Follow along with the video below to see how to install our site as a web app on your home screen.
Note: This feature may not be available in some browsers.
-- National Debt Facts[138]b) Table 1.1.5: "Gross Domestic Product." United States Department of Commerce, Bureau of Economic Analysis. Last revised March 25, 2011. http://www.bea.gov/national/nipaweb/TableView.asp?...
CALCULATIONS:
Quarter Debt(billions$) GDP(billions$) Debt/GDP
2009-Q4 12,311.3 14,277.3 86%
2010-Q1 12,773.1 14,446.4 88%
2010-Q2 13,203.5 14,578.7 91%
2010-Q3 13,561.6 14,745.1 92%
2010-Q4 14,025.2 14,871.4 94%
Congress does have the constitutional authority to make laws and that is exactly where the authority comes from for government to manage these programs.
What do you suggest we sell? How about Yellowstone or the Grand Canyon?
Congress does have the constitutional authority to make laws and that is exactly where the authority comes from for government to manage these programs.Which senseless spending are you talking about?
The vast majority of federal spending is Social Security, Medicare, and defense.
Which one of those would you cut?
ALL THREE
Social Security, Medicare: There is NO CONSTITUTIONAL AUTHORITY for fedgov to manage those programs. Uncle Sam should sell federal property to fund those two plans to pay those who paid premiums and have reached certain age.
The plan should then be abolished and younger Americans should be allowed to invest in the plan of their choice.
Defense: there is Constitutional authority for congress to defend the nation. There is no authority to have a standing army nor to manage those plans as if it a welfare scheme.
.
What do you suggest we sell? How about Yellowstone or the Grand Canyon?
What neither side seems to recognize or at least acknowledge is that what matters about the debt isnt the dollar amount per se, but how much it costs us to service it. And by that measure, the debt isnt nearly as big a problem as its being made out to be.
Yes, the federal debt has grown by nearly $3 trillion dollars in the past three years. And yes, the dollar amount of that debt is quite large (in excess of $14 trillion and headed toward $15 trillion should the ceiling be raised). But large numbers are not the problem. The U.S. has a large economy (slightly larger than that debt number). And, crucially, we have very low interest rates.
Because of those low rates, the amount the U.S. government pays to service its debt is, relative to the size of the economy, less than it was paying throughout the boom years of the 1980s and 1990s and for most of the last decade. The Congressional Budget Office estimates that net interest on the debt (which is what the government pays to service it) would be $225 billion for fiscal year 2011. The latest figures put that a bit higher, so lets call it $250 billion. Thats about 1.6% of American output, which is lower than at any point since the 1970s except for 2003 through 2005, when it was closer to 1.4%.
Under Ronald Reagan, the first George Bush, and Bill Clinton, payments on federal debt often got above 3% of GDP. Under Bush the second, payments were about where they are now. Yet suddenly, we are in a near collective hysteria.
The U.S. Is Not Drowning In Debt | Moneyland | TIME.com
You're a fucking idiot, you really are.
Hardly.
If the debt is only costing us 1.6% of GDP, it is much less than the 3% it cost us under Clinton and Reagan.
Sorry to bother you with the facts.
Continue with your silly hysteria.
You're a fucking idiot, you really are.
Hardly.
If the debt is only costing us 1.6% of GDP, it is much less than the 3% it cost us under Clinton and Reagan.
Sorry to bother you with the facts.
Continue with your silly hysteria.
Correct again, but if inflation takes hold and interests rates go up, that would change the picture considerably and that cost could easily triple or quadruple. Again, it's not as big a problem as it is made to be currently, but we still must address it or it could become a really big problem.
Unfunded liabilities are the "real" problem. These are future commitments or entitlements made today with no plan in place to pay for them when they are due.
‪Deficits, Debts and Unfunded Liabilities: The Consequences of Excessive Government Spending‬‏ - YouTube
Unfunded liabilities are the "real" problem. These are future commitments or entitlements made today with no plan in place to pay for them when they are due.
‪Deficits, Debts and Unfunded Liabilities: The Consequences of Excessive Government Spending‬‏ - YouTube
And those come from SS and Medicare. SS's unfunded liabilities are workable as they are not that large. Medicare, on the other hand, is a nightmare. The problem with Medicare is that just cutting benefits will only leave us with many other problems as it will leave tens of millions with no coverage in their old age. We need an honest discussion of how we are going to pay for it, and yes, tax increases will almost certainly be a part of that equation, but it cannot be the only part of the equation.
The other thing we must do is have an honest discussion about how we can try to curb medical costs across the board. If the cost of medical care continues to rise so much above the rate of inflation as has been the case for the last three decades, then eventually half of our GDP will be going to healthcare. The only way that really works is if 50% of our population earns their living from healthcare, and I don't see that happening, so we really need to figure out how we can reduce the long term costs of healthcare as a whole.
