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Don't be Stupid thinks we can just print print print!
If that were true, why not just do it now and get the party started.
It's amazing to think people do not see a federal default in our future. Sure! this can last forever!!
Don't be Stupid thinks we can just print print print!
If that were true, why not just do it now and get the party started.
It's amazing to think people do not see a federal default in our future. Sure! this can last forever!!
I will give you just one example why your position is not only frightening, but outright vulgar.What I'm saying is that if you pay off the entire debt, reduce it to zero, you screw millions of Americans who are using savings bonds as safe investment vehicles. We have $16T in debt today. If we have $16T in debt in 2030, that's not a bad thing and you guys aren't even attempting to show how it would be a bad thing.
The debt will NOT remain at 16T, it will continue to go up until the point is reached when the INTEREST payments alone exceed the combined economic output of every facet of our country.
That means 100% of every dollar made, by every business, every person, every entity........in other words, the government will have ALL THE MONEY.....and it won't even pay the interests on our debt.
The Debt would not be a problem if it was kept to 1 or 2 percent of GDP. That is somewhat manageable (if, and only if no more debt is added) and easily reduced if needed. However, that would require that we add no new spending, for any reason.
As it stands now, the DEBT, and it will be wholly the DEBT, that will bankrupt this country and it will start by harming the least able to absorb the impact. The retirees.
Great position you've got there Sherlock.
MYTH #6: The current debt levels can push us into economic calamity.
Fact: The real threat is the projected future debt from entitlement spending.
Over the past 50 years, the public debt has remained at manageable levels, below 50 percent of GDP. The current 38 percent debt ratio does not pose significant risks to the economy. More dangerous is the tsunami of debt coming from the enormous projected costs of paying Social Security, Medicare, and Medicaid benefits to 77 million retiring baby boomers. If lawmakers do nothing, those new expenses would be nearly entirely deficit-financed and-according to the Congressional Budget Office-drive the debt ratio to 292 percent by 2050, and 810 percent by 2080 (see Chart 4).[11]
Ten Myths About Budget Deficits and Debt
The feared 'Austerity' by the left that they know is coming.
Your chart and link are all before Obamacare was passed. I suggest you get with the times.
Your chart and link are all before Obamacare was passed. I suggest you get with the times.
Yea, Obamacare will fix everything. Priceless.
Don't be Stupid thinks we can just print print print!
If that were true, why not just do it now and get the party started.
It's amazing to think people do not see a federal default in our future. Sure! this can last forever!!
I will give you just one example why your position is not only frightening, but outright vulgar.
The debt will NOT remain at 16T, it will continue to go up until the point is reached when the INTEREST payments alone exceed the combined economic output of every facet of our country.
That means 100% of every dollar made, by every business, every person, every entity........in other words, the government will have ALL THE MONEY.....and it won't even pay the interests on our debt.
The Debt would not be a problem if it was kept to 1 or 2 percent of GDP. That is somewhat manageable (if, and only if no more debt is added) and easily reduced if needed. However, that would require that we add no new spending, for any reason.
As it stands now, the DEBT, and it will be wholly the DEBT, that will bankrupt this country and it will start by harming the least able to absorb the impact. The retirees.
Great position you've got there Sherlock.
MYTH #6: The current debt levels can push us into economic calamity.
Fact: The real threat is the projected future debt from entitlement spending.
Over the past 50 years, the public debt has remained at manageable levels, below 50 percent of GDP. The current 38 percent debt ratio does not pose significant risks to the economy. More dangerous is the tsunami of debt coming from the enormous projected costs of paying Social Security, Medicare, and Medicaid benefits to 77 million retiring baby boomers. If lawmakers do nothing, those new expenses would be nearly entirely deficit-financed and-according to the Congressional Budget Office-drive the debt ratio to 292 percent by 2050, and 810 percent by 2080 (see Chart 4).[11]
Ten Myths About Budget Deficits and Debt
The feared 'Austerity' by the left that they know is coming.
Your chart and link are all before Obamacare was passed. I suggest you get with the times.
False.
