…in no small part due to the yearly deficit being well over $1T/year when he showed up (and the economy being a smoking hole in the ground). Which has a whole lot to do with said prior “unpatriotic” mismanagement.This President who campaigned in his first run on cutting the deficit in half, and called Bush “unpatriotic” for a $5 Trillion debt in 8 years, has surpassed that by a Trillion dollars in 4.
[quote]Plus his deficit spending projected is for another $5 trillion in the next 4 making our debt a whopping $21 Trillion dollars.
At current rates, not even 1/2 that (basic math, there). There-in is the sweet, sweet irony of this is that the total sum of promised interest to be paid on our current borrowing is lower than it was a decade back.The interest, or maintenance payment on that debt alone in 2016 will be $1 Trillion dollars…
What those rates will be, not sure of course. So we indeed should be planning changes for the longterm but the borrowing today? Relatively small issue, and this fixation on it and the antics of the GOP in Congress only costs us more interest
Again with the CC? LOL, you just can’t drop that BS, can you?Don’t give me the crap about Duke energy, because if I run up a bill with them and keep paying the bill using my credit to do it, at some point I will run out of credit, and default on the bill in which case Duke will cut the power…
Anyway, actually you can continue to borrow effectively indefinitely at a certain rate. As long as you continue to grow, and at the scale of a country inflation actually aids in this process. This country has over 200 year history of doing so, debt climbing save for very brief moments like in 2000 where it stood still.
Businesses, and even people, do this as well. Lines of credit that keep rolling over, and even growing. Pretty much the whole of the real estate holding industry work with continually rotating debt.
Yes, there are some analogues between the micro and the macro (but ways in which they are very different). However, besides your lack of grasp of how the comparisons work, you don’t actually seem to have much of a grasp on the micro, either.