What's new
US Message Board - Political Discussion Forum

This is a sample guest message. Register a free account today to become a member! Once signed in, you'll be able to participate on this site by adding your own topics and posts, as well as connect with other members through your own private inbox!

Debt to Rise to 90% of GDP

Meister

Diamond Member
Staff member
Moderator
Gold Supporting Member
Joined
Jan 15, 2009
Messages
44,517
Reaction score
17,858
Points
2,290
Location
Conservative part of the Northwest
Who didn't see this one coming down the pipeline? This is not good for our economy, nor our bond rating.

President Obama's fiscal 2011 budget will generate nearly $10 trillion in cumulative budget deficits over the next 10 years, $1.2 trillion more than the administration projected, and raise the federal debt to 90 percent of the nation's economic output by 2020, the Congressional Budget Office reported Thursday.

The federal public debt, which was $6.3 trillion ($56,000 per household) when Mr. Obama entered office amid an economic crisis, totals $8.2 trillion ($72,000 per household) today,
and it's headed toward $20.3 trillion (more than $170,000 per household) in 2020, according to CBO's deficit estimates.
CBO report: Debt will rise to 90% of GDP - Washington Times

WOW....that's staggering
 

jeffrockit

Senior Member
Joined
Nov 16, 2008
Messages
1,341
Reaction score
165
Points
48
Who didn't see this one coming down the pipeline? This is not good for our economy, nor our bond rating.

President Obama's fiscal 2011 budget will generate nearly $10 trillion in cumulative budget deficits over the next 10 years, $1.2 trillion more than the administration projected, and raise the federal debt to 90 percent of the nation's economic output by 2020, the Congressional Budget Office reported Thursday.

The federal public debt, which was $6.3 trillion ($56,000 per household) when Mr. Obama entered office amid an economic crisis, totals $8.2 trillion ($72,000 per household) today,
and it's headed toward $20.3 trillion (more than $170,000 per household) in 2020, according to CBO's deficit estimates.
CBO report: Debt will rise to 90% of GDP - Washington Times

WOW....that's staggering

And yet, even when faced with facts, there will be those that defend this administration!
 

Vel

Platinum Member
Joined
Oct 30, 2008
Messages
6,543
Reaction score
3,118
Points
365
Location
Tennessee
Cue the...but...but.. Bush started TWO wars....crowd in.. 3..2..
 

Zander

Platinum Member
Joined
Sep 10, 2009
Messages
22,519
Reaction score
9,092
Points
940
Location
Los Angeles CA
First they have to attack the Washington Times......then BOOOOOOOSH!!!!!!!
 
R

rdean

Guest
Who didn't see this one coming down the pipeline? This is not good for our economy, nor our bond rating.

President Obama's fiscal 2011 budget will generate nearly $10 trillion in cumulative budget deficits over the next 10 years, $1.2 trillion more than the administration projected, and raise the federal debt to 90 percent of the nation's economic output by 2020, the Congressional Budget Office reported Thursday.

The federal public debt, which was $6.3 trillion ($56,000 per household) when Mr. Obama entered office amid an economic crisis, totals $8.2 trillion ($72,000 per household) today,
and it's headed toward $20.3 trillion (more than $170,000 per household) in 2020, according to CBO's deficit estimates.
CBO report: Debt will rise to 90% of GDP - Washington Times

WOW....that's staggering

And yet, even when faced with facts, there will be those that defend this administration!

What is wrong with you guys. Obama is working with what he was given. Two wars - three trillion, a drug bill from 2003 that's anywhere from 2 to 15 trillion. It's astounding how you blame Republican mess on him.

The GDP of the US is 14.5 trillion. The GDP of the European Union is over 18 trillion. We could start with pulling our troops and bringing them home. We could rebuild America's crumbling infrastructure.
What are Republican ideas? None. Look at their own party finances. 22 million, then they get 96 million in donations, and they end up with less than 10 million. Yea, so "fiscal".
 
OP
Meister

Meister

Diamond Member
Staff member
Moderator
Gold Supporting Member
Joined
Jan 15, 2009
Messages
44,517
Reaction score
17,858
Points
2,290
Location
Conservative part of the Northwest
Who didn't see this one coming down the pipeline? This is not good for our economy, nor our bond rating.

President Obama's fiscal 2011 budget will generate nearly $10 trillion in cumulative budget deficits over the next 10 years, $1.2 trillion more than the administration projected, and raise the federal debt to 90 percent of the nation's economic output by 2020, the Congressional Budget Office reported Thursday.

The federal public debt, which was $6.3 trillion ($56,000 per household) when Mr. Obama entered office amid an economic crisis, totals $8.2 trillion ($72,000 per household) today,
and it's headed toward $20.3 trillion (more than $170,000 per household) in 2020, according to CBO's deficit estimates.
CBO report: Debt will rise to 90% of GDP - Washington Times

WOW....that's staggering

And yet, even when faced with facts, there will be those that defend this administration!

