Debt to Rise to 90% of GDP

[jreeves]

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".

Did you look at the CBO's numbers for the year 2020....you want to blame that on the last administration, also? Unbelievable

By the way....are those numbers you threw out the RNC's money...or are they tax dollars? hmmmm?

Place the blame on the last administration? Hell yea. They conveniently left off two wars costing three trillion off of the Federal Budget. They cut taxes to the tune of 2.5 trillion "DURING A TIME OF WAR". That was nearly the cost of the war right there. Then all the no bid contracts given to Bush and Cheney cronies. Who ever heard of "Blackwater". Suddenly that company is worth a billion dollars????????? How can that be?

And the drug bill the Republicans passed through reconciliation in 2003. 1.2 to 15 trillion? Even the CBO hasn't figured that one out.

And the first stimulus package by Bush at nearly a trillion.

A crumbling world economy.

Wall Street running amok.

AND YOU GUYS HAVE THE NERVE AND THE SHEAR UNMITIGATED GALL TO BLAME THIS ON OBAMA???????????????

Shame on you. Shame, shame.


And then look at the Republicans. Their party had 22 million, they raised 96 million and have less than 10 million. If they can't handle their own finances, why would they know how to handle the nations? After 8 years of Bush and Republican fiasco, the answer is "they can't".

It's not rocket science. The answer is clear, unadorned and plain.

http://costofwar.com/:cuckoo:

 

[eagleseven]

I certain don't believe Japan is in really great financial shape put they certainly aren't gong bankrupt. Japan's huge ratio of debt to GDP is 190%. The GDP growth rate reported for Japan by the BBC is 3.7% slightly better than US. Looking at just Japan it is hard to draw the conclusion that a 90% ratio is going to bankrupt us.

FYI Canda's rate is about the same as ours. There are a number countries with rates higher than 9O%. BTW The 90% is based on an estimate of GDP growth and a guess at what debt level will be in 2020.

Why not talk about Japan's lost decades because of their bad economy and debt?
Our debt can hurt our credit rating, and that can cause us to pay higher interest rates on money borrowed. Which will increase our debt significantly. There are a lot of countries that have a lot higher debt level, and they aren't doing very well either, what's your point?
If you look at the CBO's track record for forcasting...it's not in our favor and usually costs a heck of a lot more, Flopper.

Please don't forget the United States ripple effect on the world.
When we sneeze, the world catches a cold. Do you wanna chance it?

Or when our financial sector freezes up, the world spirals into depression and collapse.

 

[jreeves]

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".

Did you look at the CBO's numbers for the year 2020....you want to blame that on the last administration, also? Unbelievable

By the way....are those numbers you threw out the RNC's money...or are they tax dollars? hmmmm?

Place the blame on the last administration? Hell yea. They conveniently left off two wars costing three trillion off of the Federal Budget. They cut taxes to the tune of 2.5 trillion "DURING A TIME OF WAR". That was nearly the cost of the war right there. Then all the no bid contracts given to Bush and Cheney cronies. Who ever heard of "Blackwater". Suddenly that company is worth a billion dollars????????? How can that be?

And the drug bill the Republicans passed through reconciliation in 2003. 1.2 to 15 trillion? Even the CBO hasn't figured that one out.

And the first stimulus package by Bush at nearly a trillion.

A crumbling world economy.

Wall Street running amok.

AND YOU GUYS HAVE THE NERVE AND THE SHEAR UNMITIGATED GALL TO BLAME THIS ON OBAMA???????????????

Shame on you. Shame, shame.


And then look at the Republicans. Their party had 22 million, they raised 96 million and have less than 10 million. If they can't handle their own finances, why would they know how to handle the nations? After 8 years of Bush and Republican fiasco, the answer is "they can't".

It's not rocket science. The answer is clear, unadorned and plain.

The Top 10 Myths About the Bush Tax Cuts, Page 2 of 3 - Associated Content - associatedcontent.com
Myth Number 6: Raising tax rates is the best way to raise revenue.

Fact: Tax revenues correlate with economic growth, not tax rates. Since 1952, the highest marginal income tax rate has dropped from 92% to 35%, and tax revenues have grown in inflation-adjusted terms while remaining constant as a percent of GDP.

 

[jreeves]

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".

Did you look at the CBO's numbers for the year 2020....you want to blame that on the last administration, also? Unbelievable

By the way....are those numbers you threw out the RNC's money...or are they tax dollars? hmmmm?

