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Thread: US Debt Could Double in 25 Years With Current Policies

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    Re: US Debt Could Double in 25 Years With Current Policies

    Quote Originally Posted by ttwtt78640 View Post
    Its the classic them and us deal. We get to play Santa Claus and borrow and spend TODAY, but they have to play Grinch and pay for it TOMORROW.
    It's the classic penny wise, pound foolish philosophy. We think we're being smart by pinching pennies now, but we are actually blowing a huge opportunity that will cost future generations more in the long run. See Herbert Hoover.
    "The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. ... It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion."

    -- Adam Smith

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    Re: US Debt Could Double in 25 Years With Current Policies

    Quote Originally Posted by AdamT View Post
    It's the classic penny wise, pound foolish philosophy. We think we're being smart by pinching pennies now, but we are actually blowing a huge opportunity that will cost future generations more in the long run. See Herbert Hoover.
    Just what has the new $5T in federal debt done for us lately? Would doubling down be your call? Yes he did!
    “The reasonable man adapts himself to the world: the unreasonable one persists to adapt the world to himself.
    Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman

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    Re: US Debt Could Double in 25 Years With Current Policies

    Quote Originally Posted by AdamT View Post
    It's the classic penny wise, pound foolish philosophy. We think we're being smart by pinching pennies now, but we are actually blowing a huge opportunity that will cost future generations more in the long run. See Herbert Hoover.
    The notion that Hoover was an Austrian Schooler is a false one.

    He signed the protectionist Smoot-Hawley Act.

    And he posted deficits every year he was POTUS.

    In fact, in terms of deficit as a % of GDP (after fy 1931), Hoover ran much larger deficits then almost all of FDR's pre-WW2 budgets.

    Federal Budget Receipts and Outlays

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    Re: US Debt Could Double in 25 Years With Current Policies

    Quote Originally Posted by ttwtt78640 View Post
    Just what has the new $5T in federal debt done for us lately? Would doubling down be your call? Yes he did!
    Hmm, what has it done for us...? It's provided a national security, killed OBL and Qaddafi, provided food and sustenance to the unemployed and elderly, maintained our highways, kept the planes in the air, lowered unemployment, increased GDP....

    Or was that a rhetorical question?
    "The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. ... It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion."

    -- Adam Smith

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    Re: US Debt Could Double in 25 Years With Current Policies

    Quote Originally Posted by AdamT View Post
    Hmm, what has it done for us...? It's provided a national security, killed OBL and Qaddafi, provided food and sustenance to the unemployed and elderly, maintained our highways, kept the planes in the air, lowered unemployment, increased GDP....

    Or was that a rhetorical question?
    And where is your unbiased, factual proof that these could not have been accomplished with a balanced budget?

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    Re: US Debt Could Double in 25 Years With Current Policies

    Quote Originally Posted by DA60 View Post
    And where is your unbiased, factual proof that these could not have been accomplished with a balanced budget?
    If you have a lick of common sense you should be able to figure that one out.
    "The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. ... It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion."

    -- Adam Smith

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    Re: US Debt Could Double in 25 Years With Current Policies

    Quote Originally Posted by AdamT View Post
    If you have a lick of common sense you should be able to figure that one out.
    In other words - you have presented NO unbiased, factual proof that these could not have been accomplished with a balanced budget.

    Noted.

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    Re: US Debt Could Double in 25 Years With Current Policies

    Quote Originally Posted by DA60 View Post
    In other words - you have presented NO unbiased, factual proof that these could not have been accomplished with a balanced budget.

    Noted.
    Again, common sense. If we don't borrow money we can't PAY FOR $5 trillion worth of defense and discretionary spending, i.e. that spending has to be eliminated.
    "The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. ... It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion."

    -- Adam Smith

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    Re: US Debt Could Double in 25 Years With Current Policies

    Quote Originally Posted by AdamT View Post
    Oh I agree that people will not be "fooled" by reality, and thus we will be stuck in a lengthy, Japan-style economic slump. There are WAY too many stupid people in this country.

    You do have a way with over the top rhetoric, I will grant you that. People are NOT stupid as you and Obama want to call them, however many are uneducated in finance. There is a material difference between being smart and educated. Learn the difference it is important, except to political hacks who care more about making a point that speaking the truth.

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    Re: US Debt Could Double in 25 Years With Current Policies

    Quote Originally Posted by AdamT View Post
    Again, common sense. If we don't borrow money we can't PAY FOR $5 trillion worth of defense and discretionary spending, i.e. that spending has to be eliminated.
    You said: 'It's provided a national security, killed OBL and Qaddafi, provided food and sustenance to the unemployed and elderly, maintained our highways, kept the planes in the air, lowered unemployment, increased GDP'.

    And now you cannot even prove that statement with unbiased facts.

    So how about proving how just ONE of the examples on your list could not have been 'accomplished' with a balanced budget?

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