The U.s. National Debt Has Grown By More Than A Trillion Dollars In The Last 12 Months

[Rozman]

You will need more revenue if you are really committed to reducing the deficit.

Indeed. Our deficit and debt are the result of our wealth coddling tax policies. If we want to eliminate the deficit and reduce the debt, we have to raise taxes.

How about we stop spending more then what we take in?

 

[AVG-JOE]

How about we demand a fair and simple tax code?

A requirement to balance public budgets is a DAMN good idea, but until We demand a fair and simple tax code, We, The Peeps remain clueless as to what our economy is actually worth.

 

[Bfgrn]

For simple folks, maybe. Still, I just gave two examples where taxes were raised and unemployment dropped. So you can spout your "theories" all you want -- the real world proves your "theories" are pipe dreams.

Oh geeeze, my favorite intellectual. Dear, you're brainwashed with Keynesian indoctrination. You don't know you don't know.

Study the Reagan years a little more and stop listening to the dumbasses in academia. I know from experience.

GREAT idea...

"The debt explosion has resulted not from big spending by the Democrats, but instead the Republican Party's embrace, about three decades ago, of the insidious doctrine that deficits don't matter if they result from tax cuts."
David Stockman - Director of the Office of Management and Budget for U.S. President Ronald Reagan.

Stockman was a nut job. That's why Reagan fired him. Somebody indoctrinated with Keynesian theory just like Warren Buffet.

Was this guy a 'nut job' too?

The Myths of Reaganomics
Mises Daily: Wednesday, June 09, 2004 by Murray N. Rothbard

I come to bury Reaganomics, not to praise it.

Also, the excuse cannot be used that Congress massively increased Reagan's budget proposals. On the contrary, there was never much difference between Reagan's and Congress's budgets, and despite propaganda to the contrary, Reagan never proposed a cut in the total budget.

more

ONe area I really know well about economics was the Reagan years because I had just started on my econ grad degree in late 80s and had to pour over the numbers for the decade. And anyone painting a picture of Reaganomics being bad is a nut job. Now at the micro level, there are things that can be criticized but the overall strategy was brilliant.

Reaganomics wasn't just 'bad', Reaganomics was the BIGGEST economic failure in American history. It took every president from George Washington to Jimmy Carter to create 1 trillion dollars of debt...Ronny the welfare queen took only 5 years to create the 2nd trillion dollars of debt.

Under Ronald Reagan, the US went from being the world's largest creditor nation to the largest debtor nation in just a few years - and we have remained the largest debtor nation ever since.

Where did our debt come from? When did massive debt become part of the American economy? Was it New Deal Democrats? No....they PAYED for what they spent. It all started with the 'welfare queen' mentality of Ronny Reagan who switched the federal government from what he critically called, a “tax and spend” policy, to a “borrow and spend” policy.

Reagan switched the federal government from what he critically called, a “tax and spend” policy, to a “borrow and spend” policy, where the government continued its heavy spending, but used borrowed money instead of tax revenue to pay the bills. The results were catastrophic. Although it had taken the United States more than 200 years to accumulate the first $1 trillion of national debt, it took only five years under Reagan to add the second one trillion dollars to the debt. By the end of the 12 years of the Reagan-Bush administrations, the national debt had quadrupled to $4 trillion!

 

[AVG-JOE]

it is obvious that we have the highest corporate taxes in the world and it causes our corporations to move out. When they move out it causes unemployment!!

When you tax people they spend less or buy less. That means manufacturers need to produce less and employ less. When you employ less you cause unemployment?

Simple enough?

For simple folks, maybe. Still, I just gave two examples where taxes were raised and unemployment dropped. So you can spout your "theories" all you want -- the real world proves your "theories" are pipe dreams.

Oh geeeze, my favorite intellectual. Dear, you're brainwashed with Keynesian indoctrination. You don't know you don't know.

Study the Reagan years a little more and stop listening to the dumbasses in academia. I know from experience.

GREAT idea...

"The debt explosion has resulted not from big spending by the Democrats, but instead the Republican Party's embrace, about three decades ago, of the insidious doctrine that deficits don't matter if they result from tax cuts."
David Stockman - Director of the Office of Management and Budget for U.S. President Ronald Reagan.

Stockman was a nut job. That's why Reagan fired him. Somebody indoctrinated with Keynesian theory just like Warren Buffet.

Was this guy a 'nut job' too?

The Myths of Reaganomics
Mises Daily: Wednesday, June 09, 2004 by Murray N. Rothbard

I come to bury Reaganomics, not to praise it.

Also, the excuse cannot be used that Congress massively increased Reagan's budget proposals. On the contrary, there was never much difference between Reagan's and Congress's budgets, and despite propaganda to the contrary, Reagan never proposed a cut in the total budget.

more

In the fall of 2008, George W Bush's policies proved beyond a shadow of a doubt that George Sr. was right when he called Reganomics "Voodoo Economics".

