Deficit Increased by $7B under Trump, But now the GOP tries to claim fiscal Responsibility????

[Harpy Eagle]

Read the link I posted. The interest on the public debt is $378 B. THAT is the interest on the 27 T debt we are discussing.

Including Social Security finances is a different deal. Payroll taxes cover that interest.

I prefer to go with real numbers from the Govt, since they are the one paying the bill.

The bottom line is that we cannot keep adding to the debt, thus adding to the interest we pay forever, we will reach a tipping point sooner rather than later.

 

[Lesh]

2. Claiming you have found a way to pay for the $5.5 Trillion is an admission that it costs $5.5

Hey jerk of...no one made that claim

Because 5.5 is a made up number

 

[Lesh]

Americans pay those taxes

WEALTHY Americans pay those taxes and that's who you are concerned about.

WEALTHY Americans

 

[Mac1958]

We bow to your superior intellect. We are not worthy. Who are we question leftists economists, their track record be damned.

The old idiom “You can’t see the forest for the trees” seems very apropos in this case.

PS: Get back with me when inflation slows back down. It won’t happen unless Biden’s polices change.

Okay, you're the expert!

 

[Lesh]

I prefer to go with real numbers from the Govt, since they are the one paying the bill.

The bottom line is that we cannot keep adding to the debt, thus adding to the interest we pay forever, we will reach a tipping point sooner rather than later.

The bottom line is that we only pay the interest and we can well afford that

 

[DBA]

That ended Sept 1. Keep up

What are you talking about? You can’t be this stupid. It went down 1/10th of a point from a 13 year high. You are the person that thinks they are getting a good deal by buying something 50% off when the original price was increased by 75% just before for the sale.

Democrats need people Iike you.

 

[Lesh]

we will reach a tipping point sooner rather than later.

Actually it's later rather than sooner.

There IS a point where the interest could get to be a problem but it's so far down the road that no one seems to know where that is

 

[Harpy Eagle]

The bottom line is that we only pay the interest and we can well afford that

We cannot well afford it, and each fucking year we can "well afford it" even less. As soon as interest rates go up, we will be paying more for interest than we do for national defense.

Do you live this way at home?

 

[Lesh]

What are you talking about? You can’t be this stupid. It went down 1/10th of a point from a 13 year high. You are the person that thinks they are getting a good deal by buying something 50% off when the original price was increased by 75% just before for the sale.

Democrats need people Iike you.

Dude...the unemployment extensions ENDED Sept 1. Keep up

 

[DBA]

Okay, you're the expert!

Nope, just generally more accurate than them. Just lucky I guess. Lucky like making significanty more money that my PhD college professors who fancy themselves as “experts”. Yep, pure luck.

 

[DBA]

Dude...the unemployment extensions ENDED Sept 1. Keep up

You think that was the only thing keeping people home? The child tax credit and stimulus checks are still going out. If the Democrats pass their giveaway plan, it will only get worse.

 

[Lesh]

We cannot well afford it, and each fucking year we can "well afford it" even less. As soon as interest rates go up, we will be paying more for interest than we do for national defense.

Do you live this way at home?

The defense budget is roughly twice the cost of paying for the debt

 

[Lesh]

You think that was the only thing keeping people home? The child tax credit and stimulus checks are still going out. If the Democrats pass their giveaway plan, it will only get worse.

The child tax credit pays for daycare so folks CAN work

 

[Harpy Eagle]

The defense budget is roughly twice the cost of paying for the debt

I just gave you the numbers, it is no where close to twice....and the cost of paying for the debt will never stop growing, it will just keep getting bigger and bigger, eating a larger percent of our budget each year. Soon it will be the single biggest expense we have...and you think that is a fucking good thing.

 

[Lesh]

I just gave you the numbers, it is no where close to twice....and the cost of paying for the debt will never stop growing, it will just keep getting bigger and bigger, eating a larger percent of our budget each year. Soon it will be the single biggest expense we have...and you think that is a fucking good thing.

Defense spending is $750 B. Debt service is $ 378B. Defense spending is roughly twice debt service.

"Soon it will be the single biggest expense we have".

Not unless we have a MASSIVE reduction in defense spending

 

[Harpy Eagle]

Defense spending is $750 B. Debt service is $ 378B. Defense spending is roughly twice debt service.

Debt service is 524B. No matter how much you spin it, that is the actual number.

 

[Lesh]

Debt service is 524B. No matter how much you spin it, that is the actual number.

Medicare interest is pad for out of payroll taxes.

That's not interest on the Debt

 

[Harpy Eagle]

Medicare interest is pad for out of payroll taxes.

That's not interest on the Debt

The Govt and I disagree with you. Debt is debt and it is all being paid out of the same budget.

 

[Lesh]

The Govt and I disagree with you. Debt is debt and it is all being paid out of the same budget.

Actually it's not. I don't think the budget debt service includes debt on Social Security obligations.

 

[Lesh]

yup...just checked

Components of Net Interest. In the federal budget, the category of spending called net interest comprises the government’s interest payments on debt held by the public, offset by certain types of interest income that the government receives. Some of those payments and receipts are intragovernmental transactions on accounts that are not related to the public debt and have no effect on the overall federal budget.
Net Interest Outlays. Net outlays for interest largely depend on interest rates and the amount of debt that the Treasury issues to the public. In fiscal year 2020, net outlays for interest totaled $345 billion, equal to 1.6 percent of GDP and 5.3 percent of total federal spending.