Natl Debt crosses $7 trillion dollars. Your children are now slaves.

[ReiAyanami]

http://biz.yahoo.com/rb/040218/economy_treasury_debt_4.html


OUT SHRUB OUT.

 

[dmcowen674]

Originally posted by: ReiAyanami
http://biz.yahoo.com/rb/040218/economy_treasury_debt_4.html


OUT SHRUB OUT.

To give some idea of the size of the debt, U.S. gross domestic product -- the sum of goods and services produced inside the United States -- totaled about $11 trillion at the end of 2003, according to the Commerce Department.

The debt includes that held by investors and Treasury securities in trust funds for government programs such as Social Security and Medicare.
-----------------------------------------------------------------

Too much money even for all the Rich Boys like Rush, Hannity, CAD & Co and the other Rich AT experts on here.

 

[rahvin]

Slaves? although the debt concerns me, a stable US economy with 3% annual inflation will quickly turn that debt into an insigificant amount before my children need to worry about it (if we don't continue to add to it at the rate we are). Balance the budget and the amount of debt won't concern me.

 

[charrison]

Originally posted by: rahvin
Slaves? although the debt concerns me, a stable US economy with 3% annual inflation will quickly turn that debt into an insigificant amount before my children need to worry about it (if we don't continue to add to it at the rate we are). Balance the budget and the amount of debt won't concern me.

Yes the economy has been growing as fast/faster than the debt for many years....as long as we keep pace it is not a big problem....

 

[Vic]

Originally posted by: charrison

Originally posted by: rahvin
Slaves? although the debt concerns me, a stable US economy with 3% annual inflation will quickly turn that debt into an insigificant amount before my children need to worry about it (if we don't continue to add to it at the rate we are). Balance the budget and the amount of debt won't concern me.

Yes the economy has been growing as fast/faster than the debt for many years....as long as we keep pace it is not a big problem....

Yep, as long as we and our children and our children's children keep working harder and harder forever, we never need to worry about the crushing debt. In other words, get back to work, slave, and quit asking so many questions, eh?

 

[lozina]

We aren't going to pay off this debt with trade deficits and deficit budgets.

 

[Dissipate]

Originally posted by: charrison

Originally posted by: rahvin
Slaves? although the debt concerns me, a stable US economy with 3% annual inflation will quickly turn that debt into an insigificant amount before my children need to worry about it (if we don't continue to add to it at the rate we are). Balance the budget and the amount of debt won't concern me.

Yes the economy has been growing as fast/faster than the debt for many years....as long as we keep pace it is not a big problem....

It can't go on forever though. Right now the interest on the national debt consumes about 12% of the national budget last time I checked, if that % gets too large bad things will happen.

At some point Congress is going to have to start paying it off, not just interest but paying off the principle also.

 

[Tom]

Originally posted by: rahvin
Slaves? although the debt concerns me, a stable US economy with 3% annual inflation will quickly turn that debt into an insigificant amount before my children need to worry about it (if we don't continue to add to it at the rate we are). Balance the budget and the amount of debt won't concern me.

bolded part- yes that is why the upcoming election is kinda important, four more years like the last 4 and we will be in deep sh\t.

 

[Bitek]

Originally posted by: Dissipate

Originally posted by: charrison

Originally posted by: rahvin
Slaves? although the debt concerns me, a stable US economy with 3% annual inflation will quickly turn that debt into an insigificant amount before my children need to worry about it (if we don't continue to add to it at the rate we are). Balance the budget and the amount of debt won't concern me.

Yes the economy has been growing as fast/faster than the debt for many years....as long as we keep pace it is not a big problem....

It can't go on forever though. Right now the interest on the national debt consumes about 12% of the national budget last time I checked, if that % gets too large bad things will happen.

At some point Congress is going to have to start paying it off, not just interest but paying off the principle also.

What is the intrest rate on our debt anyway?

Maybe its time to refinance will rates are still so low!


Edit: HAHA time to call Ditech!

 

[dahunan]

So what if the economy grows faster than the debt.. since when have we started paying OFF the debt?


debt is debt

Who owes the debt?

The guy in the whitehouse thinks he has a blank check - possibly the biggest spender this nation has ever seen. You all cheer about your $250-$2000 shrub gave you in a tax break.. you will have to give it back real fast the way he spends money..

 

[CADsortaGUY]

I guess this is all the more reason to slash gov't spending. no?

CkG

 

[Tom]

Originally posted by: CADkindaGUY
I guess this is all the more reason to slash gov't spending. no?

