Let's Pass A Balanced Budget Amendment Now...

[Jackson]

how well can a family get ahead if they never go into debt for anything?

Families don't general mount debts to rise to bankruptcies.

 

[EdwardBaiamonte]

how well can a family get ahead if they never go into debt for anything?

please, liberal, explain to us how a family gets ahead with debt

 

[gallantwarrior]

Though I am in favor of a balanced budget, now is not the time to implement it.
Why? As economists from all sides fear it would hurt any economic growth that we are experiencing now. Some economists think that implementing a balanced budget now it would actually put the US back into a recession.
In the UK, conservatives cut spending and since then the UK was forced to lower the economic growth projections. Also the Organization for Economic Cooperation and Development (OECD) projects Britain will enter a recession next year.
In other words, if we cut spending (which would be part of the balanced budget), it cuts overall spending that contributes to the GNP. When the GNP goes down, the economy slows down to the point of being dangerous to the overall economy as witnessed in the UK.
A balanced budget would be fine, but only after the economy is righted.

We will never recover from our economic dilemma without pain. And everyone will have to share that pain, from the richest CEO's to the lowliest welfare ho'. Everyone. Establishing a balanced budget, and then sticking to it, regardless of the pain, is probably the largest step we have to make on the path to economic recovery.

 

[Cammmpbell]

Nice take from Sen. Orrin Hatch (R-UT). Not always a fan of Hatch's but he really did nail this one.


Our national debt has soared past $15 trillion]

LMAO!!!!!! Where were you when it soared past $11 trillion

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
09/30/1980 $907,701,000,000.00
09/30/1979 $826,519,000,000.00
09/30/1978 $771,544,000,000.00
09/30/1977 $698,840,000,000.00
06/30/1976 $620,433,000,000.00
06/30/1975 $533,189,000,000.00
06/30/1974 $475,059,815,731.55
06/30/1973 $458,141,605,312.09
06/30/1972 $427,260,460,940.50
06/30/1971 $398,129,744,455.54
06/30/1970 $370,918,706,949.93
06/30/1969 $353,720,253,841.41
06/30/1968 $347,578,406,425.88
06/30/1967 $326,220,937,794.54
06/30/1966 $319,907,087,795.48
06/30/1965 $317,273,898,983.64
06/30/1964 $311,712,899,257.30
06/30/1963 $305,859,632,996.41
06/30/1962 $298,200,822,720.87
06/30/1961 $288,970,938,610.05
06/30/1960 $286,330,760,848.37
06/30/1959 $284,705,907,078.22
06/30/1958 $276,343,217,745.81
06/30/1957 $270,527,171,896.43
06/30/1956 $272,750,813,649.32
06/30/1955 $274,374,222,802.62
06/30/1954 $271,259,599,108.46
06/30/1953 $266,071,061,638.57
06/30/1952 $259,105,178,785.43
06/29/1951 $255,221,976,814.93
06/30/1950 $257,357,352,351.04

 

[M14 Shooter]

Nice take from Sen. Orrin Hatch (R-UT). Not always a fan of Hatch's but he really did nail this one.


Our national debt has soared past $15 trillion]

Nothing you've posted here changes the fact that The Secular Messiah is running up debt at almost 3x the rate of GWB.

You are, literally, pointing one finger and ignoring the three pointing back at you.

 

[Gadgeteer]

how well can a family get ahead if they never go into debt for anything?

please, liberal, explain to us how a family gets ahead with debt

An excellent question --- yet, a family cannot make major purchases without entering debt. A home for instance. The problem is when spending outpaces income. Using credit-cards for eating out, or "impulse purchases", not paying off the balance each month.

The tragedy with America is that the entire system is based on debt; eliminate debt and the country crashes. I think this is the video that illustrates (note it's in five parts, this is part one):
[ame=http://www.youtube.com/watch?v=GlFJJXgmRdo]Money as Debt Usury Banking (1 of 5).mp4 - YouTube[/ame]

I dated a California girl who did not understand "delayed gratification". I tried to get her to open a "credit-card-account" at the bank, putting $100 per month for larger buys. For instance, she bought a love-seat and chair --- let's say they cost $1000. Buying them NOW, and paying 18-21% interest, making minimum payment of $15, it will take her years and thousands to pay for the furniture. But if she DELAYS purchase for a year, the price might increase to $1100, but she's made a couple percent interest on her money, and saved VAST amounts on credit card charges.

She was working three jobs trying to meet the minimum monthly payment.

For this and other reasons, (not the least of which promising me a Christmas present in 1995 but getting married three weeks later, leaving me waiting!) -- if I ever meet her hubby Kevin, I'm going to say...

"Kevin --- THANK you!"

 

[Gadgeteer]

Nice take from Sen. Orrin Hatch (R-UT). Not always a fan of Hatch's but he really did nail this one.


Our national debt has soared past $15 trillion]

Nothing you've posted here changes the fact that The secular messiah is running up debt at almost 3x the rate of GWB.

You are, literally, pointing one finger and ignoring the three pointing back at you.

I hate capitalizing anything about obama. Have to confess whenever I hear those two words together ("obama" and "president"), it makes my stomach flip.

<= 'bama

 

[Gadgeteer]

Though I am in favor of a balanced budget, now is not the time to implement it.
Why? As economists from all sides fear it would hurt any economic growth that we are experiencing now. Some economists think that implementing a balanced budget now it would actually put the US back into a recession.
In the UK, conservatives cut spending and since then the UK was forced to lower the economic growth projections. Also the Organization for Economic Cooperation and Development (OECD) projects Britain will enter a recession next year.
In other words, if we cut spending (which would be part of the balanced budget), it cuts overall spending that contributes to the GNP. When the GNP goes down, the economy slows down to the point of being dangerous to the overall economy as witnessed in the UK.
A balanced budget would be fine, but only after the economy is righted.

We will never recover from our economic dilemma without pain. And everyone will have to share that pain, from the richest CEO's to the lowliest welfare ho'. Everyone. Establishing a balanced budget, and then sticking to it, regardless of the pain, is probably the largest step we have to make on the path to economic recovery.

I agree with you completely --- but lament it is impossible to achieve. Any congressman who supports a balanced budget commits political suicide. Voters only want "what they can get".

I wish I knew the answer; but it looks like America cannot survive.

(doom-n-gloom)