DEBT LIMIT - A GUIDE TO AMERICAN FEDERAL DEBT MADE EASY.- video

[Stephanie]

[ame=http://www.youtube.com/watch?v=Li0no7O9zmE]DEBT LIMIT - A GUIDE TO AMERICAN FEDERAL DEBT MADE EASY. - YouTube[/ame]

 

[Robodoon]

DEBT LIMIT - A GUIDE TO AMERICAN FEDERAL DEBT MADE EASY. - YouTube

that was good, a little picture of congress and Obama

 

[1_Old_Man]

That is a good cartoon. After watching it I am reminded however that all of our Governmental expenditures have not been for frivolous purposes, at least not by some people's lights. About a third of that total national debt is actually money we owe to ourselves in the form of funds borrowed from Social Security, it is those IOUs that are what we sometimes call the "Trust Fund". About another third of that total debt was run up in the national defense - some would say - in fighting two wars.

 

[Meister]

That is a good cartoon. After watching it I am reminded however that all of our Governmental expenditures have not been for frivolous purposes, at least not by some people's lights. About a third of that total national debt is actually money we owe to ourselves in the form of funds borrowed from Social Security, it is those IOUs that are what we sometimes call the "Trust Fund". About another third of that total debt was run up in the national defense - some would say - in fighting two wars.

However you want to twist the problem makes no difference. There is a bottom line that we can no longer afford, and you can count there being plenty of waste in that figure, also.

 

[Luddly Neddite]

We need to vote GObP/Repub across the board. Don't think. Just do it.

After all, those Bush tax gifts add hugely to the debt but why worry about not being able to pay for it? That's what we've got kids for, right?

 

[Meister]

We need to vote GObP/Repub across the board. Don't think. Just do it.

After all, those Bush tax gifts add hugely to the debt but why worry about not being able to pay for it? That's what we've got kids for, right?

Actually if you do some homework you will find that the "tax gift" did not add hugely on our debt. What added hugely on our debt is spending....make no mistake about that.

 

[Iggy]

We need to vote GObP/Repub across the board. Don't think. Just do it.

After all, those Bush tax gifts add hugely to the debt but why worry about not being able to pay for it? That's what we've got kids for, right?

Actually if you do some homework you will find that the "tax gift" did not add hugely on our debt. What added hugely on our debt is spending....make no mistake about that.

It's almost always spending that increases the debt load and Obama loves to spend.

 

[waltky]

Granny says it ain't Obama, its dat spendaholic Congress - dey control the purse strings...

Obama Has Increased Debt $5T
March 21, 2012 - President Barack Obama has now increased the national debt by approximately $5 trillion since the day he was inaugurated, according to the official debt figures the U.S. Treasury released at 4:00 p.m. on Wednesday.

While Obama has been president, the federal government’s debt has increased by $15,824.21 for each of the 313,223,079 million people that the Census Bureau now estimates live in the United States—and by $41,762.92 for each of the nation’s 118,682,000 households. On Jan. 20, 2009, the day Obama was inaugurated, the federal government’s debt was $10,626,877,048,913.08. As of the close of business on Tuesday, March 20, 2012, it was $15,583,383,846,149.34.

That represents an increase of $4,956,506,797,236.26—which rounds to $5 trillion. (As of the close of business on March 19, 2012, the debt had increased since Obama’s inauguration by $4,947,361,319,191.81—slightly below the rounding point of $4.95 trillion.) The $4,956,506,797,236.26 in new debt the U.S. government has accumulated since Obama’s inauguration is equal to all the debt the U.S. government accumulated between Jan. 4, 1776, when the British colonies declared their independence from England, until Aug. 15, 1995, when Bill Clinton was in the third year of his first term.

In the first 1,156 days of Obama’s presidency (through March 20), the federal debt increased at an average rate of $4,287,635,637.75 per day. Were the debt to maintain that aveage daily rate of increase through the end of Obama's term on Jan. 20, 2013, the debt will have increased by $6,264,235,666,752.75 during Obama’s term.

The total national debt did not exceed $6,264,235,666,752.75 until Oct. 29, 2002, during George W. Bush’s first term. If the rate of increase in the debt continues at the average daily rate it has maintained thus far in his term, Obama, in just four years, will increase the federal government’s debt by more than all presidents from Washington through Clinton combined.

Obama Has Increased Debt $5T | CNSNews.com

 

[regent]

Well another way to look at the debt is what both Bush's and Reagan did to the debt. According to one post, all were responsible for fourteen and a half trillion dollars of the national debt. In other words if this is true the two Bushs and Reagan raised the debt, 94%.

 

[starcraftzzz]

We need to vote GObP/Repub across the board. Don't think. Just do it.

After all, those Bush tax gifts add hugely to the debt but why worry about not being able to pay for it? That's what we've got kids for, right?

Actually if you do some homework you will find that the "tax gift" did not add hugely on our debt. What added hugely on our debt is spending....make no mistake about that.