What is wrong with you guys. Obama is working with what he was given. Two wars - three trillion, a drug bill from 2003 that's anywhere from 2 to 15 trillion. It's astounding how you blame Republican mess on him.

The GDP of the US is 14.5 trillion. The GDP of the European Union is over 18 trillion. We could start with pulling our troops and bringing them home. We could rebuild America's crumbling infrastructure.
What are Republican ideas? None. Look at their own party finances. 22 million, then they get 96 million in donations, and they end up with less than 10 million. Yea, so "fiscal".

Did you look at the CBO's numbers for the year 2020....you want to blame that on the last administration, also? Unbelievable

By the way....are those numbers you threw out the RNC's money...or are they tax dollars? hmmmm?
 
Last edited:

oreo

Gold Member
Joined
Sep 15, 2008
Messages
18,102
Reaction score
2,922
Points
290
Location
rocky mountains
Who didn't see this one coming down the pipeline? This is not good for our economy, nor our bond rating.

President Obama's fiscal 2011 budget will generate nearly $10 trillion in cumulative budget deficits over the next 10 years, $1.2 trillion more than the administration projected, and raise the federal debt to 90 percent of the nation's economic output by 2020, the Congressional Budget Office reported Thursday.

The federal public debt, which was $6.3 trillion ($56,000 per household) when Mr. Obama entered office amid an economic crisis, totals $8.2 trillion ($72,000 per household) today,
and it's headed toward $20.3 trillion (more than $170,000 per household) in 2020, according to CBO's deficit estimates.
CBO report: Debt will rise to 90% of GDP - Washington Times

WOW....that's staggering

And yet, even when faced with facts, there will be those that defend this administration!

What is wrong with you guys. Obama is working with what he was given. Two wars - three trillion, a drug bill from 2003 that's anywhere from 2 to 15 trillion. It's astounding how you blame Republican mess on him.

The GDP of the US is 14.5 trillion. The GDP of the European Union is over 18 trillion. We could start with pulling our troops and bringing them home. We could rebuild America's crumbling infrastructure.
What are Republican ideas? None. Look at their own party finances. 22 million, then they get 96 million in donations, and they end up with less than 10 million. Yea, so "fiscal".

This President has spent more in one single year than any other President in U.S. history & on WHAT? 787 billion so-called stimulus bill that has failed MISERABLY. Then the next week while he was stating that we were in the greatest economic crisis since the great depression he signed off on another 450 BILLION for 9000 EARMARKS and political goodies.

This President is the most "fiscally" irresponsible empty suit ever.

$Earmarks-Signing-Statement.jpg

What do conservatives want? To STOP this insanity.
 
Last edited:

Flopper

Gold Member
Gold Supporting Member
Joined
Mar 23, 2010
Messages
25,736
Reaction score
5,755
Points
280
Location
Washington
Who didn't see this one coming down the pipeline? This is not good for our economy, nor our bond rating.

President Obama's fiscal 2011 budget will generate nearly $10 trillion in cumulative budget deficits over the next 10 years, $1.2 trillion more than the administration projected, and raise the federal debt to 90 percent of the nation's economic output by 2020, the Congressional Budget Office reported Thursday.

The federal public debt, which was $6.3 trillion ($56,000 per household) when Mr. Obama entered office amid an economic crisis, totals $8.2 trillion ($72,000 per household) today,
and it's headed toward $20.3 trillion (more than $170,000 per household) in 2020, according to CBO's deficit estimates.
CBO report: Debt will rise to 90% of GDP - Washington Times

WOW....that's staggering
Not that I doubt your numbers but our debt to GDP was 54% last year. I don't how know how this calculation was made but it is hard to believe that it is going to go up by 66%. Even if it does so what? The debt to GDP ratio in Japan is 193% now. Japan seems to be doing pretty good. Looking at the debt ratio for a number of countries, we will have plenty of company at the 90% level by 2020. The only thing about this ratio that is really important is how we stack up against other nations. Even at 90% in 10 yrs we don't look that bad.
 
Joined
Oct 8, 2009
Messages
50,337
Reaction score
10,053
Points
0
Who didn't see this one coming down the pipeline? This is not good for our economy, nor our bond rating.

President Obama's fiscal 2011 budget will generate nearly $10 trillion in cumulative budget deficits over the next 10 years, $1.2 trillion more than the administration projected, and raise the federal debt to 90 percent of the nation's economic output by 2020, the Congressional Budget Office reported Thursday.