The answer isn't tax cuts any more than the answer is tax hikes - the answer remains a fair and simple tax code, emphasis on 'fair'.

 

[eagle1462010]

In order to deal with this situation we must lower spending and simplify the tax code. The debt is now greater than the GDP and is rapidly expanding. Yet the powers to be can't stop spending and create new programs every year. It is almost like they are crash dummies hitting the gas pedal as they go into the wall.

Waste and fraud has been documented time and time again. Nothing is done.

Duplicate spending has been documented time and time again. Nothing is done.

Freezing current spending levels is a basic step to stop the increased spending. These turkeys can't even do that.

The American people need to cut up the Federal Credit Cards and make them sit in the corner and say, "I will Not Economically Destroy America and will Not Kick the Can Down the road for our kids to handle."

The world is ditching the dollar. We are entering a period where the world will ween the dollar as the World's Reserve Currency. It is all over the news unless you choose to live under a rock. Google BRIC for starters.

 

[AVG-JOE]

Oh geeeze, my favorite intellectual. Dear, you're brainwashed with Keynesian indoctrination. You don't know you don't know.

Study the Reagan years a little more and stop listening to the dumbasses in academia. I know from experience.

GREAT idea...

"The debt explosion has resulted not from big spending by the Democrats, but instead the Republican Party's embrace, about three decades ago, of the insidious doctrine that deficits don't matter if they result from tax cuts."
David Stockman - Director of the Office of Management and Budget for U.S. President Ronald Reagan.

Stockman was a nut job. That's why Reagan fired him. Somebody indoctrinated with Keynesian theory just like Warren Buffet.

Was this guy a 'nut job' too?

The Myths of Reaganomics
Mises Daily: Wednesday, June 09, 2004 by Murray N. Rothbard

I come to bury Reaganomics, not to praise it.

Also, the excuse cannot be used that Congress massively increased Reagan's budget proposals. On the contrary, there was never much difference between Reagan's and Congress's budgets, and despite propaganda to the contrary, Reagan never proposed a cut in the total budget.

more

ONe area I really know well about economics was the Reagan years because I had just started on my econ grad degree in late 80s and had to pour over the numbers for the decade. And anyone painting a picture of Reaganomics being bad is a nut job. Now at the micro level, there are things that can be criticized but the overall strategy was brilliant.

Reaganomics wasn't just 'bad', Reaganomics was the BIGGEST economic failure in American history. It took every president from George Washington to Jimmy Carter to create 1 trillion dollars of debt...Ronny the welfare queen took only 5 years to create the 2nd trillion dollars of debt.

Where did our debt come from? When did massive debt become part of the American economy? Was it New Deal Democrats? No....they PAYED for what they spent. It all started with the 'welfare queen' mentality of Ronny Reagan who switched the federal government from what he critically called, a “tax and spend” policy, to a “borrow and spend” policy.

Reagan switched the federal government from what he critically called, a “tax and spend” policy, to a “borrow and spend” policy, where the government continued its heavy spending, but used borrowed money instead of tax revenue to pay the bills. The results were catastrophic. Although it had taken the United States more than 200 years to accumulate the first $1 trillion of national debt, it took only five years under Reagan to add the second one trillion dollars to the debt. By the end of the 12 years of the Reagan-Bush administrations, the national debt had quadrupled to $4 trillion!

Then during the 90's there was a rule in place called PAYGO wherein congress had to pay for new spending with cuts to current spending or tax increases and Clinton got credit for a balanced budget. Unfortunately PAYGO had a sunset clause in 2003, giving GW Bush just the opening he needed to try Reganomics on steroids, resulting in the Great Recession starting in 2008.

Fair and simple taxes.

Public budgets that are balanced by law.

Transparency in spending.
​

Not rocket science, y'all.

 

[eagle1462010]

Oh geeeze, my favorite intellectual. Dear, you're brainwashed with Keynesian indoctrination. You don't know you don't know.

Study the Reagan years a little more and stop listening to the dumbasses in academia. I know from experience.

GREAT idea...

"The debt explosion has resulted not from big spending by the Democrats, but instead the Republican Party's embrace, about three decades ago, of the insidious doctrine that deficits don't matter if they result from tax cuts."
David Stockman - Director of the Office of Management and Budget for U.S. President Ronald Reagan.

Stockman was a nut job. That's why Reagan fired him. Somebody indoctrinated with Keynesian theory just like Warren Buffet.

Was this guy a 'nut job' too?

The Myths of Reaganomics
Mises Daily: Wednesday, June 09, 2004 by Murray N. Rothbard

I come to bury Reaganomics, not to praise it.

