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.
Please, no "conventional wisdom" but rather your argument based upon facts.
It doesn't. Its more a political issue for the right because higher deficits will mean higher taxes in the future, higher than some would like anyways.
Paying off the deficit will not provide one additional job. In fact, it will take money out of circulation. The deficit and the economy in the short term are two entirely seperate issues, but Congress only seems to be focused on the deficit.
Operating under a yearly deficit adds to the overall debt. The overall debt means their is interest paid to outside entities with our tax money. That's tax money that can be used for defense, or some progressive program - or better yet, money that can remain with the tax payer.
All we are doing with deficits is using tomorrow's money to pay for stuff today. Someone in the future will have to pay for today's spending - and it will affect their quality of life.
Please, no "conventional wisdom" but rather your argument based upon facts.
In 2011 servicing the national debt, i.e., paying the interest on our debt cost about $454 billion dollars--almost half a trillion. That's about 13% of the federal budget. We're spending almost as much on interest payments as we do on defense. Now what do you suppose we could do with an extra half $trillion?
In 2011 servicing the national debt, i.e., paying the interest on our debt cost about $454 billion dollars--almost half a trillion. That's about 13% of the federal budget. We're spending almost as much on interest payments as we do on defense. Now what do you suppose we could do with an extra half $trillion?
Well the Republicans would probably suggest giving it to the most wealthy.
Operating under a yearly deficit adds to the overall debt. The overall debt means their is interest paid to outside entities with our tax money. That's tax money that can be used for defense, or some progressive program - or better yet, money that can remain with the tax payer.
All we are doing with deficits is using tomorrow's money to pay for stuff today. Someone in the future will have to pay for today's spending - and it will affect their quality of life.
Then why is deficit put on top of the list of excuses by the right wingers to improve the economy today? Future is key, but not more important than the present. Is it?
Quote:
Originally Posted by JimMe
In 2011 servicing the national debt, i.e., paying the interest on our debt cost about $454 billion dollars--almost half a trillion. That's about 13% of the federal budget. We're spending almost as much on interest payments as we do on defense. Now what do you suppose we could do with an extra half $trillion?
Tax cuts? That was the idea pushed by conservatives and "conservatives" when we actually had balanced budgets.
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.
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.
