How much debt is too much

[Rozman]

Obama was against it when he was running
He's now OK with it after he got what he wanted..the WH.

Libs don't think there is such a thing as too much debt....
They feel we can always just print more money..

 

[NYcarbineer]

Bush inherited a balanced budget and promptly got rid of it by cutting taxes.

 

[Redfish]

Bush inherited a balanced budget and promptly got rid of it by cutting taxes.

ummmm, 9/11.


if cutting everyones taxes was so terrible why did obama keep the bush tax rates in effect?

 

[Redfish]

Bush inherited a balanced budget and promptly got rid of it by cutting taxes.

and lets get that talking point correct-----------no president can cut taxes or raise taxes. Congress (both parties) put those tax rates in place, Bush only signed the bill after congress passed it.

 

[RightDown]

Bush inherited a balanced budget and promptly got rid of it by cutting taxes.

and lets get that talking point correct-----------no president can cut taxes or raise taxes. Congress (both parties) put those tax rates in place, Bush only signed the bill after congress passed it.

Come on. That's bush league. People speak colloquially about the president and his bully pulpit. Do you really want to go through all the stages of a tax bill before it becomes signed into law by the president just to mark proper attribution of process.

We know what he means. Your observation adds nothing.

 

[RightDown]

Because so-called federal “debt” is the total of T-securities outstanding, all federal debt easily could be eliminated tomorrow, if the federal government merely credited the bank accounts of T-securities holders.

That would require pressing a few computer keys, which would increase the checking accounts and decrease the T-security accounts of federal creditors. As this would be a simple asset exchange, no new money would be created and there would be no inflation consequences.

Because a Monetarily Sovereign nation has the unlimited ability to create its sovereign currency, that nation needs neither to tax nor to borrow. Why would it?

Further, that nation does not use tax money or borrowed money to pay for spending. Federal income has no relationship to federal spending and so, taxes and borrowing are unnecessary.
?Monetary Sovereignty: The key to understanding economics «#Monetary Sovereignty - Mitchell #Monetary Sovereignty ? Mitchell

That's a lot to digest. Happens to be true. Don't fall for the BS that the US is on the brink of bankruptcy or that there's too much debt. Nonsense.

 

[rightwinger]

come on RW, can the partisan bullshit. its wrong when either party does it. both rail against it and then do it when they get in power.

grow the fuck up and make a useful comment or leave the thread.

Americans do not give a shit about debt. They want endless benefits, the biggest military in the world, wars that we don't pay for ......oh yea
and tax cuts

We don't care about debt

Some certainly do feel that way.
what do you think? this thread was started to find out how much debt you on the left think is OK. Not one of you has given an answer other than zero or it doesn't matter.

I want your opinion. How much debt is too much?

I have more debt than I earn in a year.......is that a lot?

 

[Redfish]

Americans do not give a shit about debt. They want endless benefits, the biggest military in the world, wars that we don't pay for ......oh yea
and tax cuts

We don't care about debt

Some certainly do feel that way.
what do you think? this thread was started to find out how much debt you on the left think is OK. Not one of you has given an answer other than zero or it doesn't matter.

I want your opinion. How much debt is too much?

I have more debt than I earn in a year.......is that a lot?

You are 12K in debt??? Wow.

but serioiusly its not too much if you can make the payments. But the govt is not doing that. the govt is only paying the interest and is borrowing money to make the interest payments.

If this continues, at some point the entire revenue of the govt will be needed just to pay the interest on the debt, then what?

 

[Redfish]

Because so-called federal “debt” is the total of T-securities outstanding, all federal debt easily could be eliminated tomorrow, if the federal government merely credited the bank accounts of T-securities holders.

That would require pressing a few computer keys, which would increase the checking accounts and decrease the T-security accounts of federal creditors. As this would be a simple asset exchange, no new money would be created and there would be no inflation consequences.

Because a Monetarily Sovereign nation has the unlimited ability to create its sovereign currency, that nation needs neither to tax nor to borrow. Why would it?

Further, that nation does not use tax money or borrowed money to pay for spending. Federal income has no relationship to federal spending and so, taxes and borrowing are unnecessary.
?Monetary Sovereignty: The key to understanding economics «#Monetary Sovereignty - Mitchell #Monetary Sovereignty ? Mitchell

That's a lot to digest. Happens to be true. Don't fall for the BS that the US is on the brink of bankruptcy or that there's too much debt. Nonsense.

Do you think the Chinese would be happy if we just wrote off our debt to them or paid it with worthless paper?

 

[RightDown]

Because so-called federal “debt” is the total of T-securities outstanding, all federal debt easily could be eliminated tomorrow, if the federal government merely credited the bank accounts of T-securities holders.

That would require pressing a few computer keys, which would increase the checking accounts and decrease the T-security accounts of federal creditors. As this would be a simple asset exchange, no new money would be created and there would be no inflation consequences.

