Close To Half Of Americans Have More Credit Card Debt Than Savings

[NYcarbineer]

No. We keep running up debt because the government has a credit card. Just like the individual as referred to in the OP.

Having a credit card does not cause debt to be run up. You have to use the credit card and not pay it off in order to run up debt. See, a credit card is kinda like a gun. It doesn't do anything, unless you use it to do something. The object is blameless, the operator is at fault.

I have a credit card. I don't have a problem with increasing debt.

No one's keeping you in office for spending but not taxing to pay for it.

That......I'm not sure that even qualifies as a complete sentence.

You need to collect 100 more magic beans to buy the ability to read at that level. lol

 

[LeftofLeft]

And ironically we keep running up government debt by not taxing enough to pay our bills,

often justified by the argument that the American people know better how to spend their money than the government does.

The fact that you completely ignore cut spending and reduce debt ceilings is a problem. Liberals are all about grabbing the People's money and ignoring spending and debt.

 

[NYcarbineer]

And ironically we keep running up government debt by not taxing enough to pay our bills,

often justified by the argument that the American people know better how to spend their money than the government does.

The fact that you completely ignore cut spending and reduce debt ceilings is a problem. Liberals are all about grabbing the People's money and ignoring spending and debt.

You don't need to. Make the Congress fund all new spending with either new taxes or cuts elsewhere and the enthusiasm for more and more government will subside.

 

[Papageorgio]

And ironically we keep running up government debt by not taxing enough to pay our bills,

No, we keep running up government debt by spending more than we can afford.

No. We keep running up debt because the government has a credit card. Just like the individual as referred to in the OP.

You have given us two answers, which is correct?

If the government were run on pay as you go as it was in the nineties, we would balance the budget.

So the issue isn't taxes are to low, the issue is our out of control spending.

So we need to reign in spending.

I agree with that.

 

[Freewill]

There is good debt and bad debt, and once you distinguish the difference then you can work with it.

The other idea is that a house is an asset, if you are putting in more money than taking out, the house is a liability. The lender considers you house an asset. If you flat out own the house and pay taxes on it every year, it's a liability.

A house is a debt, and can be a good debt or a bad debt, depending on how you use it.

I paid mine off 22 years ahead of schedule and consider it a good debt since it's cheaper to pay property tax than to rent.

Cheaper then up keep, insurance, utility bills etc..all go into "owning" you home. Own meaning that the government lets you live there as long as you pay your taxes.

That said, I think it is cheaper but not by as much as we might think.

 

[Iceweasel]

There is good debt and bad debt, and once you distinguish the difference then you can work with it.

The other idea is that a house is an asset, if you are putting in more money than taking out, the house is a liability. The lender considers you house an asset. If you flat out own the house and pay taxes on it every year, it's a liability.

A house is a debt, and can be a good debt or a bad debt, depending on how you use it.

I paid mine off 22 years ahead of schedule and consider it a good debt since it's cheaper to pay property tax than to rent.

Cheaper then up keep, insurance, utility bills etc..all go into "owning" you home. Own meaning that the government lets you live there as long as you pay your taxes.

That said, I think it is cheaper but not by as much as we might think.

It a LOT cheaper. Utilities have nothing to do with ownership. Yes, taxes are part of it as mentioned but a fraction of what rent would be. I guess we don't own ourselves either if we pay tax? Insurance is about $300 a year but again, once you own you can drop it, although it would be a very dumb move.

Upkeep is the only real advantage to renting but if you have that much upkeep, something is wrong.

 

[NYcarbineer]

And ironically we keep running up government debt by not taxing enough to pay our bills,

No, we keep running up government debt by spending more than we can afford.

No. We keep running up debt because the government has a credit card. Just like the individual as referred to in the OP.

You have given us two answers, which is correct?

If the government were run on pay as you go as it was in the nineties, we would balance the budget.

So the issue isn't taxes are to low, the issue is our out of control spending.

So we need to reign in spending.

I agree with that.

So start by reining in the area of spending that is most out of proportion. Defense.

 

[Iceweasel]

So start by reining in the area of spending that is most out of proportion. Defense.

LOL. You misspelled entitlements.

