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And how are we going to pay down such a massive debt without cutting our defensive spending or raising taxes, neither of which are negotiable to the conservatives. Whatever supposed savings from reducing fraud or waste in government benefits wouldn't help too much. Any concrete ideas (i.e, not just let's-stimulate-the-economy stuff)?
Remember too that the debt created under the specific policies of Obama is less than $1 trillion, but things like the stimulus which was necessary to stem a Great Depression, Bush tax cuts (and continuation), military spending in Afghanistan and Iraq, etc., have added a lot more to the national debt.
Or is there no amount of debt that is unacceptable? What happens if the interest (not principle on debt) exceeds 50% of annual revenues? 75%?
Debt could be reduced by issuing "debt free notes" so that the amount of circulating currency is not reduced, thus avoiding a depression/recesssion. However, this would require a partial dismantling of the Federal Reserve current policy (it will never happen).
Why do you ask this question in an accusatory tone to Liberals?
And how are we going to pay down such a massive debt without cutting our defensive spending or raising taxes, neither of which are negotiable to the conservatives. Whatever supposed savings from reducing fraud or waste in government benefits wouldn't help too much. Any concrete ideas (i.e, not just let's-stimulate-the-economy stuff)?
Remember too that the debt created under the specific policies of Obama is less than $1 trillion, but things like the stimulus which was necessary to stem a Great Depression, Bush tax cuts (and continuation), military spending in Afghanistan and Iraq, etc., have added a lot more to the national debt.
Mick
We can cut defense spending in half and still spend more than any other country on the planet.
Or is there no amount of debt that is unacceptable? What happens if the interest (not principle on debt) exceeds 50% of annual revenues? 75%?
Debt could be reduced by issuing "debt free notes" so that the amount of circulating currency is not reduced, thus avoiding a depression/recesssion. However, this would require a partial dismantling of the Federal Reserve current policy (it will never happen).
Keep in mind that not so long ago, running up the fiscal operating debt to a mere $8 trillion was considered "irresponsible" and "unpatriotic."
Running up the debt is only unacceptable when a Republican is the president.
That's really a question for the Republican lawmakers who vote for spending but not for the taxes to pay the bill. With our low interest rates, debt service really isn't a problem. It consumes about 7% of the budget.
True. It is amazing so many have no idea how this country works.
And how are we going to pay down such a massive debt without cutting our defensive spending or raising taxes, neither of which are negotiable to the conservatives. Whatever supposed savings from reducing fraud or waste in government benefits wouldn't help too much. Any concrete ideas (i.e, not just let's-stimulate-the-economy stuff)?
Remember too that the debt created under the specific policies of Obama is less than $1 trillion, but things like the stimulus which was necessary to stem a Great Depression, Bush tax cuts (and continuation), military spending in Afghanistan and Iraq, etc., have added a lot more to the national debt.
Mick
How about we back off from this notion of the federal government pretending it's a nanny state, returns powers back to the states, and starts concentrating on the obligations laid out within the US Constitution?
And how are we going to pay down such a massive debt without cutting our defensive spending or raising taxes, neither of which are negotiable to the conservatives. Whatever supposed savings from reducing fraud or waste in government benefits wouldn't help too much. Any concrete ideas (i.e, not just let's-stimulate-the-economy stuff)?
Remember too that the debt created under the specific policies of Obama is less than $1 trillion, but things like the stimulus which was necessary to stem a Great Depression, Bush tax cuts (and continuation), military spending in Afghanistan and Iraq, etc., have added a lot more to the national debt.
And how are we going to pay down such a massive debt without cutting our defensive spending or raising taxes, neither of which are negotiable to the conservatives. Whatever supposed savings from reducing fraud or waste in government benefits wouldn't help too much. Any concrete ideas (i.e, not just let's-stimulate-the-economy stuff)?
Cutting the growth of spending, which is how it happened during Clinton...
Quote:
Originally Posted by MTQ3000
Remember too that the debt created under the specific policies of Obama is less than $1 trillion,
Bull ****..
Quote:
Originally Posted by MTQ3000
but things like the stimulus which was necessary to stem a Great Depression,
Removing money from the economy so it can be put back in, results in a net ZERO....
Quote:
Originally Posted by MTQ3000
Bush tax cuts (and continuation),
more bull crap.. the tax cuts increased revenues, just like they did under Clinton..
Quote:
Originally Posted by MTQ3000
military spending in Afghanistan and Iraq, etc., have added a lot more to the national debt.
That's really a question for the Republican lawmakers who vote for spending but not for the taxes to pay the bill. With our low interest rates, debt service really isn't a problem. It consumes about 7% of the budget.
Quote:
Originally Posted by Finn_Jarber
True. It is amazing so many have no idea how this country works.
A complete idiot would believe that interest rates are going to remain low forever...
The fact that we are financing most of our debt using short term borrowing should be a huge concern. What happens when interest rates climb to say 10%, and we have to spend $1T - $2T in interest alone?
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Liberals: What debt level is unacceptable?
