National Debt exceeds $12,000,000,000,000.00

[totalnoob]

BOOM!

Go USA Go!

We need more stimulus...MOAR!

 

[lupi]

dollar dollar billz yall.

 

[Fenixgoon]

shows 11,992,909.... for me. regardless, how encouraging :roll;

 

[larciel]

so what?

for most of us, change won't be noticeable. let those in top-tier play/burn/handle the $$$$$$$ and we can just watch as they use their ivy-league educated brain to come up with reasons why we need tax hike.

enough with this.

 

[LunarRay]

Assume the holders of that 12 trillion decide to not renew their lending and they and the rest of the world decide they would rather hold Euros, what happens?
We hand them dollar bills?
We go into hyper inflation?
A dollar tomorrow is worth a dime?
12 trillion becomes 1.2 trillion in today's dollars.
Our GDP jumps to 50 trillion dollars?
We pay 30 dollars a gallon for petro?
We ride bikes?
India and China ship their economy to the USA cuz of the cheap labor?
We become fully employed?
We talk about the good ole days?
We elect Obama to a 5th term and chuckle at Bill Clinton's affair with Rodney the articulate Orangutan.

We wake up and realize what a nightmare we just had?

 

[werepossum]

Assume the holders of that 12 trillion decide to not renew their lending and they and the rest of the world decide they would rather hold Euros, what happens?
We hand them dollar bills?
We go into hyper inflation?
A dollar tomorrow is worth a dime?
12 trillion becomes 1.2 trillion in today's dollars.
Our GDP jumps to 50 trillion dollars?
We pay 30 dollars a gallon for petro?
We ride bikes?
India and China ship their economy to the USA cuz of the cheap labor?
We become fully employed?
We talk about the good ole days?
We elect Obama to a 5th term and chuckle at Bill Clinton's affair with Rodney the articulate Orangutan.

We wake up and realize what a nightmare we just had?

Funny, but the shift away from the dollar is already happening.

 

[LunarRay]

Funny, but the shift away from the dollar is already happening

Ok.. I'm going back to sleep then...
I'll wait till oil is denominated in Euro then I'll wake up to a bright new day.

 

[Patranus]

so what?

for most of us, change won't be noticeable. let those in top-tier play/burn/handle the $$$$$$$ and we can just watch as they use their ivy-league educated brain to come up with reasons why we need tax hike.

enough with this.

Wow.....
Don't really know how to respond to such an ignorant comment.

You realize that 47% of the country doesn't pay any taxes or get a tax credit....so if you pay any taxes you ARE the "top-tier".

 

[OCGuy]

Sad.

 

[boomerang]

You've got to remember that a significant portion of the country has been brainwashed to think that Republican debt = bad and Democratic debt = good.

Instead of debt = bad.

Many of these people have yet to work for a living and many that are working pay no federal taxes as has already been pointed out. It's easy to just plod along with blinders on waiting for the next round of government cheese to fall in their laps. They're getting promised plenty these days.

When the sun gets higher in the sky, they'll be showing up in droves explaining why monumental debt is meaningless. Be patient, because they don't like to get up until the sun is warm.

 

[StageLeft]

so what?

for most of us, change won't be noticeable. let those in top-tier play/burn/handle the $$$$$$$ and we can just watch as they use their ivy-league educated brain to come up with reasons why we need tax hike.

enough with this.

It's already noticeable. This run up in debt is one of the reasons the dollar has weakened so hard recently and some article I ran across last week a guy was saying that dollar weakness is responsible for 50% of the recent run-up in oil, oil obviously being the key ingredient to your car's gasoline

In the immortalized words of Kevin Costner "Nothing's free in Waterworld."

Debt is only good when it returns more in investment than its original cost. Otherwise it is bad. The US has been using debt long-term (as have most countries) to fuel its typical standard of living. It's not like it's taking all this debt and building power plants and roads to fuel commerce (not for the most part). It's being used to maintain medicare, military, social security, none of these are going to pay back more than their cost. It weakens the country every bit as much as a person using credit cards not to pay for tuition (leading to more earnings down the road) but to pay for movies and electronics.

 

[Robor]

Wow.....
Don't really know how to respond to such an ignorant comment.

You realize that 47% of the country doesn't pay any taxes or get a tax credit....so if you pay any taxes you ARE the "top-tier".

LOL... Top Tier? I'm sure you were in the top 99% of your class.

To the OP... Pretty much everyone knows the debt is a new record every day. I guess the '12' figure is a milestone though.

 

[ayabe]

What does that number really mean to you and I? Nothing.

If it were only 6 trillion would your life be any better/worse?

 

[Robor]

You've got to remember that a significant portion of the country has been brainwashed to think that Republican debt = bad and Democratic debt = good.

Instead of debt = bad.

Many of these people have yet to work for a living and many that are working pay no federal taxes as has already been pointed out. It's easy to just plod along with blinders on waiting for the next round of government cheese to fall in their laps. They're getting promised plenty these days.

When the sun gets higher in the sky, they'll be showing up in droves explaining why monumental debt is meaningless. Be patient, because they don't like to get up until the sun is warm.

Bullshit and you know it. The timing and level of outrage over government spending is absolutely hypocritical because it is not new. GWB ran up record deficits and national debt year after year and you barely heard a peep during his term. Now that Obama took office the deficit and debt are suddenly important? Where were the small government libertarians before 2009? Where were the tea baggers? Where were the rallys to take back our country? Where was Fox News?

