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So deficits due to military spending has ramifications, so deficits for other reasons would as well.
Sure if they crowd out desired consumption by certain groups.
In the future if we have too many seniors to service with HC, or too many seniors on SS, receiving too much money and buying up too many of HC or general goods and services, the younger in our society may say enough is enough!
But the restrictions in the end will be due to our overall productivity, and ability or not, in providing all those requested goods and services. Not the money (debt).
The federal budget deficit just keeps getting smaller.
It fell sharply in 2014 -- its fifth consecutive annual decline.
That's according to an estimate Wednesday by the Congressional Budget Office. The deficit for fiscal year 2014, which ended on Sept. 30, will come in at roughly $486 billion, the CBO said. The Treasury Department will report the official number in a few weeks.
The 2014 number is $195 billion less than a year earlier. And as a share of the economy, the deficit dropped to 2.8% of GDP from 4.1% last year.
The deficit is the gap between how much the government spends and how much it takes in over the year. It borrows to make up the difference.
The biggest reason for the slide: An improving economy, higher taxes, and continued spending restraint.
Revenue grew by 9% over the prior year, or by $239 billion. That growth was fueled largely by a 7% jump in income and payroll tax receipts combined. Corporate tax revenue rose by 18%.
Looks like deficits are down about 65% from the peak.
This is a red herring, it is like a doctor telling you, you are still dying, just a little slower than you were last week.
No, what you are doing is counting unfunded liabilities of the government, and then claiming that the assets that belong not to the government, should be counted.
THEY DONT..
Now that you want to discuss only federal assets, yes, but the federal government isnt counting on selling any of that to pay down debt, are they?
in fact there are discussions that states want to actually take much of that back because they lose tax revenues by not having it.
No, what you are doing is counting unfunded liabilities of the government, and then claiming that the assets that belong not to the government, should be counted.
THEY DONT..
Now that you want to discuss only federal assets, yes, but the federal government isnt counting on selling any of that to pay down debt, are they?
in fact there are discussions that states want to actually take much of that back because they lose tax revenues by not having it.
IF we are so worried about liabilities, and IF we have assets to sell. Then we are done if the political will is there.
No one of any useful thought wants to pay down our National Debt to zero. Most would like to keep our overall debt within a region, of say 50-100% of GDP. And that we can do. If we the people so desire.
And the Federal Gov't continues to fund states as it always has in our currency union. IF we the people so desire.
Sure if they crowd out desired consumption by certain groups.
In the future if we have too many seniors to service with HC, or too many seniors on SS, receiving too much money and buying up too many of HC or general goods and services, the younger in our society may say enough is enough!
But the restrictions in the end will be due to our overall productivity, and ability or not, in providing all those requested goods and services. Not the money (debt).
Desired consumption in the end is meaningless if you have to borrow in order to maintain consumption.
its like a crack head who continues to burglarize to feed their addiction, at some point they get caught.
IF we are so worried about liabilities, and IF we have assets to sell. Then we are done if the political will is there.
No one of any useful thought wants to pay down our National Debt to zero. Most would like to keep our overall debt within a region, of say 50-100% of GDP. And that we can do. If we the people so desire.
And the Federal Gov't continues to fund states as it always has in our currency union. IF we the people so desire.
And who exactly do you think it is that has a hundred trillion or so to buy these assets in order to fund the liabiliies?
Desired consumption in the end is meaningless if you have to borrow in order to maintain consumption.
its like a crack head who continues to burglarize to feed their addiction, at some point they get caught.
Think WW2. The US did not have the GDP and it did not have money early in the War. I am glad our economic geniuses of the time helped the rest of DC figure it out.
Just as in WW2, money itself is/was not the limitation. It was productivity. Money can be created, productivity has to be developed. The money for WW2 was created so that all the wheels of war materiel production could get rolling.
And who exactly do you think it is that has a hundred trillion or so to buy these assets in order to fund the liabiliies?
Big oil? Arabs? Is that really the plan?
It doesn't matter. But it might help quell the outrage of so called 'debt hawks'.
But if 'we the people' so desire, and I doubt we will, a national oil company could extract and sell oil to any willing buyer in the world. Here or abroad.
I'm more of a TDC kind of 'debt dove', and would rather we keep our own oil business in the private sector.
There's always all sorts of accounting shenanigans going on. Budgets are political games. Deficits linked to games are charades. Actual deficits are real, no matter how you get there.
Take all your examples above and leave out the budgets. All you need is spending and revenue. The rest is an accounting game.
Ignore the federal budget?
Are you sure you are not a member of Congress?
The federal budget needs to be tied to projected revenues. If there is not enough revenues to cover the budget, either cut the budget or raise taxes. If we do not hold Congress accountable, then we can expect to become like Greece very soon.
Without a federal budget there can be no deficits or surpluses, which makes this thread moot.
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