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Again, if they want to pretend the debt is a problem, then they need to STOP spending like drunken sailors.
Or raise taxes, which some are ideologically opposed.
But let's look at this like serious adults. The 2016 federal deficit is projected to be $615.81 billion. So, let's say you wanted to run a surplus. That would mean cutting $615.81 billion out of spending or raising taxes by $615.81 billion.
Cutting that much spending would have a drastic effect on GDP, as would raising taxes by that much. Either would certainly drive the economy into recession or worse.
Therefore, one must ask ourselves, what's the benefit of cutting the debt and is the cost, recession, worth those perceived benefits?
Only because the costs of carrying debt are currently low. When that is no longer true... look out!
Interest rates on debt are established when the bonds are lent. Interest rates can rise to whatever and it won't effect the current $19 trillion already borrowed.
Damm, and all this time I thought that the republican controlled House of Representatives had control of our spending and budget process. When did they give that up to Obama?
Duh! The President is PART of the process. The House ONLY SUBMITS to the president and HE can sign it or NOT.
Duh! The President is PART of the process. The House ONLY SUBMITS to the president and HE can sign it or NOT.
Didn't you KNOW that?
Actually, the President sends a budget request to the House and they amend it and send to the Senate; then there is a conference committee so they vote on the same bill and once approved, send the the WH.
Actually, Obama has cut the national deficit he was handed by Bush by roughly 2/3. In fact he and Clinton are the only presidents in more than 40 years to actually decrease the deficit. Tell Republicans like Reagan and the Bush's (and any one in this clown car of an election cycle) to stop blowing up the deficit and maybe we can get it under control ...
The deficit under W. Bush was going DOWN until the dems took over Congress.
How is going from a $3.5 Trillion budget to a $6 Trillion budget feasible in any reality? The price tags of Bernie's freebies is equivalent to the entire GDP of France. How can 'educated' college students be so completely clueless about very basic economics? The truth is, they don't care. They hear "free" this and "free" that and just assume the rich will pick up the tab for what they want.
Spot on. We need a republican who will go all-out on cutting spending, Thomas Jefferson-style.
That is not going to happen. Republicans just rejected President Obama's budget sight unseen. Which means, the next time the roles are reversed, Democrats will do the same to Republicans. It's a race to the bottom.
Exactly.
"Democrats will do the same to Republicans."
It has been pointed out that it DID happen under Republican Presidents by dems.
"If you can't take it, don't dish it out", someone said.
The U.S. has a sovereign currency and therefore never has to default on the debt.
Now, I know lots of people have tried to use scary numbers, like $19 trillion dollar (in my best "Dr. Evil" voice) but nobody has explained why this debt fetishism should dominate policy or what the benefit of reducing the debt does for the average American.
The U.S. govt. is the only entity with the ability to create U.S. dollars. They are also the only entity with the ability to create U.S. bonds. When they trade bonds for dollars, or dollars for bonds, it's not costing them anything to do so, because either way, they have created their instrument out of thin air. Yet people insist on calling sovereign bonds "debt" and running the economy as if we were $19 trillion in the hole.
"The U.S. has a sovereign currency"
And what happens when our debt and interest is LARGER then our revenues?
Yes, get a grip and quit trying to make it about posters you know nothing about.
I am independent, and I blame the GOP who is currently in charge .
"I am independent, and I blame the GOP who is currently in charge ."
Of course you do but, I seldom see you blame dems when THEY were in charge.
The president is STILL in charge.
The repub Senate does NOT have a veto proof majority.
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