The federal public debt, which was $6.3 trillion ($56,000 per household) when Mr. Obama entered office amid an economic crisis, totals $8.2 trillion ($72,000 per household) today,
and it's headed toward $20.3 trillion (more than $170,000 per household) in 2020, according to CBO's deficit estimates.
CBO report: Debt will rise to 90% of GDP - Washington Times

WOW....that's staggering
Not that I doubt your numbers but our debt to GDP was 54% last year. I don't how know how this calculation was made but it is hard to believe that it is going to go up by 66%. Even if it does so what? The debt to GDP ratio in Japan is 193% now. Japan seems to be doing pretty good. Looking at the debt ratio for a number of countries, we will have plenty of company at the 90% level by 2020. The only thing about this ratio that is really important is how we stack up against other nations. Even at 90% in 10 yrs we don't look that bad.

What a total moron you are.
 

antagon

The Man
Joined
Dec 6, 2009
Messages
3,572
Reaction score
295
Points
48
And yet, even when faced with facts, there will be those that defend this administration!

What is wrong with you guys. Obama is working with what he was given. Two wars - three trillion, a drug bill from 2003 that's anywhere from 2 to 15 trillion. It's astounding how you blame Republican mess on him.

The GDP of the US is 14.5 trillion. The GDP of the European Union is over 18 trillion. We could start with pulling our troops and bringing them home. We could rebuild America's crumbling infrastructure.
What are Republican ideas? None. Look at their own party finances. 22 million, then they get 96 million in donations, and they end up with less than 10 million. Yea, so "fiscal".

Did you look at the CBO's numbers for the year 2020....you want to blame that on the last administration, also? Unbelievable

By the way....are those numbers you threw out the RNC's money...or are they tax dollars? hmmmm?

personally, i dont think that we'd be better off with low/no debt because the dollar's strength would price our economy out of existence. for the moment, it strengthens despite domestic asset deflation and huge deficit spending.

but , since this is your pet peeve, couldnt you blame this entire trend on ron reagan? without his conservative revolution, there would be no deficit at all. whether democratic or republican, we are living in a conservative economic era.

you were around back then, would you prefer the economy in the 70s?
 

antagon

The Man
Joined
Dec 6, 2009
Messages
3,572
Reaction score
295
Points
48
Who didn't see this one coming down the pipeline? This is not good for our economy, nor our bond rating.

President Obama's fiscal 2011 budget will generate nearly $10 trillion in cumulative budget deficits over the next 10 years, $1.2 trillion more than the administration projected, and raise the federal debt to 90 percent of the nation's economic output by 2020, the Congressional Budget Office reported Thursday.

The federal public debt, which was $6.3 trillion ($56,000 per household) when Mr. Obama entered office amid an economic crisis, totals $8.2 trillion ($72,000 per household) today,
and it's headed toward $20.3 trillion (more than $170,000 per household) in 2020, according to CBO's deficit estimates.
CBO report: Debt will rise to 90% of GDP - Washington Times

WOW....that's staggering
Not that I doubt your numbers but our debt to GDP was 54% last year. I don't how know how this calculation was made but it is hard to believe that it is going to go up by 66%. Even if it does so what? The debt to GDP ratio in Japan is 193% now. Japan seems to be doing pretty good. Looking at the debt ratio for a number of countries, we will have plenty of company at the 90% level by 2020. The only thing about this ratio that is really important is how we stack up against other nations. Even at 90% in 10 yrs we don't look that bad.

What a total moron you are.

if flopper is spot on, (except for the red) wouldn't that make you a moron?
 
Joined
Oct 8, 2009
Messages
50,337
Reaction score
10,053
Points
0
Not that I doubt your numbers but our debt to GDP was 54% last year. I don't how know how this calculation was made but it is hard to believe that it is going to go up by 66%. Even if it does so what? The debt to GDP ratio in Japan is 193% now. Japan seems to be doing pretty good. Looking at the debt ratio for a number of countries, we will have plenty of company at the 90% level by 2020. The only thing about this ratio that is really important is how we stack up against other nations. Even at 90% in 10 yrs we don't look that bad.

What a total moron you are.

if flopper is spot on, (except for the red) wouldn't that make you a moron?

Operative word in his comment "seems". Japan "seems" to be doing ok. Evidence of Japan 'doing ok'? And I don't mean media links... I mean actual legitimate, factual information.
 

Sarah G

When Nothing Goes Right, Go Left
Joined
Mar 4, 2009
Messages
51,009
Reaction score
13,243
Points
2,220
Location
NW Ohio
First they have to attack the Washington Times......then BOOOOOOOSH!!!!!!!

And you think that your little prediction is going to stop anyone from critiquing the Moonie Times?

