Discussion in 'Economy' started by GreatDay, Aug 31, 2012.
U.S. National Debt Clock 2000
It's not Republicans that's the problem. It's the conservatives.
Still Bush's fault?
Why should anybody care about fixing it if the Repupicans are just going to fuck it up again, you see any sign they have learned anything from 2001?
Bush's budget dilemma | The Economist
Milwaukee Journal Sentinel - Google News Archive Search
Why the Dems Are Singing "I Told You So" on the Budget - TIME
See budget gimmick and risk to Soc Sec - New York Daily News
CNN.com - Lower estimated surplus stirs up budget debate - August 25, 2001
Before we fix it this time tell me how we dont just do this again?
ALL Repulicans and all who vote for them are to blame, not just Bush...
The truth is somewhere in between
No Democrat-Controlled Congress Has Balanced Federal Budget in 40 Years; No Republican President Has Balanced Federal Budget in 50 Years | cnsnews.com
In 1993 the Democrats passed a budget plan that led to a balanced budget without a single Republican vote, here is the proof:
“The most recent projections from OMB and CBO indicate that, if current policies remain in place, the total unified surplus will reach about $800 billion in fiscal year 2010, including an on-budget surplus of almost $500 billion. Moreover, the admittedly quite uncertain long-term budget exercises released by the CBO last October maintain an implicit on-budget surplus under baseline assumptions well past 2030 despite the budgetary pressures from the aging of the baby-boom generation, especially on the major health programs.
These most recent projections, granted their tentativeness, nonetheless make clear that the highly desirable goal of paying off the federal debt is in reach and, indeed, would occur well before the end of the decade under baseline assumptions. This is in marked contrast to the perception of a year ago, when the elimination of the debt did not appear likely until the next decade. But continuing to run surpluses beyond the point at which we reach zero or near-zero federal debt brings to center stage the critical longer-term fiscal policy issue of whether the federal government should accumulate large quantities of private (more technically, nonfederal) assets.
At zero debt, the continuing unified budget surpluses now projected under current law imply a major accumulation of private assets by the federal government. Such an accumulation would make the federal government a significant factor in our nation's capital markets and would risk significant distortion in the allocation of capital to its most productive uses. Such a distortion could be quite costly, as it is our extraordinarily effective allocation process that has enabled such impressive increases in productivity and standards of living despite a relatively low domestic saving rate.”
“Returning to the broader fiscal picture, I continue to believe, as I have testified previously, that all else being equal, a declining level of federal debt is desirable because it holds down long-term real interest rates, thereby lowering the cost of capital and elevating private investment. The rapid capital deepening that has occurred in the U.S. economy in recent years is a testament to these benefits. But the sequence of upward revisions to the budget surplus projections for several years now has reshaped the choices and opportunities before us.
Indeed, in almost any credible baseline scenario, short of a major and prolonged economic contraction, the full benefits of debt reduction are now achieved well before the end of this decade--a prospect that did not seem reasonable only a year or even six months ago. Thus, the emerging key fiscal policy need is now to address the implications of maintaining surpluses beyond the point at which publicly held debt is effectively eliminated.”
Testimony of Chairman Alan Greenspan
Current fiscal issues
Before the Committee on the Budget, U.S. House of Representatives
March 2, 2001
Yup. You have it. And, since the great repub recession of 2008, repubs have filibustered, or later, when they had the house, refused every effort of the Pres to stimulate the economy.
And then we got attacked.
and the tech bubble burst!!
Republicans want to make debt illegal once and forever. Liberals exist to buy votes with promises of more and more welfare entitlements so of course are opposed to the Republican proposal.
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