USA National Debt will be $13 Trillion in less than 2 weeks !!!

[KissMy]

USA National Debt will be $13 Trillion in less than 2 weeks !!!

Count it down. Watch link below.

U.S. National Debt Clock

 

[Skull Pilot]

Awesome!!!

 

[Paulie]

In the 8 years Bush was in office, the debt rose about 4.5 trillion.

I thought THAT was insane.

Obama's working on presiding over that in less than 2.

 

[boedicca]

By the time Obama is through, we'll hit $20B - if we don't stop this insanity.

 

[KissMy]

Now we are bailing out the failed Socialist in Europe through the IMF. Socialism through FRNs failure rate is 100%. We are following Europe right off the cliff.

 

[Truthmatters]

Fuck it all up and then blame the guy who has to pay for the cleaning supplies?

 

[uscitizen]

Darn this recession must be over then.

See, Tax cuts work folks!

 

[boedicca]

Obama didn't try tax cuts. He announced the expiration of the Bush Tax Cuts, added a bunch more taxes to feed ObamaCare - and went on a spending binge.

What's happening now is not the results of tax cuts - it's the result of the process expanding the size of the federal government from 20% to 30%+ of GDP (we'll be there shortly).

 

[KissMy]

Darn this recession must be over then.

See, Tax cuts work folks!

April Retail Sales Not So Hot

Gold sales through the roof. Things are going great.

 

[boedicca]

As I pointed out when the March Retail Sales results came out, we had an early Easter which pulled sales forward. Now we're back the moribund spending levels; even Romer admited we have a Demand Crisis.

Well, guess what: No JOBS, No Demand.

It's really quite simple.

 

[Wry Catcher]

USA National Debt will be $13 Trillion in less than 2 weeks !!!

Count it down. Watch link below.

U.S. National Debt Clock

A little detail please. How much of the debt is attributed to the war of choice in Iraq. Specifically, the actual cost of seven years of war, the interest paid on the money loaned to conduct the war, the medical cost to the wounded, monies paid to no-bid contractors, the costs to replace lost, stolen or damaged equipment and weapons?
Also, I'm curious, what is the cost to run Gitmo? How much did we give to countries who helped in renditions? What aid did we give to the coaliton of the 'willing'?
While you're at it, let us know how much of the bail out funds were returned, and how much profit was made? What was saved by keeping the employees of GM and its suppliers employed and what were the projected consequences if GM had failed and tens of thousands (maybe 100's of thousands) men and women, families with children, had jointed the ranks of the unemployed, couldn't pay their mortagage, or other bills and no longer went to the cleaners, bakers, butcher or candlestick maker?

 

[boedicca]

National Defense is an appropriate role for government. To claim that all of the Iraq War went against the debt is nonsense. Defense as a percent of federal spending is around 20% of total Federal Spending. The real problems are growth in entitlements, expanded federal bureaucracies at all levels, and fairly soon, a pop in interest payments on the debt when rates rise. There are certainly plenty of opportunities to reduce defense spending - there is a lot of wastefulness there. But it is specious to blame the debt on the Iraq War.

 

[Wry Catcher]

National Defense is an appropriate role for government. To claim that all of the Iraq War went against the debt is nonsense. Defense as a percent of federal spending is around 20% of total Federal Spending. The real problems are growth in entitlements, expanded federal bureaucracies at all levels, and fairly soon, a pop in interest payments on the debt when rates rise. There are certainly plenty of opportunities to reduce defense spending - there is a lot of wastefulness there. But it is specious to blame the debt on the Iraq War.

Reality has a way of confusing ideologues. The invasion of Iraq was a choice, it was not necessary. The Bush Administration cut taxes and increased spending enormously, after 9/11; but (in not only my opinion, but many others), the plan to invade Iraq was a hidden agenda of the original RW Fringe well before GWB was even nominated (google and read PNAC if you have any doubts).
The point of this thread is to place blame on Obama for the problems created and ignored by the Bush (yes, Boooooooooooooosh) Administration. I don't understand why so many on this MB are unable to see the consequences had Obama ignored the fiscal crisis he inherited from Boooooooooooosh.
Well, actually I do.

 

[uscitizen]

Tax refunds are running out soon and sales will ease off.

 

[xsited1]

USA National Debt will be $13 Trillion in less than 2 weeks !!!

Count it down. Watch link below.

U.S. National Debt Clock

Let's just face the facts: the debt will never be paid off. Might as well enjoy it while we can. (On a related note, buy more ammo.)

 

[Wry Catcher]

USA National Debt will be $13 Trillion in less than 2 weeks !!!

Count it down. Watch link below.

U.S. National Debt Clock

Let's just face the facts: the debt will never be paid off. Might as well enjoy it while we can. (On a related note, buy more ammo.)

How to pay down the debt, 101.

1. Pay as you go.
2. Determine cost effectiveness of programs.
3. Increase Revenue (a 25 cent tax on all stock, bond and financial transactions)
4. A constitutional amendment prohibiting any member of congress, any appointed or elected federal official from accepting anything of value, any promise, any job for friends or family, ANYTHING under penalty of 1) termination of employment, and 2) Felony Status preventing the offender from ever holding any federal job or voting in any future election, and 3) one year and one day in a federal prison.
5. Put people to work. Major federal projects, such as building RR's and a canal from from Brownsville, Texas to San Diego, CA - connecting the Gulf of Mexico and the Pacific Ocean.

 

[Care4all]

In the 8 years Bush was in office, the debt rose about 4.5 trillion.

I thought THAT was insane.

Obama's working on presiding over that in less than 2.

the national debt more than DOUBLED, it went from $5.6 trillion to $11.7 trillion...(8 bush fiscal years)

 

[Care4all]

not that i am trying to diminish the deficits of the obama admin that will hit the national debt!

 

[boedicca]

A large part of the increase in debt is structural - entitlement and public employee comp & benefit increases that are on auto-pilot. Both parties are to blame for this - it's a Bi-Partisan "accomplishment". The current crisis in Greece is a warning we should take seriously about financing spending with massive amounts of sovereign debt. Better to restructure now while we still have some time.

 

[Old Rocks]

Obama didn't try tax cuts. He announced the expiration of the Bush Tax Cuts, added a bunch more taxes to feed ObamaCare - and went on a spending binge.

What's happening now is not the results of tax cuts - it's the result of the process expanding the size of the federal government from 20% to 30%+ of GDP (we'll be there shortly).

You mean if I vastly increase my spending, and cut my income, that has no affect on the balance of my budget?

It will take both spending cuts and big tax increases to get us out of the hole left by the profligate spending of the Reagon, Bush, and Bush admins.