How Does This Deficit/Interest Thing Work

[Cammmpbell]

Federal Budget Spending, Deficits, the National Debt, and Social Security

"Suppose you spend more money this month than your income. This situation is called a "budget deficit". So you borrow (ie; use your credit card). The amount you borrowed (and now owe) is called your debt. You have to pay interest on your debt. If next month you spend more than your income, another deficit, you must borrow some more, and you'll still have to pay the interest on your debt (now larger). If you have a deficit every month, you keep borrowing and your debt grows. Soon the interest payment on your loan is bigger than any other item in your budget. Eventually, all you can do is pay the interest payment, and you don't have any money left over for anything else. This situation is known as bankruptcy".

Reagan and Bush 41 quadrupled the national debt after cutting rates for their "good buddies."

Clinton raised those taxes, balanced the budget and actually ran surpluses with the entire debt on course to be paid off by this year.

George Bush cut taxes(twice), ran two wars off budget and doubled the national debt again. When Obama came in the interest on the Reagan/Bushes debt was nearly half a trillion dollars a year. Right now the Republicans are fighting any effort to take the rates back to the same they were during the Clinton years. You would think they might catch on!

...................................Annual Interest/National Debt..................................

 

[SniperFire]

Put Democrats in charge of the Nation's checkbook, and look what happens:


Democrats took the GOP’s last deficit of $162 Billion and ran it up to $1.4 TRILLION

9 TIMES the amount of the last GOP deficit

Republicans control Congress
2000 290 Billion SURPLUS
2001 127 Billion SURPLUS
2002 157 Billion
2003 374 Billion
2004 413 Billion
2005 319 Billion
2006 248 Billion
2007 162 Billion
Democrats control Congress as of Jan 2007
2008 455 Billion
2009 1,4 TRILLION
2010 1.3 TRILLION
2011 1.3 TRILLION
2012 1.1 TRILLION

The nonpartisan Congressional Budget Office offers a prognosis: "Under the president's budget, debt held by the public would grow from $7.5 trillion (53 percent of GDP) at the end of 2009 to $20.3 trillion (90 percent of GDP) at the end of 2020." Interest payments would quadruple.'

http://www.chicagotribune.com/news/opinion/edito rials/ct-edit-buffett-20100329,0,7563220.story

 

[zeke]

Just about makes your head explode eh Snippy? To bad it doesn't.

You know snippy, this shit has been explained to you time after time. And you just don't get it.
You stupid or something? Purposely obtuse or what? Willfully ignorant? Take your pick. All the above.

 

[beretta304]

The Myth of the Clinton Surplus

The Myth of the Clinton Surplus

The Problem With the Clinton Budget Surpluses

http://news.firedoglake.com/2012/09/05/the-problem-with-the-clinton-budget-surpluses/

Clinton’s Surpluses Were Due to the Stock Bubble

http://my.firedoglake.com/deanbaker/2012/09/09/clintons-surpluses-were-due-to-the-stock-bubble/

Clinton Budget Surpluses: The Truth Behind the Liberal Hype

http://apapromotions.com/commonsens...-surpluses-the-truth-behind-the-liberal-hype/


DID CLINTON RUN A SURPLUS? NOT EXACTLY


http://www.ruthfullyyours.com/2012/01/09/roger-kimball-did-clinton-run-a-surplus-not-exactly/

 

[CrusaderFrank]

Federal Budget Spending, Deficits, the National Debt, and Social Security

"Suppose you spend more money this month than your income. This situation is called a "budget deficit". So you borrow (ie; use your credit card). The amount you borrowed (and now owe) is called your debt. You have to pay interest on your debt. If next month you spend more than your income, another deficit, you must borrow some more, and you'll still have to pay the interest on your debt (now larger). If you have a deficit every month, you keep borrowing and your debt grows. Soon the interest payment on your loan is bigger than any other item in your budget. Eventually, all you can do is pay the interest payment, and you don't have any money left over for anything else. This situation is known as bankruptcy".

Reagan and Bush 41 quadrupled the national debt after cutting rates for their "good buddies."

Clinton raised those taxes, balanced the budget and actually ran surpluses with the entire debt on course to be paid off by this year.

George Bush cut taxes(twice), ran two wars off budget and doubled the national debt again. When Obama came in the interest on the Reagan/Bushes debt was nearly half a trillion dollars a year. Right now the Republicans are fighting any effort to take the rates back to the same they were during the Clinton years. You would think they might catch on!

