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Thread: On road to surplus, U.S. detoured into debt

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    On road to surplus, U.S. detoured into debt

    On road to surplus, U.S. detoured into debt

    WASHINGTON - The nation's unnerving descent into debt began a decade ago with a choice, not a crisis.

    In January 2001, with the budget balanced and clear sailing ahead, the Congressional Budget Office forecast ever-larger annual surpluses for the foreseeable future. The outlook was so rosy, the CBO said, that Washington would have enough money by the end of the decade to pay off everything it owed.

    Voices of caution were swept aside in the rush to take advantage of the apparent bounty. Political leaders chose to cut taxes, jack up spending and, for the first time in U.S. history, wage two wars solely with borrowed funds. "In the end, the floodgates opened," said former Sen. Pete Domenici, R-N.M., who chaired the Senate Budget Committee when the first tax bill hit Capitol Hill in early 2001.

    Now, instead of tending a nest egg of more than $2 trillion, the federal government expects to owe more than $10 trillion to outside investors by the end of this year. The national debt is larger, as a percentage of the economy, than at any time in U.S. history except for the period shortly after World War II.

    Polls show a large majority of Americans blame wasteful or unnecessary federal programs for the nation's budget problems. But routine increases in defense and domestic spending account for only about 15 percent of the financial deterioration, according to a new analysis of CBO data.

    The biggest culprit, by far, has been an erosion of tax revenue triggered largely by two recessions and multiple rounds of tax cuts. Together, the economy and the tax bills enacted under former President George W. Bush, and to a lesser extent by President Barack Obama, wiped out $6.3 trillion in anticipated revenue. That's nearly half of the $12.7 trillion swing from projected surpluses to real debt. Federal tax collections now stand at their lowest level as a percentage of the economy in 60 years.
    So, yes it is a revenue problem, despite what so many here want to believe. Instead of gutting our society, like what paul ryan wants to do, we should just go back to our old tax rates, which would take care of most, if not all, of the problem.
    Last edited by tacomancer; 05-01-11 at 02:42 PM.

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    Re: On road to surplus, U.S. detoured into debt

    Quote Originally Posted by megaprogman View Post
    On road to surplus, U.S. detoured into debt



    So, yes it is a revenue problem, despite what so many here want to believe. Instead of gutting our society, like what paul ryan wants to do, we should just go back to our old tax rates, which would take care of most, if not all, of the problem.
    Nice try but it is a spending problem. You want more revenue then Obama needs to help the private sector to create more jobs. The tax rates are not the problem the economy and unemployment that Obama has done nothing about is the problem

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    Re: On road to surplus, U.S. detoured into debt

    Quote Originally Posted by ptif219 View Post
    Nice try but it is a spending problem. You want more revenue then Obama needs to help the private sector to create more jobs. The tax rates are not the problem the economy and unemployment that Obama has done nothing about is the problem
    I am glad that you have such integrity in your beliefs that they are immune to facts. Keep it up.

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    Re: On road to surplus, U.S. detoured into debt

    Quote Originally Posted by megaprogman View Post
    I am glad that you have such integrity in your beliefs that they are immune to facts. Keep it up.
    You article is a Washington Post liberal hack reporter I find this more partisan than fact

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    Re: On road to surplus, U.S. detoured into debt

    Quote Originally Posted by ptif219 View Post
    You article is a Washington Post liberal hack reporter I find this more partisan than fact
    Why worry about data and maybe learn something when you can just dismiss someone who doesn't jive with your world view? Its so much easier

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    Re: On road to surplus, U.S. detoured into debt

    Quote Originally Posted by megaprogman View Post
    Why worry about data and maybe learn something when you can just dismiss someone who doesn't jive with your world view? Its so much easier
    The fact lost revenue is due to millions unemployed and Obama does nothing except help unions.

