2015 #8
JoeHill Nov 2015 #9
nolidad Nov 2015 #10
JoeHill Nov 2015 #12
JoeHill Nov 2015 #4
nolidad Nov 2015 #7
Konservative Nov 2015 #11

Response to nolidad (Original post)

Fri Nov 13, 2015, 11:34 AM

1. Sadly for you, the facts have a liberal bias

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Response to orson (Reply #1)

Fri Nov 13, 2015, 03:12 PM

6. Well your %

are four years old! so you are looking at only 2 years of Obama ! Obama has doubled the national debt. Yeah Reagan did more but that was far less in actual dollars than Obama! Going from 10 to 20 trillion is far worse than than going from 1 to 2.9 Trillion. Especially when you call your predecessor unpatriotic for running up far less debt than you have!!!!!!! Sorry but try again.

Ronald Reagan:ronald reagan
Start of presidency 1981: US National Debt $997.8 billion
End of presidency 1989: US National Debt $2.1 trillion


Franklin D. Roosevelt:FDR
Start of presidency 1933: US National Debt $22.5 billion
End of presidency 1945: US National Debt $258.5 billion

FDR (D) increased the national debt 1,000%

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Response to nolidad (Original post)

Fri Nov 13, 2015, 11:57 AM

2. It is much worse than you think--- $211,000,000,000,000

It would take nearly 13 years of the total U.S. GDP to pay off. That is every penny earned of the country's entire economy for 13 years. And these clowns in Washington have their foot on the spending accelerator. Then you have the useful idiots that think taxing the top 1% more will pay for everything the self-entitled societal parasites want. Even if we seized all the assets and net worth of 1% it would not come anywhere close to paying the debt.

http://www.npr.org/2011/08/06/139027615/a-national-debt-of-14-trillion-try-211-trillion
A National Debt Of $14 Trillion? Try $211 Trillion
When Standard & Poor's reduced the nation's credit rating from AAA to AA-plus, the United States suffered the first downgrade to its credit rating ever. S&P took this action despite the plan Congress passed this past week to raise the debt limit. The downgrade, S&P said, "reflects our opinion that the fiscal consolidation plan that Congress and the administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics."

It's those medium- and long-term debt problems that also worry economics professor Laurence J. Kotlikoff, who served as a senior economist on President Reagan's Council of Economic Advisers. He says the national debt, which the U.S. Treasury has accounted at about $14 trillion, is just the tip of the iceberg. "We have all these unofficial debts that are massive compared to the official debt," Kotlikoff tells David Greene, guest host of weekends on All Things Considered. "We're focused just on the official debt, so we're trying to balance the wrong books."

Kotlikoff explains that America's "unofficial" payment obligations — like Social Security, Medicare and Medicaid benefits — jack up the debt figure substantially. If you add up all the promises that have been made for spending obligations, including defense expenditures, and you subtract all the taxes that we expect to collect, the difference is $211 trillion. That's the fiscal gap," he says. "That's our true indebtedness."

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Response to nolidad (Original post)

Fri Nov 13, 2015, 12:01 PM

3. Then there's this chart

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Response to nolens volens (Reply #3)

Fri Nov 13, 2015, 12:10 PM

5. Two errors--

 

one small one: 2009 was BUSH'S debt. The fiscal year runs from Oct to Oct.

one big one, very big: this graph only looks at debt. It does not look at GDP which is the country's ability to pay debt. It is like saying that Bill Gates has more debt than a Wal-Mart worker. No doubt he does--he also has much more ability to pay that debt than a Wal-Mart worker.

Here's a better graph:



You can see we topped out after WW2. Then the country reduced debt under both Dem and Repub leadership until the end of Carter, when St. Ron and Papa and especially Baby Doc Bush pushed the debt way back up. Debt went DOWN significantly under Clinton.

Obama is dealing with Baby Doc's tax cuts and recession, but debt is already showing signs of plateauing thanks to Obama's improved economy.

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Response to JoeHill (Reply #5)

Sat Nov 14, 2015, 09:45 AM

8. So what you are saying is that Obama and the Dems for the first 2 years

were impotent?

Debt is plateauing- it is Obamas debt!

Seems the only way he could fix these is by increasing debt! About the first year of debt? sorry but Bush left half the stimulus for Obama to approve or disapprove.

Doesn't matter if debt rises or falls in relation to GDP- every year you are spending more than you take in which increases the debt burden of the govt.

Tell you what- you live that way. Earn a net $50K after taxes each year but spend $58K every year and see how long it is before you go to jail.

BTW the gdp is not the governements money, but what is earned by the people who work every day!

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Response to nolidad (Reply #8)

Mon Nov 16, 2015, 01:04 AM

9. You completely missed the point.

 

The government is spending more than it takes in through taxes, yes.

But tax revenues automatically rise (even without a tax rate hike) when the economy is better and people make more money.

Ordinary citizens spend more every year than they take in all the time. It's called buying a house by financing it with a mortgage. You buy a 200,000 dollar house and you only make 75,000 dollars, and you're in debt 2.7 times what you make in a year.

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Response to JoeHill (Reply #9)

Mon Nov 16, 2015, 06:00 PM

10. But that debt is paid down every year.

Our govt, using your example, has bought a house and then every year take out 20% more on the mortgage and never pay down any of the principle.

For a person to spend like the govt. If they make $75K a year they spend $90K a year on mortgages, cars, food, electrcity etc.etc. etc. It is not about taking a debt and paying it off yearly- it is about spending more than what you earn and every year going deeper into debt.

Do try to see that!

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Response to nolidad (Reply #10)

Mon Nov 16, 2015, 07:17 PM

12. Not necessarilly. If your income goes up, you can borrow more against it.

 

The United States government, unlike an individual, never dies, so the debt never need be paid off.

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Response to nolidad (Original post)

Fri Nov 13, 2015, 12:02 PM

4. You should mention WashTimes in your heading so that thinking people would

 

not bother to click on it.

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Response to JoeHill (Reply #4)

Fri Nov 13, 2015, 03:16 PM

7. Your veiled ad hominem not withstanding

go whine elsewhere. Don't like it? Then disprove it instead of taking the low IQ path of just name calling!

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Response to JoeHill (Reply #4)

Mon Nov 16, 2015, 06:23 PM

11. And people wonder why I don't bother attaching links. nt

 

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