• This is a political forum that is non-biased/non-partisan and treats every person's position on topics equally. This debate forum is not aligned to any political party. In today's politics, many ideas are split between and even within all the political parties. Often we find ourselves agreeing on one platform but some topics break our mold. We are here to discuss them in a civil political debate. If this is your first visit to our political forums, be sure to check out the RULES. Registering for debate politics is necessary before posting. Register today to participate - it's free!

US Ends 2016 With $19.98 Trillion In Federal Debt; Up $1,054,647,941,626.91

DA60

DA60

Banned
DP Veteran
Joined
Jan 28, 2012
Messages
16,386
Reaction score
7,793
Location
Where I am now
Gender
Male
Political Leaning
Independent
'On the last day of calendar 2016, total US public debt jumped by $98 billion, mostly as a result of end of quarter Social Security debt allocation, which accounted for $70.4 billion of the daily increase. As a result, total US government debt on December 30, 2016 was $19,976,826,951,047.80.

This compares to $18,922,179,009,420.89 on the last day of 2015 and means that the increase in US federal debt in 2016 was just over $1 trillion, or $1,054,647,941,626.91 to be specific.'

Putting this increase in context, during Barack Obama’s time in office, federal debt has increased by $9,349,949,902,134.72, or 88%, rising from $10,626,877,048,913.08 on Jan. 20, 2009, the day of Obama’s inauguration to $19,976,826,951,047.80 on the last day of 2016.

That equals $78,553.84 for each of the 119,026,000 households in the country as of September.'

total%20debt%20under%20obama%202016.jpg


US Ends 2016 With $19.98 Trillion In Federal Debt; Up $1,054,647,941,626.91 | Zero Hedge



Thoughts?
 
DA60 said:
'On the last day of calendar 2016, total US public debt jumped by $98 billion, mostly as a result of end of quarter Social Security debt allocation, which accounted for $70.4 billion of the daily increase. As a result, total US government debt on December 30, 2016 was $19,976,826,951,047.80.

This compares to $18,922,179,009,420.89 on the last day of 2015 and means that the increase in US federal debt in 2016 was just over $1 trillion, or $1,054,647,941,626.91 to be specific.'

Putting this increase in context, during Barack Obama’s time in office, federal debt has increased by $9,349,949,902,134.72, or 88%, rising from $10,626,877,048,913.08 on Jan. 20, 2009, the day of Obama’s inauguration to $19,976,826,951,047.80 on the last day of 2016.

That equals $78,553.84 for each of the 119,026,000 households in the country as of September.'

total%20debt%20under%20obama%202016.jpg


US Ends 2016 With $19.98 Trillion In Federal Debt; Up $1,054,647,941,626.91 | Zero Hedge



Thoughts?
Click to expand...

Until people start seeing actual negative consequences from this nobody has any incentives to do anything about it. Especiaily since the solutions-tax hikes and spending cuts- aren't exactly good for getting elected.
 
This is what happens when you spend at 20% of GDP and tax at 18% of GDP. The problem is that spending more buys votes and taxing more costs votes. Trump wants to spend more and tax less - that is being a populist in a nut shell.
 
DA60 said:
'On the last day of calendar 2016, total US public debt jumped by $98 billion, mostly as a result of end of quarter Social Security debt allocation, which accounted for $70.4 billion of the daily increase. As a result, total US government debt on December 30, 2016 was $19,976,826,951,047.80.

This compares to $18,922,179,009,420.89 on the last day of 2015 and means that the increase in US federal debt in 2016 was just over $1 trillion, or $1,054,647,941,626.91 to be specific.'

Putting this increase in context, during Barack Obama’s time in office, federal debt has increased by $9,349,949,902,134.72, or 88%, rising from $10,626,877,048,913.08 on Jan. 20, 2009, the day of Obama’s inauguration to $19,976,826,951,047.80 on the last day of 2016.

That equals $78,553.84 for each of the 119,026,000 households in the country as of September.'

total%20debt%20under%20obama%202016.jpg


US Ends 2016 With $19.98 Trillion In Federal Debt; Up $1,054,647,941,626.91 | Zero Hedge



Thoughts?
Click to expand...

Will he make $ 20 T?
 
DA60 said:
'On the last day of calendar 2016, total US public debt jumped by $98 billion, mostly as a result of end of quarter Social Security debt allocation, which accounted for $70.4 billion of the daily increase. As a result, total US government debt on December 30, 2016 was $19,976,826,951,047.80.