 

[Freewill]

There is good debt and bad debt, and once you distinguish the difference then you can work with it.

The other idea is that a house is an asset, if you are putting in more money than taking out, the house is a liability. The lender considers you house an asset. If you flat out own the house and pay taxes on it every year, it's a liability.

A house is a debt, and can be a good debt or a bad debt, depending on how you use it.

I paid mine off 22 years ahead of schedule and consider it a good debt since it's cheaper to pay property tax than to rent.

Cheaper then up keep, insurance, utility bills etc..all go into "owning" you home. Own meaning that the government lets you live there as long as you pay your taxes.

That said, I think it is cheaper but not by as much as we might think.

It a LOT cheaper. Utilities have nothing to do with ownership. Yes, taxes are part of it as mentioned but a fraction of what rent would be. I guess we don't own ourselves either if we pay tax? Insurance is about $300 a year but again, once you own you can drop it, although it would be a very dumb move.

Upkeep is the only real advantage to renting but if you have that much upkeep, something is wrong.

Once paid off then certainly owning is cheaper, it would seem. Also by buying equity should grow.

 

[SmarterThanTheAverageBear]

Pretty irresponsible to blame the government for your own choices as a couple of posters above apparently do.

In my 20s, I had credit card debt. Woke to the fact that I was enslaving myself, paid them off and have never let it happen again. Pay cash for everything, except real estate and pay that off as quickly as you can. We're retired, our homes are paid for, we paid cash for our cars and the result is, we have the money to travel and a secure future. Its a choice.

That is silly.

My wife's family is very wealthy, she's an only child. A trust fund is already in place. Plus , we earn good money ourselves anyway.

We carry plenty of debt, there is nothing wrong with debt , as long as you as you have a just in case financial plan.

 

[SwimExpert]

You need to collect 100 more magic beans to buy the ability to read at that level. lol

No doubt. But drugs are bad, and you shouldn't post when you are this high.

 

[Dad2three]

And ironically we keep running up government debt by not taxing enough to pay our bills,

No, we keep running up government debt by spending more than we can afford.

We can leave our children with an unrepayable massive debt and a shattered economy, or we can leave them liberty in a land where every individual has the opportunity to be whatever God intended us to be. All it takes is a little common sense and recognition of our own ability. Together we can forge a new beginning for America."
- Ronald Reagan: Address to the Nation on the Economy, Feb. 5, 1981


The irony of this speech is that the national debt was not out of control at all in 1981, in fact the national debt was at the lowest point it has ever been since World War II in 1980. In the speech Reagan cited national debt figures in raw dollar amounts, unadjusted for inflation and not tied to GDP. Those figures are essentially worthless and no economist would ever use them as a measure of the national debt. But presenting the national debt as a problem was a means of justifying significant cuts in domestic spending, which he framed as "redistribution".

How Reagan Sowed the Seeds of America s Demise


"Starving the beast" is a political strategy employed by American conservatives in order to limit government spending by cutting taxes in order to deprive the government of revenue in a deliberate effort to force the federal government to reduce spending.


Before his election as President, then-candidate Ronald Reagan foreshadowed the strategy during the 1980 US Presidential debates, saying "John Anderson tells us that first we've got to reduce spending before we can reduce taxes. Well, if you've got a kid that's extravagant, you can lecture him all you want to about his extravagance. Or you can cut his allowance and achieve the same end much quicker."


Starve the beast - Wikipedia the free encyclopedia

Do you remember 2001 when we had a budget surplus. Alan Greenspan testified before Congress in favor of the Bush tax cuts,"we are in danger of paying down the debt too fast". How absurd is that statement today! By the way, not a single GOPer voted for the 93 reconciliation act that led to the balanced budget and eventual surplus.

The Republicans would not pay down the debt when times were much better. Now they want to focus on deficits.
Historical Source of Revenue as Share of GDP

Blah, blah, blah. You did not say anything that refutes my post. The reason we keep running up debt is because we keep spending money we don't have. It's entirely possible to substantially cut spending and start turning budgetary surpluses what we can use to pay down the debt.

Weird, what happened the last time there were surpluses? Oh right after CLINTON'S first surplus the GOP passed a $700+ billion tax cut he had to veto to get 3 more. Cut the budget huh? lol

3/4ths of it is SS, Medicare or military. Where do we begin?


