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Thread: California economist says real US debt $70 trillion

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    Re: California economist says real US debt $70 trillion

    Quote Originally Posted by Boo Radley View Post
    I agree it's not a partisan issue, but I'm also not sure one economist should be accepted at face value. That said, the deficit is huge no matter what numbers you use. We should be concerned. But we also still have business or obligations to address as a country, so it should be tackled with reason and not panic. But it should be tackled.
    Of course it should be 'tackled', but who will do the tacking? The majority of the American electorate want their governments to promise more, not less, and any politician who wants to introduce responsible fiscal management will not be elected. Barrack Obama certainly understood that.

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    Re: California economist says real US debt $70 trillion

    Quote Originally Posted by Fisher View Post
    So the mortgage payments I have due next year are not debt because it is this year?

    ....and you are also wrong that it is a "huge stretch" because these projections take into account projected revenues and projected expenses under current policy. Since we never pay off any debt and just refinance it making interest only payments, the interest only payments are going to be eating up massive amounts of our federal budget.
    Its not debt until you don't pay them.

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    Re: California economist says real US debt $70 trillion

    Quote Originally Posted by ReformCollege View Post
    Its not debt until you don't pay them.
    Strange my credit report says otherwise and apparently we have Zero federal debt by your definition. Happy Days are here again

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    Re: California economist says real US debt $70 trillion

    Quote Originally Posted by Kushinator View Post
    No denying that. Which is why reform will be vital following the baby boomers.
    Let them get theirs and just cut it for the rest of us eh?

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    Re: California economist says real US debt $70 trillion

    Quote Originally Posted by Grant View Post
    A 51% budget deficit means how much is real dollars?
    Basically it went from over a trillion to 500 billion.

    Of course
    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.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: California economist says real US debt $70 trillion

    Quote Originally Posted by Erod View Post
    This is not a Republican-Democrat issue, folks. This is threatening to end this country as we know it, in the not-to-distant future.

    And yet, we seem bent on piling on more and more burden and stress to the budget year after year.

    I would not want to be a newborn baby in this country today. The future is bleak.
    It's difficult to even imagine such a number...

    Our money is basically useless. The only thing that keeps our economy going is economic ignorance on behalf of the general public hence the term "faith based economy."

    We're bankrupt as a nation and have been for quite some time. People around the world just assume our money is worth something when it's not.

    The only thing backing our monetary system is our workforce and spending power. Our workforce is basically nothing and our spending power is fueled by the uber rich...

    Our present economy is the result of Keynesian economics.....

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    Re: California economist says real US debt $70 trillion

    Quote Originally Posted by Grant View Post
    Of course it should be 'tackled', but who will do the tacking? The majority of the American electorate want their governments to promise more, not less, and any politician who wants to introduce responsible fiscal management will not be elected. Barrack Obama certainly understood that.
    Oth sides understand that. And both use tricky rhetoric to keep the base happy, but not really do anything. The problem is us. We're on the whole not interested in making tough decisions. And like it our not, you can't balance this beast over night. So, we need a plan, and one that doesn't throw the least of us under the bus. I'm more than willing to listen to the right plan, but lack faith any politician will actually follow through with one. At least not until we as voters act like adults.

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    Re: California economist says real US debt $70 trillion

    Quote Originally Posted by ReformCollege View Post
    Let them get theirs and just cut it for the rest of us eh?
    No.... I never said anything of the sort.
    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.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: California economist says real US debt $70 trillion

    Quote Originally Posted by Kushinator View Post
    Basically it went from over a trillion to 500 billion.

    Of course
    We haven't really started playing PPACA yet.
    “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: California economist says real US debt $70 trillion

    Quote Originally Posted by ttwtt78640 View Post
    We haven't really started playing PPACA yet.
    This does not refute my statement in any way.
    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.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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