Place the blame on the last administration? Hell yea. They conveniently left off two wars costing three trillion off of the Federal Budget. They cut taxes to the tune of 2.5 trillion "DURING A TIME OF WAR". That was nearly the cost of the war right there. Then all the no bid contracts given to Bush and Cheney cronies. Who ever heard of "Blackwater". Suddenly that company is worth a billion dollars????????? How can that be?

And the drug bill the Republicans passed through reconciliation in 2003. 1.2 to 15 trillion? Even the CBO hasn't figured that one out.

And the first stimulus package by Bush at nearly a trillion.

A crumbling world economy.

Wall Street running amok.

AND YOU GUYS HAVE THE NERVE AND THE SHEAR UNMITIGATED GALL TO BLAME THIS ON OBAMA???????????????

Shame on you. Shame, shame.


And then look at the Republicans. Their party had 22 million, they raised 96 million and have less than 10 million. If they can't handle their own finances, why would they know how to handle the nations? After 8 years of Bush and Republican fiasco, the answer is "they can't".

It's not rocket science. The answer is clear, unadorned and plain.

CNN.com - Senate passes Medicare bill - Nov. 25, 2003
The 54 to 44 vote was not along party lines -- 11 Democrats voted in favor and nine Republicans voted no.


The Medicare Act of 2003 was not passed by reconciliation...

Health Reform's Next Step: 23rd Use of Reconciliation? | PBS NewsHour | Feb. 26, 2010 | PBS
Here is a look at reconciliation's relatively brief, but controversial history:

Dec. 5, 1980 | Though reconciliation was established during the Ford administration as a means to keep spending in check, it went unused until the final days of the Carter presidency. As one of his last acts in office, President Jimmy Carter signed the Omnibus Reconciliation Act of 1980, designed to slim the budget deficit through revisions to a range of entitlement programs.

Aug. 13, 1981 | The Omnibus Reconciliation Act of 1981, passed by a Republican Senate, cut $130 billion from several discretionary programs, including welfare and food stamps.

Sept. 3, 1982 | A Republican Senate approves the Tax Equity and Fiscal Responsibility Act of 1982, which first opened Medicare to HMOs.

Sept. 8, 1982 | For the second time in less than a week, Congress uses reconciliation to pass a $13 billion bill amending the food stamp program, the federal employee pay program and farm subsidies.

April 18, 1984 | The Omnibus Reconciliation Act of 1983, approved by a Republican Senate, was a deficit-reduction measure that made changes to the annual cost-of-living adjustments to the retirement accounts of federal employees.

April 7, 1986 | A Republican Senate passes the Consolidated Omnibus Budget Reconciliation Act of 1985, otherwise known as COBRA. The act allows laid-off workers to keep their health care coverage.

Oct. 21, 1986 | The Omnibus Budget Reconciliation Act of 1986 cuts $17 billion from the nation's deficit through changes to Medicare and the sale of the government's stake in the Consolidated Rail Corp.

Dec. 22, 1987 | Democrats, back in control of the Senate, pass the Omnibus Budget Reconciliation Act of 1987 establishing federal standards for nursing homes under Medicare. The measure also expands Medicaid eligibility.

Dec. 19, 1989 | Democrats approve the Omnibus Budget Reconciliation Act of 1989, stripping $39 billion from the deficit while overhauling doctor payments for Medicare.

Nov. 5, 1990 | President George H.W. Bush signs a Democratic measure, the Omnibus Budget Reconciliation Act of 1990; In addition to establishing pay-as-you-go rules for federal spending, the bill also implemented tax increases and added cancer screenings to Medicare.

Aug. 10, 1993 | Democrats, in control of Congress and the White House, pass the Omnibus Reconciliation Act of 1993. It cuts $504.8 billion from the budget while creating new tax rates for businesses and individuals and also establishing federal vaccine funding for children.

Dec. 6, 1995 | Republicans, back in control of Congress, pass the Balanced Budget Act of 1995 through reconciliation. President Clinton vetoes the measure.

Aug. 22, 1996 | President Clinton's welfare reform bill is passed by a Republican-controlled Congress through reconciliation. The bill separates Medicaid from welfare for the first time.

Aug. 5, 1997 | Republicans use reconciliation to pass President Clinton's Balanced Budget Act of 1997. Besides setting the U.S. on the path to a balanced budget, the bill created the Children's Health Insurance Program. The same day, a tax-cutting measure is also passed through reconciliation.

Sept. 23, 1999 | President Clinton vetoes Republicans' Taxpayer Refund and Relief Act of 1999.

Aug. 5, 2000 | Republicans in Congress pass the Marriage Tax Relief Reconciliation Act of 2000, which President Clinton vetoes.

