Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Clinton had that all taken care of. Then came wars, spending, and taxcuts. For some reason I think that was a bad equation.
Clinton was successful in tackling the yearly deficit but not the compounded debt. Other than that, I agree. Tax cuts have the same long-term fiscal effect as spending increases and should be considered as such. Wars are always expensive and not just in monetary terms.
On the other hand $9 trillion is a lot of debt so I'm thinking the elderly, disabled and terminally ill will pay with their lives through cost cutting.
Let us say we magically managed to balance the budget. We would still add about $5T in debt simply from paying interest on existing debt, virtually all of it acquired between 1980 and 2008.
And if not cost cutting, how exactly do you propose achieving it? Eager to see some realistic numbers, the repercussions and a logical analysis, not just a political talking point.
Let us start with... should we reform medicare? What do you think the repercussions might be in a decade or so from now, with regard to the costs and debt?
Tax cuts have the same long-term fiscal effect as spending increases and should be considered as such.
I'm not trying to hi-jack the thread. What do you mean? If tax cuts stimulate the economy, which in turn increase IRS revenue, how is that a spending increase? (NOT being argumentative, I'm really curious)
$9,000,000,000,000 in Debt, Which Generation Will Be Paying This
I'll be glad to discuss this with you after you tell me WHICH GENERATION will pay for the approximately ELEVEN (11) TRILLION of EXISTING NATIONAL DEBT?
You know? The debt which is REAL ... and not PROPOSED.
The debt which is CURRENTLY on our books.
The debt which GWB ....ALONE ... contributed around FIVE (5) TRILLION!
The debt which Reagan and Bush Sr together contributed around 4.5 TRILLION!
The VAST MAJORITY of our current National Debt was run up during REPUBLICAN PRESIDENTS.
every penny that the government spends, hurts us. ultimately, just as cash for clunkers will quickly show, the government spending money helps a tiny bit in the short run and then hurts double in the long run. the reason is that once the government stops spending, any benefit from the spending disappears. there is no "stimulus" effect where they get things going and then positive stuff continues. so you are left with no positive, but then have all this additional debt to pay off. i dont understand why this isnt blatantly obvious to anyone who pays taxes or who expects to be paying taxes in the future. the government doesnt have a job, all their money comes from us. why should they be allowed to spend our money instead of us spending our money? why do we think somehow thats going to have a better impact on the economy?
I'm not trying to hi-jack the thread. What do you mean? If tax cuts stimulate the economy, which in turn increase IRS revenue, how is that a spending increase? (NOT being argumentative, I'm really curious)
Tax cuts give the economy a very short term boost but result in long-term deficits. Anyone who takes a tax cut and puts it away for a rainy day does double damage to the economy. This is one major reason why Reagan left office with MUCH larger deficits than he began with. This is why George Bush Sr. called it "Voodoo Economics".
Yep, but I wanted to keep expense from current debt interest as separate so we don't lose track of the impact from existing debt.
Its impossible to turn a ship around on a dime.
No, but the first step is to stop the bleeding. You'll never stabilize the patient until you stop the bleeding.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.