CkG

OK, if we do away with fire departments, would that lead to a net increase or decrease in GDP ? You save the money you spent on the fire dept but you lose revenue when lots of stuff burns to the ground and lots of people die.

How about prisons ?

Do away with veterans benefits and see what happens to your volunteer Army.

There may be some places to cut where there's a net benefit, but it isn't as simple as just slashing spending. In fact it's entirely possible that we'd better off with more spending.

Approach government spending objectively, instead of with a bias that it's bad, and see what really makes sense to cut ?

 

[smashp]

Originally posted by: rahvin
Slaves? although the debt concerns me, a stable US economy with 3% annual inflation will quickly turn that debt into an insigificant amount before my children need to worry about it (if we don't continue to add to it at the rate we are). Balance the budget and the amount of debt won't concern me.

what a great logical fallacy. Even with a balanced Budget the Debt increases about 200 billion a year due to Interest.

Last year the budget gap was 374.25 yet the deficit frew by 550 billion. That extra 175 billion is what we like to call INTEREST.

 

[CADsortaGUY]

Originally posted by: Dead Parrot Sketch

Originally posted by: CADkindaGUY
I guess this is all the more reason to slash gov't spending. no?

CkG

OK, if we do away with fire departments, would that lead to a net increase or decrease in GDP ? You save the money you spent on the fire dept but you lose revenue when lots of stuff burns to the ground and lots of people die.

How about prisons ?

Do away with veterans benefits and see what happens to your volunteer Army.

There may be some places to cut where there's a net benefit, but it isn't as simple as just slashing spending. In fact it's entirely possible that we'd better off with more spending.

Approach government spending objectively, instead of with a bias that it's bad, and see what really makes sense to cut ?

OMG!!!!! He's going to cut Fire protection!!!! and close Prisons!!!! and not fund Vet benefits!!!!! OMG!!!!!!

And how much of the budget does that make up?

The budget is over 2 TRILLION dollars. NO ONE - and I mean NO ONE can tell me that isn't "enough spending".

CkG

 

[Phokus]

Originally posted by: CADkindaGUY

Originally posted by: Dead Parrot Sketch

Originally posted by: CADkindaGUY
I guess this is all the more reason to slash gov't spending. no?

CkG

OK, if we do away with fire departments, would that lead to a net increase or decrease in GDP ? You save the money you spent on the fire dept but you lose revenue when lots of stuff burns to the ground and lots of people die.

How about prisons ?

Do away with veterans benefits and see what happens to your volunteer Army.

There may be some places to cut where there's a net benefit, but it isn't as simple as just slashing spending. In fact it's entirely possible that we'd better off with more spending.

Approach government spending objectively, instead of with a bias that it's bad, and see what really makes sense to cut ?

OMG!!!!! He's going to cut Fire protection!!!! and close Prisons!!!! and not fund Vet benefits!!!!! OMG!!!!!!

And how much of the budget does that make up?

The budget is over 2 TRILLION dollars. NO ONE - and I mean NO ONE can tell me that isn't "enough spending".

CkG

Unless that someone's initials are "GWB".

 

[CADsortaGUY]

Originally posted by: Phokus

Originally posted by: CADkindaGUY

Originally posted by: Dead Parrot Sketch

Originally posted by: CADkindaGUY
I guess this is all the more reason to slash gov't spending. no?

CkG

OK, if we do away with fire departments, would that lead to a net increase or decrease in GDP ? You save the money you spent on the fire dept but you lose revenue when lots of stuff burns to the ground and lots of people die.

How about prisons ?

Do away with veterans benefits and see what happens to your volunteer Army.

There may be some places to cut where there's a net benefit, but it isn't as simple as just slashing spending. In fact it's entirely possible that we'd better off with more spending.

Approach government spending objectively, instead of with a bias that it's bad, and see what really makes sense to cut ?

OMG!!!!! He's going to cut Fire protection!!!! and close Prisons!!!! and not fund Vet benefits!!!!! OMG!!!!!!

And how much of the budget does that make up?

The budget is over 2 TRILLION dollars. NO ONE - and I mean NO ONE can tell me that isn't "enough spending".

CkG

Unless that someone's initials are "GWB".

