CBO: Debt could double GDP by 2037

[SniperFire]

'The federal debt is expected to be 70% of the gross domestic product by the end of this year, and could be double the GDP by the year 2037 unless major changes are made, the Congressional Budget Office reports.

"Over the past few years, the federal government has been recording budget deficits that are the largest as a share of the economy since 1945," says a new CBO report. "Consequently, the amount of federal debt held by the public has surged.

"By the end of this year," the report added, "CBO projects that the federal debt will reach roughly 70 percent of gross domestic product (GDP), the highest percentage since shortly after World War II."

CBO: Debt could double GDP by 2037

 

[The T]

Seems to me that we need a heathy dose of de-regulation and Government out of our lives.

 

[SniperFire]

Seems to me that we need a heathy dose of de-regulation and Government out of our lives.

Not sure how we do that without civil war with all the gubmint dependents.


Of course, we have all the guns (excepting the gang bangers, of course.)

 

[The T]

Seems to me that we need a heathy dose of de-regulation and Government out of our lives.

Not sure how we do that without civil war with all the gubmint dependents.


Of course, we have all the guns (excepting the gang bangers, of course.)

Gradual just as we have gotten to this point.

 

[OohPooPahDoo]

'The federal debt is expected to be 70% of the gross domestic product by the end of this year, and could be double the GDP by the year 2037 unless major changes are made, the Congressional Budget Office reports.

"Over the past few years, the federal government has been recording budget deficits that are the largest as a share of the economy since 1945," says a new CBO report. "Consequently, the amount of federal debt held by the public has surged.

"By the end of this year," the report added, "CBO projects that the federal debt will reach roughly 70 percent of gross domestic product (GDP), the highest percentage since shortly after World War II."

CBO: Debt could double GDP by 2037

The soluation is easy but the stupit libruls won't let us do it - eliminate all taxes on anyone making more than 100k a year and jack them up to 50% for everyone making less.

 

[DiamondDave]

But.. but.. but.. We don't have a spending problem

 

[The T]

But.. but.. but.. We don't have a spending problem

^Yep.

 

[OohPooPahDoo]

But.. but.. but.. We don't have a spending problem

That's easy to fix. Eliminate social security, medicare, pell grants, medicaid, etc. All of it. Just stop paying social security those stupid beneficiaries were dumb to think it would ever pay out anyway.

 

[DiamondDave]

'The federal debt is expected to be 70% of the gross domestic product by the end of this year, and could be double the GDP by the year 2037 unless major changes are made, the Congressional Budget Office reports.

"Over the past few years, the federal government has been recording budget deficits that are the largest as a share of the economy since 1945," says a new CBO report. "Consequently, the amount of federal debt held by the public has surged.

"By the end of this year," the report added, "CBO projects that the federal debt will reach roughly 70 percent of gross domestic product (GDP), the highest percentage since shortly after World War II."

CBO: Debt could double GDP by 2037

The soluation is easy but the stupit libruls won't let us do it - eliminate all taxes on anyone making more than 100k a year and jack them up to 50% for everyone making less.

Ensure nobody is exempt from income tax.. have everyone paying the exact same rate on every dollar earned with zero exceptions... tax all income the same regardless of source.. eliminate all loopholes, etc... start cutting spending immediately on redundant agencies and programs, audit government contracts and stop paying on those that do not live up to the contract, start the elimination of federal welfare programs across the board (corp and personal) and continue the efforts in the upcoming years to cut spending even more in the areas that the federal government is operating in but has no constitutional authority to do so... hell, start reducing the IRS and the associated spending because with a simple tax code, you have no need for a huge agency... pass a balanced budget amendment where the government is not allowed to budget or spend more than the previous year's receipts

There is a reasonable start that we can improve from

 

[SniperFire]

'The federal debt is expected to be 70% of the gross domestic product by the end of this year, and could be double the GDP by the year 2037 unless major changes are made, the Congressional Budget Office reports.

"Over the past few years, the federal government has been recording budget deficits that are the largest as a share of the economy since 1945," says a new CBO report. "Consequently, the amount of federal debt held by the public has surged.

"By the end of this year," the report added, "CBO projects that the federal debt will reach roughly 70 percent of gross domestic product (GDP), the highest percentage since shortly after World War II."