 

[Genx87]

Bullshit and you know it. The timing and level of outrage over government spending is absolutely hypocritical because it is not new. GWB ran up record deficits and national debt year after year and you barely heard a peep during his term. Now that Obama took office the deficit and debt are suddenly important? Where were the small government libertarians before 2009? Where were the tea baggers? Where were the rallys to take back our country? Where was Fox News?

Likewise this new found lack of care from the left is hypcrotical. Anybody remember the outrage by lefties over hitting the 10 trillion mark?

 

[heyheybooboo]

And just think ...

9 years ago the unified Federal Budget was running a $200+ billion surplus.

The bad news is FY2010 is the first year the full impact of the 2001 & 2003 tax cuts will be felt, and revenue collections as a percentage of GDP will be at their lowest level since 1950.

And what's even more interesting: The stimulus that the OP satirically mentions provides $300 billion in payroll tax cuts for working folks and small businesses.
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[Zargon]

Bullshit and you know it. The timing and level of outrage over government spending is absolutely hypocritical because it is not new. GWB ran up record deficits and national debt year after year and you barely heard a peep during his term. Now that Obama took office the deficit and debt are suddenly important? Where were the small government libertarians before 2009? Where were the tea baggers? Where were the rallys to take back our country? Where was Fox News?

maybe its because obama quadrupled it in a year.

as opposed to taking 8 years to 'rack it up'

 

[Genx87]

And just think ...

9 years ago the unified Federal Budget was running a $200+ billion surplus.

The bad news is FY2010 is the first year the full impact of the 2001 & 2003 tax cuts will be felt, and revenue collections as a percentage of GDP will be at their lowest level since 1950.

And what's even more interesting: The stimulus that the OP satirically mentions provides $300 billion in payroll tax cuts for working folks and small businesses.
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I think the most depressing aspect of our federal deficit spending is we had a decifit for 09 that was as big as Clintons last federal budget.

 

[heyheybooboo]

I think the most depressing aspect of our federal deficit spending is we had a decifit for 09 that was as big as Clintons last federal budget.

We've put ourselves in this position and there is just no easy way to work through it.

Obama has essentially frozen discretionary spending which is effectively what Clinton and the GOP did in the 1990s --- but we still end up with a $500 billion deficit in 2018.

And no one really wants to discuss 'saving' $1 trillion by cutting troop strength in Iraq and Afghanistan to 30k by 2013 --- it becomes a political hot potatoe (note the Dan Quayle spelling - LOL).

I think we will see somewhat of a 'surge' in Afghanistan over the next few years with a quick reduction in troop strength to around 75k in Iraq and Afghanistan.

That might cut around $650 billion off the debt over the next ten years --- only another $4.5 trillion or so to go to keep it somewhat manageable (rolling eyes)
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[StageLeft]

Obama has essentially frozen discretionary spending which is effectively what Clinton and the GOP did in the 1990s --- but we still end up with a $500 billion deficit in 2018.

That's really the projection? Gee, I hope there aren't any catastrophes that have to be funded during the next seven years.

 

[rudder]

What does that number really mean to you and I? Nothing.

If it were only 6 trillion would your life be any better/worse?

It is just a silly number with a bunch of zero's. It will have no bearing on our lives... assuming we die pretty quickly.

 

[Robor]

Likewise this new found lack of care from the left is hypcrotical. Anybody remember the outrage by lefties over hitting the 10 trillion mark?

No. No I don't - not at this level anyway. Care to link the lefties march on DC or 'teabagger' events?

 

[rudder]

Bullshit and you know it. The timing and level of outrage over government spending is absolutely hypocritical because it is not new. GWB ran up record deficits and national debt year after year and you barely heard a peep during his term. Now that Obama took office the deficit and debt are suddenly important? Where were the small government libertarians before 2009? Where were the tea baggers? Where were the rallys to take back our country? Where was Fox News?

Where were you? Look at the CBO numbers during the Bush presidency... sure he and congress spent like drunken sailors... but up until the Dems took over congress the deficit was trending back down after the 9/11 spike. There was a glimmer of hope and reason because at least a balanced budget was forecast by 2012. Likely that would have never happened... since Bush and congress raided the treasury on his way out.

But now... it is over the top. the CBO is projecting trillion dollar deficits for the next decade. Obama is pushing for government run health care, cap and trade, amnesty... any one of which will burden the taxpayer even further. Social Security is nearing the end of its ability to pay out... medicare is insolvent... etc.

But hey I guess there is a glimmer of hope... GM is paying back $6.7 billion ahead of schedule. Even though it is paying back a government loan with government money... it still sounds good doesn't it?

 

[boomerang]

Bullshit and you know it. The timing and level of outrage over government spending is absolutely hypocritical because it is not new. GWB ran up record deficits and national debt year after year and you barely heard a peep during his term. Now that Obama took office the deficit and debt are suddenly important? Where were the small government libertarians before 2009? Where were the tea baggers? Where were the rallys to take back our country? Where was Fox News?

Your outrage and your rant do nothing more than prove my point. However I'm certain you don't see it that way.

The answer to your post is that finally, enough became enough. You couple that with our dear leader repeatedly telling us that he was going to change things then not doing so and the final nail got driven home. The revolt began.

But you can continue the war cry of the extreme left. It's based on nothing more than the Utopian dream of school yard fairness. But real life doesn't work that way.

Looks like the sun is up.

 

[Robor]

maybe its because obama quadrupled it in a year.

as opposed to taking 8 years to 'rack it up'

LOL... Except that's a lie. I guess you believe everything Fox tells you.