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We are broke! We are almost $17 trillion dollars in debt! Most of it which is high interest loans!
If we had to pay out all the promised payments for Social Security and Medicare to square up the system, our debt would rise to $120+ trillion!!
What are we going to do when we simply can't borrow any more?
Like those exclamation points, huh!
According to the Treasury, the 2012 interest on the national debt was $359,796,008,919.49. If the national debt was $16 trillion, that means that the average interest rate was 2.25%. Also, most that that interest went to other Americans as income.
Debt held by the public as a share of GDP was 113% of GDP in 1945 -- about what it is now. Was the U.S. broke in 1945? No.
Thought i would put my 2 cents in. I am a subcontractor for comcast in indiana and we took a 30% cut last year to save our jobs and now are looking at another cut for same reason. Theres always someone else willing to do it for less. They offer less product too. Basically we are expected to do same premium job for less $. Its time goverment does same. This whole secquester thing is one more political game by obama. What he misses is that he can play the blame game all he wants but we have already taken cuts personally so we dont get upset if goverment has to do same. Since it is our money afterall! If we take cuts so should they, to think they should ask for more instead by calling a tax increase a increase in revenue is a crock! Obama can choose where to cut. He plans ( threatens) to cut where it hurts the people most shows he doesnt care. Theres plenty of waste to cut, start by cutting raises like the rest of us, instead of jobs.
Obama is a figurehead. You have to know that. Obama could not, in a million years, parse the U.S. GDP down to figuring out the number of Air Traffic Controllers that would have to be furloughed, as opposed to laid off, to get that sector of the Sequester to its 2013 target. The only talking point that has any basis in truth is that the Sequester was a (failed) attempt to get Republicans to consider a more balanced deficit address than destroying the middle class via the wholesale destruction of social climate that would be necessary in order to preserve the kind of defense spending that Republicans typically endorse. Republicans were so averse to ANY tax increases to increase revenue and were so adamant that deep cuts be made to every area of government EXCEPT defense that there was a complete and utter stand-off in Congress. Obama owns that? I suppose if you have such a raging hard** for Obama to embody your inner bully boy but in actual fact... no, he doesn't. Obama does not own the Congressional dysfunction that paralyzes the country. For 236 years, more or less, America has danced the Ying/Yang dividing line between Left and Right as do all civilizations on Earth. There are rules of engagement. You saw them at work during Reagan's administration and both Bushs'. The gloves usually come off when Democrats rule... Carter... Clinton.... they certainly took their lumps. Obama has taken the taking the gloves off thing to a new level. That's what he owns. Serving as catalyst to galvanize the inner racist in the men and women who have an inner racist and have the political access to let their personal predilictions influence the national landscape. In order to hurt Obama, Republicans are willing to throw the almighty DOD under the bus and let the Sacred Defense Budget feel the uncaring bite of the Sequester. That's huge. I'm not surprised that now that it's imminent the Sequester, all of a sudden is Obama's brainchild. As has been said many times in this thread, however, that's not how most Americans see it. Republicans will have to OWN that. Might be the end of the GOP... dare I hope...
You do realize that debt is a part of the economy, Apple has debt Microsoft has debt every american
with a car or house note has debt. All the people who work in housing and the auto industry would not have a jobs if it were not for debt.
The dollar amount of debt does not matter 16 trillion dollars is nothing because the U.S produces 45 Trillion dollars worth of economic activity a yr so an overalll debt of 16 trillion is not really a big deal.
the dollar amount does not matter its the debt relative to gdp
Our GDP is $15.6 trillion.
Don't where you get $45 trillion.....
According to the Treasury, the 2012 interest on the national debt was $359,796,008,919.49. If the national debt was $16 trillion, that means that the average interest rate was 2.25%. Also, most that that interest went to other Americans as income.
Debt held by the public as a share of GDP was 113% of GDP in 1945 -- about what it is now. Was the U.S. broke in 1945? No.
Thats $360 billion per year.
Our interest is the 6th largest item on our budget.
Our GDP is $15.6 trillion.
Don't where you get $45 trillion.....
we have 45 trillion dollars output it get cuts 16 trillion when you calculate the inputs.
16 trillion in overall debt does not matter, we have been at 100% of gdp debt level before.
if the debt was a problem in economic it would be reflected in the bond yields.
Debt is a part of the economy,people have government debt in their retirement acccounts and it is listed as
an asset,and it pays them money through yields. These debt level are sustainable. You will not need any adjustments to medicare until 2025 and SS is fine until 2035
But I don't take your credit card, put $5,000 in new debt on it, so I can give that money away to my friends and throw lavish parties serving $100/lb Kobe steaks.
the elected congress and presidents sets budget priority, the majority of the budget goes to military
medicaid/medicare and social security, the discretionary portion of the budget is the poorest it has
been since President Eisenhower,because they keep wacking discretionary spending ,so I dont understand how they are taking peoples money when they were elected to spend money on those programs.
Just heard on the evening news that preparations are being made to release from prison illegal aliens who were slated to be deported because there isn't enough money to keep them -- due, of course, to the impending sequester!
What kind of incompetents do we have in the WH anyway? The President has the discretion and power to designate where necessary cuts in future spending will be done. Is the above where he wants to start?
By the way, the GOP has passed two bills with recommended areas of cuts. No response from the Senate.
The House bills that Boehner referred to would replace the across-the-board automatic cuts with more targeted cuts. Meantime, Senate Democrats are pushing a plan that would replace the cuts with a mix of different cuts and tax increases, something the president supports but congressional Republicans do not. On sequester, Boehner tells Senate to get "off their ass" - CBS News
Frankly, the President already got his tax increases and, at that time, promised "future spending cuts." It appears he wants more tax increases. Why is this not surprising!
we have 45 trillion dollars output it get cuts 16 trillion when you calculate the inputs.
16 trillion in overall debt does not matter, we have been at 100% of gdp debt level before.
if the debt was a problem in economic it would be reflected in the bond yields.
Debt is a part of the economy,people have government debt in their retirement acccounts and it is listed as
an asset,and it pays them money through yields. These debt level are sustainable. You will not need any adjustments to medicare until 2025 and SS is fine until 2035
We do not have $45T in economic output. We have about $15T in GDP. Where do you get $45T from?
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