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Old 01-06-2013, 05:37 PM  
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U.S. Debt Now Equal to Economy

I picked this up from http://usatoday30.usatoday.com/news/...omy/52460208/1
Quote:
The amount of money the federal government owes to its creditors, combined with IOUs to government retirement and other programs, now tops $15.23 trillion.

That's roughly equal to the value of all goods and services the U.S. economy produces in one year: $15.17 trillion as of September, the latest estimate. Private projections show the economy likely grew to about $15.3 trillion by December ? a level the debt is likely to surpass this month.
. . . . and there's not enough rich people to pay for the debt, . . . ever.
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Old 01-06-2013, 06:49 PM  
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Originally Posted by Eddie_T View Post
I picked this up from http://usatoday30.usatoday.com/news/...omy/52460208/1
. . . . and there's not enough rich people to pay for the debt, . . . ever.
I have to laugh. At least Soviet Russia had the sense to cut their losses and scale their military back. This country is a bit too stupid to do something smart like that though. Most likely, they'll cut of the retired poor and disabled, to be able to pay subsidies to the corporate farms, and fuel for our fighter jets doing training missions in preperation of attacking men throwing rocks and sporting AK 47s. We need more drones and intelligence, and scrap the rest of the military machine for a year or two, until we drive down the debt a bit. Wealthy folk....... They need to pay more than they are now, even. These creeps get all the loopholes and breaks, even though the rates just went up. When the taxes on the rich are finally brought to the correct levels, and all tax loopholes for the wealthy, have been eleminated, then, and only then, will the debt start going down.
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Old 01-06-2013, 07:31 PM  
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I owe about 5 years worth of my wages on my house and another 6 months or so in my car and other assorted debts. What's the big deal?

If I was getting an interest rate basically guaranteed to equal inflation, I'd have a hell of a lot more debt than I do. I'd be spending money hand over fist.
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Old 01-07-2013, 09:31 AM  
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Originally Posted by rivalarrival View Post
I owe about 5 years worth of my wages on my house and another 6 months or so in my car and other assorted debts. What's the big deal?

If I was getting an interest rate basically guaranteed to equal inflation, I'd have a hell of a lot more debt than I do. I'd be spending money hand over fist.
Sounds a bit like obama and the congress.
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Old 01-07-2013, 12:38 PM  
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Originally Posted by Eddie_T View Post
Sounds a bit like obama and the congress.
Or for most folks in the world dominated by the wealthy corporations...........

REALITY
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Old 01-07-2013, 12:39 PM  
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Funny how you don't mention Bush, which actually started this uphill trend, that Obama followed.
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Old 01-07-2013, 02:00 PM  
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Originally Posted by rainbow View Post
Funny how you don't mention Bush, which actually started this uphill trend, that Obama followed.
Does it even matter who started it, It is being maintained by the current occupants of Washington? The interest paid on the debt in November was $25,068,968,472.99, so no matter how one tries to defend it that represents a lot of money squeezed from taxpayers.
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Old 01-07-2013, 07:53 PM  
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Originally Posted by Eddie_T View Post
Does it even matter who started it, It is being maintained by the current occupants of Washington? The interest paid on the debt in November was $25,068,968,472.99, so no matter how one tries to defend it that represents a lot of money squeezed from taxpayers.
I believe we've had this discussion before, but what the heck.... let me just say that our country was in debt before we were even a country!!! NO PROBLEM. We racked up massive debt during the devepment of the atom bomb, NO PROBLEM, and certainly during the Reagan years with star wars........ AGH....NO PROBLEM!. SO!Tell me now..... Can you prove to me that you were as concerned about the debt during Reagans record debt at that time? How about when Bush was signing off on the TARP money to bail out the frigging banks and insurance companies.............forums and the internet were around at that time? Can you direct me to some of your posts at that time, that were even CLOSE to the ferver you display here.... or is it just now that some good looking centist black man who happens to be charged with the horrible crime of being born in Hawaii? Seriously. I'm just curious.
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Old 01-07-2013, 08:09 PM  
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Quote:
Originally Posted by Eddie_T View Post
Does it even matter who started it, It is being maintained by the current occupants of Washington? The interest paid on the debt in November was $25,068,968,472.99, so no matter how one tries to defend it that represents a lot of money squeezed from taxpayers.
And purchased a hell of a lot of infrastructure, accelerating the growth of our economy. Time is an extremely valuable asset.

Currency, far less so.
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Old 01-08-2013, 12:47 PM  
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As per one of those emails;
Quote:
Fiscal Cliff? put in a much better perspective.

Lesson # 1:

* U.S. Tax revenue: $2,170,000,000,000
* Fed budget: $3,820,000,000,000
* New debt: $ 1,650,000,000,000
* National debt: $16,271,000,000,000
* Recent budget cuts: $ 38,500,000,000

Let's now remove 8 zeros and pretend it's a household budget:

* Annual family income: $21,700
* Money the family spent: $38,200
* New debt on the credit card: $16,500
* Outstanding balance on the credit card: $142,710
* Total budget cuts so far: $38.50

Got It ??.......OK now,
Lesson # 2:
Here's another way to look at the Debt Ceiling:

Let's say, You come home from work and find
there has been a sewer backup in your neighborhood....
and your home has sewage all the way up to your ceilings.

What do you think you should do ......

Raise the ceilings, or remove the sewage?
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