This compares to $18,922,179,009,420.89 on the last day of 2015 and means that the increase in US federal debt in 2016 was just over $1 trillion, or $1,054,647,941,626.91 to be specific.'

Putting this increase in context, during Barack Obama’s time in office, federal debt has increased by $9,349,949,902,134.72, or 88%, rising from $10,626,877,048,913.08 on Jan. 20, 2009, the day of Obama’s inauguration to $19,976,826,951,047.80 on the last day of 2016.

That equals $78,553.84 for each of the 119,026,000 households in the country as of September.'

total%20debt%20under%20obama%202016.jpg


US Ends 2016 With $19.98 Trillion In Federal Debt; Up $1,054,647,941,626.91 | Zero Hedge



Thoughts?
Click to expand...

Woohooo!

Break out the tap water and loafs of bread everyone!
 
ttwtt78640 said:
This is what happens when you spend at 20% of GDP and tax at 18% of GDP. The problem is that spending more buys votes and taxing more costs votes. Trump wants to spend more and tax less - that is being a populist in a nut shell.
Click to expand...

Exactly right.

Now, let's see someone run on a platform of cutting services and raising taxes and see how far he/she gets.
 
joG said:
Will he make $ 20 T?
Click to expand...

I think if he concentrates his efforts he can do it.

Our first 1 trillion/year debt increase President. Our first 20 trillion debt President. A doubling of the debt in 8 short years.

Good job, Barry.
 
I used to be very concerned about the debt, now I just don't care. We've gone past the point of no return, there is no going back.

Tax increases and reductions in spending don't often get people elected. Not much to be done, and when something is outside of your control best not to concern yourself with it.

I'm just going to watch these rate increases with a big bowl of popcorn and smile as the house of credit cards reveals how thin its facade is.
 
jimbo said:
I think if he concentrates his efforts he can do it.

Our first 1 trillion/year debt increase President. Our first 20 trillion debt President. A doubling of the debt in 8 short years.

Good job, Barry.
Click to expand...

That is a pretty cool achievement.
 
Dittohead not! said:
Exactly right.

Now, let's see someone run on a platform of cutting services and raising taxes and see how far he/she gets.
Click to expand...

Right, not likely. The "Elites," 1% got the $20 trillion and are now conspiriing to make sure it is the 99% that are required to pay it back. Welfare for the rich, don't ya' know?
/
 
DaveFagan said:
Right, not likely. The "Elites," 1% got the $20 trillion and are now conspiriing to make sure it is the 99% that are required to pay it back. Welfare for the rich, don't ya' know?
/
Click to expand...

It seems I remembering nodding my head in agreement while reading one of your detailed posts about lawyers running this country doing the bidding of the elite. Trump doesn't have a law degree nor speak eloquently very often. He chose a slick-talking establishment ultra-conservative politician with a law degree as a running mate. Trump has a business degree from Whartons. They don't just hand them out. As much as I don't like him, I begrudgingly acknowledge his business success and elite class lifestyle. I heard Trump during debates repeatedly make ridiculous claims. I happen to make most of my income in real estate-related ventures, so I feel pretty good about my short term prospects. I do not expect deficit reductions. I do expect an easing of credit, increased interest rates, a real push toward privatization and outsourcing of government contracts and significant inflation. We soon get to find out if Team Trump can competently govern... and who benefits from Team Trump's governance.
 
DaveFagan said:
Right, not likely. The "Elites," 1% got the $20 trillion and are now conspiriing to make sure it is the 99% that are required to pay it back. Welfare for the rich, don't ya' know?
/
Click to expand...

Why in God's name should anyone in the top 1 percent hold any significant amount of Treasuries? There is no income in them and the market risk is major. Exporters, central banks and our Fed hold large amounts for operative or manipulative reasons.
 
I thought the key statistic was the debt-to-GDP ratio. Why are we back to debt-only?
 
Phys251 said:
I thought the key statistic was the debt-to-GDP ratio. Why are we back to debt-only?
Click to expand...

Shhh. Don't talk about it. People will realize the it is all about confidence, not sound economics. Then they might think it is a Confidence Game, a/k/a Con Game and that could cast a little shade on the illusions associated with this "Confidence." There are no key statistics. Confidence doesn't measure in an economic sense, only psychologically.
 
Dittohead not! said:
Exactly right.

