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Old 11-23-2011, 09:40 AM
 
31,385 posts, read 32,119,175 times
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Please, no "conventional wisdom" but rather your argument based upon facts.
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Old 11-23-2011, 09:50 AM
 
Location: Central Florida
733 posts, read 530,529 times
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Quote:
Originally Posted by ovcatto View Post
Please, no "conventional wisdom" but rather your argument based upon facts.
It doesn't. Its more a political issue for the right because higher deficits will mean higher taxes in the future, higher than some would like anyways.
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Old 11-23-2011, 09:54 AM
 
12,439 posts, read 10,316,159 times
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Paying off the deficit will not provide one additional job. In fact, it will take money out of circulation. The deficit and the economy in the short term are two entirely seperate issues, but Congress only seems to be focused on the deficit.
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Old 11-23-2011, 09:55 AM
 
Location: Here
10,867 posts, read 11,944,593 times
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Quote:
Originally Posted by DT113876 View Post
higher deficits will mean higher taxes in the future, higher than some would like anyways.
Some? Who in the hell wants to pay higher taxes?
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Old 11-23-2011, 10:02 AM
 
3,458 posts, read 3,114,537 times
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Quote:
Originally Posted by ovcatto View Post
Please, no "conventional wisdom" but rather your argument based upon facts.
increased deficits imply a decrease in the government's ability to aid the private sector finance companies with their problems in the future.

social security, medicare, veterans benefits.. these things get in the way of cheap capital for banks.
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Old 11-23-2011, 10:02 AM
 
Location: Gulf Coast Texas
28,516 posts, read 15,474,736 times
Reputation: 11420
Operating under a yearly deficit adds to the overall debt. The overall debt means their is interest paid to outside entities with our tax money. That's tax money that can be used for defense, or some progressive program - or better yet, money that can remain with the tax payer.

All we are doing with deficits is using tomorrow's money to pay for stuff today. Someone in the future will have to pay for today's spending - and it will affect their quality of life.
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Old 11-23-2011, 10:05 AM
 
3,568 posts, read 3,280,796 times
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Quote:
Originally Posted by ovcatto View Post
Please, no "conventional wisdom" but rather your argument based upon facts.
In 2011 servicing the national debt, i.e., paying the interest on our debt cost about $454 billion dollars--almost half a trillion. That's about 13% of the federal budget. We're spending almost as much on interest payments as we do on defense. Now what do you suppose we could do with an extra half $trillion?
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Old 11-23-2011, 10:05 AM
 
6,156 posts, read 4,152,305 times
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My generation is going to wind up paying for your crap. Is that not enough?
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Old 11-23-2011, 10:07 AM
 
12,439 posts, read 10,316,159 times
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Quote:
Originally Posted by JimMe View Post
In 2011 servicing the national debt, i.e., paying the interest on our debt cost about $454 billion dollars--almost half a trillion. That's about 13% of the federal budget. We're spending almost as much on interest payments as we do on defense. Now what do you suppose we could do with an extra half $trillion?
Well the Republicans would probably suggest giving it to the most wealthy.
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Old 11-23-2011, 10:18 AM
 
Location: Dallas, TX
31,777 posts, read 24,916,390 times
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Quote:
Originally Posted by DRob4JC View Post
Operating under a yearly deficit adds to the overall debt. The overall debt means their is interest paid to outside entities with our tax money. That's tax money that can be used for defense, or some progressive program - or better yet, money that can remain with the tax payer.

All we are doing with deficits is using tomorrow's money to pay for stuff today. Someone in the future will have to pay for today's spending - and it will affect their quality of life.
Then why is deficit put on top of the list of excuses by the right wingers to improve the economy today? Future is key, but not more important than the present. Is it?

Quote:
Originally Posted by JimMe View Post
In 2011 servicing the national debt, i.e., paying the interest on our debt cost about $454 billion dollars--almost half a trillion. That's about 13% of the federal budget. We're spending almost as much on interest payments as we do on defense. Now what do you suppose we could do with an extra half $trillion?
Tax cuts? That was the idea pushed by conservatives and "conservatives" when we actually had balanced budgets.
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