BTW, STARVING US OF REVENUES AS THEY BLEW UP SPENDING, THAT'S HOW 90%+ OF CURRENT DEBT CAN BE TRACED BACK TO REAGAN, BUSH AND BUSH POLICIES!

Can you please stop with the emotional rants stick to the subject at hand?

Weird, YOU posit we spend to much and I show the GOP/conservatives have used the STARVE THE BEAST mode for 30+ years and YOU say stick to subject??? lol. Dishonest wing nutters

 

[Dad2three]

In 1980 the top 1% earned 8.5% of total income. In 2007 they earned 23%.

In 1980 the bottom 90% earned 68% of total income. In 2007 they earned 53%.

Summary of Latest Federal Income Tax Data Tax Foundation

GOV'T POLICY MATTERS !!!

Keynes wrote "The End of Laissez Faire" in 1926. He was correct then, and his insight remains more valid than any economics that conservative Libertarians propound ad infinitum and ad nauseum. Laissez Faire is nothing more than a childish Christmas wish of no substance; just hope and myth, and smoke and mirrors. Fails every time we try even the tiniest bit.



"The greatest evils in our industrial system to-day are those which rise from the abuses of aggregated wealth; and our great problem is to overcome these evils and cut out these abuses. No one man can deal with this matter. It is the affair of the people as a whole. When aggregated wealth demands what is unfair, its immense power can be met only by the still greater power of the people as a whole, exerted in the only way it can be exerted, through the Government;..."
- Teddy Roosevelt 1910

Translation: I'm going to babble on about an entirely different matter, reciting the party line propaganda about something else entirely, and pretend that my previous bullshit wasn't demolished.

Right Bubba, YOU posit things have changed in your post, # 31

Close To Half Of Americans Have More Credit Card Debt Than Savings Page 4 US Message Board - Political Discussion Forum

I REFUTE YOUR BULLSHIT, YOU CHOOSE TO CUT OFF THE REST OF THE HISTORY AND SAY YOU DEMOLISHED SOMETHING? lol


ONE nation or state your libertarian bullshit was or is used,. EVER?

You right wingers 'believe in' myths and fairy tales, nothing more Bubba

 

[Dad2three]

And ironically we keep running up government debt by not taxing enough to pay our bills,

often justified by the argument that the American people know better how to spend their money than the government does.

The fact that you completely ignore cut spending and reduce debt ceilings is a problem. Liberals are all about grabbing the People's money and ignoring spending and debt.

Weird, you ignore about 90% of current debt can be traced back to Reagan, Bush and Bush POLICIES like starve the beast?

The Dems when they had Clinton, created 3 new tax brackets and took the top rate from 31% to 39.6% in 1993, without ONE GOP vote. With that fiscal discipline of getting revenues back to Carter's (before Reagan tripled the debt) 20% of GDP and cutting the deficit by $500 billion, Clinton gave US 4 surpluses, 3 AFTER HE VETOED THE GOP's $700+ BILLION TAX CUT. The libs are the problem huh? lol

 

[Luddly Neddite]

Pretty irresponsible to blame the government for your own choices as a couple of posters above apparently do.

In my 20s, I had credit card debt. Woke to the fact that I was enslaving myself, paid them off and have never let it happen again. Pay cash for everything, except real estate and pay that off as quickly as you can. We're retired, our homes are paid for, we paid cash for our cars and the result is, we have the money to travel and a secure future. Its a choice.

That is silly.

My wife's family is very wealthy, she's an only child. A trust fund is already in place. Plus , we earn good money ourselves anyway.

We carry plenty of debt, there is nothing wrong with debt , as long as you as you have a just in case financial plan.

SmarterThanTheAverageBear

Dumb bear says he's very well off, married to a trust fund so he never had the money concerns most face. Yet dumb bear chooses to throw money away on interest.

Dumb bear says its silly that I prefer to keep that money in my own pocket.

Dumb bear is dumb but that's dumb bear's choice.

 

[WillowTree]

The number of Americans who can afford to pay off their credit cards continues to drop, according to a new survey.