So now according to you 4 trillion add to the debt is not "huge"

 

[starcraftzzz]

We need to vote GObP/Repub across the board. Don't think. Just do it.

After all, those Bush tax gifts add hugely to the debt but why worry about not being able to pay for it? That's what we've got kids for, right?

Actually if you do some homework you will find that the "tax gift" did not add hugely on our debt. What added hugely on our debt is spending....make no mistake about that.

It's almost always spending that increases the debt load and Obama loves to spend.

Is that why Spending under Obama is less then Reagan and Bush?
Austerity, American Style - NYTimes.com

 

[starcraftzzz]

Granny says it ain't Obama, its dat spendaholic Congress - dey control the purse strings...

Obama Has Increased Debt $5T
March 21, 2012 - President Barack Obama has now increased the national debt by approximately $5 trillion since the day he was inaugurated, according to the official debt figures the U.S. Treasury released at 4:00 p.m. on Wednesday.

While Obama has been president, the federal government’s debt has increased by $15,824.21 for each of the 313,223,079 million people that the Census Bureau now estimates live in the United States—and by $41,762.92 for each of the nation’s 118,682,000 households. On Jan. 20, 2009, the day Obama was inaugurated, the federal government’s debt was $10,626,877,048,913.08. As of the close of business on Tuesday, March 20, 2012, it was $15,583,383,846,149.34.

That represents an increase of $4,956,506,797,236.26—which rounds to $5 trillion. (As of the close of business on March 19, 2012, the debt had increased since Obama’s inauguration by $4,947,361,319,191.81—slightly below the rounding point of $4.95 trillion.) The $4,956,506,797,236.26 in new debt the U.S. government has accumulated since Obama’s inauguration is equal to all the debt the U.S. government accumulated between Jan. 4, 1776, when the British colonies declared their independence from England, until Aug. 15, 1995, when Bill Clinton was in the third year of his first term.

In the first 1,156 days of Obama’s presidency (through March 20), the federal debt increased at an average rate of $4,287,635,637.75 per day. Were the debt to maintain that aveage daily rate of increase through the end of Obama's term on Jan. 20, 2013, the debt will have increased by $6,264,235,666,752.75 during Obama’s term.

The total national debt did not exceed $6,264,235,666,752.75 until Oct. 29, 2002, during George W. Bush’s first term. If the rate of increase in the debt continues at the average daily rate it has maintained thus far in his term, Obama, in just four years, will increase the federal government’s debt by more than all presidents from Washington through Clinton combined.

Obama Has Increased Debt $5T | CNSNews.com

It is highly dishonest to blame Obama for the vast majority the debt accrued in 2009 given that during that period the budget that was in effect was signed by Bush.

 

[uscitizen]

What ever happened to the PAYGO thing that seemed to be working until the republicans took power in 2000.

 

[zonly1]

What ever happened to the PAYGO thing that seemed to be working until the republicans took power in 2000.

just blame bush and that magic trick that clintool created a surplus when in actualllity the accounting gimick was a lie; only to be disco

 

[Sallow]

We need to vote GObP/Repub across the board. Don't think. Just do it.

After all, those Bush tax gifts add hugely to the debt but why worry about not being able to pay for it? That's what we've got kids for, right?

Actually if you do some homework you will find that the "tax gift" did not add hugely on our debt. What added hugely on our debt is spending....make no mistake about that.

Yeah it did add HUGELY to our debt. As did the two unfunded wars.

Grover Norquist's voodoo economics 101 not withstanding.

 

[Sallow]

What ever happened to the PAYGO thing that seemed to be working until the republicans took power in 2000.

just blame bush and that magic trick that clintool created a surplus when in actualllity the accounting gimick was a lie; only to be disco

Except Bush used the "accounting trick" to justify the Tax cuts.

 

[waltky]

Looks like we're onna slippery slope an' slidin' downhill fast...

Interest Paid on Debt Hit Record High in First Half of FY2012—Despite Low Interest Rates
April 5, 2012 - Even though the U.S. Treasury in March was paying an average interest rate of only 2.187 percent on Treasury securities, the federal government still needed to pay a record $104.413 billion in interest on its publicly held debt in the first six months of fiscal 2012, according to official figures published by the Treasury Department.

Fiscal Year 2012 began on Oct. 1, 2011 and will end on Sept. 30, 2012. The $104.413 billion in interest the Treasury paid to bondholders from October through March, as reported on the Daily Treasury Statement for March 30, was the most the Treasury has ever paid in interest on it securities (in non-inflation-adjusted terms) in the first half of a fiscal year. In the first six months of fiscal 2011, the Treasury paid $101.399 billion in interest on Treasury securities held by the public, according to the Daily Treasury Statement for March 31, 2011. For the full fiscal year 2011, the Treasury ended up paying $208.693 in interest on its publicly held debt. When adjusted for inflation, the Treasury actually paid more interest on the government's publicly held debt back in the late 1990s and early 2000s than it has the last two years. However, while the government's debt was much smaller back then, the interest rates paid by U.S. Treasury were much higher.