June 7, 2001 | A day after his party loses control of the Senate, President George W. Bush signs the Economic Growth and Tax Relief Reconciliation Act of 2001, his first major tax cut.

May 28, 2003 | President Bush, with Republicans back in control of Congress, signs the Jobs and Growth Tax Relief Act of 2003, his second round of tax cuts.

Feb. 8, 2006 | After Republicans use reconciliation for the third time in his presidency, President Bush signs the Deficit Reduction Act of 2005; the bill cuts spending on Medicare and Medicaid.

May 17, 2006 | President Bush signs an extension of his earlier tax cuts approved by a Republican Congress in the Tax Increase Prevention and Reconciliation Act of 2005.

Sept. 27, 2007 | Democrats, in control of Congress once again, use reconciliation to pass the College Cost Reduction and Access Act of 2007. President Bush signs the $20 billion reform of student aid.


You are either severely misinformed or you're an outright liar.....which is it?

 

[PatekPhilippe]

This is going to come as surprise to you, TDM, this will separate an open mind, to a closed mind such as yourself.
Conservatives knew that Bush spent too much, that's why the republicans took a beating in the last election. Conservatives can critique the last administration fairly, while you cannot be that honest with the current one. When is the spending going to stop?

Conservatives may had expelled some hot air criticizing the Bush administration for spending, but they did not complain at the voting booth due to that issue.

They seemed perfectly fine with all that spending in fact, when it counted.

The reasons why Republicans got whupped in 2006 were the Iraq War and the fact that their representatives couldn't keep away from male interns.

The reason why they got whupped in 2008 was the Iraq War and the fact that they let the economy completely collapse on their watch.

Yes, Bush had a majority in Congress, and the Senate....but there was no super majority...not even close. The democrats were all for spending, also. His spending and war efforts couldn't have been passed without the help of the democrats. Now look where we stand.

The Republicans used reconciliation multiple times to pass tax cuts and spending increases.

Republicans only care about spending too much when they're not in charge. After all, when they're not in charge money is not being spent on the things THEY want to use it for.

You fucking dumb ass...if your going to attribute quotes to people who never made them then you should be banned.

 

[PatekPhilippe]

i was just a tyke, but i thought the republicans snatched the senate.

now as to my point, who wrote the roth-kemp? who signed it?

Who passed it in the House?

are you crazy, hackster? republicans were probably unanimous. i think jack kemp was a congressman.

you are the posterchild of republican, hackjob, goalpost shiftin delusion, captain. lemme understand you right on this... so, democrats are the conservatives?

another retarded liberal who refuses to understand that back in the 80's BOTH party's WORKED TOGETHER...but since you were just a fricken zygote back then...you wouldn't know facts like that.....and you are quite the idiot if you derived that Democrats are conservative out of that reply....you fantasyland dupes sure know how to make shit up.....an what a fucking crybaby you are...
"WWWWWWAAAAAAAAAAAHHHHHHHHHHHH!!!!!!!!!!!!! I want the rich taxed at 70% so I can sit on my fat, 100 twinkie eating ass and get free shit from the government."
Get a job you lazy turd! Start making a contribution to society instead of being a goddam parasite.

 

[Meister]

This is going to come as surprise to you, TDM, this will separate an open mind, to a closed mind such as yourself.
Conservatives knew that Bush spent too much, that's why the republicans took a beating in the last election. Conservatives can critique the last administration fairly, while you cannot be that honest with the current one. When is the spending going to stop?

Conservatives may had expelled some hot air criticizing the Bush administration for spending, but they did not complain at the voting booth due to that issue.

They seemed perfectly fine with all that spending in fact, when it counted.

The reasons why Republicans got whupped in 2006 were the Iraq War and the fact that their representatives couldn't keep away from male interns.

The reason why they got whupped in 2008 was the Iraq War and the fact that they let the economy completely collapse on their watch.

Yes, Bush had a majority in Congress, and the Senate....but there was no super majority...not even close. The democrats were all for spending, also. His spending and war efforts couldn't have been passed without the help of the democrats. Now look where we stand.

The Republicans used reconciliation multiple times to pass tax cuts and spending increases.

Republicans only care about spending too much when they're not in charge. After all, when they're not in charge money is not being spent on the things THEY want to use it for.