Unfunded liabilities are the "real" problem. These are future commitments or entitlements made today with no plan in place to pay for them when they are due.
‪Deficits, Debts and Unfunded Liabilities: The Consequences of Excessive Government Spending‬‏ - YouTube
And those come from SS and Medicare. SS's unfunded liabilities are workable as they are not that large. Medicare, on the other hand, is a nightmare. The problem with Medicare is that just cutting benefits will only leave us with many other problems as it will leave tens of millions with no coverage in their old age. We need an honest discussion of how we are going to pay for it, and yes, tax increases will almost certainly be a part of that equation, but it cannot be the only part of the equation.
The other thing we must do is have an honest discussion about how we can try to curb medical costs across the board. If the cost of medical care continues to rise so much above the rate of inflation as has been the case for the last three decades, then eventually half of our GDP will be going to healthcare. The only way that really works is if 50% of our population earns their living from healthcare, and I don't see that happening, so we really need to figure out how we can reduce the long term costs of healthcare as a whole.
First we need to get employers (and government) out of our health care insurance and put it back into the hands of consumers. Get people back to using health insurance for what it was intended- catastrophic illness or emergencies. If people pay out of pocket for regular check-ups and a case of the sniffles- the costs will come down for everyone. The way it works now- the end user of the service has no idea what anything costs. They get a sore throat and head off to the doctor. Stub a toe, off to the ER. Got a paper cut a finger, visit the clinic. Why not? To them "it's free". There is a disconnect between what services actually cost and what they pay. When people perceive something is "Free" they over-utilize it. Why not? It's free!!!
mismanaged and misrepresented??Congress does have the constitutional authority to make laws and that is exactly where the authority comes from for government to manage these programs.ALL THREE
Social Security, Medicare: There is NO CONSTITUTIONAL AUTHORITY for fedgov to manage those programs. Uncle Sam should sell federal property to fund those two plans to pay those who paid premiums and have reached certain age.
The plan should then be abolished and younger Americans should be allowed to invest in the plan of their choice.
Defense: there is Constitutional authority for congress to defend the nation. There is no authority to have a standing army nor to manage those plans as if it a welfare scheme.
.
What do you suggest we sell? How about Yellowstone or the Grand Canyon?
Whatever it takes to compensate those folks who were FORCED UNDER PENALTY OF LAW to participate in the Ponzi scheme. And who were later told that the fucking plan is unfunded , that no account has been set aside under their names and that the money has been commingled with general revenue funds.
Now, if Fidelity , Vanguard or any other 401k retirement company were to admit that they intentionally mismanaged and misrepresented their funds they would be immediately lock-up.
.
mismanaged and misrepresented??Congress does have the constitutional authority to make laws and that is exactly where the authority comes from for government to manage these programs.
What do you suggest we sell? How about Yellowstone or the Grand Canyon?
Whatever it takes to compensate those folks who were FORCED UNDER PENALTY OF LAW to participate in the Ponzi scheme. And who were later told that the fucking plan is unfunded , that no account has been set aside under their names and that the money has been commingled with general revenue funds.
Now, if Fidelity , Vanguard or any other 401k retirement company were to admit that they intentionally mismanaged and misrepresented their funds they would be immediately lock-up.
.
The fund is managed in accordance with the law. All funds are invested in special issue treasury bills, one of the safest investments in the world. They are backed by the full faith and credit of the United States government just as all government debt is as well the currency in your wallet. In fact, they are probably safer than any other debt obligation. Congress must specifically approve a default in payments.
mismanaged and misrepresented??Congress does have the constitutional authority to make laws and that is exactly where the authority comes from for government to manage these programs.
What do you suggest we sell? How about Yellowstone or the Grand Canyon?
Whatever it takes to compensate those folks who were FORCED UNDER PENALTY OF LAW to participate in the Ponzi scheme. And who were later told that the fucking plan is unfunded , that no account has been set aside under their names and that the money has been commingled with general revenue funds.
Now, if Fidelity , Vanguard or any other 401k retirement company were to admit that they intentionally mismanaged and misrepresented their funds they would be immediately lock-up.
.
The fund is managed in accordance with the law. All funds are invested in special issue treasury bills, one of the safest investments in the world. They are backed by the full faith and credit of the United States government just as all government debt is as well the currency in your wallet. In fact, they are probably safer than any other debt obligation. Congress must specifically approve a default in payments.
Well we can agree on something. All US financial obligations as well as the currency has value because the United States government says it has value. That's it, which is why it's so important that the government not default on it's obligations. It's certainly important that we reduce the deficit, but it is more important that we not default on our obligations.mismanaged and misrepresented??Whatever it takes to compensate those folks who were FORCED UNDER PENALTY OF LAW to participate in the Ponzi scheme. And who were later told that the fucking plan is unfunded , that no account has been set aside under their names and that the money has been commingled with general revenue funds.