:cuckoo:
 

editec

Mr. Forgot-it-All
Joined
Jun 5, 2008
Messages
41,421
Reaction score
5,662
Points
48
Location
Maine
Were I a conspiracy theoists, I'd suggest that the bankrupting of the FEDERAL government has been the intended outcome that both parties have been working toward all along.
 

antagon

The Man
Joined
Dec 6, 2009
Messages
3,572
Reaction score
295
Points
48
What a total moron you are.

if flopper is spot on, (except for the red) wouldn't that make you a moron?

Operative word in his comment "seems". Japan "seems" to be doing ok. Evidence of Japan 'doing ok'? And I don't mean media links... I mean actual legitimate, factual information.

i couldnt say what japan seems like, or that theyre doing ok in all parts of their economy, however, the yen has strengthened against the dollar and euro since 2007, despite their deficit. i dont think its slipped out of third as a solidly traded currency, either.

that japan can sustain this at a 193% ratio puts the situation in perspective. by no means should we aspire to join them if even in 2020, however, pursuing no/low debt irrelative to other economies is not a plus, either. i think that was flopper's point.
 

rightwinger

Award Winning USMB Paid Messageboard Poster
Gold Supporting Member
Joined
Aug 4, 2009
Messages
222,679
Reaction score
48,456
Points
2,190
National debt is laziness on our part. We want all the services but don't want to sacrifice to get them. The US is still the wealthiest country on earth. I love how these articles divide up the debt among each person. The US Government has tremendous resources. Almost 1/3 of all land in the US is owned by the Government. This land has tremendous value as well as mineral and grazing rights. The US Military has more equipment than any other nation.

Its like if I make $80,000 a year and owe $160,000 on a house valued at $400,000. My debt to earnings ratio is 200% but I am still financially well off
 

Murf76

Senior Member
Joined
Nov 11, 2008
Messages
2,464
Reaction score
593
Points
48
It's not the debt that gets you.... it's the INTEREST on the debt that gets you. :eusa_whistle:

By 2020, we'll be paying over 900 BILLION per year servicing that debt. That's more than a Porkulus package every 12 months. Out-of-pocket. Out of the economy and into foreign economies.

This is an INEXCUSABLE disservice to the American people. It's economic recklessness on the part of people whose JOB it is to manage our budget.
 

rightwinger

Award Winning USMB Paid Messageboard Poster
Gold Supporting Member
Joined
Aug 4, 2009
Messages
222,679
Reaction score
48,456
Points
2,190
It's not the debt that gets you.... it's the INTEREST on the debt that gets you. :eusa_whistle:

By 2020, we'll be paying over 900 BILLION per year servicing that debt. That's more than a Porkulus package every 12 months. Out-of-pocket. Out of the economy and into foreign economies.

This is an INEXCUSABLE disservice to the American people. It's economic recklessness on the part of people whose JOB it is to manage our budget.

What interest rate are we currently paying?

I bet its much less than the rate we paid when Ronald Reagan ran up the debt
 

Murf76

Senior Member
Joined
Nov 11, 2008
Messages
2,464
Reaction score
593
Points
48
What interest rate are we currently paying?

I bet its much less than the rate we paid when Ronald Reagan ran up the debt

Let us not forget the warning we got from Moody's a couple of weeks ago on our AAA-rating. If/when we lose that rating... interest rates will go up in order to get buyers for our paper. They're liable to go up a little bit anyway. Already, we have several corporate entities who are selling at lower rates. What that means essentially is that bond buyers consider a corporation like Lowes a better risk than the United States Government. :eek:

We do not have 900 billion to pay on interest. We don't have ANY money to pay on interest that we don't first have to borrow from someone else. We're borrowing money in order to pay for the money we already borrowed... with no end in sight.
 

Care4all

Warrior Princess
Joined
Mar 24, 2007
Messages
58,411
Reaction score
16,613
Points
2,220
Location
Maine
Who didn't see this one coming down the pipeline? This is not good for our economy, nor our bond rating.

President Obama's fiscal 2011 budget will generate nearly $10 trillion in cumulative budget deficits over the next 10 years, $1.2 trillion more than the administration projected, and raise the federal debt to 90 percent of the nation's economic output by 2020, the Congressional Budget Office reported Thursday.

The federal public debt, which was $6.3 trillion ($56,000 per household) when Mr. Obama entered office amid an economic crisis, totals $8.2 trillion ($72,000 per household) today,
and it's headed toward $20.3 trillion (more than $170,000 per household) in 2020, according to CBO's deficit estimates.
CBO report: Debt will rise to 90% of GDP - Washington Times

WOW....that's staggering

Meister, do you know what the difference is between the PUBLIC Debt and the NATIONAL debt? This article is using the figure of 6.3 trillion as our Public debt, yet our National Debt was around $11.5 trillion??? What is the difference? Seems like each of us OWE even more than what the writer states if you look at National Debt?
 

USMB Server Goals

Total amount
$350.00
Goal
$350.00

Most reactions - Past 7 days

Forum List

Top