Debt creates more debt

[LilOlLady]

DEBT CREATES MORE DEBT
if you don’t have a job and no cash coming in.
President Clinton gave Dead Beat Bush the country's check book with a balance of $127 billion.

(Bush pushed through tax cuts totaling $1.85 trillion and raised government spending 23 percent in his first four years in office to $2.29 trillion.)
And Bush took it and spent it and then wrote checks for two wars and a Medicare prescription drug program that he did not have cash to cover. Then on top of that he gave jobs away to other countries and gave blank checks he did not have cash to cover to his bed buddies that did not repay the money. Then at the end of his 8 years of handling the countries check book he handed it over to Obama with $10.7 trillion in overdrawn checks and disappeared.

(When Obama took office, the debt stood at 10.7 trillion dollars. Its 14.3. trillion as we speak, and it has to go higher to keep the country from collapsing.)
If we had taken the check book away from Bush we would not be in debt today. What happens when you have a credit card and don’t have a job, you keep asking for a higher credit limit and running the debt up even further. And what happen when you give a check book to someone who cannot balance a check book.

So Obama took the check book and tried to balance it by collecting the cash that Bush gave his bed buddies for bush’s bed buddies and create jobs but the tea baggers blocked everything he tried to do to balance the country’s check book.

You cannot balance the countries check book by taking away food and air from the county’s weakest citizens. You need hard cash.

 

[iamwhatiseem]

There is so much Kool Aid in this post that one cannot fathom the mountain of sugary substance that it took to produce such nonsense.

 

[imbalance]

Know what else Clinton gave Bush? Free trade with China, which only directly destroyed the US middle class.

 

[Truthseeker420]

Know what else Clinton gave Bush? Free trade with China, which only directly destroyed the US middle class.

Clinton also signed the Gramm–Leach–Bliley Act.

 

[waltky]

Granny says, "Dat's right - dem democrats got dollar signs in dey's eyes...

Debt Up $13,546,533,671,676.73 Since Pelosi Became Democratic Leader
November 30, 2016 | The federal debt has increased by $13,546,533,671,676.73 since Rep. Nancy Pelosi of California first became the Democratic leader in the House of Representatives on Jan. 3, 2003.

Since then, as the top Democrat in the House, Pelosi has served as either House Minority Leader or House Speaker. She first served as minority leader from Jan. 3, 2003 until Jan. 4, 2007, when she became speaker of the House. After the Democrats lost control of the House in the 2010 elections, she returned to her role as minority leader on Jan. 3, 2011. She has remained in that position since then.

At the close of business on Jan. 3, 2003, when Pelosi first became House minority leader, the federal debt was $6,382,650,489,675.40, according to the U.S. Treasury. As of the close of business on Monday, Nov. 28, that latest day for which the data is available, the federal debt was $19,929,184,161,352.13. Thus the federal debt has increased $13,546,533,671,676.73—or 212 percent--since Pelosi first became the House Democratic leader equals a 212 percent jump from what t

The $13,546,533,671,676.73 increase in the debt during Pelosi’s time as Democratic leader equals $113,811.55 for each of the 119,026,000 households the Census Bureau says were in the United States as of this September. Since Pelosi first became Democratic leader on Jan. 3, 2003, approximately 13.9 years have passed. Thus, during her time as leader, the debt has increased at an annual pace of approximately $974,570,767,747—or nearly $1 trillion.

Debt Up $13,546,533,671,676.73 Since Pelosi Became Democratic Leader

 

[EdwardBaiamonte]

DEBT CREATES MORE DEBT
if you don’t have a job and no cash coming in.
President Clinton gave Dead Beat Bush the country's check book with a balance of $127 billion.

(Bush pushed through tax cuts totaling $1.85 trillion and raised government spending 23 percent in his first four years in office to $2.29 trillion.)
And Bush took it and spent it and then wrote checks for two wars and a Medicare prescription drug program that he did not have cash to cover. Then on top of that he gave jobs away to other countries and gave blank checks he did not have cash to cover to his bed buddies that did not repay the money. Then at the end of his 8 years of handling the countries check book he handed it over to Obama with $10.7 trillion in overdrawn checks and disappeared.

(When Obama took office, the debt stood at 10.7 trillion dollars. Its 14.3. trillion as we speak, and it has to go higher to keep the country from collapsing.)
If we had taken the check book away from Bush we would not be in debt today. What happens when you have a credit card and don’t have a job, you keep asking for a higher credit limit and running the debt up even further. And what happen when you give a check book to someone who cannot balance a check book.

