Why the Left Doesn't Care about $9.7 Trillion Debt

[Vast LWC]

Of course high debt levels don't bother Progressives. Big Debt fuels Big Government - it furthers their cause.

but did it bother you when our country's debt for it's entire history as a country...more than doubled under president bush, from $5.6 trillion when clinton's last budget was complete to $11.5 trillion in debt when president bush's last budget was finished?

I don't like the way we are scoring for our future debt, not one iota!

but outside of partisan rhetoric and garbage, there is nothing in zoom's article that explains anything at all...about nothin'. honestly!!!! just typical brainwashing hogwash....meant to fuel the 'divide' imo!

Indeed. Which is why I was saying this should be in "Conspiracy Theories". Just my opinion.

 

[DiamondDave]

Reagan increased the national debt by 20%. Bush I increased it by 12%. Clinton reduced it 7%. Bush II increased it by 12%. Your question: "Why the left doesn't care about $9.7 trillion debt?" should probably be:

Why does the right run up the debt and then expect the left to solve the problems created by their running up the debt??

COMPLETE AND ABSOLUTE BULLSHIT

The debt NEVER went down under Clinton... it went up EACH and EVERY year under his 2 terms.... another motherfucking idiot myth believer

I would agree with this, but say that most of the increase was due to interest on pre-existing debt.

Yet funny how an extremist winger uses part of that in support of one but in no way in the raising of debt in another... funny also how the intergovernmental spending is never brought up, nor is the fact of where budgets and spending comes from

You don't see me defending the high governmental spending under REP, DEM, or whatever other party... but ones like you sure jump on the hyper-partisan wagon of your party in a heartbeat.. in order to portray a myth

 

[boedicca]

I would agree with this, but say that most of the increase was due to interest on pre-existing debt.

And you would be wrong. The biggest increases in government outlays are entitlement programs.

Interest on the debt will increase dramatically - but that is a byproduct of financing excessive spending with debt.

 

[Vast LWC]

Clinton and the various congresses at that time had increases under each and every year... including when he claimed the mythical surplus... and did it not by cutting entitlements, but gutting our military and even having the government stop working because of lack of payment

I do not condone running a deficit... unless in national defense.. and I did not like the spending habits of W and the REP controlled congress, even though I still voted for him over the likes of Gore and the God awful Kerry.... but do not delude yourself into this bullshit belief that it is only the Republicans that created debt... and you best also look within our government of where the budget and spending decision come from

Come out of your extremist winger shell

I will say that even though the debt increased more under Republican presidencies, the congresses during those presidencies was more Democratic than Republican, so there is some shared blame.

My point was to point out the hypocrisy of the OP.

 

[Care4all]

were talking 2 different 'debt' here.....

one is our debt owed to foreigners

the other is debt we owe ourselves....exple: what we owe SS for the money we used and borrowed.

one plus 2, combined.....is our total debt, or what i have been labling, national debt.

 

[boedicca]

Either way you add it up - it's bad.

 

[rdean]

Just the fact that Bush cut taxes to the tune of 2.5 trillion while running two wars the CBO says will eventually cost 3 trillion shows an enormous lack of responsibility.

Now, the right, with their outrageous ability to flagrantly lie, says "reconciliation" has never been used for major legislation. Except twice, when Republicans pushed the Bush tax cuts and with their "drug" package, which was an enormous free gift to said drug companies.

And Cheney had to come in on one of those times and break a 50/50 tie.

Yet, Republicans say reconciliation has never been used on major legislation. Why would they lie like that? What do they get out of lying?

 

[Vast LWC]

I would agree with this, but say that most of the increase was due to interest on pre-existing debt.

And you would be wrong. The biggest increases in government outlays are entitlement programs.

Interest on the debt will increase dramatically - but that is a byproduct of financing excessive spending with debt.

4 Trillion Dollars of debt x 8 Years of interest at 4% = 4,000,000,000,000 x 8 x .04 =

1.28 Trillion Dollars.

Just simple math really. I believe the interest rate at the time was more like 4.5%, but I decided to be conservative in my estimate.

 

[Care4all]

in 2005, which was the last yearly figure i saw it for, our interest payment on our debt in the 2005 budget was about $400 billion

 

[Gunny]

The real question is why did the right "create" such a debt?

2.5 trillion tax cut
3 trillion in war
trillion stimulus package
Who knows how much wasted on Katrina cleanup that never happened?
Who know how much their drug package cost?

Then the left get's stuck with this mess. Worse, the Republicans, the very people who created this disaster, think they know how to clean it up? Are they insane?