...................................Annual Interest/National Debt..................................

One Obama Deficit > Any Reagan Budget

One Obama Deficit > All Reagan Deficits

You were saying?

 

[Cammmpbell]

Put Democrats in charge of the Nation's checkbook, and look what happens:


Democrats took the GOP’s last deficit of $162 Billion and ran it up to $1.4 TRILLION

9 TIMES the amount of the last GOP deficit

Republicans control Congress
2000 290 Billion SURPLUS
2001 127 Billion SURPLUS
2002 157 Billion
2003 374 Billion
2004 413 Billion
2005 319 Billion
2006 248 Billion
2007 162 Billion
Democrats control Congress as of Jan 2007
2008 455 Billion
2009 1,4 TRILLION
2010 1.3 TRILLION
2011 1.3 TRILLION
2012 1.1 TRILLION

The nonpartisan Congressional Budget Office offers a prognosis: "Under the president's budget, debt held by the public would grow from $7.5 trillion (53 percent of GDP) at the end of 2009 to $20.3 trillion (90 percent of GDP) at the end of 2020." Interest payments would quadruple.'

http://www.chicagotribune.com/news/opinion/edito rials/ct-edit-buffett-20100329,0,7563220.story

You must be a Republican because anyone else who would reach out there couldn't operate a keyboard. Figures don't lie but liars figure.

Total U S Debt


09/30/2009 $11,909,829,003,511.75(80% Of All Debt Across 232 Years Borrowed By Reagan And Bushes)

09/30/2008 $10,024,724,896,912.49(Times Square Debt Clock Modified To Accomodate Tens of Trillions)

09/30/2007 $9,007,653,372,262.48
09/30/2006 $8,506,973,899,215.23
09/30/2005 $7,932,709,661,723.50
09/30/2004 $7,379,052,696,330.32

09/30/2003 $6,783,231,062,743.62(Second Bush Tax Cuts Enacted Using Reconciliation)


09/30/2002 $6,228,235,965,597.16

09/30/2001 $5,807,463,412,200.06(First Bush Tax Cuts Enacted Using Reconciliation)


09/30/2000 $5,674,178,209,886.86(Administration And Congress Arguing About How To Use Surplus)

09/30/1999 $5,656,270,901,615.43(First Surplus Generated...On Track To Pay Off Debt By 2012)

09/30/1998 $5,526,193,008,897.62
09/30/1997 $5,413,146,011,397.34
09/30/1996 $5,224,810,939,135.73
09/29/1995 $4,973,982,900,709.39
09/30/1994 $4,692,749,910,013.32

09/30/1993 $4,411,488,883,139.38(Debt Quadrupled By Reagan/Bush41)

09/30/1992 $4,064,620,655,521.66
09/30/1991 $3,665,303,351,697.03
09/28/1990 $3,233,313,451,777.25
09/29/1989 $2,857,430,960,187.32
09/30/1988 $2,602,337,712,041.16
09/30/1987 $2,350,276,890,953.00
09/30/1986 $2,125,302,616,658.42
09/30/1985 $1,823,103,000,000.00
09/30/1984 $1,572,266,000,000.00
09/30/1983 $1,377,210,000,000.00

09/30/1982 $1,142,034,000,000.00(Total Debt Passes $1 Trillion)

09/30/1981 $997,855,000,000.00

..................................ANUAL INTEREST/NATIONAL DEBT............................

 

[Truthmatters]

They dont do facts.

they merely rewrite history when it proves them wrong.

they do alot of rewriting history

 

[SniperFire]

The facts are the facts.

Put Democrats in charge of the Nation's checkbook, and look what happens.

 

[Cammmpbell]

The facts are the facts.

Put Democrats in charge of the Nation's checkbook, and look what happens.

Only some right wing nincompoop would ignore what Reagan and the Bushes did to this nation's debt and the fact that Clinton came along and straightened out the mess between them then left a surplus. G.W. Bush cut taxes for the wealthy(twice) and started two wars, one a war of choice, which he funded with emergency spending bills(off budget)completely screwing everything up then doubled the debt.

It takes a lot of ignoring not to mention that Sept.30, 2009, the final day of Bush's last budget, the interest due on the debt outstanding was $451 billion.....nearly half a trillion dollars. Anybody who ignores the hard fact that over a trillion and a half dollars of Obama's accumulated debt went to pay interest on the Reagan/Bushes debt is gaping at a donkey and swallowing an elephant......or at least the elephant's shit.