And I'm not suggesting we balance the budget solely on the backs of businesses. I'm merely pointing we can do it, and rather easily. The more fair solution would be slight increases all around, including businesses.
Broaden the tax base.
We'd need to raise about $1,300,000,000,000 in tax revenues ON TOP of the existing taxes...just to balance the budget this year. You think just broadening the base will accomplish that? What tax rates do you propose? Do you not think such tax increases would harm the economy, putting downward pressure on tax revenues?
Easy? Seriously?
I've talked about this before. Rolling back all Bush Tax Rates and the Obama Payroll Holiday will cut the deficit in half.
Then, a 10 percentage point increase on taxes from business profits would balance the budget.
If you really feel bad that we owe China some money, cut the Pentagon budget by $100B as is being recommended by the Pentagon.
Pay that money to China and we're clear of them in just over a decade.
MYTH #6: The current debt levels can push us into economic calamity.
Fact: The real threat is the projected future debt from entitlement spending.
Over the past 50 years, the public debt has remained at manageable levels, below 50 percent of GDP. The current 38 percent debt ratio does not pose significant risks to the economy. More dangerous is the tsunami of debt coming from the enormous projected costs of paying Social Security, Medicare, and Medicaid benefits to 77 million retiring baby boomers. If lawmakers do nothing, those new expenses would be nearly entirely deficit-financed and-according to the Congressional Budget Office-drive the debt ratio to 292 percent by 2050, and 810 percent by 2080 (see Chart 4).[11]
Ten Myths About Budget Deficits and Debt
The feared 'Austerity' by the left that they know is coming.
Your chart and link are all before Obamacare was passed. I suggest you get with the times.
ONLY because it's gotten worse...right?
IDIOT
Obamacare Is Good for Medicare
-- http://www.gao.gov/financial/citizensguide2008.pdfAn Unsustainable Fiscal Path
The projected growth in entitlement spending under current law chiefly for Social Security, Medicare, and
Medicaid will ultimately affect every citizen in the nation. Continued growth in health care costs is expected
to cause government spending for its major health programs to grow faster than both the economy and Federal
revenues over the next 75 years2 . Similarly, population aging is expected to cause the Governments Social Security
and health program costs and expenditures to increase as a share of GDP over that period. Consequently, total
Government expenditures are projected to exceed total assumed revenue throughout the projection period, with the
fiscal imbalance between spending and revenue growing larger each year into the future.
Chart 5 shows Government revenue and spending, expressed as a percentage of GDP, from 1970 through 20803.
For most of the past several decades, revenue as a share of GDP has averaged around 18 percent, with little
variation4. For this reason, revenue is assumed to be about 18 percent of GDP throughout the projection period.
Chart 5 also shows that by 2080, costs related to the currently scheduled benefits for the three major entitlement
programs are projected to be about equal to total Government revenue. By 2060, total Government expenditures
are projected to be 45 percent of GDP levels unseen since World War II, when Government expenditures reached
44 percent of GDP. By 2080, expenditures could exceed 60 percent of GDP, more than three times the assumed
Because there isn't even enoughh money in rotation to pay down all of the debt. Once our creditors stop loaning us money, there will be a default. Paying it off all at one time isn't even a possibility unless we go the full round and completely debase our currency iWeimar republic style...hyperinflation.
the question isn't will the US default, the question is when and what types of interventionist policies will the government take to keep itself alive.
-- http://www.gao.gov/financial/citizensguide2008.pdfAn Unsustainable Fiscal Path
The projected growth in entitlement spending under current law chiefly for Social Security, Medicare, and
Medicaid will ultimately affect every citizen in the nation. Continued growth in health care costs is expected
to cause government spending for its major health programs to grow faster than both the economy and Federal
revenues over the next 75 years2 . Similarly, population aging is expected to cause the Governments Social Security
and health program costs and expenditures to increase as a share of GDP over that period. Consequently, total
Government expenditures are projected to exceed total assumed revenue throughout the projection period, with the
fiscal imbalance between spending and revenue growing larger each year into the future.
Chart 5 shows Government revenue and spending, expressed as a percentage of GDP, from 1970 through 20803.
