US Debt

[g5000]

Now that the Republicans own Congress and the White House, the debt won't matter.

They will raise the debt ceiling again before the August recess.

All the pseudocons who whined and whined about Obama and the debt will be hypocritically silent going forward.

 

[jknowgood]

havent you heard. Now that Trumps POTUS we have unlimited debt responsibiliy.

$10 million dollar golfing weekends
$30-50 BILLION dollar walls 20 feet high
economic packages that cost $10-15 trillion dollars
$1 million a day so his trophy wife doesnt have to sleep in the same bed with him

hell, anything he decides regardless how much it costs taxpayers ITS ALL GOOD !

and the Trumpbots here will argue to the death supporting him, then blame Clinton/Obama for his spending spree.

Michelle has 24 staffers, Mrs Trump only has 4. Also Mrs Trump lived in the white house now. Please keep up. Also the border wall will save us money over time. Get new talking points.

 

[Siete]

our debt is here to stay and wont be going anywhere ... keep up the interest payments, get backing from foreign countrys and its spending as usual ....as long as politicians pack unlimited pork into spending bills and budgets keep creating deficits you can forget about eliminating the debt ... politicians dont give two shits about it, a few million here and there wont make any difference, then go bitch about debt.

fuckem

 

[The Derp]

how much debt per capita do you think our debt should be? per gdp?

Since federal debt is different than individual debt, there isn't really an answer to this question. Ideally, you'd want your debt to grow at a slower pace than GDP. Debt-as-a%-of-GDP is not really consequential to anything. We already know that it doesn't matter what % of GDP debt is, it has little-to-no impact on economic growth. This was discovered by taking apart the 2010 "Growth in the Time of Debt" paper that Rogoff and Reinhart fixed in order to produce a conclusion they were seeking. They reached a false conclusion through dishonest means.

 

[The Derp]

Petulant former President Barack Hussein Obama raised the DEBT TO TWENTY TRILLION DOLLARS

So what? Who cares? What is the impact of that debt?

 

[task0778]

The biggest problem with the debt is that you have to pay interest on it. Some of it is owed to ourselves, Americans who own US Bonds, but the problem remains that money spend on interest on the debt is money that is NOT being spent on other things that we really need. By some estimates the interest rates will rise and as the national debt grows larger so will the amount of interest the gov't has to pay. Can you imagine paying a trillion dollars a year just in interest payments? Some say in that'll happen in the next 10 years. Personally I think that's a horrible legacy to leave future generations to deal with.

And spare me the arguments please on who's at fault here, that is a waste of time. The truth is that all of us are at fault, we should have been more fiscally responsible.

 

[The Derp]

The biggest problem with the debt is that you have to pay interest on it. Some of it is owed to ourselves, Americans who own US Bonds, but the problem remains that money spend on interest on the debt is money that is NOT being spent on other things that we really need. By some estimates the interest rates will rise and as the national debt grows larger so will the amount of interest the gov't has to pay. Can you imagine paying a trillion dollars a year just in interest payments? Some say in that'll happen in the next 10 years. Personally I think that's a horrible legacy to leave future generations to deal with.

Ummm, ok...but if GDP grows as well, then that $1T looks less foreboding, doesn't it? I don't understand what Conservatives think the debt does to the economy or growth. They already tried to lie about it before, in 2010, only to have them exposed as being lying frauds. So you all screech about the debt, but what is the significance? Seems like you're just trying to use it as an excuse to push through ideology that wouldn't otherwise be considered if the fiscal picture looked better. So they overstate the impact on the debt, try to scare people by making the federal debt seem the same as individual debt, then pretend to be concerned about it despite supporting policies that only add to it.

 

[Markle]

I gave you a link that explains that.

pay attention markie

Please show us your calculation.

 

[Markle]

educate yourself.. the national debt is the total of deficits left by every president

Either you are grossly misinformed or you flat out lied. Which is it?

 

[Siete]

educate yourself.. the national debt is the total of deficits left by every president

Either you are grossly misinformed or you flat out lied. Which is it?

look dumbass since you said deficits dont matter and the debt is BUDGET DEFICITS calculations shouldnt make a shit to you either way. Read the link, or take high school civics, either way youre an idiot.

 

[Markle]

Obamas part of that 20 Trillion was $7.8 trillion

As you know, and are misinformed or lying again, the debt when President Bush left office was NOT, REPEAT NOT $12.2 TRILLION.

How do you even have the nerve to post such a thing?