Also, the excuse cannot be used that Congress massively increased Reagan's budget proposals. On the contrary, there was never much difference between Reagan's and Congress's budgets, and despite propaganda to the contrary, Reagan never proposed a cut in the total budget.

more

ONe area I really know well about economics was the Reagan years because I had just started on my econ grad degree in late 80s and had to pour over the numbers for the decade. And anyone painting a picture of Reaganomics being bad is a nut job. Now at the micro level, there are things that can be criticized but the overall strategy was brilliant.

Reaganomics wasn't just 'bad', Reaganomics was the BIGGEST economic failure in American history. It took every president from George Washington to Jimmy Carter to create 1 trillion dollars of debt...Ronny the welfare queen took only 5 years to create the 2nd trillion dollars of debt.

Under Ronald Reagan, the US went from being the world's largest creditor nation to the largest debtor nation in just a few years - and we have remained the largest debtor nation ever since.

Where did our debt come from? When did massive debt become part of the American economy? Was it New Deal Democrats? No....they PAYED for what they spent. It all started with the 'welfare queen' mentality of Ronny Reagan who switched the federal government from what he critically called, a “tax and spend” policy, to a “borrow and spend” policy.

Reagan switched the federal government from what he critically called, a “tax and spend” policy, to a “borrow and spend” policy, where the government continued its heavy spending, but used borrowed money instead of tax revenue to pay the bills. The results were catastrophic. Although it had taken the United States more than 200 years to accumulate the first $1 trillion of national debt, it took only five years under Reagan to add the second one trillion dollars to the debt. By the end of the 12 years of the Reagan-Bush administrations, the national debt had quadrupled to $4 trillion!

The graph started the upward trend when Nixon the dick took us off the Gold Standard as we were defaulting on the debt. Other countries were demanding payment in gold and so the idiot went to Fiat Currency and opened pandora's box...........

The graph ignores the Miserable Failure of Carter. Who is famous for the term STAGFLATION.............His policies earned him the name PEANUT HEAD for a reason. Reagan's policies KILLED THE INFLATION DRAGON........and started a recovery from a RECESSION THAT was near the levels of the NEW GREAT RECESSION. Our military was degraded and it was restored under Reagan. Which has been used by every President since then.

Reagan had a plan to bring the debt down, but it was rejected in Congress........So his full plan was never implemented. Either way, he created jobs and built back up our military. What has Obama done in that regards after spending Trillions...........Not much bang for the buck there.

Other portions of the exploding debt. Wars aren't cheap and We fought Wars which brought the debt up. It was also brought up by the War on Poverty which after massive moneys spent has failed, as Poverty rates have gone up up and away now......Under Clinton the GOP FORCED CUTS to attempt to lower the debt..........It slowed the flow..........After 9/11, and the economic crash the debt has exploded and the Dems added more spending to ensure that it goes even higher.......

We are economically FUCKED NOW.

 

[eagle1462010]

GREAT idea...

"The debt explosion has resulted not from big spending by the Democrats, but instead the Republican Party's embrace, about three decades ago, of the insidious doctrine that deficits don't matter if they result from tax cuts."
David Stockman - Director of the Office of Management and Budget for U.S. President Ronald Reagan.

Stockman was a nut job. That's why Reagan fired him. Somebody indoctrinated with Keynesian theory just like Warren Buffet.

Was this guy a 'nut job' too?

The Myths of Reaganomics
Mises Daily: Wednesday, June 09, 2004 by Murray N. Rothbard

I come to bury Reaganomics, not to praise it.

Also, the excuse cannot be used that Congress massively increased Reagan's budget proposals. On the contrary, there was never much difference between Reagan's and Congress's budgets, and despite propaganda to the contrary, Reagan never proposed a cut in the total budget.

more

ONe area I really know well about economics was the Reagan years because I had just started on my econ grad degree in late 80s and had to pour over the numbers for the decade. And anyone painting a picture of Reaganomics being bad is a nut job. Now at the micro level, there are things that can be criticized but the overall strategy was brilliant.

Reaganomics wasn't just 'bad', Reaganomics was the BIGGEST economic failure in American history. It took every president from George Washington to Jimmy Carter to create 1 trillion dollars of debt...Ronny the welfare queen took only 5 years to create the 2nd trillion dollars of debt.

Where did our debt come from? When did massive debt become part of the American economy? Was it New Deal Democrats? No....they PAYED for what they spent. It all started with the 'welfare queen' mentality of Ronny Reagan who switched the federal government from what he critically called, a “tax and spend” policy, to a “borrow and spend” policy.

