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Thread: Debt ceiling: House GOP gets lowdown on fallout

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    Re: Debt ceiling: House GOP gets lowdown on fallout

    Quote Originally Posted by upsideguy View Post
    Total debt did rise under Clinton. However, on a gross receipts vs gross expenditure basis, we did run budget surpluses from 1998 through 2001.

    http://www.census.gov/compendia/stat...es/11s0467.pdf

    This, of course, includes payroll tax receipts, which exceeded expenditures throughout the 1990's and 2000's... but is no longer the case. If you exclude social security and related items, then we never did have a real budget surplus under the Clinton years, though the deficits we did have were negligible (under $100B).. to the point that is is fair to say we had a balanced budget. The annual budget deficits during the Bush years went from zero (functionally) to $1.1T in just 8 years. Nice work, George & Dick!
    We ran a surplus in public debt because of SS funds from intergovt. holdings being used. Total debt=public debt PLUS intergovt. holding debt. As for the Bush debt, there was too much money spent during the Bush years just like there has been too much money spent every year including now where we have record deficits and spending. Obama has taken Bush spending and put it on steroids. Debt today is almost equal to our yearly GDP and that is a travisty.

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    Re: Debt ceiling: House GOP gets lowdown on fallout

    Quote Originally Posted by Conservative View Post
    That is a lie, there was no surplus as the Treasury shows, again you buy what you are told without verifying the rhetoric. Public debt plus intergovt. holding deficits=total debt. Clinton took office with a 4.4 trillion debt and left it at 5.7 trillion thus no surplus.
    If there was no surplus, how did the Clinton administration actually pay down the public debt?


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    Re: Debt ceiling: House GOP gets lowdown on fallout

    Quote Originally Posted by pbrauer View Post
    If there was no surplus, how did the Clinton administration actually pay down the public debt?

    by stealing from SS and replacing it with IOU's. try to keep up. Obama must like those IOU's because he continues to create much more of them.

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    Re: Debt ceiling: House GOP gets lowdown on fallout

    Quote Originally Posted by Conservative View Post
    by stealing from SS and replacing it with IOU's. try to keep up. Obama must like those IOU's because he continues to create much more of them.
    Stealing? Stealing? That's one of the funniest things you've written. What was President Clinton supposed to do whit the extra revenue received, put it under his mattress in the White House?

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    Re: Debt ceiling: House GOP gets lowdown on fallout

    Quote Originally Posted by pbrauer View Post
    Stealing? Stealing? That's one of the funniest things you've written. What was President Clinton supposed to do whit the extra revenue received, put it under his mattress in the White House?
    What he was supposed to do is what anyone is supposed to do with future obligations, put the money aside and have it for when they need it. I find it quite interesting that liberals like you don't understand SS but more importantly don't seem to care that your money that you "contributed" was spent on something other than SS. You don't seem to understand that total debt is the issue, public debt PLUS Intergovt. holding debt= total debt. Too bad because a lot of people like you are in positions of authority.

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    Re: Debt ceiling: House GOP gets lowdown on fallout

    Quote Originally Posted by Conservative View Post
    by stealing from SS and replacing it with IOU's. try to keep up. Obama must like those IOU's because he continues to create much more of them.
    Thank you for saying it.

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    Re: Debt ceiling: House GOP gets lowdown on fallout

    Quote Originally Posted by Conservative View Post
    What he was supposed to do is what anyone is supposed to do with future obligations, put the money aside and have it for when they need it. I find it quite interesting that liberals like you don't understand SS but more importantly don't seem to care that your money that you "contributed" was spent on something other than SS. You don't seem to understand that total debt is the issue, public debt PLUS Intergovt. holding debt= total debt. Too bad because a lot of people like you are in positions of authority.
    Here's what you seem not to understand:


    Far from being "worthless IOUs," the investments held by the trust funds are backed by the full faith and credit of the U. S. Government. The government has always repaid Social Security, with interest. The special-issue securities are, therefore, just as safe as U.S. Savings Bonds or other financial instruments of the Federal government.

    Trust Fund FAQs

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    Re: Debt ceiling: House GOP gets lowdown on fallout

    Quote Originally Posted by pbrauer View Post
    Here's what you seem not to understand:


    Far from being "worthless IOUs," the investments held by the trust funds are backed by the full faith and credit of the U. S. Government. The government has always repaid Social Security, with interest. The special-issue securities are, therefore, just as safe as U.S. Savings Bonds or other financial instruments of the Federal government.

    Trust Fund FAQs
    Do you know what that means? The Federal Govt. has to come up with the funds to pay for those IOU's. How are they going to do that? Think, Pb, think.

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    Re: Debt ceiling: House GOP gets lowdown on fallout

    Quote Originally Posted by Conservative View Post
    Do you know what that means? The Federal Govt. has to come up with the funds to pay for those IOU's. How are they going to do that? Think, Pb, think.
    Do you not know how the government raises revenues? That is quite surprising for a man of your age.
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    Re: Debt ceiling: House GOP gets lowdown on fallout

    Quote Originally Posted by Conservative View Post
    Do you know what that means? The Federal Govt. has to come up with the funds to pay for those IOU's. How are they going to do that? Think, Pb, think.
    Since the revenue from payroll taxes is approximately equal to income from individual income taxes, I don't see that being much of a problem.

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