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.
Actually, the correct analogy is the mortgage one.
When new homebuyers buy their home, it is a struggle to make the monthly payment. After a few years, income rises which lessens the burden. It's exactly what happened to World War II debt, which was huge at the time. We never really paid off that debt, but growth in GDP rose making the debt irrelevant.
Yup. At the end of WWII the US debt (as a percentage of GDP) was HIGHER than is TODAY.
As depressing as this may sound, change in private sector employment, by fiscal year, since 2001:
2011: +2.26 million (188K/month)
2005: +2.24 million (187K/month)
2012: +2.20 million (183K/month)
2006: +2.00 million (167K/month)
2004: +1.68 million (140K/month)
2013: +1.51 million (216K/month)*
2007: +1.00 million (83K/month)
2010: +0.35 million (29K/month)
2003: -0.26 million (-22K/month)
2001: -1.12 million (-93K/month)
2002: -1.60 million (-133K/month)
2008: -1.63 million (-136K/month)
2009: -6.51 million (-543K/month)
*2013: Thru first seven months.
In other words, a net increase of only 2.1 million private sector jobs in 151 months since October 2000, an average of: 14K jobs/month.
Don't let Republicans see that they might start crying.
So the private banker housing and rental REIT printing press is running hotter than the fiscal deficit printing press these days. Oh well...fantastic. It takes a real smarty to put it together. The drinking fountain only seems to work after someone flushes.
Yup. At the end of WWII the US debt (as a percentage of GDP) was HIGHER than is TODAY.
Ken
Also, that debt was owned by taxpayers, such as all the people who bought savings bonds. So the debt didn’t make postwar America poorer. In particular, the debt didn’t prevent the postwar generation from experiencing the biggest rise in incomes and living standards in our nation’s history.
Today, about three-quarters of our debt is owed to other Americans, not the Chinese, as many think.
Actually, the correct analogy is the mortgage one.
When new homebuyers buy their home, it is a struggle to make the monthly payment. After a few years, income rises which lessens the burden. It's exactly what happened to World War II debt, which was huge at the time. We never really paid off that debt, but growth in GDP rose making the debt irrelevant.
Not bad. And you didn't even use a graph. Overall one of your better posts in terms of showing an understanding of how it works.
Remember homeowners can't print money in the basement and you missed a discussion on inflation - we've actually inflated away debt.
$800 Billion deficits, yeah, that sure is good news..
Quote:
Originally Posted by Finn_Jarber
Being proven wrong is hard for some people, especially if you have been vocal voicing your incorrect opinion.
Actually its you left wing kooks proven wrong, proclaiming that cutting spending would collapse the economy and skyrocket the debt
Quote:
Originally Posted by iNviNciBL3
I love how people are disappointed by this.
yeah, we should be a Democrat and demand we pass the $1T deficit mark again, just like you guys did... Hell, how many of the left wing kooks said that wasnt enough
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.