Now, if Fidelity , Vanguard or any other 401k retirement company were to admit that they intentionally mismanaged and misrepresented their funds they would be immediately lock-up.
.
The fund is managed in accordance with the law. All funds are invested in special issue treasury bills, one of the safest investments in the world. They are backed by the full faith and credit of the United States government just as all government debt is as well the currency in your wallet. In fact, they are probably safer than any other debt obligation. Congress must specifically approve a default in payments.
What is the US Dollar backed by? Treasury bonds. What are Treasury Bonds backed by? The full faith and credit of the USA. If you own bonds, how do they pay you? Payment is made in US dollars. What is the US Dollar backed by? Treasury bonds. What are Treasury Bonds backed by? The full faith and credit of the USA. If you own bonds, how do they pay you? Payment is made in US dollars. What is the US Dollar backed by? Treasury bonds. What are Treasury Bonds backed by? The full faith and credit of the USA. If you own bonds, how do they pay you? Payment is made in US dollars. etc...etc..etc...
The US Dollar is a piece of paper - it only has value because we say it does. Once people stop believing...the jig is up. Every time we add to our national debt, that day comes a little closer....
Unfunded liabilities are the "real" problem. These are future commitments or entitlements made today with no plan in place to pay for them when they are due.
‪Deficits, Debts and Unfunded Liabilities: The Consequences of Excessive Government Spending‬‏ - YouTube
And those come from SS and Medicare. SS's unfunded liabilities are workable as they are not that large. Medicare, on the other hand, is a nightmare. The problem with Medicare is that just cutting benefits will only leave us with many other problems as it will leave tens of millions with no coverage in their old age. We need an honest discussion of how we are going to pay for it, and yes, tax increases will almost certainly be a part of that equation, but it cannot be the only part of the equation.
The other thing we must do is have an honest discussion about how we can try to curb medical costs across the board. If the cost of medical care continues to rise so much above the rate of inflation as has been the case for the last three decades, then eventually half of our GDP will be going to healthcare. The only way that really works is if 50% of our population earns their living from healthcare, and I don't see that happening, so we really need to figure out how we can reduce the long term costs of healthcare as a whole.
First we need to get employers (and government) out of our health care insurance and put it back into the hands of consumers. Get people back to using health insurance for what it was intended- catastrophic illness or emergencies. If people pay out of pocket for regular check-ups and a case of the sniffles- the costs will come down for everyone. The way it works now- the end user of the service has no idea what anything costs. They get a sore throat and head off to the doctor. Stub a toe, off to the ER. Got a paper cut a finger, visit the clinic. Why not? To them "it's free". There is a disconnect between what services actually cost and what they pay. When people perceive something is "Free" they over-utilize it. Why not? It's free!!!
Well we can agree on something. All US financial obligations as well as the currency has value because the United States government says it has value. That's it, which is why it's so important that the government not default on it's obligations. It's certainly important that we reduce the deficit, but it is more important that we not default on our obligations.mismanaged and misrepresented??
The fund is managed in accordance with the law. All funds are invested in special issue treasury bills, one of the safest investments in the world. They are backed by the full faith and credit of the United States government just as all government debt is as well the currency in your wallet. In fact, they are probably safer than any other debt obligation. Congress must specifically approve a default in payments.
What is the US Dollar backed by? Treasury bonds. What are Treasury Bonds backed by? The full faith and credit of the USA. If you own bonds, how do they pay you? Payment is made in US dollars. What is the US Dollar backed by? Treasury bonds. What are Treasury Bonds backed by? The full faith and credit of the USA. If you own bonds, how do they pay you? Payment is made in US dollars. What is the US Dollar backed by? Treasury bonds. What are Treasury Bonds backed by? The full faith and credit of the USA. If you own bonds, how do they pay you? Payment is made in US dollars. etc...etc..etc...
The US Dollar is a piece of paper - it only has value because we say it does. Once people stop believing...the jig is up. Every time we add to our national debt, that day comes a little closer....
As Chief Justice Hughes said of the debt clause in the 14th amendment in 1935, speaking for a unanimous Supreme Court, he said " Congress does not have authority, even by a substantial majority, to dishonor the nation by repudiating outstanding debts it has authorized the nation to incur. The fiscal integrity of the United States is sacred and requires constitutional protection."
Hardly.
If the debt is only costing us 1.6% of GDP, it is much less than the 3% it cost us under Clinton and Reagan.
Sorry to bother you with the facts.
Continue with your silly hysteria.
Comical.
A half trillion this year alone. But lets use GDP it doesnt sound as bad.
All we need to do is repeal the Bush tax cuts and get out of Iraq and Afghanistan.
[All we need to do is repeal the Bush tax cuts and get out of Iraq and Afghanistan.
The USA is drowding in a sea of media manufactured self-loathing.
About half the posters here are crazy with hate for their fellow Americans.