So Obama took the check book and tried to balance it by collecting the cash that Bush gave his bed buddies for bush’s bed buddies and create jobs but the tea baggers blocked everything he tried to do to balance the country’s check book.

You cannot balance the countries check book by taking away food and air from the county’s weakest citizens. You need hard cash.

Republicans have introduced 30 Amendments to make debt illegal. Democrats have killed everyone of them. Do you know why?

 

[waltky]

Another trillion dollars added to nat'l. debt

Federal Debt Climbs $1,054,647,941,626.91 in 2016
January 3, 2017 | The federal debt climbed by more than a trillion dollars during 2016, according to data released today by the U.S. Treasury.

On Dec. 31, 2015, the last business day of 2015, the federal debt was $18,922,179,009,420.89. On Dec. 30, 2016, the last business day of 2016, it was $19,976,826,951,047.80. The one-year increase in the federal debt during calendar year 2016 was therefore $1,054,647,941,626.91. That increase in the debt equaled $8,860.65 for each of the 119,026,000 households the Census Bureau estimated there were in the United States as of September.

During President Barack Obama’s time in office the federal debt has increased by $9,349,949,902,134.72—rising from $10,626,877,048,913.08 on Jan. 20, 2009, the day of Obama’s inauguration, to $19,976,826,951,047.80 on the last day of 2016. That equals $78,553.84 for each of the 119,026,000 households in the country as of September. During 2016, while Democratic President Barack Obama controlled the White House, Republicans controlled both houses of Congress.

Federal Debt Climbs $1,054,647,941,626.91 in 2016

See also:

House Passes New Rules Enhancing Its Constitutional ‘Power of the Purse’
January 4, 2017 – The House of Representatives adopted changes to the chamber’s standing rules on Tuesday that “enhance the House’s ability to exercise its ‘power of the purse’,” according to House Freedom Caucus member Rep. Morgan Griffith (R-VA).

The vote was 234 to 193 along party lines, with three Republicans siding with Democrats against the rule changes, which include a restoration of the Holman Rule during the first session of the 115th Congress. The Holman Rule, which originally dates back to 1876, allows lawmakers to bring an amendment to an appropriations bill directly to the House floor that “retrenches expenditures by (1) the reduction of amounts of money in the bill; (2) the reduction of the number and salary of the officers of the United States; or (3) the reduction of the compensation of any person paid out of the Treasury of the United States.” Griffith, who spearheaded the successful effort to reinstate the Holman Rule, told CNSNews.com that the rule applies to so-called “mandatory spending” bills before Congress, adding that it was part of the House rules until 1983. But House Speaker Tip O’Neill axed it during President Ronald Reagan’s first term to thwart Republicans and Reagan Democrats from cutting federal programs, Griffith told CNSNews.

Another rule change adopted by the House requires committee chairmen to make a list all federal programs that are unauthorized but still receiving federal funding. “Both of these changes enhance the House’s ability to exercise its ‘power of the purse’,” Griffith stated, telling CNSNews that they are the “first steps” in returning the House to regular order, in which individual appropriations bills are debated and amended on the House floor instead of being lumped together into a must-pass omnibus bill. “With Donald Trump in the Oval Office, congressional Republicans must remember to exercise our Article I powers and not be a lapdog to the executive branch,” Griffith noted in his weekly newsletter. “Fortunately, Donald Trump has indicated that he will respect Congress’ proper authority far more than the Obama Administration did. With his help, we can restore balance among the branches” of the federal government.

House Democrats protested against the restoration of the Holman Rule, arguing that it would allow Republicans to treat civil servants “like political pawns and scapegoats,” according to a statement by Washington-area members whose districts include many federal employees. “Reinstating the ‘Holman Rule’ would make it easier for the Majority to circumvent the current legislative process in order to fire or cut the pay of federal employees. It undermines civil service protections; it goes back to the 19th century,” House Minority Whip Steny Hoyer (D-MD) said on the House floor. “Republicans have consistently made our hardworking federal employees scapegoats, in my opinion, for lack of performance of the federal government itself, and this rule change will enable them to make short-sighted and ideologically driven changes to our nation's civil service,” Hoyer stated.

MORE

Related:

Sen. Lankford: 'This Year, There's a Half Trillion in Overspending'
December 9, 2016 | Sen. James Lankford (R-OK) says Congress will not be able to exercise its oversight responsibility regarding federal expenditures – including a half-trillion dollars in overspending this year alone - until regular order is restored and individual appropriations bills are once again debated and amended on the floor of the House and Senate.

