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Thread: US debt jumps a record $328 Billion

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    Re: US debt jumps a record $328 Billion

    Quote Originally Posted by j-mac View Post
    Have there been any changes in the way we factor GDP in the past, oh I don't know, say 5 years or so?
    How is that of any consequence to my point? Including the input costs to various forms of intellectual property, and then applying it throughout the life of the data set does not change anything.

    You seem confused.
    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: US debt jumps a record $328 Billion

    Quote Originally Posted by Kushinator View Post
    In 2012, not in 2008 as you had claimed! Predictions predicated on a bubble economy. Which was rather naive given the fact that the U.S. was already in a recession.
    Still a factual statement, given the CBO kept making adjustments to revenue predictions. The budget was on path to balance had the govt not been encouraging banks to loan money to deadbeats. With a Republican President and mostly Republican congress. A clear downward trend.

    Deficits
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    2005 -318,346
    2006 -248,181
    2007 -160,701

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    Re: US debt jumps a record $328 Billion

    Quote Originally Posted by jonny5 View Post
    Still a factual statement, given the CBO kept making adjustments to revenue predictions. The budget was on path to balance had the govt not been encouraging banks to loan money to deadbeats. With a Republican President and mostly Republican congress. A clear downward trend.

    Deficits
    2004 -412,727
    2005 -318,346
    2006 -248,181
    2007 -160,701
    You stated 2008, which was why i replied to correct the error. Now man up and admit it!
    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: US debt jumps a record $328 Billion

    cruz and the baggers caused this.

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    Re: US debt jumps a record $328 Billion

    Quote Originally Posted by Kushinator View Post
    You stated 2008, which was why i replied to correct the error. Now man up and admit it!
    I stand by it. Had the recession not hit, and everything else being equal, the budget would have balanced in fy2008.

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    Re: US debt jumps a record $328 Billion

    Quote Originally Posted by jmotivator View Post
    I was making fun of your error. See my first post: Will this be counted against last year's deficit?
    Yes, this isn't new spending. It is paying bills and meeting obligations, that were accrued over the last year.

    The latest debt ceiling debate can be boiled down to this.

    Congress approved spending - the spending they approved caused us to hit the debt ceiling.

    The President asked Congress to raise the debt ceiling so bills could be paid

    Congress said ' We will raise it, but only if you make budget reductions in next year's budget'

    The President said 'No - raise the debt ceiling - then we will negotiate next years budget'

    Congress ended up raising the debt ceiling. Budget talks are underway.

    If you are for spending cuts (and you should be) now is the time to fight for them. Not only now, but next year, and every year into the foreseeable future. The Feds have to work towards a balanced budget and then they need to keep working in order to have surpluses. It will not be until this happens that the debt ceiling will be avoided. All during the time it takse to balance the budget the U.S. will keep hitting the debt ceiling. Regardless of which party holds power in the House and which party holds power in the WhiteHouse, the debt ceiling will have to be raised each time. Part of fiscal responsibility is paying your bills. The other is managing your money in a way that you will stop spending more than you are taking in.

    The Federal Government has to do both of these things for the next number of years, regardless of the party in power.
    Time flies like an arrow; fruitflies like a banana. - Groucho

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    Re: US debt jumps a record $328 Billion

    Quote Originally Posted by Kushinator View Post
    How is that of any consequence to my point? Including the input costs to various forms of intellectual property, and then applying it throughout the life of the data set does not change anything.

    You seem confused.
    I am confused. Largely because I am a simple guy, and when we get in to the weeds, I need to be helped along a bit, sorry for that.

    But, that is due a lot, to trying to use common sense with this sort of thing. IOW, if current majorities say that things are doing better as a relation to GDP, but you have a change in how GDP is calculated, then to me common sense says that nothing is as it seems, ya know?

    Part of the problem in this, and it isn't necessarily a current administration invention, or problem, but part of the problem is that many of these indices have been manipulated over time to make each concurring administration look better, and have cover for real numbers not being favorable...So, maybe it is just me, but I am highly skeptical of anything at this point.
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    Re: US debt jumps a record $328 Billion

    Quote Originally Posted by rjay View Post
    Congress approved spending - the spending they approved caused us to hit the debt ceiling.

    The President asked Congress to raise the debt ceiling so bills could be paid

    Congress said ' We will raise it, but only if you make budget reductions in next year's budget'

    The President said 'No - raise the debt ceiling - then we will negotiate next years budget'...
    Think about that exchange for a second....I think it perfectly highlights the problem right now in DC...What I see is a house caving to majority wishes, then being brow beaten when they don't, and ultimately blamed when things blow up....It is a no win situation that the minority is in, when the real blame should be the bullies causing the problem currently.
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

    Alexis de Tocqueville

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    Re: US debt jumps a record $328 Billion

    Quote Originally Posted by ItAin'tFree View Post
    U.S. debt jumped a record $328 billion on Thursday, the first day the federal government was able to borrow money under the deal President Obama and Congress sealed this week.

    The debt now equals $17.075 trillion, according to figures the Treasury Department posted online on Friday.


    Read more: U.S. debt jumps a record $328 billion
    Follow us: @washtimes on Twitter




    LOL. This is what Obama and the Dems were holding out for. Nothing they did will make it any better either, only worse. But the people that are sick of this kind of nonsense are "Stupid", "Lunatics", "hostage takers" and a host of other silly terms designed to hide the problems the government is in. LOL.
    Most people do not care. As long as they can lead their normal life, watch their TV, go to work and come home, what Washington does is just what Washington does. That is unless you're a political junkie. I would wager if you asked all American's how much debt the U.S. have, half probably wouldn't know that the U.S. in in debt.

    The debt is not a hot button issue, stuff like abortion, immigration, gay rights etc, stuff like this become hot button issues, but none of them can destroy this country like the rising debt can. But those are the issues people pay attention to. Most are oblivious of the rising debt and its consequences.
    This Reform Party member thinks it is high past time that we start electing Americans to congress and the presidency who put America first and their political party further down the line. But for way too long we have been electing Republicans and Democrats who happen to be Americans instead of Americans who happen to be Republicans and Democrats.

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    Re: US debt jumps a record $328 Billion

    Quote Originally Posted by j-mac View Post
    Think about that exchange for a second....I think it perfectly highlights the problem right now in DC...What I see is a house caving to majority wishes, then being brow beaten when they don't, and ultimately blamed when things blow up....It is a no win situation that the minority is in, when the real blame should be the bullies causing the problem currently.
    Except that if Congress passes a bill allowing expenditures to be made, they must also pass the bill that allows the expenditures to be paid for. Like they always have. It is the fact that they always have done this that gives the U.S. it's international reputation as a nation that always pays it's bills.
    Congress simply cannot, nor should they even think about, threatening not to pay the bills.

    Many congresses, both Democrat controlled and Republican controlled have tried this tact. It is just the wrong tact to take. It was wrong when Bush was President, it is wrong when Obama is President and it will be wrong for the next President. If you want to fight spending the time to do it is before you have spent not after.
    Time flies like an arrow; fruitflies like a banana. - Groucho

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