    Obama continues to spend and does little for the economy or unemployment. Those are the facts your partisan hack reporter ignores

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    Re: On road to surplus, U.S. detoured into debt

    Right now the US has both a revenue problem and a spending problem

    Tax revenues are at a low level for the US government, and spending is at a high level (% of GDP)
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    Re: On road to surplus, U.S. detoured into debt

    Quote Originally Posted by megaprogman View Post
    On road to surplus, U.S. detoured into debt



    So, yes it is a revenue problem, despite what so many here want to believe. Instead of gutting our society, like what paul ryan wants to do, we should just go back to our old tax rates, which would take care of most, if not all, of the problem.

    for the first time in U.S. history, wage two wars solely with borrowed funds
    The argument in the article is flawed based on this: if you have to borrow extensive amounts of money to do anything then you didn't actually have a wrothy SURPLUS - possibly a balanced budget in which money in matched money out. But a surplus? Not likely - being *over* just a smidge is not 'surplus' that's just extra spending money.

    A technical surplus is like an adequate balance in your savings account.

    Our country never had that at any time - Clinton did not *have a surplus* in this sense - the overall national debt ROSE significantly while he was in office. You cannot have a mass amount of debt and have a surplus at the same time - it just doesn't work that way.

    You can have money you bring in that isn't being allocated - but that doesn't mean it's a surplus, that menas that you're not applying more to your debts to pay them off.
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    Re: On road to surplus, U.S. detoured into debt

    Quote Originally Posted by megaprogman View Post
    On road to surplus, U.S. detoured into debt



    So, yes it is a revenue problem, despite what so many here want to believe. Instead of gutting our society, like what paul ryan wants to do, we should just go back to our old tax rates, which would take care of most, if not all, of the problem.
    Yeah, cause spending is at the same level it was then too. So no problem! And we're not in an economically tepid moment, nope we're booming. Raise Taxes! Watch Govt Prosper!
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    Re: On road to surplus, U.S. detoured into debt

    Quote Originally Posted by megaprogman View Post
    On road to surplus, U.S. detoured into debt



    So, yes it is a revenue problem, despite what so many here want to believe. Instead of gutting our society, like what paul ryan wants to do, we should just go back to our old tax rates, which would take care of most, if not all, of the problem.
    No, it's not a revenue problem, not when at least 75% of the federal budget is in violation of the Constitution.

    In January 2001, with the budget balanced and clear sailing ahead, the Congressional Budget Office forecast ever-larger annual surpluses for the foreseeable future. The outlook was so rosy, the CBO said, that Washington would have enough money by the end of the decade to pay off everything it owed.
    The budget was never balanced, unless you're a fan of the same accounting gimmicks Ken Lay employed. Social Security revenues were counted, the future social security outlays that those revenues were collected to pay for were not. Any private agency that played these gimmicks would be facing jail time.

    Not to mention the following fact:

    Assuming a surplus was on hand. it's the responsiblity of government to reduce the amount of money it's stealing from the people. If it increases spending to consume the "surplus" the following can be concluded:

    1) The spending was unnecessary.
    2) The elected representatives should be removed from office.

    Voices of caution were swept aside in the rush to take advantage of the apparent bounty. Political leaders chose to cut taxes, jack up spending and, for the first time in U.S. history, wage two wars solely with borrowed funds. "In the end, the floodgates opened," said former Sen. Pete Domenici, R-N.M., who chaired the Senate Budget Committee when the first tax bill hit Capitol Hill in early 2001.
    Yet, somehow, Megaprogman decides to ignore this paragraph and insist the problem is still one of not stealing enough money, even though the article he himself posted states, in this very paragraph, that the problem was a spending problem.

    That's the ONLY possible interpretation of the phrase "the floodgates opened".

    Now, instead of tending a nest egg of more than $2 trillion, the federal government expects to owe more than $10 trillion to outside investors by the end of this year.
    Again, this is just stupid.

    The national debt in 2001 was approximately $10,000,000,000,000, and not coincidentally, approximately that same as the sum of the monies unconstitutinally spent the social programs the federal government doesn't have the auhority to finance.

    The national debt is larger, as a percentage of the economy, than at any time in U.S. history except for the period shortly after World War II.
    And it's entirely due to the spending addictions you socialists have.
    Last edited by Mayor Snorkum; 05-01-11 at 04:14 PM.

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