Reagan switched the federal government from what he critically called, a “tax and spend” policy, to a “borrow and spend” policy, where the government continued its heavy spending, but used borrowed money instead of tax revenue to pay the bills. The results were catastrophic. Although it had taken the United States more than 200 years to accumulate the first $1 trillion of national debt, it took only five years under Reagan to add the second one trillion dollars to the debt. By the end of the 12 years of the Reagan-Bush administrations, the national debt had quadrupled to $4 trillion!

Then during the 90's there was a rule in place called PAYGO wherein congress had to pay for new spending with cuts to current spending or tax increases and Clinton got credit for a balanced budget. Unfortunately PAYGO had a sunset clause in 2003, giving GW Bush just the opening he needed to try Reganomics on steroids, resulting in the Great Recession starting in 2008.

Fair and simple taxes.

Public budgets that are balanced by law.

Transparency in spending.
​

Not rocket science, y'all.

I agree with you on Fair and simple taxes.........but not on the reason for the Great Recession.........When we allowed the Too Big to Fail to be created we caused the Great Recession. The Too Big to Fail were SELF REGULATED..............They were also allowed to use Commercial Assets and Fractional Banking to GO POSTAL on Bets..........people blamed regulators who were no longer able to Regulate the markets because of the 2000 Act signed by Clinton and voted for by both sides of the Congress................

The end result was the Banks BET THE FARM AND LOST.............Causing them to bailed out at the Discount Window of the Federal Reserve to a tune of 16.1 TRILLION Dollars. That is how much they lost betting WITH NO ASSETS TO BET WITH..............

The mistake and cause of the Great Recession was forgetting our past and the lessons learned in the Great Depression. Removing the Glass Steagal Act took the leash off the Money manipulators and they Fucked the entire country and the World.

I loved Reagan and still do. He was a great leader, yet I don't agree with his removal of the regulations designed to stop another Great Depression........But he took us out of a Recession caused by the stupidity of the previous administrations, and rebuilt the military which was desperately needed.

 

[eagle1462010]

Interest Expense Fiscal Year 2014
August	$27,093,517,258.24
July	$29,260,530,745.98
June	$97,565,768,696.69
May	$32,081,384,628.40
April	$31,099,852,014.96
March	$26,269,559,883.36
February	$21,293,863,450.50
January	$19,498,592,676.78
December	$88,275,817,263.03
November	$22,327,099,682.97
October	$16,451,313,332.09
Fiscal Year Total	$411,217,855,816.94

[TBODY] [/TBODY]

Government - Interest Expense on the Debt Outstanding

 

[gipper]

GREAT idea...

"The debt explosion has resulted not from big spending by the Democrats, but instead the Republican Party's embrace, about three decades ago, of the insidious doctrine that deficits don't matter if they result from tax cuts."
David Stockman - Director of the Office of Management and Budget for U.S. President Ronald Reagan.

Stockman was a nut job. That's why Reagan fired him. Somebody indoctrinated with Keynesian theory just like Warren Buffet.

Was this guy a 'nut job' too?

The Myths of Reaganomics
Mises Daily: Wednesday, June 09, 2004 by Murray N. Rothbard

I come to bury Reaganomics, not to praise it.

Also, the excuse cannot be used that Congress massively increased Reagan's budget proposals. On the contrary, there was never much difference between Reagan's and Congress's budgets, and despite propaganda to the contrary, Reagan never proposed a cut in the total budget.

more

ONe area I really know well about economics was the Reagan years because I had just started on my econ grad degree in late 80s and had to pour over the numbers for the decade. And anyone painting a picture of Reaganomics being bad is a nut job. Now at the micro level, there are things that can be criticized but the overall strategy was brilliant.

Reaganomics wasn't just 'bad', Reaganomics was the BIGGEST economic failure in American history. It took every president from George Washington to Jimmy Carter to create 1 trillion dollars of debt...Ronny the welfare queen took only 5 years to create the 2nd trillion dollars of debt.

Under Ronald Reagan, the US went from being the world's largest creditor nation to the largest debtor nation in just a few years - and we have remained the largest debtor nation ever since.

Where did our debt come from? When did massive debt become part of the American economy? Was it New Deal Democrats? No....they PAYED for what they spent. It all started with the 'welfare queen' mentality of Ronny Reagan who switched the federal government from what he critically called, a “tax and spend” policy, to a “borrow and spend” policy.

Reagan switched the federal government from what he critically called, a “tax and spend” policy, to a “borrow and spend” policy, where the government continued its heavy spending, but used borrowed money instead of tax revenue to pay the bills. The results were catastrophic. Although it had taken the United States more than 200 years to accumulate the first $1 trillion of national debt, it took only five years under Reagan to add the second one trillion dollars to the debt. By the end of the 12 years of the Reagan-Bush administrations, the national debt had quadrupled to $4 trillion!