CBO: Debt could double GDP by 2037

The soluation is easy but the stupit libruls won't let us do it - eliminate all taxes on anyone making more than 100k a year and jack them up to 50% for everyone making less.

You mean..... actually require the people who consume most of the free gubmint services to actually PAY for them?


Dang. You should run for office!

 

[The T]

'The federal debt is expected to be 70% of the gross domestic product by the end of this year, and could be double the GDP by the year 2037 unless major changes are made, the Congressional Budget Office reports.

"Over the past few years, the federal government has been recording budget deficits that are the largest as a share of the economy since 1945," says a new CBO report. "Consequently, the amount of federal debt held by the public has surged.

"By the end of this year," the report added, "CBO projects that the federal debt will reach roughly 70 percent of gross domestic product (GDP), the highest percentage since shortly after World War II."

CBO: Debt could double GDP by 2037

The soluation is easy but the stupit libruls won't let us do it - eliminate all taxes on anyone making more than 100k a year and jack them up to 50% for everyone making less.

Ensure nobody is exempt from income tax.. have everyone paying the exact same rate on every dollar earned with zero exceptions... tax all income the same regardless of source.. eliminate all loopholes, etc... start cutting spending immediately on redundant agencies and programs, audit government contracts and stop paying on those that do not live up to the contract, start the elimination of federal welfare programs across the board (corp and personal) and continue the efforts in the upcoming years to cut spending even more in the areas that the federal government is operating in but has no constitutional authority to do so... hell, start reducing the IRS and the associated spending because with a simple tax code, you have no need for a huge agency... pass a balanced budget amendment where the government is not allowed to budget or spend more than the previous year's receipts

There is a reasonable start that we can improve from

Tax Reform? I'm in!

 

[TakeAStepBack]

We're already pushing 102% national debt to GDP. So federal debt is now pushing 70% of that 102%?

 

[OohPooPahDoo]

'The federal debt is expected to be 70% of the gross domestic product by the end of this year, and could be double the GDP by the year 2037 unless major changes are made, the Congressional Budget Office reports.

"Over the past few years, the federal government has been recording budget deficits that are the largest as a share of the economy since 1945," says a new CBO report. "Consequently, the amount of federal debt held by the public has surged.

"By the end of this year," the report added, "CBO projects that the federal debt will reach roughly 70 percent of gross domestic product (GDP), the highest percentage since shortly after World War II."

CBO: Debt could double GDP by 2037

The soluation is easy but the stupit libruls won't let us do it - eliminate all taxes on anyone making more than 100k a year and jack them up to 50% for everyone making less.

Ensure nobody is exempt from income tax.. have everyone paying the exact same rate on every dollar earned with zero exceptions...

Uhh, how is that fair? If person A makes twice as much money as person B, you would have person A pay twice as much tax? Why do you want to penalize their success? That will kill jobs! We need it to be the opposite, so as to incentivize people to earn more! Here is my proposal

$1000 annual income or less - you pay $1,000,000 in income tax
$1001-$10,000 in income - you pay $100,000 in income tax
$10,001-$100,000 in income - you pay $10,000 in income tax
$100,001-$1,000,000 in income - you pay $1,000 in income tax
$1,000,001-$10,000,000 in income - you pay $100 in income tax
$10,000,001-$100,000,000 in income - you pay $10 in income tax
$100,000,001-$1,000,000,000 in income - you pay $1 in income tax
over One billion in income you pay zero tax.

This way people will be incetivized to make more money! We punish people for NOT being productive! And the job creators won't have their productivity stifled by a burdensome big government tax.

 

[RDD_1210]

'The federal debt is expected to be 70% of the gross domestic product by the end of this year, and could be double the GDP by the year 2037 unless major changes are made, the Congressional Budget Office reports.

"Over the past few years, the federal government has been recording budget deficits that are the largest as a share of the economy since 1945," says a new CBO report. "Consequently, the amount of federal debt held by the public has surged.

"By the end of this year," the report added, "CBO projects that the federal debt will reach roughly 70 percent of gross domestic product (GDP), the highest percentage since shortly after World War II."

CBO: Debt could double GDP by 2037

The soluation is easy but the stupit libruls won't let us do it - eliminate all taxes on anyone making more than 100k a year and jack them up to 50% for everyone making less.

