$9,000,000,000,000 in Debt, Which Generation Will Be Paying This

[njbiodude]

Originally Posted by workingclasshero

the DEBT never dropped

and it was newt who pushed the balanced budget try

Clinton/newt never had any surpluses.....they had PROJECTED surpluses...but the country SPENT the surpluses...if you project a surplus, then spend more than that surplus... you have a deficit

budgets are best guesses...projections

ie you can say we EXPECT/PROJECT the revenue to be 2 trillion and EXPECT the spending to be 3 trillion...a 1 trillion PROJECTED deficit


============

why do you guys continue a lie of 'tax cuts for the rich"

the 'bush' tax cuts/credit were mostly for the poor and middleclass


1. the 'bush' tax cuts/credits were not for the rich...they were mostly for the poor and middleclass...letting them expire will HURT the already hurting poor and middleclass

2.the 01/03 (aka "bush' ) tax cuts/credits were for EVERYONE.. with the poor and middleclass getting the biggest part of the cuts/credits.....\prior to the 'bush' tax cuts there was not a 10% bracket..it was 15%....the rich was cut from 39% to 35%

3. but the biggest part of the cuts/credits was not the tax rates ....... but the CREDITS ( child care credit, child credit, energy efficiency credit, retirement 401k credit, education tuition credit, and the health costs credit) which the "rich" those households over 180k could NOT take

the only cut the "rich' got solely was their rate dropped from 39 to 35...a 4 point drop

EVERYONE got the capitol gains cut

the POOR got a 5 point drop from 15% down to 10%

and EVERYONE under 180k got the credits...(energy credit, tuition credit, child credit, child care credit, retirement(401k) credit, and health care cost credit)....the 'rich' were not allowed those credits as they prorated down on incomes over 180k

the 01/03 cuts and credits benefited the poor and the middleclass much more

to even say 'tax cuts for the rich'...is a LIE

If you include social security clinton's numbers looked better. But once they projected the elimination of the debt the federal reserve went ape$hit.

As for taxes it was the change of capital gains being changed from 39% to 20% that helped the rich the most. Yes middle class people do invest money but only a fraction of what the real rich do. And the losses of tax revenue added up significantly. In fact, many rich like Romney make the majority of their income from investments.

[workingclasshero]

Originally Posted by ToddATX

If you are worried about the debt, don't elect republicans. Reagan/Bush I/Dubya EXPLODED the national defecit. The last Republican to ballance the budget was Ike. Meanwhile, Clinton not only reduced the deficit, he turned it into a surplus, and Obama took the astronomical deficit handed to him by Dubya and has more than cut it in half ...

uhm.....why lie???

Clinton/newt never had any surpluses.....they had PROJECTED surpluses...but the country SPENT the surpluses...if you project a surplus, then spend more than that surplus... you have a deficit

budgets are best guesses...projections

ie you can say we EXPECT/PROJECT the revenue to be 2 trillion and EXPECT the spending to be 3 trillion...a 1 trillion PROJECTED deficit

or you can say we EXPECT/PROJECT the revenue to be 2 trillion and EXPECT the spending to be 2 trillion...a PROJECTED balanced budget

ie you can say we EXPECT/PROJECT the revenue to be 2.1 trillion and EXPECT the spending to be 1.9 trillion...a 200 billion PROJECTED surplus

and the end of the year all the pluses and minuses are counted.... you can have

ie you can say we EXPECT/PROJECT the revenue to be 2 trillion and the spending to be 3 trillion...a 1 trillion PROJECTED deficit...but revenue rose to 2.2 trillion and we only spent 2.8 trillion...still a deficit but instead of a 1 trillion deficit, now its a 600 billion deficit


you can project a surplus..and have emergencies show up (ie the Mississippi valley flooding...911... etc) and completely blow the surplus to where it becomes a deficit



sorry, but the PROJECTED surpluses of clinton/newt never happened...the debt never got paid, and the debt infact INCREASED


the simple fact is if there had been a surplus, then the debt would have gone down...it didn't


was the BUDGET balanced.....yes

was there a PROJECTED SURPLUS.....yes

was there an actual surplus , once all in's and out's were counted.....NO

here is the 4 years that they claim had a surplus
Fiscal
Year........ YearEnding.... ..National Debt........Annual budget Deficit

FY1998..... 09/30/1998.... $5.526193 trillion...... $113.05 billion
FY1999..... 09/30/1999.... $5.656270 trillion...... $130.08 billion
FY2000..... 09/29/2000.... $5.674178 trillion...... $17.91 billion
FY2001..... 09/28/2001.... $5.877463 trillion...... $133.29 billion


so endeth the myth of the Clinton surplus

a spent projected surplus is not a surplus



==============



Quote:

And yes Obama has cut the DEFICIT in half
wrong again buddy

and the debt has nearly doubled under Obama, who still has 2 years left...and has NOT shrunk the deficit




LOOK AT THE NUMBERS
10/01/2009................................ 11,920,519,164,319.42
09/30/2010................................ 13,561,623,030,891.79
1,641,103,866,572............................1.6 trillion deficit fy10

10/01/2010.................................13,610,847,58 5,810.09
09/30/2011.................................14,790,340,32 8,557.15
1,179,492,742,747...........................1.17tr illion deficit fy11

09/30/2011................................ 14,790,340,328,557.15
09/28/2012................................ 16,066,241,407,385.89
1,275,901,078,828..........................1.27 trillion deficit fy12

10/01/2012.................................16,159,487,01 3,300.35
09/30/2013.................................16,738,183,52 6,697.32
578,696,513,397..............................578 billion deficit fy13......the only year under one trillion

10/01/2013................................. 16,747,478,675,335.18
09/30/2014................................. 17,824,071,380,733.82
1,076,592,705,398..............................1.0 7 trillion deficit fy14 which just ended back on sept 30

1.6 trillion DEFICIT
1.17 trillion DEFICIT
1.27 trillion DEFICIT
578 Billion DEFICIT (the only year under a trillion since fy09)
1.07 Trillion DEFICIT (this last fy that ended back in sept 30 )

[Snowball7]

Can never be paid off, but can be expunged rather easily, just takes the
political will to do so.

[Crossfire600]

Originally Posted by ProudCapMarine

$9,000,000,000,000 in Debt, Which Generation Will Be Paying This

Nobody, we lack the growth in GDP to pay it off. It will keep climbing until the rest of the world is tired of our chit at which point I hope I'm no longer here.

[sholomar]

Debt is money. Money is debt. As long as fractional reserve compound interest banking exists there will be debt that must grow at a certain proportion to the overall growth rate combined with prevailing interest rates to keep the system stable.

Interest rates must keep going down to keep the current system stable. If they ever spike back up , the system will likely implode in some fashion, whether it be deflation or inflation or both. In all likelyhood this recovery that people think is so healthy was fueled by major government spending and we are entering yet another bubble in stocks, bonds, and real estate... this one will likely burst once again and when it does, it's going to take unprecedented amounts of debt to keep things going unless we see major inflation to devalue the debt. This time it's not different. History just repeats....

If we're lucky we'll just grind along at very low interest rates for 10-20 years... debt created with little interest to go with it isn't as harmful... the governments of the world all launder one another's debt to keep the system 'liquid' ... so 0% interest rates can make fractional reserve banking work assuming you can get people to buy the debt you are creating, keep the system liquid, and keep major banks from leveraging too much in an attempt to make big profits in certain ways...

[AnesthesiaMD]

Originally Posted by stockwiz

Debt is money. Money is debt. As long as fractional reserve compound interest banking exists there will be debt that must grow at a certain proportion to the overall growth rate combined with prevailing interest rates to keep the system stable.

Interest rates must keep going down to keep the current system stable. If they ever spike back up , the system will likely implode in some fashion, whether it be deflation or inflation or both. In all likelyhood this recovery that people think is so healthy was fueled by major government spending and we are entering yet another bubble in stocks, bonds, and real estate... this one will likely burst once again and when it does, it's going to take unprecedented amounts of debt to keep things going unless we see major inflation to devalue the debt. This time it's not different. History just repeats....

If we're lucky we'll just grind along at very low interest rates for 10-20 years... debt created with little interest to go with it isn't as harmful... the governments of the world all launder one another's debt to keep the system 'liquid' ... so 0% interest rates can make fractional reserve banking work assuming you can get people to buy the debt you are creating...

You can't have a party without bubbles.

[pollyrobin]

Originally Posted by ProudCapMarine

$9,000,000,000,000 in Debt, Which Generation Will Be Paying This

File bankruptcy. Why should another generation pay for money that the fed never had any business
printing in the first place, with nothing -0- to back it up. Let alone pay interest on those make believe
loans.

[GeorgeSpell]

It's going to get kicked down the road until a major event happens...that's the only way human beings change. When or what that event will be - who knows?

[Rggr]

Originally Posted by GeorgeSpell

It's going to get kicked down the road until a major event happens...that's the only way human beings change. When or what that event will be - who knows?

This^. We're still adding more and more debt. If you even talk about reducing the amount of the increase in spending, it's called draconian cuts.

[BBMW]

The debt will never be paid off, it will just be inflated away to nothing over time.

If you look at the national debt, the debt incurred to pay for WWII is still in there somewhere, but the inflation of the dollar since then has devalued it into inconsequence.

What needs to happen is to get the current deficits under control so that the new debt doesn't overwhelm the effect of inflation on the old debt.