The graph started the upward trend when Nixon the dick took us off the Gold Standard as we were defaulting on the debt. Other countries were demanding payment in gold and so the idiot went to Fiat Currency and opened pandora's box...........

The graph ignores the Miserable Failure of Carter. Who is famous for the term STAGFLATION.............His policies earned him the name PEANUT HEAD for a reason. Reagan's policies KILLED THE INFLATION DRAGON........and started a recovery from a RECESSION THAT was near the levels of the NEW GREAT RECESSION. Our military was degraded and it was restored under Reagan. Which has been used by every President since then.

Reagan had a plan to bring the debt down, but it was rejected in Congress........So his full plan was never implemented. Either way, he created jobs and built back up our military. What has Obama done in that regards after spending Trillions...........Not much bang for the buck there.

Other portions of the exploding debt. Wars aren't cheap and We fought Wars which brought the debt up. It was also brought up by the War on Poverty which after massive moneys spent has failed, as Poverty rates have gone up up and away now......Under Clinton the GOP FORCED CUTS to attempt to lower the debt..........It slowed the flow..........After 9/11, and the economic crash the debt has exploded and the Dems added more spending to ensure that it goes even higher.......

We are economically FUCKED NOW.

Nearly all politicians (both Ds and Rs) do not think deficit spending is a problem. How can this be?

Well IMO they believe money grows on trees...essentially.

When BO is done as POTUS, the USA likely will have a national debt of $20 TRILLION. He and most of the political class is not at all concerned about this. When was the last time a pol talked about the national debt?

They believe the Federal Reserve will just print more money....it grows on trees you know.

Most on the Left believe BO's massive deficit spending was needed to get us out of the Great Recession caused by Bush. Of course, this is complete and utter ignorance. W was already deficit spending at previously unheard of levels...and the Great Recession still occurred. So how is it that BO's even greater deficit spending would improve the economy?

The pols believe the Fed is their personal slush fund. It helps buy votes. The consequences don't matter. Staying in office and enriching and empowering themselves is all they care about.

 

[eagle1462010]

Stockman was a nut job. That's why Reagan fired him. Somebody indoctrinated with Keynesian theory just like Warren Buffet.

Was this guy a 'nut job' too?

The Myths of Reaganomics
Mises Daily: Wednesday, June 09, 2004 by Murray N. Rothbard

I come to bury Reaganomics, not to praise it.

Also, the excuse cannot be used that Congress massively increased Reagan's budget proposals. On the contrary, there was never much difference between Reagan's and Congress's budgets, and despite propaganda to the contrary, Reagan never proposed a cut in the total budget.

more

ONe area I really know well about economics was the Reagan years because I had just started on my econ grad degree in late 80s and had to pour over the numbers for the decade. And anyone painting a picture of Reaganomics being bad is a nut job. Now at the micro level, there are things that can be criticized but the overall strategy was brilliant.

Reaganomics wasn't just 'bad', Reaganomics was the BIGGEST economic failure in American history. It took every president from George Washington to Jimmy Carter to create 1 trillion dollars of debt...Ronny the welfare queen took only 5 years to create the 2nd trillion dollars of debt.

Under Ronald Reagan, the US went from being the world's largest creditor nation to the largest debtor nation in just a few years - and we have remained the largest debtor nation ever since.

Where did our debt come from? When did massive debt become part of the American economy? Was it New Deal Democrats? No....they PAYED for what they spent. It all started with the 'welfare queen' mentality of Ronny Reagan who switched the federal government from what he critically called, a “tax and spend” policy, to a “borrow and spend” policy.

Reagan switched the federal government from what he critically called, a “tax and spend” policy, to a “borrow and spend” policy, where the government continued its heavy spending, but used borrowed money instead of tax revenue to pay the bills. The results were catastrophic. Although it had taken the United States more than 200 years to accumulate the first $1 trillion of national debt, it took only five years under Reagan to add the second one trillion dollars to the debt. By the end of the 12 years of the Reagan-Bush administrations, the national debt had quadrupled to $4 trillion!

The graph started the upward trend when Nixon the dick took us off the Gold Standard as we were defaulting on the debt. Other countries were demanding payment in gold and so the idiot went to Fiat Currency and opened pandora's box...........

The graph ignores the Miserable Failure of Carter. Who is famous for the term STAGFLATION.............His policies earned him the name PEANUT HEAD for a reason. Reagan's policies KILLED THE INFLATION DRAGON........and started a recovery from a RECESSION THAT was near the levels of the NEW GREAT RECESSION. Our military was degraded and it was restored under Reagan. Which has been used by every President since then.

Reagan had a plan to bring the debt down, but it was rejected in Congress........So his full plan was never implemented. Either way, he created jobs and built back up our military. What has Obama done in that regards after spending Trillions...........Not much bang for the buck there.