The survey by Bankrate.com found that only 51 percent of Americans have enough cash in their emergency accounts to clear themselves of credit card debt. That’s the lowest percentage since the firm began tracking the number in 2011.

Close to half of Americans have more credit card debt than savings - CBS News

That is called being irresponsible!

 

[Skull Pilot]

No, we keep running up government debt by spending more than we can afford.

We can leave our children with an unrepayable massive debt and a shattered economy, or we can leave them liberty in a land where every individual has the opportunity to be whatever God intended us to be. All it takes is a little common sense and recognition of our own ability. Together we can forge a new beginning for America."
- Ronald Reagan: Address to the Nation on the Economy, Feb. 5, 1981


The irony of this speech is that the national debt was not out of control at all in 1981, in fact the national debt was at the lowest point it has ever been since World War II in 1980. In the speech Reagan cited national debt figures in raw dollar amounts, unadjusted for inflation and not tied to GDP. Those figures are essentially worthless and no economist would ever use them as a measure of the national debt. But presenting the national debt as a problem was a means of justifying significant cuts in domestic spending, which he framed as "redistribution".

How Reagan Sowed the Seeds of America s Demise


"Starving the beast" is a political strategy employed by American conservatives in order to limit government spending by cutting taxes in order to deprive the government of revenue in a deliberate effort to force the federal government to reduce spending.


Before his election as President, then-candidate Ronald Reagan foreshadowed the strategy during the 1980 US Presidential debates, saying "John Anderson tells us that first we've got to reduce spending before we can reduce taxes. Well, if you've got a kid that's extravagant, you can lecture him all you want to about his extravagance. Or you can cut his allowance and achieve the same end much quicker."


Starve the beast - Wikipedia the free encyclopedia

Do you remember 2001 when we had a budget surplus. Alan Greenspan testified before Congress in favor of the Bush tax cuts,"we are in danger of paying down the debt too fast". How absurd is that statement today! By the way, not a single GOPer voted for the 93 reconciliation act that led to the balanced budget and eventual surplus.

The Republicans would not pay down the debt when times were much better. Now they want to focus on deficits.
Historical Source of Revenue as Share of GDP

Blah, blah, blah. You did not say anything that refutes my post. The reason we keep running up debt is because we keep spending money we don't have. It's entirely possible to substantially cut spending and start turning budgetary surpluses what we can use to pay down the debt.

Weird, what happened the last time there were surpluses? Oh right after CLINTON'S first surplus the GOP passed a $700+ billion tax cut he had to veto to get 3 more. Cut the budget huh? lol

3/4ths of it is SS, Medicare or military. Where do we begin?


BTW, STARVING US OF REVENUES AS THEY BLEW UP SPENDING, THAT'S HOW 90%+ OF CURRENT DEBT CAN BE TRACED BACK TO REAGAN, BUSH AND BUSH POLICIES!

Can you please stop with the emotional rants stick to the subject at hand?

Weird, YOU posit we spend to much and I show the GOP/conservatives have used the STARVE THE BEAST mode for 30+ years and YOU say stick to subject??? lol. Dishonest wing nutters

Still haven't grasped the difference between government spending and personal spending huh?

 

[SwimExpert]

Weird, YOU posit we spend to much and I show the GOP/conservatives have used the STARVE THE BEAST mode for 30+ years and YOU say stick to subject??? lol. Dishonest wing nutters

It's not weird at all. All you've done is rant and rave about why you think Republicans suck. While I'm sure it's a delightful tickle to your hyper partisan ballsack, that is not the subject. Let's go back to the beginning....

Where does debt come from? From spending money.
How does debt increase? By spending too much and paying off too little.

 

[SwimExpert]

In 1980 the top 1% earned 8.5% of total income. In 2007 they earned 23%.

In 1980 the bottom 90% earned 68% of total income. In 2007 they earned 53%.

Summary of Latest Federal Income Tax Data Tax Foundation

GOV'T POLICY MATTERS !!!

Keynes wrote "The End of Laissez Faire" in 1926. He was correct then, and his insight remains more valid than any economics that conservative Libertarians propound ad infinitum and ad nauseum. Laissez Faire is nothing more than a childish Christmas wish of no substance; just hope and myth, and smoke and mirrors. Fails every time we try even the tiniest bit.



