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.
We will never pay this off and the conversation should shift on how we can manage our default and deep economic collapse as a result of the default even though liberals don't want to talk about it because "a national debt and economic collapse could never happen in America because it's never happened before, Paul Krugman said so, and because we're America and bad economic things like the Greek debt crisis don't happen here because we're America."
The bad news is - it will never be paid back.
The good news is - since the Fed is running the world central bankers, and everyone is doing exactly what the Fed is doing, this will run for a long time. Another 10 - 20 years.
Of course, all our wealth will be whip out unless you take action to protect yourself. Still have plenty of time to plan.
The good news is - since the Fed is running the world central bankers, and everyone is doing exactly what the Fed is doing, this will run for a long time. Another 10 - 20 years.
Of course, all our wealth will be whip out unless you take action to protect yourself. Still have plenty of time to plan.
It will last until the velocity of money increases and wipes out our currency.
First off, entitlements are not the driving force behind our deficits. Rising health care costs are certainly contributing, but liberals have offered solutions; allowing the government to negotiate prescription medication, public option, or single payer.
Our deficits are primarily caused by past policies; wars, Bush tax cuts, and the economic crisis which led to a substantial decline in tax receipts. Granted Obama has continued in the groove of our ME operations and Bush tax cuts. He also did not pass as effective policies to deal with the economic downturn, but that would require spending which Republicans are against. Republicans are against policies that promote a full and robust recovery, such as rehiring the hundreds of thousands of teachers who lost their jobs, policemen, emergency responders, air traffic controllers, etc. They are also against investing into America through infrastructure projects, which America needs badly.
This spending would help fill the gap left by the housing bubble, increasing aggregate demand, and promoting a full recovery which would help our debt, not hurt it. The best policy to combat our deficits is to pass policies that promote a full and robust economic recovery.
Laying hundreds of thousand of state and local employees, not investing in America's infrastructure, and attacking the elderly via SS and Medicare cuts while giving the rich tax breaks is not the best path to tackle our debt. Unfortunately, Republicans wanted to starve the beast in order to attack the elderly. Sadly, it looks like Obama will help them out.
The irony here is that the OP doesn't think liberals want to address our debt policies, our debt policies that have been primarily caused by GOP policies in which Republicans have been exploding the debt since Reagan. As Cheney said, Reagan proved that deficit don't matter....unless a Democrat is President.
First off, entitlements are not the driving force behind our deficits. Rising health care costs are certainly contributing, but liberals have offered solutions; allowing the government to negotiate prescription medication, public option, or single payer.
Our deficits are primarily caused by past policies; wars, Bush tax cuts, and the economic crisis which led to a substantial decline in tax receipts. Granted Obama has continued in the groove of our ME operations and Bush tax cuts. He also did not pass as effective policies to deal with the economic downturn, but that would require spending which Republicans are against. Republicans are against policies that promote a full and robust recovery, such as rehiring the hundreds of thousands of teachers who lost their jobs, policemen, emergency responders, air traffic controllers, etc. They are also against investing into America through infrastructure projects, which America needs badly.
This spending would help fill the gap left by the housing bubble, increasing aggregate demand, and promoting a full recovery which would help our debt, not hurt it. The best policy to combat our deficits is to pass policies that promote a full and robust economic recovery.
Laying hundreds of thousand of state and local employees, not investing in America's infrastructure, and attacking the elderly via SS and Medicare cuts while giving the rich tax breaks is not the best path to tackle our debt. Unfortunately, Republicans wanted to starve the beast in order to attack the elderly. Sadly, it looks like Obama will help them out.
The irony here is that the OP doesn't think liberals want to address our debt policies, our debt policies that have been primarily caused by GOP policies in which Republicans have been exploding the debt since Reagan. As Cheney said, Reagan proved that deficit don't matter....unless a Democrat is President.
Our deficits are caused because we have a spending problem. When you add federal income taxes, plus state income taxes, plus FICA taxes, we are PLENTY taxed as it is. We went from spending $1.8 trillion in 2000 to $3.6 trillion now. Has so much happened in 12 years that would require $1.8 trillion in additional spending?
Our deficits are caused because we have a spending problem. When you add federal income taxes, plus state income taxes, plus FICA taxes, we are PLENTY taxed as it is. We went from spending $1.8 trillion in 2000 to $3.6 trillion now. Has so much happened in 12 years that would require $1.8 trillion in additional spending?
This is factually wrong. If not for the tax cuts enacted during the presidency of George W. Bush that Congress did not pay for, the cost of the wars in Iraq and Afghanistan that were initiated during that period, and the effects of the worst economic slump since the Great Depression (including the cost of steps necessary to combat it), we would not be facing these huge deficits in the near term.
...Just two policies dating from the Bush Administration — tax cuts and the wars in Iraq and Afghanistan — accounted for over $500 billion of the deficit in 2009 and will account for almost $7 trillion in deficits in 2009 through 2019, including the associated debt-service costs.
The data is in. We don't have a spending problem, we have an economic growth problem. Attacking the elderly, slashing state and local employment, and not investing into America will not solve our debt problem.
This is factually wrong. If not for the tax cuts enacted during the presidency of George W. Bush that Congress did not pay for, the cost of the wars in Iraq and Afghanistan that were initiated during that period, and the effects of the worst economic slump since the Great Depression (including the cost of steps necessary to combat it), we would not be facing these huge deficits in the near term.
...Just two policies dating from the Bush Administration — tax cuts and the wars in Iraq and Afghanistan — accounted for over $500 billion of the deficit in 2009 and will account for almost $7 trillion in deficits in 2009 through 2019, including the associated debt-service costs.
The data is in. We don't have a spending problem, we have an economic growth problem. Attacking the elderly, slashing state and local employment, and not investing into America will not solve our debt problem.
Wrong-
Federal revenues today are what average revenues were during the Bush administration. Granted, we did have two wars (neither of which I agreed with), but Obama has gone on an unparalleled spending spree with has resulted in massive deficits far beyond those generated by Bush.
Libs always look for blame, but are short on solutions. Again, revenues are now at the average of federal revenues during the Bush years, yet we have massive deficits.
1. If we ENSLAVED everyone making over $250K per year and took ALL OF THIER INCOMES, we would still have annual deficits of $400 billion. Therefore income taxes will never be able to generate enough revenue.
2. A VAT of 15% would generate $1.3 trillion, wiping out our current deficits
3. Politicians have never used increased revenues wisely, and would need the constraints of a balanced budget amendment.
4. Obamacare, a new multi-trillion dollar entitlement, needs to be eliminated
5. Social security and medicare eligibility rates must be increased, as citizens are living much longer
6. Corporate taxes and regulations need to be cut in order to provide a more favorable business environment
Of course, no politician will do what needs to be done. They do not even have the will to cut spending on ANYTHING, therefore our nation is doomed. When Obama leaves office in 2016, it will cost $540 billion per year just to service the debt.
Perhaps, given the irrationality of our politicians, the only way the nation gets out of its debt in the future is to dissolve the nation.
Our deficits are caused because we have a spending problem. When you add federal income taxes, plus state income taxes, plus FICA taxes, we are PLENTY taxed as it is. We went from spending $1.8 trillion in 2000 to $3.6 trillion now. Has so much happened in 12 years that would require $1.8 trillion in additional spending?
Were you asleep through the two wars we had or did you think they were free?
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.