Other portions of the exploding debt. Wars aren't cheap and We fought Wars which brought the debt up. It was also brought up by the War on Poverty which after massive moneys spent has failed, as Poverty rates have gone up up and away now......Under Clinton the GOP FORCED CUTS to attempt to lower the debt..........It slowed the flow..........After 9/11, and the economic crash the debt has exploded and the Dems added more spending to ensure that it goes even higher.......

We are economically FUCKED NOW.

Nearly all politicians (both Ds and Rs) do not think deficit spending is a problem. How can this be?

Well IMO they believe money grows on trees...essentially.

When BO is done as POTUS, the USA likely will have a national debt of $20 TRILLION. He and most of the political class is not at all concerned about this. When was the last time a pol talked about the national debt?

They believe the Federal Reserve will just print more money....it grows on trees you know.

Most on the Left believe BO's massive deficit spending was needed to get us out of the Great Recession caused by Bush. Of course, this is complete and utter ignorance. W was already deficit spending at previously unheard of levels...and the Great Recession still occurred. So how is it that BO's even greater deficit spending would improve the economy?

The pols believe the Fed is their personal slush fund. It helps buy votes. The consequences don't matter. Staying in office and enriching and empowering themselves is all they care about.

2 Parties Same Result.............

Both are addicted to spending shades of Ancient Greece in decline..............

The FIAT Currency Machine will Destroy us from within doing what no external military power could do on the battlefield. The economy of the USSR eventually caused their fall as it will do to us. The only reason we are afloat now is the Dollar as the World's Reserve Currency, which is now directly challenged in the World as people dump the dollar like a hot potato......

Doesn't bode well for us.

 

[gipper]

Was this guy a 'nut job' too?

The Myths of Reaganomics
Mises Daily: Wednesday, June 09, 2004 by Murray N. Rothbard

I come to bury Reaganomics, not to praise it.

Also, the excuse cannot be used that Congress massively increased Reagan's budget proposals. On the contrary, there was never much difference between Reagan's and Congress's budgets, and despite propaganda to the contrary, Reagan never proposed a cut in the total budget.

more

ONe area I really know well about economics was the Reagan years because I had just started on my econ grad degree in late 80s and had to pour over the numbers for the decade. And anyone painting a picture of Reaganomics being bad is a nut job. Now at the micro level, there are things that can be criticized but the overall strategy was brilliant.

Reaganomics wasn't just 'bad', Reaganomics was the BIGGEST economic failure in American history. It took every president from George Washington to Jimmy Carter to create 1 trillion dollars of debt...Ronny the welfare queen took only 5 years to create the 2nd trillion dollars of debt.

Under Ronald Reagan, the US went from being the world's largest creditor nation to the largest debtor nation in just a few years - and we have remained the largest debtor nation ever since.

Where did our debt come from? When did massive debt become part of the American economy? Was it New Deal Democrats? No....they PAYED for what they spent. It all started with the 'welfare queen' mentality of Ronny Reagan who switched the federal government from what he critically called, a “tax and spend” policy, to a “borrow and spend” policy.

Reagan switched the federal government from what he critically called, a “tax and spend” policy, to a “borrow and spend” policy, where the government continued its heavy spending, but used borrowed money instead of tax revenue to pay the bills. The results were catastrophic. Although it had taken the United States more than 200 years to accumulate the first $1 trillion of national debt, it took only five years under Reagan to add the second one trillion dollars to the debt. By the end of the 12 years of the Reagan-Bush administrations, the national debt had quadrupled to $4 trillion!

The graph started the upward trend when Nixon the dick took us off the Gold Standard as we were defaulting on the debt. Other countries were demanding payment in gold and so the idiot went to Fiat Currency and opened pandora's box...........

The graph ignores the Miserable Failure of Carter. Who is famous for the term STAGFLATION.............His policies earned him the name PEANUT HEAD for a reason. Reagan's policies KILLED THE INFLATION DRAGON........and started a recovery from a RECESSION THAT was near the levels of the NEW GREAT RECESSION. Our military was degraded and it was restored under Reagan. Which has been used by every President since then.

Reagan had a plan to bring the debt down, but it was rejected in Congress........So his full plan was never implemented. Either way, he created jobs and built back up our military. What has Obama done in that regards after spending Trillions...........Not much bang for the buck there.

Other portions of the exploding debt. Wars aren't cheap and We fought Wars which brought the debt up. It was also brought up by the War on Poverty which after massive moneys spent has failed, as Poverty rates have gone up up and away now......Under Clinton the GOP FORCED CUTS to attempt to lower the debt..........It slowed the flow..........After 9/11, and the economic crash the debt has exploded and the Dems added more spending to ensure that it goes even higher.......

We are economically FUCKED NOW.