For most of the past several decades, revenue as a share of GDP has averaged around 18 percent, with little
variation4. For this reason, revenue is assumed to be about 18 percent of GDP throughout the projection period.
Chart 5 also shows that by 2080, costs related to the currently scheduled benefits for the three major entitlement
programs are projected to be about equal to total Government revenue. By 2060, total Government expenditures
are projected to be 45 percent of GDP levels unseen since World War II, when Government expenditures reached
44 percent of GDP. By 2080, expenditures could exceed 60 percent of GDP, more than three times the assumed
Not only would it be reasonable to assume that in 2008 the GAO was pretty much right about that, it would also be fair to say that nothing has changed in the analysis since then, except that the debt problem has massively increased.
And of SOME concern, it is probably worth HIGHLIGHTING That the nature of the problem raises serious implications. AS we discover more and more that we have less and less of the tax dollars the government takes available for the things we recognize as being necessary and important, there will inevitably come a point where we are compelled to cut where we deem it unsafe and unwise. And not JUST cut, but cut drastically in those very areas.
President Obama's policies are a guaranteed recipe for doom.
Pay that money to China and we're clear of them in just over a decade.
Are you suggesting we take $100b from the Pentagon's budget each year for 10 years in order to pay off China? That's going to be tricky given that the Pentagon's budget is $530 billion. What you going to do in year six?
Your chart and link are all before Obamacare was passed. I suggest you get with the times.
ONLY because it's gotten worse...right?
IDIOT
Uhm. No.
Obamacare Is Good for Medicare
1.) The amount by which the public debt the portion of the national debt not borrowed by the U.S. government from funds it administers has increased since President Obama took office is unprecedented, not politics as usual: more than $4.75 trillion (more than 75%), according to the Treasury Department. If the presidents second-term budget is implemented, he will end up (according to the Congressional Budget Office) increasing the public debt by $8.9 trillion. That exceeds the public debt incurred by all previous presidents combined by more than $2.6 trillion.
2.) Large as the public debt is, it doesnt include amounts the government has promised to pay but lacks the funds to pay. For example, the Social Security and Medicare trustees have estimated that we need more than $63 trillion right now to make promised payments for Social Security and Medicare benefits not covered by current Social Security and Medicare taxes.
3.) The government cant keep incurring debt without consequence. High debt slows economic growth (meaning fewer jobs and less income), according to one study by Carmen Reinhart and Kenneth Rogoff and a second study by Manmohan Kumar and Jaejoon Woo (refuting the claim that it is slow growth that causes higher public debt and not vice versa).
4.) Its not like the government is skimping on spending. The Office of Management and Budget (OMB) has estimated that this year the federal government will spend 24.3 cents out of every dollar of the value of all final goods we produce and services we provide (add state and local expenditures and that figure increases to 44.2 cents).
5.) Interest payments on the debt are skyrocketing. The CBO has estimated that the presidents proposals will more than triple interest on the public debt from $237 billion in 2013 to $743 billion in 2022 (more than the Department of Defense is spending on military programs and more than seven times what the Department of Education is spending). That money will enrich other countries (the Treasury Department estimates that almost half of the debt is held by foreign investors).
6.) There arent enough rich people to balance the budget on their backs. Ending President Bushs income and estate tax cuts for the rich (defined as individuals with taxable income exceeding $200,000 and couples with taxable income exceeding $250,000) would (according to the OMB) reduce the 2013 deficit by less than 5% ($46.6 billion)...
Read more: Ten inconvenient truths about the national debt | The Daily Caller
Obamacare Is Good for Medicare
So says the 'Center for American Progress', an "institute dedicated to improving the lives of Americans through progressive ideas and action".
Pass.
Because there isn't even enoughh money in rotation to pay down all of the debt. Once our creditors stop loaning us money, there will be a default. Paying it off all at one time isn't even a possibility unless we go the full round and completely debase our currency iWeimar republic style...hyperinflation.
the question isn't will the US default, the question is when and what types of interventionist policies will the government take to keep itself alive.
If you own a home an owe $200K on it, could you pay it all off in one day? One year?
Then why should the U.S.?
