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You are asking a BS question. Liberals have very little to do with the state the country is in. What Bush did to this country fiscally is a disaster that we are still feeling and I don't know when we will get out of it.
Where is all the money his rich buddies packed away that he gave them during his presidency? Probably sitting in the Cayman Islands or Switzerland.
I am asking THE QUESTION. I am not seeking blame. The only posts so far have deflected the question and sought to blame Bush. Let us blame "society" and make it easier for liberals, such that they can focus on the question, or simply assume and agree that Bush IS TO BLAME FOR EVERYTHING. Now, we can concentrate on the problem at hand- How much debt is too much?
We are faced with a current debt of $16.5 trillion. The president and the Senate want to increase the debt limit. That is what the "fiscal cliff" discussion concerns.
I think the liberals would say you could never be too much in debt because you have a printing press.
I noticed how many of the left answered your question with "But the Republicans.....".
Debt doesn't seem to bother the left.
That would be option #2, or #3.
That answer is that ANY DEBT LEVEL is just fine. It assumes that spending over 100% of federal revenues to service the debt (i.e.- no revenues for anything else in the US) is okay. Thus we have no money for welfare, foodstamps, roads, education or the military. We essentially pay taxes for no benefit for the cohort paying the taxes (a little like slavery, isn't it?).
Further, it assumes that other nations will continue to purchase our debt (when we cannot pay the interest on those bonds that is our debt). How many investors buy bonds with no revenue and an essential guarantee of a reduced bond price?
How much debt is too much? Please step up, liberals, and tell us how much debt is too much.
It appears as though many liberals are perfectly content with current debt levels. However, one must simply ask a few questions.
A. How much debt is too much?
1. When money spent to service the debt is-
a.25% of federal annual revenues
b. 50% of federal revenues
c. 75% of federal revenues
d. 100% of federal revenues
2. Only when the government is unable to service the debt (i.e.> than 100% federal revenues)
3. Any debt is okay- we will just print more money
What debt level is acceptable? The Nobel Prize winner Stiglitz, the champion of federal deficit spending, has no answer for this question. Further, he has no answers for what happens when we reach that debt that "is too much". What do liberals think?
B. When we reach debt levels that are "too much", what do we do then?
Are you a conservative?
Do you still live here in the USA? because I thought you threw in the towel and were leaving.
Did you see the graph that another member posted on which party loves to spend?
You're still arguing about liberals when it's really conservatives or republicans are the problem.
You predicted before Obama leaves office the debt would be $24T.
You know that the government needs tax revenue to operate smoothly, right? Revenues are at levels comparable to the 1950's, we're in the year 2012 now, you think that's enough to operate off of?
You know that when Clinton left office the USA had a budget surplus, right?
You know the USA has been fighting 2 wars, right?
You tell us how much is too much.
If people don't like America and it's different people, they can always leave it.
You realize that all these tax loopholes that the wealthy use are spending right? They are not paying their fair share so every dollar that they don't pay in because of loopholes is spending.
The theory of "fair share" is useless when 50% pay nothing into the system. I think that's equally a loophole for the poor - it's just a socially acceptable loophole.
Your nifty graph ends with '06. We're six years down the road beyond that. Would you post a graph for the last 6 years, please?
In fact, let's do look at what Obama and the Democrats have done to the country.
Then, tell us how much higher into debt you think we can go.
The further your comment - it would be more realistic if we listed who controlled the chambers of Congress along with the President. The President doesn't just unilaterally set a budget.
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