Nearly all politicians (both Ds and Rs) do not think deficit spending is a problem. How can this be?

Well IMO they believe money grows on trees...essentially.

When BO is done as POTUS, the USA likely will have a national debt of $20 TRILLION. He and most of the political class is not at all concerned about this. When was the last time a pol talked about the national debt?

They believe the Federal Reserve will just print more money....it grows on trees you know.

Most on the Left believe BO's massive deficit spending was needed to get us out of the Great Recession caused by Bush. Of course, this is complete and utter ignorance. W was already deficit spending at previously unheard of levels...and the Great Recession still occurred. So how is it that BO's even greater deficit spending would improve the economy?

The pols believe the Fed is their personal slush fund. It helps buy votes. The consequences don't matter. Staying in office and enriching and empowering themselves is all they care about.

2 Parties Same Result.............

Both are addicted to spending shades of Ancient Greece in decline..............

The FIAT Currency Machine will Destroy us from within doing what no external military power could do on the battlefield. The economy of the USSR eventually caused their fall as it will do to us. The only reason we are afloat now is the Dollar as the World's Reserve Currency, which is now directly challenged in the World as people dump the dollar like a hot potato......

Doesn't bode well for us.

Yes. History is replete with political leaders destroying their nation's currency leading to the destruction of their nation.

Yet...America's leaders continue down this road to currency destruction at a rapid pace.

When it is believed that government spending creates jobs and helps the economy, as many Americans wrongly believe, our future looks very bleak.

 

[Bfgrn]

GREAT idea...

"The debt explosion has resulted not from big spending by the Democrats, but instead the Republican Party's embrace, about three decades ago, of the insidious doctrine that deficits don't matter if they result from tax cuts."
David Stockman - Director of the Office of Management and Budget for U.S. President Ronald Reagan.

Stockman was a nut job. That's why Reagan fired him. Somebody indoctrinated with Keynesian theory just like Warren Buffet.

Was this guy a 'nut job' too?

The Myths of Reaganomics
Mises Daily: Wednesday, June 09, 2004 by Murray N. Rothbard

I come to bury Reaganomics, not to praise it.

Also, the excuse cannot be used that Congress massively increased Reagan's budget proposals. On the contrary, there was never much difference between Reagan's and Congress's budgets, and despite propaganda to the contrary, Reagan never proposed a cut in the total budget.

more

ONe area I really know well about economics was the Reagan years because I had just started on my econ grad degree in late 80s and had to pour over the numbers for the decade. And anyone painting a picture of Reaganomics being bad is a nut job. Now at the micro level, there are things that can be criticized but the overall strategy was brilliant.

Reaganomics wasn't just 'bad', Reaganomics was the BIGGEST economic failure in American history. It took every president from George Washington to Jimmy Carter to create 1 trillion dollars of debt...Ronny the welfare queen took only 5 years to create the 2nd trillion dollars of debt.

Under Ronald Reagan, the US went from being the world's largest creditor nation to the largest debtor nation in just a few years - and we have remained the largest debtor nation ever since.

Where did our debt come from? When did massive debt become part of the American economy? Was it New Deal Democrats? No....they PAYED for what they spent. It all started with the 'welfare queen' mentality of Ronny Reagan who switched the federal government from what he critically called, a “tax and spend” policy, to a “borrow and spend” policy.

Reagan switched the federal government from what he critically called, a “tax and spend” policy, to a “borrow and spend” policy, where the government continued its heavy spending, but used borrowed money instead of tax revenue to pay the bills. The results were catastrophic. Although it had taken the United States more than 200 years to accumulate the first $1 trillion of national debt, it took only five years under Reagan to add the second one trillion dollars to the debt. By the end of the 12 years of the Reagan-Bush administrations, the national debt had quadrupled to $4 trillion!

The graph started the upward trend when Nixon the dick took us off the Gold Standard as we were defaulting on the debt. Other countries were demanding payment in gold and so the idiot went to Fiat Currency and opened pandora's box...........

The graph ignores the Miserable Failure of Carter. Who is famous for the term STAGFLATION.............His policies earned him the name PEANUT HEAD for a reason. Reagan's policies KILLED THE INFLATION DRAGON........and started a recovery from a RECESSION THAT was near the levels of the NEW GREAT RECESSION. Our military was degraded and it was restored under Reagan. Which has been used by every President since then.

Reagan had a plan to bring the debt down, but it was rejected in Congress........So his full plan was never implemented. Either way, he created jobs and built back up our military. What has Obama done in that regards after spending Trillions...........Not much bang for the buck there.

