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

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    US Debt Could Double in 25 Years With Current Policies

    From CNBC:

    U.S. public debt would balloon to twice the size of its economy in 25 years if current tax and spending policies are extended, Congress' budget referee said on Tuesday, delivering fresh fodder for a year-end budget brawl.
    The Congressional Budget Office said in a new report that if tax cuts enacted under George W. Bush are allowed to expire as scheduled on Dec. 31, along with some other tax and spending policies, U.S. public debt would shrink significantly, falling to 53 percent of gross domestic product by 2037 from 73 percent this year.
    News Headlines

    The CBO's entire report can be found at: http://www.cbo.gov/sites/default/fil...et_Outlook.pdf

    Supplemental material accompanying the report can be found at: CBO | The 2012 Long-Term Budget Outlook

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

    It is way past time for fiscal responsibility. Cut spending, enhance revenue, and reduce the debt. We need to come to grips with reality. The day of "me first" should be over. Congress and the President needs to do the right thing for our childrens children.

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

    Quote Originally Posted by mike2810 View Post
    It is way past time for fiscal responsibility. Cut spending, enhance revenue, and reduce the debt. We need to come to grips with reality. The day of "me first" should be over. Congress and the President needs to do the right thing for our childrens children.
    awwe the results of gerneration me,the screw tomorrow,i dont care if my kids have to work like chinese laborors mentality,because money is there today borrowed from next week and paid over the next month to support me.


    it is really saddening,america cannot afford debt at its current rate and shows no plans of reducing it by any means,but rather to keep spending money in hopes of making money,last time i checked spending your way into prosperity doesnt work.
    “[The metric system is the tool of the Devil! My car gets forty rods to the hogshead, and that’s the way I likes it!” – Abe “Grampa” Simpson”

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

    awwe the results of gerneration me
    Which generation would that be?

    the screw tomorrow,i dont care if my kids have to work like chinese laborors mentality
    Sounds like you're talking about baby boomers here.
    "I do not claim that every incident in the history of empire can be explained in directly economic terms. Economic interests are filtered through a political process, policies are implemented by a complex state apparatus, and the whole system generates its own momentum."

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

    Why allow the tax cuts to expire when we could just cut everything that makes American society not devolve us into a Somalia-like state?
    A man without fear is a fool, a man that succumbs to his fear is a coward and a brave man acknowledges fear yet presses on.
    http://soulinblackandwhite.blogspot.com/

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

    Quote Originally Posted by Tettsuo View Post
    Why allow the tax cuts to expire when we could just cut everything that makes American society not devolve us into a Somalia-like state?
    Well said!
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    Re: US Debt Could Double in 25 Years With Current Policies

    I would bet on the national debt doubling a lot sooner than that (my bet is in about 12 years). It is now growing at over one trillion per year, due to a 40% federal "budget" deficit. As the debt increases and the interest rates increase (they surely can't get any lower, or stay this low for long) that additional interest expense must be counted into the mix as well. All future economic predictions seem to include better economic growth and lower federal spending, neither of which are based on anything real, simply hope. Everyone seems to agree that neither federal taxation will rise nor that federal spending will fall, in any combination thereof, that even approaches 40%. HUGE spending cuts are now talked about in the 3% to 5% range, and significant tax increases are taboo "until things improve a lot", even then only about 5% at most. No they can't!
    Last edited by ttwtt78640; 06-05-12 at 06:25 PM.
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    Re: US Debt Could Double in 25 Years With Current Policies

    Quote Originally Posted by mike2810 View Post
    It is way past time for fiscal responsibility. Cut spending, enhance revenue, and reduce the debt. We need to come to grips with reality. The day of "me first" should be over. Congress and the President needs to do the right thing for our childrens children.
    The majority of the 535 morons now in DC would definitely disagree, and even if they did the head moron would veto it. ;-)
    “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 Tettsuo View Post
    Why allow the tax cuts to expire when we could just cut everything that makes American society not devolve us into a Somalia-like state?
    well if we let the tax cuts expire,umm wouldnt even raise enough to fund the government by far.

    at our current rate of spending,well probably have to run 75% tax rates for everyone to pay down this debt without cutting costs.

    god forbid we cut programs america survived without,because not handing out stimulous checks and funding deads green companies and buying frivilous military gear will turn america into somalia
    Last edited by beerftw; 06-05-12 at 06:52 PM.
    “[The metric system is the tool of the Devil! My car gets forty rods to the hogshead, and that’s the way I likes it!” – Abe “Grampa” Simpson”

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

    Quote Originally Posted by beerftw View Post
    well if we let the tax cuts expire,umm wouldnt even raise enough to fund the government by far.

    at our current rate of spending,well probably have to run 75% tax rates for everyone to pay down this debt without cutting costs.

    god forbid we cut programs america survived without,because not handing out stimulous checks and funding deads green companies and buying frivilous military gear will turn america into somalia
    Could you please show us how you got to this 75% tax rate for everyone? How long are you taking to pay down the debt?
    __________________________________________________ _
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