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"That figure would equal 90 percent of the estimated gross domestic product in 2020, up from 40 percent at the end of fiscal 2008. By comparison,America's debt-to-GDP ratio peaked at 109 percent at the end of World War II"
This is from the article
And yet, even when faced with facts, there will be those that defend this administration!
What is wrong with you guys. Obama is working with what he was given. Two wars - three trillion, a drug bill from 2003 that's anywhere from 2 to 15 trillion. It's astounding how you blame Republican mess on him.
The GDP of the US is 14.5 trillion. The GDP of the European Union is over 18 trillion. We could start with pulling our troops and bringing them home. We could rebuild America's crumbling infrastructure.
What are Republican ideas? None. Look at their own party finances. 22 million, then they get 96 million in donations, and they end up with less than 10 million. Yea, so "fiscal".
This President has spent more in one single year than any other President in U.S. history & on WHAT? 787 billion so-called stimulus bill that has failed MISERABLY. Then the next week while he was stating that we were in the greatest economic crisis since the great depression he signed off on another 450 BILLION for 9000 EARMARKS and political goodies.
This President is the most "fiscally" irresponsible empty suit ever.
View attachment 9866
What do conservatives want? To STOP this insanity.
What interest rate are we currently paying?
I bet its much less than the rate we paid when Ronald Reagan ran up the debt
It's low - but heading higher. The recent Treasury Auction pushed close to 4%.
The estimates of $700B to $900B of annual interest payments are very reasonable (a big increase from the $260B or so we paid in 2008).
Who thinks that in 2020 we'll still be operating under Obama's budgets?
Boe....how does what we owe social security debt fit in to this picture?
since we are NOW having to cash in what was loaned, so to pay for the above expectations of seniors having to retire, coupled with also pulling in less in SS taxes due to more unemployed or retired?
Is what we have to pay back to SS, in that figure of annual interest payments or $700-900 billion? Will drawing on SS verses surplus of SS make those figures higher or do you think SS shortages are included somehow, and my concerns of a 1 trillion dollar or a 1.2 trillion annual interest payment as the possible outcome?
Who thinks that in 2020 we'll still be operating under Obama's budgets?
And most of the world had been devastated by world war, had no production capacity, and owed teh USA huge amounts of money."That figure would equal 90 percent of the estimated gross domestic product in 2020, up from 40 percent at the end of fiscal 2008. By comparison,America's debt-to-GDP ratio peaked at 109 percent at the end of World War II"
This is from the article
Boe....how does what we owe social security debt fit in to this picture?
since we are NOW having to cash in what was loaned, so to pay for the above expectations of seniors having to retire, coupled with also pulling in less in SS taxes due to more unemployed or retired?
Is what we have to pay back to SS, in that figure of annual interest payments or $700-900 billion? Will drawing on SS verses surplus of SS make those figures higher or do you think SS shortages are included somehow, and my concerns of a 1 trillion dollar or a 1.2 trillion annual interest payment as the possible outcome?
The SS lock box is stuffed with IOUs that have to be repaid. As long as there is a surplus, those IOUs can be held. But once we need that money to cover current retirees, it has to be redeemed.
Given that this money has already been spent, there are two alternatives: Raise Taxes or Borrow More Money. The latter involves taking these IOUs Treasuries and selling them in the external market, which requires real interest payments to third parties. As such parties are concerned about the U.S.'s growing debt burden, they are demanding a bigger risk premium in the interest rate.
The increase in total annual interest, to my understanding, is the cash interest to be paid out externally. It is based on the huge increases in deficit spending in the current administration's budget, as well as the increased interest rate on the recycling of outstanding debt. As this is cash related, I don't think it covers the IOUs in the lockbox. (If someone else has different info, I'd appreciate seeing it - as well as a source link.)
Your concerns that annual interest will exceed $1B are Very Valid. The Obama forecasts assume incredibly optimistic GDP growth (which is why the CBO predicts worse deficits, it lowered those estimates). A decade of total deficit spending each year combined with cumulative debt and higher interest rates makes $1B the likely scenario.
Boe....how does what we owe social security debt fit in to this picture?
since we are NOW having to cash in what was loaned, so to pay for the above expectations of seniors having to retire, coupled with also pulling in less in SS taxes due to more unemployed or retired?
Is what we have to pay back to SS, in that figure of annual interest payments or $700-900 billion? Will drawing on SS verses surplus of SS make those figures higher or do you think SS shortages are included somehow, and my concerns of a 1 trillion dollar or a 1.2 trillion annual interest payment as the possible outcome?
The SS lock box is stuffed with IOUs that have to be repaid. As long as there is a surplus, those IOUs can be held. But once we need that money to cover current retirees, it has to be redeemed.
Given that this money has already been spent, there are two alternatives: Raise Taxes or Borrow More Money. The latter involves taking these IOUs Treasuries and selling them in the external market, which requires real interest payments to third parties. As such parties are concerned about the U.S.'s growing debt burden, they are demanding a bigger risk premium in the interest rate.