"The greatest evils in our industrial system to-day are those which rise from the abuses of aggregated wealth; and our great problem is to overcome these evils and cut out these abuses. No one man can deal with this matter. It is the affair of the people as a whole. When aggregated wealth demands what is unfair, its immense power can be met only by the still greater power of the people as a whole, exerted in the only way it can be exerted, through the Government;..."
- Teddy Roosevelt 1910

Translation: I'm going to babble on about an entirely different matter, reciting the party line propaganda about something else entirely, and pretend that my previous bullshit wasn't demolished.

Right Bubba, YOU posit things have changed in your post, # 31

Close To Half Of Americans Have More Credit Card Debt Than Savings Page 4 US Message Board - Political Discussion Forum

I REFUTE YOUR BULLSHIT, YOU CHOOSE TO CUT OFF THE REST OF THE HISTORY AND SAY YOU DEMOLISHED SOMETHING? lol


ONE nation or state your libertarian bullshit was or is used,. EVER?

You right wingers 'believe in' myths and fairy tales, nothing more Bubba

What are you talking about? I posted about modern leadership practices in the business place a greater emphasis on non monetary motivation for workers. All you've done is babble on about how much you hate Republicans.

 

[Dad2three]

We can leave our children with an unrepayable massive debt and a shattered economy, or we can leave them liberty in a land where every individual has the opportunity to be whatever God intended us to be. All it takes is a little common sense and recognition of our own ability. Together we can forge a new beginning for America."
- Ronald Reagan: Address to the Nation on the Economy, Feb. 5, 1981


The irony of this speech is that the national debt was not out of control at all in 1981, in fact the national debt was at the lowest point it has ever been since World War II in 1980. In the speech Reagan cited national debt figures in raw dollar amounts, unadjusted for inflation and not tied to GDP. Those figures are essentially worthless and no economist would ever use them as a measure of the national debt. But presenting the national debt as a problem was a means of justifying significant cuts in domestic spending, which he framed as "redistribution".

How Reagan Sowed the Seeds of America s Demise


"Starving the beast" is a political strategy employed by American conservatives in order to limit government spending by cutting taxes in order to deprive the government of revenue in a deliberate effort to force the federal government to reduce spending.


Before his election as President, then-candidate Ronald Reagan foreshadowed the strategy during the 1980 US Presidential debates, saying "John Anderson tells us that first we've got to reduce spending before we can reduce taxes. Well, if you've got a kid that's extravagant, you can lecture him all you want to about his extravagance. Or you can cut his allowance and achieve the same end much quicker."


Starve the beast - Wikipedia the free encyclopedia

Do you remember 2001 when we had a budget surplus. Alan Greenspan testified before Congress in favor of the Bush tax cuts,"we are in danger of paying down the debt too fast". How absurd is that statement today! By the way, not a single GOPer voted for the 93 reconciliation act that led to the balanced budget and eventual surplus.

The Republicans would not pay down the debt when times were much better. Now they want to focus on deficits.
Historical Source of Revenue as Share of GDP

Blah, blah, blah. You did not say anything that refutes my post. The reason we keep running up debt is because we keep spending money we don't have. It's entirely possible to substantially cut spending and start turning budgetary surpluses what we can use to pay down the debt.

Weird, what happened the last time there were surpluses? Oh right after CLINTON'S first surplus the GOP passed a $700+ billion tax cut he had to veto to get 3 more. Cut the budget huh? lol

3/4ths of it is SS, Medicare or military. Where do we begin?


BTW, STARVING US OF REVENUES AS THEY BLEW UP SPENDING, THAT'S HOW 90%+ OF CURRENT DEBT CAN BE TRACED BACK TO REAGAN, BUSH AND BUSH POLICIES!

Can you please stop with the emotional rants stick to the subject at hand?

Weird, YOU posit we spend to much and I show the GOP/conservatives have used the STARVE THE BEAST mode for 30+ years and YOU say stick to subject??? lol. Dishonest wing nutters

Still haven't grasped the difference between government spending and personal spending huh?

Coming from a conservative? The guys who ALWAYS want Gov't to be ran like the family budget or a Corp? lol