Conservatives had no choice on who to vote for in the booths. You guys put up Gore, and Kerry....that was a no brainer for conservatives, Vast.
You are projecting on something you know nothing about as far as conservatives being fine with bush's spending. They weren't fine with it and were complaining about it. They wanted less taxes, less spending and smaller government. The democrats offered nothing to the contrary, Vast.
The reason they republicans got beat in 2006 was that there was too much spending, and the Iraq war, and the main stream media. No doubt about that.
The old republicans didn't care about spending, Vast....we will se about the next generation of republicans. That is one of the reasons why they got their butts kicked in this last election, along with the economy....and again main stream media.

But that doesn't give a Carte Blanche to this administration to go over the top with spending, but it's good for the dems...just like it was good for the republicans....and we both know what happened to the republicans, huh? stay tuned.....

 

[PatekPhilippe]

i was just a tyke, but i thought the republicans snatched the senate.

now as to my point, who wrote the roth-kemp? who signed it?

Who passed it in the House?

are you crazy, hackster? republicans were probably unanimous. i think jack kemp was a congressman.

you are the posterchild of republican, hackjob, goalpost shiftin delusion, captain. lemme understand you right on this... so, democrats are the conservatives?

and since you refuse to admit that Republicans DID NOT control the House...I'll say it now....

 

[elvis]

Who passed it in the House?

are you crazy, hackster? republicans were probably unanimous. i think jack kemp was a congressman.

you are the posterchild of republican, hackjob, goalpost shiftin delusion, captain. lemme understand you right on this... so, democrats are the conservatives?

and since you refuse to admit that Republicans DID NOT control the House...I'll say it now....

Eat a shit sandwich pal.

when did that guy from vermont turn independent and give the senate to the dems? 2001?

 

[PatekPhilippe]

are you crazy, hackster? republicans were probably unanimous. i think jack kemp was a congressman.

you are the posterchild of republican, hackjob, goalpost shiftin delusion, captain. lemme understand you right on this... so, democrats are the conservatives?

and since you refuse to admit that Republicans DID NOT control the House...I'll say it now....

Eat a shit sandwich pal.

when did that guy from vermont turn independent and give the senate to the dems? 2001?

I think it was in 2002....right before the Democrats passed the Patriot Act and the Iraq War Resolution without any debate.

 

[antagon]

Who passed it in the House?

are you crazy, hackster? republicans were probably unanimous. i think jack kemp was a congressman.

you are the posterchild of republican, hackjob, goalpost shiftin delusion, captain. lemme understand you right on this... so, democrats are the conservatives?

another retarded liberal who refuses to understand that back in the 80's BOTH party's WORKED TOGETHER...but since you were just a fricken zygote back then...you wouldn't know facts like that.....and you are quite the idiot if you derived that Democrats are conservative out of that reply....you fantasyland dupes sure know how to make shit up.....an what a fucking crybaby you are...
"WWWWWWAAAAAAAAAAAHHHHHHHHHHHH!!!!!!!!!!!!! I want the rich taxed at 70% so I can sit on my fat, 100 twinkie eating ass and get free shit from the government."
Get a job you lazy turd! Start making a contribution to society instead of being a goddam parasite.

look, crackhead, you're the guy who's trying to make it out that the democrats in congress didn't fight and whittle down the roth-kemp. in your view, its the democrats who should take credit for the biggest tax cut of all american history. what a buffoon.

despite being 3 or 4 years old, im aware that reagan and the republicans won the '80 presidential and senate majorities on the basis of lower taxes and freer markets, then wrote and passed the act through/despite democrat's dissent, compromising significantly on rates of tax, etc. after the economy improved, republicans revisited the tax issue with even more mandate to cut.

your bullshit that the 80s was some rosy time of bipartisan camaraderie is only evidence that the crack you toke is tainted, and you've been at it for 30+ years.

ultimately, without returning to 40-50% tax rates and putting social security to pasture, we're not attempting to reduce the debt in any serious way, and still playing reaganomics, no matter which party is in control.

i just did my taxes, man, i'll trade you.

 

[ba1614]

I just read through nearly all of this thread. Does anyone on either side even realize what's going on here? DEMS are bad, they spend more, it's their fault. REPS are bad, they spend more, it's their fault.

IT'S GOVERNMENT --- BOTH PARTIES -- THEY SUCK -- THEY ARE SPENDING US INTO OBLIVION -- AND WE ARE PAYING THE PRICE. THEY WILL STILL HAVE THEIR CUSHY EVERYTHING WHILE WE HAVE SQUAT.

Stop the blame game because BOTH SIDES SUCK.

Cripes.

That's all there is to it, and most of us are to blinded by partisan politics to acknowledge, or see, it.They have to keep us divided and arguing so they can maintain their cushy elite status/jobs. Imagine the power we'd yield if WE the people came together as one and demanded better.