In the first half of 1998, the Treasury paid $91.362 billion in interest on its publicly held debt. That equaled $127.606 in 2012 dollars, according to the Bureau of Labor Statistics inflation calculator. In the first half of 1999, the Treasury paid $95.175 billion in interest, which equaled $130,059 billion in 2012 dollars. In the first half of 2000, the Treasury paid $89.054 billion in interest, which equaled $121.694 billion in 2012 dollars. And, in the first half of 2001, the Treasury paid $82,833 billion in interest on the debt, which equaled $106,482 billion in 2012 dollars. In March 2001, however, the average interest rate on marketable Treasury securities was 6.435 percent--that is about three times as high as the current average rate of 2.187 percent.

Since 2001, the Treasury has paid lower inflation-adjusted amounts in interest to cover a growing debt because the interest rates have been lower. In recent years, the Federal Reserve has helped keep the interest rate for U.S. government debt down by purchasing massive amounts of it. In its monthly report for March, the Fed said it now owns $1.662 trillion in U.S. Treasury securities, making it the largest single owner of U.S. government debt. After the Federal Reserve, the second largest owner of U.S. Treasury securities are entities in Mainland China, which, as of the end of January, owned $1.159 trillion in U.S. debt.

The Chinese, however, have virtually divested of short-term U.S. Treasury bills, which mature in one year or less. In May 2009, the Chinese owned $210.407B U.S. T-bills. As of this January, they owned only $3.028 billion. That means the Chinese have diminished their ownership of T-bills by almost 99 percent in less than three years.

MORE

See also:

Geithner: U.S. Fiscal Situation 'Unsustainable'--But We Can't 'Just Cut Things'
April 4, 2012 – Treasury Secretary Timothy Geithner said that the U.S. government’s long-term fiscal commitments are “unsustainable,” but that they should not be the country’s top priority, because the government still needs to “do things.”

“Our fiscal commitments are unsustainable over the long run, but we cannot put our long-run fiscal challenges above all others,” Geithner told the Economic Club of Chicago on Wednesday. “We have to be willing to do things, not just cut things.” Geithner has called the U.S. debt burden “unsustainable” many times before, warning that, as federal debt grows exponentially, the burden of sustaining that debt will cause federal spending to skyrocket.

In his speech, Geithner said that the government must take a balanced approach of raising taxes and cutting spending in order to preserve the president’s spending priorities. “The president has a different strategy for economic growth. He believes that while our long-term fiscal problems are formidable, we can address them over time with a balanced package of reforms that preserve room for investments that will help us grow,” he said.

However, President Obama has produced no such plan, and his most recent budget does not include anything similar to what Geithner described. In fact, Geithner himself has admitted that the administration does not have a definitive plan, telling Congress in February that the administration had no “definitive solution” to the nation’s long-term debt crisis. “We’re not coming before you to say we have a definitive solution to our long-term problem,” Geithner told House Budget Committee Chairman Paul Ryan (R-Wis.). “What we do know is we don't like yours.”

Geithner said that the government still needs to spend money on programs like the Export-Import Bank, transportation, and welfare programs, taking direct aim at Rep. Ryan’s latest budget proposal, calling it a “dark and pessimistic vision of America.” “Cutting government investments in education and infrastructure and basic science is not a growth strategy. Cutting deeply into the safety net for low-income Americans is not financially necessary and cannot plausibly help strengthen economic growth. Repealing Wall Street reform will not make the economy grow faster -- it would just make us more vulnerable to another crisis. “This strategy is a recipe to make us a declining power -- a less exceptional nation. It is a dark and pessimistic vision of America.”

MORE

 

[Full-Auto]

Well another way to look at the debt is what both Bush's and Reagan did to the debt. According to one post, all were responsible for fourteen and a half trillion dollars of the national debt. In other words if this is true the two Bushs and Reagan raised the debt, 94%.

You are an idiot.

A One sided parrot.

Yes, ole Reagan walked the halls of congress toting 2 6 irons threatening every member. He was a mean ole cuss. IDIOT...........

 

[zonly1]

What ever happened to the PAYGO thing that seemed to be working until the republicans took power in 2000.

just blame bush and that magic trick that clintool created a surplus when in actualllity the accounting gimick was a lie; only to be disco

Except Bush used the "accounting trick" to justify the Tax cuts.

What is wrong with giving each American more purchasing power as in tax cuts? They earned it and they deserve to keep as much as possible. Apply the same question to business and they will find away to function as a business to pay less for purpose of generating more profit...this could be middle America, ma and pa store. 250k business is small amount in the grand scheme of things.

 

[editec]

The DEBT is as FIAT as our money supply.

I find it somewhat interesting that the same kind of minds who insist that our money is fiat and the issue of dishonest people, and therefore not to be trusted, have ABSOUTE TRUST in the validity of the debts denominated in that same FIAT system by the same corrupted system.