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Old 12-14-2011, 06:28 PM  
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Obama Didn't Know

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Obama on the Economy: We Didn't
Know How Bad We'd Let It Get
American Spectator, by Joseph Lawler

Original Article

Posted By:hartright, 12/14/2011 12:14:12 PM

Today President Obama floated a new excuse for the sad state of the economy: President Barack Obama said Tuesday he wishes he knew the full extent of the economic crisis when he took office, if only so he could have let Americans know just how tough the coming years would be. "I think we understood that it was bad, but we didn't know how bad it was," Obama said in an interview with KIRO in Seattle. "I think I could have prepared the American people for how bad this was going to be, had we had a sense of that."
Duh . . . What did Obama do with his time in the Senate that he would be so isolated from reality? Didn't he campaign on fixing the worst economy in history? Now he needs another four or five years to fix it.

Now that the national debt is over $15 trillion consider that at 2% interest the cost just to service the debt would be $0.3 trillion per year. If the budget won't be balanced until 2020 (best estimate) the debt and service cost will continue to grow, and what if interest rates increase? Or what if Obama is re-elected? Even if Obama is defeated democrats will most certainly regain power before 2020, so what does our future hold?
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Old 12-14-2011, 06:53 PM  
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Originally Posted by Eddie_T View Post
Duh . . . What did Obama do with his time in the Senate that he would be so isolated from reality? Didn't he campaign on fixing the worst economy in history? Now he needs another four or five years to fix it.

Now that the national debt is over $15 trillion consider that at 2% interest the cost just to service the debt would be $0.3 trillion per year. If the budget won't be balanced until 2020 (best estimate) the debt and service cost will continue to grow, and what if interest rates increase? Or what if Obama is re-elected? Even if Obama is defeated democrats will most certainly regain power before 2020, so what does our future hold?
Sure would have been a lot less severe and fixed a lot sooner if the repugnicans had cooperated on ****ing anything.
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Old 12-14-2011, 08:54 PM  
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I'll be the one to post it . . . .

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Old 12-14-2011, 10:36 PM  
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Originally Posted by rivalarrival View Post
Sure would have been a lot less severe and fixed a lot sooner if the repugnicans had cooperated on ****ing anything.
And how much sooner than 2020? And how about that debt?




A quote attributed to Mayer Amschel Rothschild: "Give me control of a nation's money supply, and I care not who makes its laws. ..."
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Old 12-15-2011, 08:33 AM  
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Originally Posted by Eddie_T View Post
And how much sooner than 2020? And how about that debt?




A quote attributed to Mayer Amschel Rothschild: "Give me control of a nation's money supply, and I care not who makes its laws. ..."
Debt, or deficit? The deficit is a problem, the debt is not. Given inflation and the interest rate we're paying, it's free money.

A big chunk of the deficit would have been resolved just with the economy being fixed. More income, more taxes collected. The repugnicans ignored that and instead made their #1 issue not the well being of the US, but that popularly-elected President Obama should be a one-term president.

Why doesn't the GOP have an "America First" policy? Why is it a "My way or the highway" approach to every little issue that comes up? Why is it that every time the democrats give an inch, the GOP takes a mile?
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Old 12-15-2011, 08:51 AM  
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Originally Posted by rivalarrival View Post
Debt, or deficit? The deficit is a problem, the debt is not. Given inflation and the interest rate we're paying, it's free money.

A big chunk of the deficit would have been resolved just with the economy being fixed. More income, more taxes collected. The repugnicans ignored that and instead made their #1 issue not the well being of the US, but that popularly-elected President Obama should be a one-term president.

Why doesn't the GOP have an "America First" policy? Why is it a "My way or the highway" approach to every little issue that comes up? Why is it that every time the democrats give an inch, the GOP takes a mile?
Oh, it's not JUST the economy either . . . it's been about a year now since a US Border Agent was gunned down by a criminal, drug/human smuggler here in southern AZ, who was supplied his automatic weapon by the Obama administration (Chicago thugs on the take?). Well come to find out it's been a WHOLE BUNCH of weapons supplied to cartels including 50 cal. sniper rifles that have down a government helicopter. He NEEDS to be a one term president and possibly criminal charges against he and his clonies, the Mexican government is close to toppling. oh, he "didn't know" and if anyone remembers, Nixon too "didn't know" about watergate.
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Old 12-15-2011, 02:55 PM  
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Free money huh (even Obama doesn't believe that), just wait til the interest rate rises and that will come home to roost. $0.3 trillion to service the debt is not pocket change, in fact it's about 1/7th of projected revenues. It will increase with rising interest rates which will eventually come if the government wants to continue to sell bonds and households to save rather than just spend.
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Old 12-15-2011, 04:03 PM  
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Originally Posted by Eddie_T View Post
Free money huh (even Obama doesn't believe that), just wait til the interest rate rises and that will come home to roost. $0.3 trillion to service the debt is not pocket change, in fact it's about 1/7th of projected revenues. It will increase with rising interest rates which will eventually come if the government wants to continue to sell bonds and households to save rather than just spend.
Yes, free money. The amount we pay today is worth almost exactly the amount we borrowed yesterday. T-bills - aka "government debt" - are purchased by investors for stability, not return.

I've explained this to you at length. The reason you think that debt is a problem is that you don't really understand inflation, and you refuse to look at the whole picture.

The .3 trillion you referred to to service the debt? Yeah, the people who lent that money to the government in the first place are seeing miniscule returns on their investments after considering their losses to inflation. So how exactly is the government losing a significant amount of money if their creditors aren't earning much?
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Old 12-16-2011, 09:32 AM  
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Originally Posted by rivalarrival View Post
Yes, free money. The amount we pay today is worth almost exactly the amount we borrowed yesterday. T-bills - aka "government debt" - are purchased by investors for stability, not return.

I've explained this to you at length. The reason you think that debt is a problem is that you don't really understand inflation, and you refuse to look at the whole picture.

The .3 trillion you referred to to service the debt? Yeah, the people who lent that money to the government in the first place are seeing miniscule returns on their investments after considering their losses to inflation. So how exactly is the government losing a significant amount of money if their creditors aren't earning much?
Your lengthy explanations never seem to address the fact that the cost to service the debt always comes out of current tax revenue. For example the debt service payment just for Nov was $21,709,460,451.61. Then the unfunded liabilities are another story.
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Old 12-16-2011, 10:12 AM  
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Originally Posted by Eddie_T View Post
Your lengthy explanations never seem to address the fact that the cost to service the debt always comes out of current tax revenue. For example the debt service payment just for Nov was $21,709,460,451.61. Then the unfunded liabilities are another story.
And your understanding of debt never seems to include the recognition that the money we are paying now was actually received and put to work in the past. Your arguments suggest that debt is simply the throwing away of money; you ignore that it was actually spent on providing services to Americans, building infrastructure upon which the American economy functions. Failing to spend that money back then would mean a smaller, weaker economy now.
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