Ensure nobody is exempt from income tax.. have everyone paying the exact same rate on every dollar earned with zero exceptions... tax all income the same regardless of source.. eliminate all loopholes, etc... start cutting spending immediately on redundant agencies and programs, audit government contracts and stop paying on those that do not live up to the contract, start the elimination of federal welfare programs across the board (corp and personal) and continue the efforts in the upcoming years to cut spending even more in the areas that the federal government is operating in but has no constitutional authority to do so... hell, start reducing the IRS and the associated spending because with a simple tax code, you have no need for a huge agency... pass a balanced budget amendment where the government is not allowed to budget or spend more than the previous year's receipts

There is a reasonable start that we can improve from

What % would you set that flat rate at?

 

[TakeAStepBack]

Well, I hope you didnt spend a lot of time typing that up.....

 

[OohPooPahDoo]

'The federal debt is expected to be 70% of the gross domestic product by the end of this year, and could be double the GDP by the year 2037 unless major changes are made, the Congressional Budget Office reports.

"Over the past few years, the federal government has been recording budget deficits that are the largest as a share of the economy since 1945," says a new CBO report. "Consequently, the amount of federal debt held by the public has surged.

"By the end of this year," the report added, "CBO projects that the federal debt will reach roughly 70 percent of gross domestic product (GDP), the highest percentage since shortly after World War II."

CBO: Debt could double GDP by 2037

The soluation is easy but the stupit libruls won't let us do it - eliminate all taxes on anyone making more than 100k a year and jack them up to 50% for everyone making less.

You mean..... actually require the people who consume most of the free gubmint services to actually PAY for them?


Dang. You should run for office!

YES! The people who need government assistance should be the one to pay for it! Why don't the stupeet libruls get this? You need food stamps to feed your children, fine, but we're going to pay for it by taxing you.

Take someone who makes $20,000 a year and has 4 children. Currently they pay ZERO in taxes, yet they are eligible for food stamps. What we should do is take $30,000 a year in taxes from them. That will cover their food stamps and incentivize them to earn more.


Why can't the libruls understand that the needy should just pay for their needs?

 

[SniperFire]

We're already pushing 102% national debt to GDP. So federal debt is now pushing 70% of that 102%?

There are two ways to measure that and I am not sure I understand the difference, because clearly our National debt equals annual GDP right now. But they measure it thusly:

Perhaps somebody who knows the diff can weigh in.

 

[TakeAStepBack]

Total US Debt Soars To 101.5% Of GDP | ZeroHedge

Total US Debt Soars To 101.5% Of GDP

There is nothing quite like a $70 billion debt auction settlement at the last day of a month to bring total US debt to a record $15.692 trillion, which happens to be just $600 billion shy of the $16.394 trillion debt ceiling. (and no, contrary to simple economic textbook lesson, this does not mean that the private sector just got another $70 billion in debt capacity courtesy of taxpayers, as explained here). And now that we know what Q1 GDP was at the end of Q1, or namely $15.462 trillion, it is simply math to divine that today alone total US/debt to GDP rose by 50 bps to a mindboggling 101.5%.

Below is a chart of two lines with different slopes. We leave it up to readers to figure out which line is GDP and which is total debt.

read it all at the link.....

 

[OohPooPahDoo]

We're already pushing 102% national debt to GDP. So federal debt is now pushing 70% of that 102%?

There are two ways to measure that and I am not sure I understand the difference, because clearly our National debt equals annual GDP right now. But they measure it thusly:

Perhaps somebody who knows the diff can weigh in.

Probably depends on whether or not they include intra-governmental obligations, like social security.

I think its more appropriate to include those debts. If social security is truly a debt owed to its beneficiaries, then its a real debt.

One might also choose to include or not to include assets of the federal reserve.

And (I think) the USPS is budgeted separately. Its supposed to break even every year.

 

[TakeAStepBack]

We're already pushing 102% national debt to GDP. So federal debt is now pushing 70% of that 102%?

There are two ways to measure that and I am not sure I understand the difference, because clearly our National debt equals annual GDP right now. But they measure it thusly:

Perhaps somebody who knows the diff can weigh in.

Hmmm....