 

[Siete]

Obamas part of that 20 Trillion was $7.8 trillion

As you know, and are misinformed or lying again, the debt when President Bush left office was NOT, REPEAT NOT $12.2 TRILLION.

How do you even have the nerve to post such a thing?

since you have no idea what makes up the debt how do you have the nerve to challenge someone who does ?

 

[Dr Grump]

Lol and raised the debt over 9 trillion.

trying to clean up the mess the Chimp left him...

 

[yiostheoy]

how much debt per capita do you think our debt should be? per gdp?

Old old really old thread.

 

[yiostheoy]

Debt climbs faster than tax revenue to pay for it...

CBO: Income Taxes Up 9.5% Next Year; But Debt Climbs More Than $1 Trillion
June 29, 2017 - Unless current laws are changed, federal individual income tax collections will increase by 9.5 percent in fiscal 2018, which begins on Oct. 1, according to data released today by the Congressional Budget Office.

At the same time, however, the federal debt will increase by more than $1 trillion. In fiscal 2017, which ends on Sept. 30, the federal government will collect $3.315 trillion in total taxes, according to the projections the CBO released with its "Update to the Budget and Economic Outlook: 2017 to 2027." That $3.315 trillion in total taxes will include $1.574 trillion in individual income taxes; $1,164 trillion in payroll taxes; $310 billion in corporate income taxes; and $267 billion in other taxes.

In fiscal 2018, according to CBO’s projections, total taxes will climb by to $3.531 trillion. That will include $1.724 trillion in individual income taxes; $1.195 trillion in payroll taxes; $324 billion in corporate income taxes; and $289 billion in other taxes. The $1.724 trillion in individual income taxes CBO projects the federal government will collect in fiscal 2018 is $150 billion—or 9.5 percent—more than the $1.574 trillion CBO projects it will collect this fiscal year.

The $3.531 trillion in total taxes the federal government will collect in fiscal 2018, according to CBO’s projections, is $216 billion—or 6.5 percent more—than the $3.315 trillion CBO projects it will collect this year. Despite these projected increases in federal tax collections from this year to next, the CBO also sees a massive increase in the federal government’s debt next year. According to CBO’s projections, the gross federal debt will rise from $20.188 trillion at the end of fiscal 2017 to $21.221 trillion at the end of fiscal 2018. That is an increase of $1.034 trillion.

CBO: Income Taxes Up 9.5% Next Year; But Debt Climbs More Than $1 Trillion

Congress should pay off all the debt by printing money and redeeming all of the debt.

Solves the revenue problems too.

 

[danielpalos]

how much debt per capita do you think our debt should be? per gdp?

We should be running massive federal budget surpluses, regardless.

Why is the right wing willing to reduce social benefits for the poor, while prosecuting our current regime of Prohibition regarding drugs.

End the Drug War right wingers and Then lower taxes.

 

[Markle]

since you have no idea what makes up the debt how do you have the nerve to challenge someone who does ?

Yes or no. Was the US Debt $12.2 TRILLION when President Bush left office?

Step up.

As for simply totaling up all the BUDGET DEFICITS. We consistently go over that deficit and borrow money.

UsGovernmentSpending.com: The Feds Borrow More Than The "Deficit"

 

[LordBrownTrout]

Lol and raised the debt over 9 trillion.

trying to clean up the mess the Chimp left him...

What an absurd and ludicrous argument. Its not even worth a response.

 

[Markle]

We already know that it doesn't matter what % of GDP debt is, it has little-to-no impact on economic growth.

Tell that to Greece.

See How the U.S. Debt Tripled Since 9/11

 

[Slade3200]

It depends on which party is president.
When a Republican is president, no amount of debt is too much, there is ALWAYS a rationalization to justify it.

When a Democrat is president ANY debt is too much and is stealing from our grandchildren.

Ain't that the truth. It was crooked Saint Ronnie who made the US a debtor nation and RWs adore him.

The Rs cut taxes for wealthy, raise taxes for working class, don't pay for what they spend and then just tack it it on to the guy's "p&l" and then blame him for the higher debt. That has become the constant chant against Obama.

Now we have trump who said he "loves debt" and would not hesitate to increase US debt. Even though he has mostly failed in the past and has failed at every "deal" since he took office, the trumpkins believe he is a successful businessman. So yeah, you're right that the RWNJs are loving themselves some more of that funny money.

President Obama cut the deficit by 2/3rds and it is already back up. And, who'd-a thunk trump could add so much to the debt in only 6 months while actually not doing much but eat, tweet and play golf.

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I think the green Fee's for POTUS at Trump International went from $300 a round to $300,000