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Yeah when you actually do a search through the data you see the words not available . I am speaking of The Daily History of the Debt Results
1998, 1999, 2000, and 2001 were indeed federal budget surpluses that reduced the debt. Guess what it was estimated that by 2014 the US debt would have been eliminated. George W Bush said the surpluses were bad and that deficits didn't matter and that we should have debt.
Lie.. Thats ONLY public debt which fell, not intragovernmental debt which continued to grow more than the public debt fell..
Once again, if you disagree, please call the US Treasury Department and tell them they are wrong.
Lie.. Thats ONLY public debt which fell, not intragovernmental debt which continued to grow more than the public debt fell..
Once again, if you disagree, please call the US Treasury Department and tell them they are wrong.
And no one really cares about intragovernmental debt. When people talk about our debt they are NOT referring to that. So what you're saying has ZERO relevance to any rational discussion.
And no one really cares about intragovernmental debt. When people talk about our debt they are NOT referring to that. So what you're saying has ZERO relevance to any rational discussion.
The public debt decreased and intra-governmental increased because of the transfer of the excess of payroll taxes to the general fund. In return, the government increased its intra-governmental debt (i.e. Trust Fund).
So, it's an accounting trick really because that money is still owed to the American people but it would be paid out years/decades latter with dollars that have a lower value.
It should be noted that since Social Security's inception that was what was to be done with excess payroll taxes. That excess money gets transferred to the general fund and the Treasury Dept. issues special securities in its place.
Quote:
What are Intragovernmental Holdings?
Intragovernmental Holdings are Government Account Series securities held by Government trust funds, revolving funds, and special funds; and Federal Financing Bank securities. A small amount of marketable securities are held by government accounts.
So, should people care about intra-governmental holdings? I'd hope so. When they run out those programs will only pay out what it takes in in revenue. Do people care? Probably not. The voting public is a bunch of morons for the most part that don't know if the Earth is in the Sun's orbit or if the Sun is in the Earth's orbit.
And no one really cares about intragovernmental debt. When people talk about our debt they are NOT referring to that. So what you're saying has ZERO relevance to any rational discussion.
Then why does the US Treasury count the total, which includes the intragovernmental debt? Clearly you arent suggesting the Treasury doesnt know how to count debt, are you?
Thats like suggesting the HELOC doesnt count, only the mortgage is debt.. dumb..
btw, if intragovernmental debt is meaningless, why did Obama campaign on moving the war 'debt' on the budget?
Intragovernmental Debt is real debt owed to real people. Real people are counting on this debt to be paid back, whether it be Social Security, the Military Pension, the Civil Service Trust Fund, or half a dozen other government programs. This debt is counted on by people to one day feed and clothe them.
Anyone who suggests this isn't real debt is either lying for partisan reasons or has no clue.
The Treasury Department COUNTS IT AS PART OF THE NATIONAL DEBT.
National Debt = Public Debt + Intragovernmental debt.
Obama's annual deficits have shrunk due to QE more than anything else. QE has artificially suppressed interest rates and thus have lowered the interest payments on the national debt.
IF interest rates returned to recent historic norms, the annual deficit would return back to 1 Trillion Dollars.
It will eventually return to historic norms. It is highly unlikely to stay at historic lows forever...My guess, is they keep it low through Obama and then let the crap hit the fan for the next guy who gets the blame from simpletons.
But the revenue didn't plunge due to the tax cuts.
I do agree that the government overspends.
Revenue did plunge. It still hasn't caught up to the peak in 2006 or 2007 despite the "growth" we've had.
Quote:
Originally Posted by pghquest
Bull crap.. The economic collapse ceased before $1 of the stimulus bill was spent, but I'm confused..
Either he did spend the money and thus he saved the economy, or he didnt spend the money and not responsible. Which is it?
The stimulus didn't save the economy it helped it, difference. States like Teas plugged their holes with billions of stimulus dollars and used stimulus dollars for some infrastructure. It simply kept the economy afloat while the majority of states dealt with budget issues from the drop in revenue.
Quote:
Originally Posted by michiganmoon
Obama's annual deficits have shrunk due to QE more than anything else. QE has artificially suppressed interest rates and thus have lowered the interest payments on the national debt.
IF interest rates returned to recent historic norms, the annual deficit would return back to 1 Trillion Dollars.
It will eventually return to historic norms. It is highly unlikely to stay at historic lows forever...My guess, is they keep it low through Obama and then let the crap hit the fan for the next guy who gets the blame from simpletons.
And the Iraq and Afghanistan war pumped trillions into the economy over a decade.... Some argue that we haven't had any real growth since Clinton was president as since then we've been living in a credit bubble. Look how much private debt we have.
Let's be honest, Bush left whatever the next president was with a lot of debt and a terrible economy.
Yes I'm sure. Look lets be honest here. No president has ever planned on things going poorly. They all mean well. Bush, Clinton, Reagon, and Obama have all entered into the job with good intent. This insanity that says Obama is evil is just that-insane. just as insane as people who say Bush was evil back then.
Stop it. Stop this insanity and have real conversations. Talk about what a president has done wrong, or could do better, but stop with this demonizing of a president.
Why did we just raise the debt limit without ANY spending cuts?
How many times do we have to go through this.
First the Budget runs from October 1st to September 30th. This means the Budget for 2009 started October 1st 2008. President Obama wasn't inaugurated until Late January 2009.
In fact, before President Obama was inaugurated the CBO was saying the2 009 budget would have a budget deficit of over 1trillion dollars.
These facts are readily available and not debatable, but conservatives continue to lie about the budget deficits.
That 2009 budget deficit is GWBush's budget deficit.
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