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Thread: Obama warns about years of trillion-dollar deficits

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    Re: Obama warns about years of trillion-dollar deficits

    Quote Originally Posted by Goobieman View Post
    Its only relevant if The Obama and the Dem-controlled congress choose to run the deficits projected here.

    Those deficits arent at all necessary -- they could be reduced to $0, should those mentioned above choose to do so.
    I'll be holding my breath for that Republican filibuster of a budget that runs a deficit.
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    Re: Obama warns about years of trillion-dollar deficits

    Quote Originally Posted by Khayembii Communique View Post
    This is rare, but I agree with JMak here. There is a reason that the US pours so much money into its military, and it is not just because of the influence of the military-industrial complex.

    You can't collect on someone that refuses to pay if you can't force them to pay.

    Of course, the economy is going to keep declining in the next few years, regardless of what Obama does. The problem runs much, much deeper than some governmental policies.
    My comment was not specified towards foreign debt. It just usually surprises people to learn how much of our budget goes towards paying the interest of our debt, and not the debt itself. I believe its in the 300 billions. With the planned deficit spending this will easily rise to half a trillion dollars in the next few years.

    As for the argument that our military will protect us in a financial crisis, yeah right. They will not attack the US if it defaults on its debts, they'll just make global sanctions. Unless we become a global dictator our means to support our military will fall with our economy and our dignity.

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    Re: Obama warns about years of trillion-dollar deficits

    Quote Originally Posted by JMak View Post
    BTW - bankruptcy does not apply to nations. WTF is China or Japan going to do if the US defaults on repayment? Demand that the US go Chapter 7 or something?

    Grow up.
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    Re: Obama warns about years of trillion-dollar deficits

    Quote Originally Posted by shiznit770 View Post
    My comment was not specified towards foreign debt. It just usually surprises people to learn how much of our budget goes towards paying the interest of our debt, and not the debt itself. I believe its in the 300 billions.
    FY2007:
    $237.2B
    8.7% of all spending
    1.7% of GDP

    With the planned deficit spending this will easily rise to half a trillion dollars in the next few years.
    Only if The Obama lets it.
    He has the power to never let that happen.

    As for the argument that our military will protect us in a financial crisis, yeah right. They will not attack the US if it defaults on its debts, they'll just make global sanctions.
    "Global sanctions"?
    Like what?

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    Re: Obama warns about years of trillion-dollar deficits

    As for the argument that our military will protect us in a financial crisis, yeah right. They will not attack the US if it defaults on its debts, they'll just make global sanctions. Unless we become a global dictator our means to support our military will fall with our economy and our dignity.
    "Become" global dictator?

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    Re: Obama warns about years of trillion-dollar deficits

    Quote Originally Posted by JMak View Post
    Your "concern" ain't relevant to the OP's comments.

    That your concern might be accurate doesn't make it relevant.

    BTW - bankruptcy does not apply to nations. WTF is China or Japan going to do if the US defaults on repayment? Demand that the US go Chapter 7 or something?

    Grow up.
    I agree Nations don't go bankrupt quite like corporations; but to imply that the level of debt is therefore unimportant is false. Countries with too much foreign debt that default on it lose investment trading and the capacity to borrow from other nations. Often associated with hyperinflation of currency all of which can be economically devastating. Many examples abound.

    The US has been blessed that the US dollar has served as the world's trading currency, which allows it a fairly unique opportunity to issue its debt in its own currency. However, this blessing is not infinite. Other nations have been willing to trade and invest in US dollars because it is seen as a stable currency that is likely to hold its value. If that perception is jeopardized by fiscal and monetary mismanagement that undermines the stability and value of the dollars, other nations will simply stop trading in it and accepting it for debt. Then when the US Govt wants to borrow money to pay for deficits or simply maintain its existing debt, it will have to purchase the debt in Euros or some other currency, which would be a great blow to the US.

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    Re: Obama warns about years of trillion-dollar deficits

    Quote Originally Posted by Goobieman View Post
    FY2007:
    $237.2B
    8.7% of all spending
    1.7% of GDP
    That excludes interest on intragovernment debt, ie interest that our SS trust fund is supposedly earning. If that debt is added in the interest expense is closer to $500 billion.

    Total interest on the debt in FY08 was a record $451B.

    Interest in the 1stQ FY2009 is $135b.

    Government - Interest Expense on the Debt Outstanding

    Ironically, the currect economic situation helps reduce interest expense. Because the demand for a safe have in US debt is so high, interest rates payable have plummeted (near zero at the moment, I think).

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    shocked2 Final nail in the coffin

    I am certainly going to abandon all my dollar assets with this type of news, and I am sure global trust in the American economy is going to fail completely. Now I am not just saying collapse in the US is possible, unavoidable.

    Who is going to want to invest in an economy with an annual budget deficit equal to 2/5ths of total tax revenue, every year? In addition, who would want to invest in an economy with trade deficits in addition, that equals 7/10ths of total exports. And then you have to consider the people in the US who are indebted them self, at greater rate than any other people in the world, except Brits, whom have more personal debt per capita.

    A 1 trillion $ debt for one year is certainly a reason for collapse. 1 trillion $ debt before the "stimulus" package of 800 billion $ that Obama proposes is just a final nail in the coffin, and years of huge debts after that will make sure the US will hit rock bottom and probably end up in civil war..
    You people have to start caring! What the heck is your government doing to your country? Are they terrorists, pretending to be politicians or what? If they are the US have already lost the war, if they are not I have no hopes at all for the US..

    Lock and load people, prepare to take down your government and bring on revolution asap. Return power to the people.

    If the US continues like this, I predict that the US will be a completely irrelevant country by 2025, a failed state.
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    Re: Obama warns about years of trillion-dollar deficits

    Quote Originally Posted by Iriemon View Post
    but to imply that the level of debt is therefore unimportant is false.
    Nobody said such a thing nor implied as such. Christ!

    Countries with too much foreign debt that default on it lose investment trading and the capacity to borrow from other nations. Often associated with hyperinflation of currency all of which can be economically devastating. Many examples abound.
    I know.

    other nations will simply stop trading in it and accepting it for debt.
    And use what? The Yuan? Yen? Euros? Not in our lifetime.

    The fact remains that your initial comment, while reasonable, ain't relevant here.

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    Re: Final nail in the coffin

    Quote Originally Posted by Maximus Zeebra View Post
    I am certainly going to abandon all my dollar assets with this type of news, and I am sure global trust in the American economy is going to fail completely. Now I am not just saying collapse in the US is possible, unavoidable.

    Who is going to want to invest in an economy with an annual budget deficit equal to 2/5ths of total tax revenue, every year? In addition, who would want to invest in an economy with trade deficits in addition, that equals 7/10ths of total exports. And then you have to consider the people in the US who are indebted them self, at greater rate than any other people in the world, except Brits, whom have more personal debt per capita.

    A 1 trillion $ debt for one year is certainly a reason for collapse. 1 trillion $ debt before the "stimulus" package of 800 billion $ that Obama proposes is just a final nail in the coffin, and years of huge debts after that will make sure the US will hit rock bottom and probably end up in civil war..
    You people have to start caring! What the heck is your government doing to your country? Are they terrorists, pretending to be politicians or what? If they are the US have already lost the war, if they are not I have no hopes at all for the US..

    Lock and load people, prepare to take down your government and bring on revolution asap. Return power to the people.

    If the US continues like this, I predict that the US will be a completely irrelevant country by 2025, a failed state.
    Good luck with that!

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