Now, let's see someone run on a platform of cutting services and raising taxes and see how far he/she gets.
Click to expand...

That is not how the game is played. Tax cuts and spending increases are sold as things that will boost the private sector and it is darned hard to say that raising taxes will do that. Some do say that it is "fair" to tax a small minority of (too?) rich folks more but that is generally tied to some need to spend more.
 
jimbo said:
I think if he concentrates his efforts he can do it.

Our first 1 trillion/year debt increase President. Our first 20 trillion debt President. A doubling of the debt in 8 short years.

Good job, Barry.
Click to expand...

Reagan did worse he increased it by 186%
Bush I was better but in only 4 years increased it by 54%
Clinton did much better an increase of only 34%
Bush II was better then Reagan but worse then Obama at 101% on par with his dad

By the above measures Obama did worse then the two previous Democratic presidents, but better then the 3 previous Republican presidents (using the 4 years and doubling the number if only serving one term)

So by recent history Trump can do it, the first 40 trillion dollar debt president if he serves 2 terms
 
Phys251 said:
I thought the key statistic was the debt-to-GDP ratio. Why are we back to debt-only?
Click to expand...

It looks more ominous

Just as the debt only numbers looked ominous under each president before, but due to inflation and economic growth, do not look as bad now

Under Reagan 1 trillion actually meant something.
 
DA60 said:
Thoughts?
Click to expand...
well my first thought was thank god you didn't start another thread based on a lying ZH editorial. This one is only disingenuous. My second thought was thank god President Obama reduced the massive trillion dollar Bush Deficits (yea, they have a name). Oh and thank god he prevented the Great Bush Depression. But I have question and since I answered your question, surely you'll answer mine, why are you posting a graphic of "debt by inauguration day" metric? or "debt by near inauguration day" metric to be exact. Why not use fiscal years? oh that's right, Bush's last fiscal year ended Sept 20 2009. nevermind

anyhoo DA, if you're here to learn as you've often said, you could learn from any of these threads I started.

http://www.debatepolitics.com/gover...ging-its-only-spending-problem-narrative.html

http://www.debatepolitics.com/government-spending-and-debt/210473-even-reagan-knew-w-197-a.html

http://www.debatepolitics.com/gover...boehner-says-there-no-debt-crisis-either.html

this one is funny
http://www.debatepolitics.com/gover...gressive-plan-balance-budget-2024-w-59-a.html
 
joG said:
Why in God's name should anyone in the top 1 percent hold any significant amount of Treasuries? There is no income in them and the market risk is major. Exporters, central banks and our Fed hold large amounts for operative or manipulative reasons.
Click to expand...

er uh jog, why aren't you flaming DA about the graph being misleading and or "dishonest in presentation"? surely a wordsmith with your 'resume' in finance sees the dishonesty in a graph of debt starting on or near inauguration day?
joG said:
Oh, that populist graph. Try some other plots and you find it isn't as dramatic any more.

But that is only the dishonesty in presentation. The facts are not so simplistic though either. But we've been throughthis in the forum so often that I'm not going to say more than that it requires many more dimensions to even understand, what the questions might be, than the two dimensions in the plot you copied.
Click to expand...

Oh boy DA, you're in trouble now
 
DA60 said:
...
US Ends 2016 With $19.98 Trillion In Federal Debt; Up $1,054,647,941,626.91 | Zero Hedge
Thoughts?
Click to expand...
Yeah, you need some new sources, it's mostly ZERO Hedge/ZERO truth. "Thoughts"?
SIX in a row.

https://en.wikipedia.org/wiki/Zero_Hedge

Zero Hedge is an English-language financial blog that aggregates news and presents editorial opinions from original and outside sources. The news portion of the site is written by a group of editors who collectively write under the Pseudonym "Tyler Durden" (a character from the novel and film Fight Club).

Critics assert that Zero Hedge's content is Conspiratorial, Anti-establishment, and Economically Pessimistic,[3] and has been criticized for presenting Extreme and sometimes pro-Russian views.[1][4][5]
[......]
In 2009, shortly after the blog was founded, news reports identified Daniel Ivandjiiski, a Bulgarian-born former hedge-fund analyst who was Barred from the industry for Insider Trading by FINRA in 2008, as the Founder of the site, and reported that "Durden" was a Pseudonym for Ivandjiisk..."
​

More in link.
slash/trash
 
Last edited:
You must log in or register to reply here.
Back
Top Bottom