The right didn't. You're an idiot parrot. Ever try thinking for yourself?

 

[Gunny]

Reagan increased the national debt by 20%. Bush I increased it by 12%. Clinton reduced it 7%. Bush II increased it by 12%. Your question: "Why the left doesn't care about $9.7 trillion debt?" should probably be:

Why does the right run up the debt and then expect the left to solve the problems created by their running up the debt??

Right. You mean Clinton cut our throats to cut it by 7%. Bush HAD NO CHOICE but increase spending to stave off a recession Clinton created.

Make shit up as you go along much?

 

[Gunny]

The continual denial from lefties on here is sadly unsurprising but breathtakingly stupid. What I find incredible is that not one of them seems to care about the continued out of control spending. What Bush did or did not do is of no relevance. We are where we are and we need to stop it.... but instead of recognizing that, they just go back to their usual cries of 'But, but, but..... BOOOOOOOOSH!' God Almighty, why can the left not smarten up?

Considering how much he contributed to that debt, it is at least a bit relevant..

You know, with that Republican Congress.


But I can see you want to rewrite history, so have fun with that!

He didn't contribute shit compared to Obama's expenditures.

 

[boedicca]

4 Trillion Dollars of debt x 8 Years of interest at 4% = 4,000,000,000,000 x 8 x .04 =

1.28 Trillion Dollars.

Part of the problem is that the Federal Government does not practice accrual accounting for the budgetary process.

The Fed's do release a GAAP compliant version of financial reports, which show that the present value of unfunded entitlements is about $17T.

Focusing on the interest on the debt when it is dwarfed by entitlement spending is like remodeling the kitchen when the house is on fire.


U.S. GAO - Fiscal Year 2009 Financial Report of the United States Government

 

[Care4all]

Either way you add it up - it's bad.

it is bad, really bad....!!!!

and if we don't get people working, it is growing by the nanosecond....no jobs, no income taxes to pay for their spending, no social security taxes to cover the retirees....

nothing is more important than getting the economy turned around!

 

[Vast LWC]

in 2005, which was the last yearly figure i saw it for, our interest payment on our debt in the 2005 budget was about $400 billion

And that's because interest rates were at historic lows at the time, as they still are.

If the interest rates were as high as they were in the Clinton years, the deficit would be MUCH higher.

 

[boedicca]

Either way you add it up - it's bad.

it is bad, really bad....!!!!

and if we don't get people working, it is growing by the nanosecond....no jobs, no income taxes to pay for their spending, no social security taxes to cover the retirees....

nothing is more important than getting the economy turned around!

Well, that is why most Americans say that the economy and jobs are far more important than reforming health insurance.

 

[Vast LWC]

Part of the problem is that the Federal Government does not practice accrual accounting for the budgetary process.

The Fed's do release a GAAP compliant version of financial reports, which show that the present value of unfunded entitlements is about $17T.

Focusing on the interest on the debt when it is dwarfed by entitlement spending is like remodeling the kitchen when the house is on fire.


U.S. GAO - Fiscal Year 2009 Financial Report of the United States Government

I'd say that this is a good point, but my point was that the amount the debt increased in the Clinton years was equal to the amount of interest on the pre-existing debt, meaning that Clinton and the mainly Republican congresses during his administration did not create any new debt.

A point which I think is an important one.

 

[boedicca]

But you are ignoring the accumulating future unfunded entitlement liabilities which continued to grow.

Clinton benefited from the "peace" dividend of reduced military spending and the go-go tech economy (some of which was completely phony) fueled by Y2K and the dotcom/telecom boom.

Part of success is being in the right place at the right time.

 

[Vast LWC]

Either way you add it up - it's bad.

it is bad, really bad....!!!!

and if we don't get people working, it is growing by the nanosecond....no jobs, no income taxes to pay for their spending, no social security taxes to cover the retirees....

nothing is more important than getting the economy turned around!

True, very true.

If the economy turns around, we will be able to deal with the other issues much more efficiently.

 

[Vast LWC]

But you are ignoring the accumulating future unfunded entitlement liabilities which continued to grow.

Clinton benefited from the "peace" dividend of reduced military spending and the go-go tech economy (some of which was completely phony) fueled by Y2K and the dotcom/telecom boom.

Part of success is being in the right place at the right time.

True, true.

But one might consider that we should institute a new "Peace Dividend" to help us out in this time of crisis, by reducing military spending.

Also, introducing new technological advances to create jobs is a good way to go too, like green energy advances.