Because a Monetarily Sovereign nation has the unlimited ability to create its sovereign currency, that nation needs neither to tax nor to borrow. Why would it?

Further, that nation does not use tax money or borrowed money to pay for spending. Federal income has no relationship to federal spending and so, taxes and borrowing are unnecessary.
?Monetary Sovereignty: The key to understanding economics «#Monetary Sovereignty - Mitchell #Monetary Sovereignty ? Mitchell

That's a lot to digest. Happens to be true. Don't fall for the BS that the US is on the brink of bankruptcy or that there's too much debt. Nonsense.

Do you think the Chinese would be happy if we just wrote off our debt to them or paid it with worthless paper?

Where does money get its value? Gold? nope. Where?

The Chinese debt is immaterial. It could be paid off tomorrow without missing a beat. Where do you think the wall street bail out came from? did Obama have a few trillion stashed under his mattress? No.

we're off the gold standard.

 

[Redfish]

Because so-called federal “debt” is the total of T-securities outstanding, all federal debt easily could be eliminated tomorrow, if the federal government merely credited the bank accounts of T-securities holders.

That would require pressing a few computer keys, which would increase the checking accounts and decrease the T-security accounts of federal creditors. As this would be a simple asset exchange, no new money would be created and there would be no inflation consequences.

Because a Monetarily Sovereign nation has the unlimited ability to create its sovereign currency, that nation needs neither to tax nor to borrow. Why would it?

Further, that nation does not use tax money or borrowed money to pay for spending. Federal income has no relationship to federal spending and so, taxes and borrowing are unnecessary.
?Monetary Sovereignty: The key to understanding economics «#Monetary Sovereignty - Mitchell #Monetary Sovereignty ? Mitchell

That's a lot to digest. Happens to be true. Don't fall for the BS that the US is on the brink of bankruptcy or that there's too much debt. Nonsense.

Do you think the Chinese would be happy if we just wrote off our debt to them or paid it with worthless paper?

Where does money get its value? Gold? nope. Where?

The Chinese debt is immaterial. It could be paid off tomorrow without missing a beat. Where do you think the wall street bail out came from? did Obama have a few trillion stashed under his mattress? No.

we're off the gold standard.

Paper money gets its value from the credit of the government printing it.

Yes, we are off the gold standard, but printing more money to pay our debts just deflates the value of each dollar i.e. causes inflation.

why do you think a gallon of gas was 30 cents in the 60s and now its over $3?

So you think the govt should just print up a bunch of money and spend it with no accountability and no tax revenue?

I strongly suggest an econ 101 course at your local Jr college.

 

[rightwinger]

Some certainly do feel that way.
what do you think? this thread was started to find out how much debt you on the left think is OK. Not one of you has given an answer other than zero or it doesn't matter.

I want your opinion. How much debt is too much?

I have more debt than I earn in a year.......is that a lot?

You are 12K in debt??? Wow.

but serioiusly its not too much if you can make the payments. But the govt is not doing that. the govt is only paying the interest and is borrowing money to make the interest payments.

If this continues, at some point the entire revenue of the govt will be needed just to pay the interest on the debt, then what?

Except for the TeaTard temper tantrums, we are making our payments. Guess what, we are still the wealthiest nation on earth. We run up debt because we are unwilling to set up a balanced tax and spending structure

A country that is struggling with debt does not have a military that is stronger than the next ten countries combined.

 

[NYcarbineer]

Bush inherited a balanced budget and promptly got rid of it by cutting taxes.

ummmm, 9/11.


if cutting everyones taxes was so terrible why did obama keep the bush tax rates in effect?

1. If 9/11 was such a drain on revenues so as to wipe out the surplus and bring back triple digit deficits,

why did Bush cut taxes, and thus revenues, AGAIN, in 2003?

2. btw, if the tax rate vs. the spending rate were WORKING to balance the budget when Bush took office,

why did he fuck with that? What was the rationale for messing with a fiscal situation that was finally positive?

 

[Redfish]

I have more debt than I earn in a year.......is that a lot?

You are 12K in debt??? Wow.

but serioiusly its not too much if you can make the payments. But the govt is not doing that. the govt is only paying the interest and is borrowing money to make the interest payments.

If this continues, at some point the entire revenue of the govt will be needed just to pay the interest on the debt, then what?

Except for the TeaTard temper tantrums, we are making our payments. Guess what, we are still the wealthiest nation on earth. We run up debt because we are unwilling to set up a balanced tax and spending structure

A country that is struggling with debt does not have a military that is stronger than the next ten countries combined.

We are paying the INTEREST on the debt. The principal goes up every minute.

Yes, we are still rich and strong, but adding a trillion per year to the debt will change that if it is not stopped.

17 trillion today, going up by a trillion a year. So, once again when should the deficit spending stop?

I agree with you that we need to balance spending with revenue-----that is the main tenet of the tea party.