The increase in total annual interest, to my understanding, is the cash interest to be paid out externally. It is based on the huge increases in deficit spending in the current administration's budget, as well as the increased interest rate on the recycling of outstanding debt. As this is cash related, I don't think it covers the IOUs in the lockbox. (If someone else has different info, I'd appreciate seeing it - as well as a source link.)
Your concerns that annual interest will exceed $1B are Very Valid. The Obama forecasts assume incredibly optimistic GDP growth (which is why the CBO predicts worse deficits, it lowered those estimates). A decade of total deficit spending each year combined with cumulative debt and higher interest rates makes $1B the likely scenario.
If our economy can only turn around, we would have less seniors retiring and with jobs paying in to SS instead of drawing SS at 62...
we lost 9 years of projected SS surpluses and are DRAWING on what was loaned this past year....a shortage that was not suppose to occur until 2018 on their last projection, all due to the crash/economy....and if the trend continues with 62 year olds retiring verses staying in the workplace, this is only going to make this worse.
Where we differ, is that I can not soundly blame Obama and Obama solely for all of this, or even for the majority of this....the recession began in 2007 and even if mccain were in his position, it still would be a Presidency facing huge deficits, as far as the eye can see, with or without health care reformif the republicans had won and there was a president Mccain, I'd bet my bottom dollar the public would still lack confidence and be down and out.... and the crash and the consequences of such...all would still be there to deal with....
This is one of the HARDEST presidencies ANY of our Presidents have ever had to face, from day one of the job....it ain't a picnic, that's for certain!
If our economy can only turn around, we would have less seniors retiring and with jobs paying in to SS instead of drawing SS at 62...
we lost 9 years of projected SS surpluses and are DRAWING on what was loaned this past year....a shortage that was not suppose to occur until 2018 on their last projection, all due to the crash/economy....and if the trend continues with 62 year olds retiring verses staying in the workplace, this is only going to make this worse.
Where we differ, is that I can not soundly blame Obama and Obama solely for all of this, or even for the majority of this....the recession began in 2007 and even if mccain were in his position, it still would be a Presidency facing huge deficits, as far as the eye can see, with or without health care reformif the republicans had won and there was a president Mccain, I'd bet my bottom dollar the public would still lack confidence and be down and out.... and the crash and the consequences of such...all would still be there to deal with....
This is one of the HARDEST presidencies ANY of our Presidents have ever had to face, from day one of the job....it ain't a picnic, that's for certain!
The SS lock box is stuffed with IOUs that have to be repaid. As long as there is a surplus, those IOUs can be held. But once we need that money to cover current retirees, it has to be redeemed.
Given that this money has already been spent, there are two alternatives: Raise Taxes or Borrow More Money. The latter involves taking these IOUs Treasuries and selling them in the external market, which requires real interest payments to third parties. As such parties are concerned about the U.S.'s growing debt burden, they are demanding a bigger risk premium in the interest rate.
The increase in total annual interest, to my understanding, is the cash interest to be paid out externally. It is based on the huge increases in deficit spending in the current administration's budget, as well as the increased interest rate on the recycling of outstanding debt. As this is cash related, I don't think it covers the IOUs in the lockbox. (If someone else has different info, I'd appreciate seeing it - as well as a source link.)
Your concerns that annual interest will exceed $1B are Very Valid. The Obama forecasts assume incredibly optimistic GDP growth (which is why the CBO predicts worse deficits, it lowered those estimates). A decade of total deficit spending each year combined with cumulative debt and higher interest rates makes $1B the likely scenario.
If our economy can only turn around, we would have less seniors retiring and with jobs paying in to SS instead of drawing SS at 62...
we lost 9 years of projected SS surpluses and are DRAWING on what was loaned this past year....a shortage that was not suppose to occur until 2018 on their last projection, all due to the crash/economy....and if the trend continues with 62 year olds retiring verses staying in the workplace, this is only going to make this worse.
Where we differ, is that I can not soundly blame Obama and Obama solely for all of this, or even for the majority of this....the recession began in 2007 and even if mccain were in his position, it still would be a Presidency facing huge deficits, as far as the eye can see, with or without health care reformif the republicans had won and there was a president Mccain, I'd bet my bottom dollar the public would still lack confidence and be down and out.... and the crash and the consequences of such...all would still be there to deal with....
This is one of the HARDEST presidencies ANY of our Presidents have ever had to face, from day one of the job....it ain't a picnic, that's for certain!
Every presidency is difficult, since George Washington's time. Only the difficulties differ. The question we must ask ourselves is whether or not the administration is making things better or worse. IMO growing the deficit, already out of control, is an abuse of future generations. Because of this and the past administrations, the chance of the economy 'coming around' as we've known it is basically wishful thinking.
This President has spent more in one single year than any other President in U.S. history & on WHAT? 787 billion so-called stimulus bill that has failed MISERABLY. Then the next week while he was stating that we were in the greatest economic crisis since the great depression he signed off on another 450 BILLION for 9000 EARMARKS and political goodies.
This President is the most "fiscally" irresponsible empty suit ever.
View attachment 9866
What do conservatives want? To STOP this insanity.