“Until we can get our budget and the appropriations bills on the floor, we never can do really good oversight of the actual discretionary spending of the U.S. government because the appropriations process is the best place to do that,” Lankford told CNSNews.com. "So that is still missing, and we're coming up to a continuing resolution (CR) vote and we're missing out on real oversight. And the hope is to get back to that process." Both Senate Majority Leader Mitch McConnell (R-KY) and House Speaker Paul Ryan (R-WI) have repeatedly promised a return to regular order instead of relying on take-it-or-leave-it omnibus bills and short-term CRs to fund the federal government. However, they have not kept that promise. On Thursday, the House passed a $1.1 trillion short-term CR (HR 2028) to keep the federal government operating until April 28, 2017. Lankford said Thursday that he will vote against the CR when it gets to the Senate on Friday. Despite some gains made since 2014, when Republicans took over control of the Senate, Lankford pointed out that Congress has been “missing out on real oversight” by passing supposedly temporary CRs for the past 20 years.

But the senator warned that even with a return to regular order, there will be no quick fix to the government’s overspending problem. “When you have $19.5 trillion in total debt, and you’re paying $225 billion a year in interest, you don’t solve that in a year. You don’t solve that in ten years. It’s going to take a long-term concerted effort,” he told CNSNews. “I came [to the House] in the class of 2011. Most of us had no political background, and came in intentionally to be able to change the way Washington works,” continued Lankford, who was elected to the Senate in 2014 in a special election to fill the seat of retiring Sen. Tom Coburn (R-OK). “And for me, I’ve been hammering away now for six years. But if we continue to implement a lot of things we fought for over the last six years, we can get this done,” said the author of the second edition of "Federal Fumbles" - a 149-page list of egregious examples of wasteful government spending.

Lankford added that getting a handle on the “waste, duplication and inefficiencies” of government in addition to curbing federal regulatory overreach is even harder now because federal agencies “are shifting from doing contracting, which has become very structured, to grants, which are unstructured. We now spend $650 billion a year just on grants, which have very little oversight. “Just this year, there’s a half-trillion dollars in overspending,” he emphasized. “The budget process itself is a very broken process,” he continued, noting that 75 percent of all federal spending is on “automatic pilot”. “The post-Watergate budget process was created to try and make it a more transparent process. But what it actually created was a process so complicated, it’s only worked four times since 1974. So we have to fix the process as well or this doesn’t get better,” Lankford told CNSNews.

MORE

 

[Uncensored2008]

DEBT CREATES MORE DEBT
if you don’t have a job and no cash coming in.
President Clinton gave Dead Beat Bush the country's check book with a balance of $127 billion.

(Bush pushed through tax cuts totaling $1.85 trillion and raised government spending 23 percent in his first four years in office to $2.29 trillion.)
And Bush took it and spent it and then wrote checks for two wars and a Medicare prescription drug program that he did not have cash to cover. Then on top of that he gave jobs away to other countries and gave blank checks he did not have cash to cover to his bed buddies that did not repay the money. Then at the end of his 8 years of handling the countries check book he handed it over to Obama with $10.7 trillion in overdrawn checks and disappeared.

(When Obama took office, the debt stood at 10.7 trillion dollars. Its 14.3. trillion as we speak, and it has to go higher to keep the country from collapsing.)
If we had taken the check book away from Bush we would not be in debt today. What happens when you have a credit card and don’t have a job, you keep asking for a higher credit limit and running the debt up even further. And what happen when you give a check book to someone who cannot balance a check book.

So Obama took the check book and tried to balance it by collecting the cash that Bush gave his bed buddies for bush’s bed buddies and create jobs but the tea baggers blocked everything he tried to do to balance the country’s check book.

You cannot balance the countries check book by taking away food and air from the county’s weakest citizens. You need hard cash.

Drunk again, huh?

All we are saying, is give sobriety a chance...

 

[ScienceRocks]

The only way we can fix our debt problems without doing super amounts of damage to our leadership.
1. Fix our healthcare system. It would be wise to go over to single payer.
2. Stop going to wars and building up other nations.

 

[EdwardBaiamonte]

.
1. Fix our healthcare system. It would be wise to go over to single payer.
.

wrong of course. USSR and Red China tried single payer communism in all industries and had about 20% of our standard of living. Do you know about these countries?

 

[waltky]

China 2nd biggest holder of US debt...

Only Federal Reserve Owns More U.S. Federal Debt ($2.5T) Than China ($1.2T)
November 8, 2017 | Only the Federal Reserve owns more U.S. federal government debt than entities in the People’s Republic of China, according to the latest data released by the Treasury and the Federal Reserve.