Other portions of the exploding debt. Wars aren't cheap and We fought Wars which brought the debt up. It was also brought up by the War on Poverty which after massive moneys spent has failed, as Poverty rates have gone up up and away now......Under Clinton the GOP FORCED CUTS to attempt to lower the debt..........It slowed the flow..........After 9/11, and the economic crash the debt has exploded and the Dems added more spending to ensure that it goes even higher.......

We are economically FUCKED NOW.

In the words of Ronbo Reagan, the great socialist..."there you go again"

Stagflation began under Nixon.

Mr. Stagflation is Richard Nixon, not Carter. Carter was the only man with the foresight to call for a comprehensive energy policy.

Educate yourself on the Nixon SHOCK.

Nixon's solution?

Imposition of wage and price controls on 15 August 1971, an initial wave of cost-push shocks in commodities was blamed for causing spiraling prices.

The second major shock was the 1973 oil crisis, when the Organization of Petroleum Exporting Countries (OPEC) constrained the worldwide supply of oil. Both events, combined with the overall energy shortage that characterized the 1970s, resulted in actual or relative scarcity of raw materials. The price controls resulted in shortages at the point of purchase, causing, for example, queues of consumers at fueling stations and increased production costs for industry.


"Nixon was the most dishonest individual I have ever met in my life. He lied to his wife, his family, his friends, his colleagues in the Congress, lifetime members of his own political party, the American people and the world."
Barry Goldwater

Our military was NOT degraded. Reagan turned it into a behemoth using his welfare queen approach to spending. Between 1980 and 1988 the Defense Department budget rose by 45% in real value, and substantially as a percent of GDP; all of it debt-financed.

Here are the FACTS:

Historical Tables

Table 15.4—TOTAL GOVERNMENT EXPENDITURES BY MAJOR CATEGORY OF EXPENDITURE: 1948–2013
(in billions of dollars)

Fiscal Year - Defense and International

1977 103.6 - Ford
1978 112.0 - Carter
1979 123.8 - Carter
1980 146.7 - Carter
1981 170.6 - Carter
1982 197.6 - Reagan

Now, let's see if you can pass a tough quiz...

Is 103.6 more or less than 112.0?
Is 112.0 more or less than 123.8?
Is 123.8 more or less than 146.7?
Is 146.7 more or less than 170.6?

Take your time....

 

[eagle1462010]

The only option is to throw all the career politicians out of office, but that isn't going to happen as they continue their self serving agenda over the interest of the Nation they were elected to serve.............

When it blows, and it will, they will simply use propaganda to blame each other for it which is nothing more than a smoke screen for what they are doing.

When interests rates go up, the bubble will pop. A Correction by those in the markets and we'll get smoked again. Doing the same that caused it to hit the fan in the first place. The Foxes run the hen house.

 

[eagle1462010]

Our military was NOT degraded. Reagan turned it into a behemoth using his welfare queen approach to spending. Between 1980 and 1988 the Defense Department budget rose by 45% in real value, and substantially as a percent of GDP; all of it debt-financed.

I served then on a rust bucket from hell. I saw the degradation with my own eyes........Ships that had outlived their service life without replacements. Your post on this alone is a joke to me...........

You are right on Nixon being another lying Politician, but Carter didn't fix jack squat during his term and allowed our people to be held hostage for over a year in Iran...........

He was another Fool on Foreign policy and Reagan took over when the economy was in the dump.............the economy came back under Reagan with more Debt.........Our Foreign policy grew a set of balls, and it created a long lasting economic recovery used by Presidents in the future.............The main malfunction was removing regs to control the Fiat Machine and Speculators that would sell their own kids to make a buck.

 

[eagle1462010]

 

[Darkwind]

You will need more revenue if you are really committed to reducing the deficit.

No.

You will need less spending, significantly less, if you want to cut the deficit.

If you want to pay down the debt, then lessen the burden on Government to fund unnecessary programs.

 

[Care4all]

budget deficit is NOT the same as National Debt....it never has been and it never will have the same meaning...

Budget DEFICIT is not the equivalent of National DEBT...

Obama with Congress has reduced the yearly budget deficit by almost 2/3's of what it was running when the president took office, period.

Deficits eventually become debt.

MORE than budget deficits become debt....thus when you have a balanced budget, with NO deficits, the National Debt still grows larger.

 

[Care4all]

We have the lowest tax rates in a half century right now....

we need to reduce spending, raise tax rates, and have one heck of an economy going, to make any kind of reduction in the National Debt...

don't see any of this happening to the degree that it needs to happen.

 

[eagle1462010]

http://www.nytimes.com/2014/02/22/b...-was-biggest-buyer-of-treasuries-in-2013.html

We are currently having problems selling our debt.......So much so that the Federal Reserve has to buy the debt.....As the world dumps our currency..................

Have we changed our habits or stopped being a USER OF FIAT CURRENCY.............................Nope.

We have added fuel to the fire and that is all...............