We do not have a revenue problem, we have a spending problem.

 

[NYcarbineer]

Bush inherited a balanced budget and promptly got rid of it by cutting taxes.

and lets get that talking point correct-----------no president can cut taxes or raise taxes. Congress (both parties) put those tax rates in place, Bush only signed the bill after congress passed it.

So we can blame the deficits of the 2000's on the Republican Congress? A Congress that was apparently then only waiting to get Bill Clinton out of the way so they'd have a Republican President in place who would rubberstamp their irresponsible tax cut and borrow budget busting fiscal policies?

Are you sure that is the myth that you want to go with?

 

[rightwinger]

You are 12K in debt??? Wow.

but serioiusly its not too much if you can make the payments. But the govt is not doing that. the govt is only paying the interest and is borrowing money to make the interest payments.

If this continues, at some point the entire revenue of the govt will be needed just to pay the interest on the debt, then what?

Except for the TeaTard temper tantrums, we are making our payments. Guess what, we are still the wealthiest nation on earth. We run up debt because we are unwilling to set up a balanced tax and spending structure

A country that is struggling with debt does not have a military that is stronger than the next ten countries combined.

We are paying the INTEREST on the debt. The principal goes up every minute.

Yes, we are still rich and strong, but adding a trillion per year to the debt will change that if it is not stopped.

17 trillion today, going up by a trillion a year. So, once again when should the deficit spending stop?

I agree with you that we need to balance spending with revenue-----that is the main tenet of the tea party.

We do not have a revenue problem, we have a spending problem.

Nice bumper sticker reply ....we have had a revenue problem for 30 years

 

[Redfish]

Bush inherited a balanced budget and promptly got rid of it by cutting taxes.

and lets get that talking point correct-----------no president can cut taxes or raise taxes. Congress (both parties) put those tax rates in place, Bush only signed the bill after congress passed it.

So we can blame the deficits of the 2000's on the Republican Congress? A Congress that was apparently then only waiting to get Bill Clinton out of the way so they'd have a Republican President in place who would rubberstamp their irresponsible tax cut and borrow budget busting fiscal policies?

Are you sure that is the myth that you want to go with?

congress is responsible for spending no matter which party is in control or who is president. Both parties got us in this mess, the base of both parties wants to continue it.

the tea party is the only faction that is trying to get it under control.

On the Bush tax cut. Govt revenue increased after it went into effect, thats why obama kept it.

 

[Redfish]

Except for the TeaTard temper tantrums, we are making our payments. Guess what, we are still the wealthiest nation on earth. We run up debt because we are unwilling to set up a balanced tax and spending structure

A country that is struggling with debt does not have a military that is stronger than the next ten countries combined.

We are paying the INTEREST on the debt. The principal goes up every minute.

Yes, we are still rich and strong, but adding a trillion per year to the debt will change that if it is not stopped.

17 trillion today, going up by a trillion a year. So, once again when should the deficit spending stop?

I agree with you that we need to balance spending with revenue-----that is the main tenet of the tea party.

We do not have a revenue problem, we have a spending problem.

Nice bumper sticker reply ....we have had a revenue problem for 30 years

come on RW, you aren't that dumb.

 

[rightwinger]

We are paying the INTEREST on the debt. The principal goes up every minute.

Yes, we are still rich and strong, but adding a trillion per year to the debt will change that if it is not stopped.

17 trillion today, going up by a trillion a year. So, once again when should the deficit spending stop?

I agree with you that we need to balance spending with revenue-----that is the main tenet of the tea party.

We do not have a revenue problem, we have a spending problem.

Nice bumper sticker reply ....we have had a revenue problem for 30 years

come on RW, you aren't that dumb.

Best you got?

 

[NYcarbineer]

You are 12K in debt??? Wow.

but serioiusly its not too much if you can make the payments. But the govt is not doing that. the govt is only paying the interest and is borrowing money to make the interest payments.

If this continues, at some point the entire revenue of the govt will be needed just to pay the interest on the debt, then what?

Except for the TeaTard temper tantrums, we are making our payments. Guess what, we are still the wealthiest nation on earth. We run up debt because we are unwilling to set up a balanced tax and spending structure

A country that is struggling with debt does not have a military that is stronger than the next ten countries combined.

We are paying the INTEREST on the debt. The principal goes up every minute.

Yes, we are still rich and strong, but adding a trillion per year to the debt will change that if it is not stopped.

17 trillion today, going up by a trillion a year. So, once again when should the deficit spending stop?

I agree with you that we need to balance spending with revenue-----that is the main tenet of the tea party.

We do not have a revenue problem, we have a spending problem.

Spending is at about 22% of GDP, which is about where it was during the Reagan presidency.

Revenues are down to about 16% of GDP, which are lower than they've been since the 50's and 60's.

We don't have a spending problem, we have a revenue problem.