As of the end of August, according to the Treasury, entities in Mainland China owned $1,200,500,000,000 in U.S. Treasury securities. The only other nation that came close to that was Japan. Entities located there owned $1,101,700,000,000 in U.S. Treasury securities as of the end of August. Ireland was a distant third, with entities there owning $307,200,000,000 in U.S. Treasury securities. But the Federal Reserve here in the United States owned far more in U.S. government debt than entities located in any foreign land. As of August 31, the same date applicable to the foreign holdings cited above, the Federal Reserve owned $2,465,300,000,000 in U.S. Treasury securities, according to its weekly statistical release. As of Nov. 2, the Federal Reserve owned $2,459,827,000,000 in U.S. Treasury securities. As of Aug. 31, according to the Treasury, the total federal debt was $19,844,533,441,929. That included $14,381,561,995,497 in debt held by the public and $5,462,971,446,437 in “intragovernmental debt” (which is money the Treasury has borrowed and spent out of government trust funds such as the Social Security trust funds).

The $1,200,500,000,000 in federal debt held by entities in Mainland China equals approximately 8.3 percent of the total U.S. debt held by the public. The $1,101,700,000,000 in federal debt held by entities in Japan equals approximately 7.7 percent of the total U.S. debt held by the public. The $2,459,827,000,000 in federal debt held by the Federal Reserve equals approximately 17.1 percent of the total U.S. debt held by the public. The combined $4,762,027,000,000 in U.S. federal government debt that is held by the Federal Reserve, the Chinese, and the Japanese equals approximately 33.1 percent of the total U.S. debt held by the public. Chinese and Japanese accumulation of U.S. federal government debt has tailed off in recent years. China’s ownership of U.S. government debt peaked at $1,316,700,000,000 in November 2013. Japan’s peaked at $1,241,500,000,000 in November 2014. Even as Chinese and Japanese holdings U.S. government debt have tailed off, the U.S. government has continued increasing its debt held by the public. At the end of November 2013, when China’s ownership of U.S. debt peaked at $1,316,700,000,000, the U.S. debt held by the public was $12,281,126,257,987. At the close of business on Nov. 7, according to the Treasury, it was $14,823,047,871,224—or $2,541,921,613,237 more than when Chinese ownership of the U.S. debt hit its peak. Purchases by the Federal Reserve picked up for some (about 11.65 percent) of that slack. Its holdings of Treasury securities increased by $296,161,000,000 between November 2013 and now (rising from $2,163,666,000,000 to $2,459,827,000,000).

The U.S.-China Economic and Security Review Commission, which was created by Congress “to monitor, investigate, and submit to Congress an annual report on the national security implications of the bilateral trade and economic relationship between the United States and the People’s Republic of China” issued a report in May on "U.S. Financial Exposure to China." “The United States’ greatest direct financial exposure to China is through China’s holdings of U.S. government securities,” said that report. “China has the largest foreign exchange reserves in the world. Although China does not disclose the composition of its foreign exchange reserves, economists estimate roughly two-thirds of the country’s foreign exchange holdings are held in dollar-denominated financial assets. China maintains significant holdings of U.S. financial assets largely to manage the exchange rate of the RMB.” “U.S. Treasury securities make up the largest category of China’s holdings of U.S. securities,” the report said. “Some U.S. policymakers and analysts have expressed concerns about China’s large holdings of U.S. Treasury securities,” it said. “They argue that a large selloff of U.S. securities could significantly influence Treasury yields.”

“A 2013 Congressional Research Service report,” it said, “argued that the effects on the U.S. economy from a large reduction in China’s holdings of U.S. securities would depend on whether the reduction was sudden or gradual: ‘A potentially serious short-term problem would emerge if China decided to suddenly reduce their liquid U.S. financial assets significantly.... The initial effect could be a sudden and large depreciation in the value of the dollar… and a sudden and large increase in U.S. interest rates ... The dollar depreciation by itself would not cause a recession since it would ultimately lead to a trade surplus (or smaller deficit), which expands aggregate demand.... However, a sudden increase in interest rates could swamp the trade effects and cause (or worsen) a recession. Large increases in interest rates could cause problems for the U.S. economy, as these increases reduce the market value of debt securities, causing the prices on the stock market to fall, undermining efficient financial intermediation, and jeopardizing the solvency of various debtors and creditors. Resources may not be able to shift quickly enough from interest-sensitive sectors to export sectors to make this transition fluid.’”

Only Federal Reserve Owns More U.S. Federal Debt ($2.5T) Than China ($1.2T)