Not even then

CkG

 

[smashp]

here is the Debt For the last 5 years


FY03 6,783,231,062,743.62

FY02 6,228,235,965,597.16

FY01 5,807,463,412,200.06

FY00 5,674,178,209,886.86

FY99 5,656,270,901,633.43


Here is what it increased By every year

FY03 554,995,097,146.46

FY02 420,772,553,397.1

FY01 133,285,202,313.2

FY00 17,907,308,253.43

FY99 130,077,892,735.81


Notice that WE Have NEVER reduced the Total DEBT. Not Even during the Boom in the 90's.


So please tell me again you Fiscal conservatives, HOW GWB's TAX CUTS WILL HELP THIS IN THE FUTURE.


(SourceBureau of the Public Debt)

 

[Tom]

"OMG!!!!! He's going to cut Fire protection!!!! and close Prisons!!!! and not fund Vet benefits!!!!! OMG!!!!!!

And how much of the budget does that make up?

The budget is over 2 TRILLION dollars. NO ONE - and I mean NO ONE can tell me that isn't "enough spending".

CkG "

I used those as examples of why govt spending isn't the debbil.

 

[smashp]

Oh and Cad, Go Ahead and Cut federal Spending.

The State and Local governments will just take More form you.

 

[glugglug]

Don't worry, by the end of 2004 you'll be wishing the debt only had 13 digits.

 

[Dissipate]

Originally posted by: Dead Parrot Sketch
"OMG!!!!! He's going to cut Fire protection!!!! and close Prisons!!!! and not fund Vet benefits!!!!! OMG!!!!!!

And how much of the budget does that make up?

The budget is over 2 TRILLION dollars. NO ONE - and I mean NO ONE can tell me that isn't "enough spending".

CkG "

I used those as examples of why govt spending isn't the debbil.

Not ALL government spending is. No one in this thread has claimed that, you have trumped stuff up way out of proportion. On the other hand there is a lot of government fat that needs to be trimmed. Is it fiscally responsible to spend 30% of the national budget on social security? I don't think so. Social security and interest on the national debt consumes a whopping 42% of the national budget alone. Something HAS to be done about this.

 

[smashp]

Originally posted by: Dissipate

Originally posted by: Dead Parrot Sketch
"OMG!!!!! He's going to cut Fire protection!!!! and close Prisons!!!! and not fund Vet benefits!!!!! OMG!!!!!!

And how much of the budget does that make up?

The budget is over 2 TRILLION dollars. NO ONE - and I mean NO ONE can tell me that isn't "enough spending".

CkG "

I used those as examples of why govt spending isn't the debbil.

Not ALL government spending is. No one in this thread has claimed that, you have trumped stuff up way out of proportion. On the other hand there is a lot of government fat that needs to be trimmed. Is it fiscally responsible to spend 30% of the national budget on social security? I don't think so. Social security and interest on the national debt consumes a whopping 42% of the national budget alone. Something HAS to be done about this.

The problem is the Interest on the Debt and SS are Racing to see which one is going to Bankrupt the country First. The Interest keeps compounding....(How Dare it!!!). Its a Damn Shame The Government Doesnt Create a seperate SS tax and put that away just to fund SS so it doesnt affect the rest of the federal Budget and be used as a ploy to manipulate voters and be used as a Bank account when Needed.





OH Wait

 

[Tom]

reply to Dissipate-

LOL, I'm not the one who said slash govt spending with no differentiation.

and i seriously doubt the veracity of your claims, for one Social Security more than pays for itself at this point in time, so unless you plan to use people's FICA deductions for something other than their intended purpose Social Security's got nothing to do with the current deficits, other than making them look smaller than they really are.

 

[glugglug]

I agree - social security needs to go; and along with it they need to stop deducting it from my paychecks.
With my luck this will finally happen as soon as I retire.

And we need to stop throwing money away on bogus "wars". And collect more tax money from legalized marijuana.

 

[Dissipate]

Originally posted by: Dead Parrot Sketch
LOL, I'm not the one who said slash govt spending with no differentiation.

and i seriously doubt the veracity of your claims, for one Social Security more than pays for itself at this point in time, so unless you plan to use people's FICA deductions for something other than their intended purpose Social Security's got nothing to do with the current deficits, other than making them look smaller than they really are.

Social Security pays for itself?! What in the hell gave you that idea? Social security comes from taxes, any program that comes from taxes certainly does not pay for itself. Is there a booth that sells little social security dolls or something that's bringing in profits? PAH-lese.

Uh, BIG news flash buddy, social security funds have already been taken out and spent on other things. But that's beside the point, FICA is money out of everyone's paycheck and today's workers are subsidizing tomorrow's retirees, and they will only get a fraction of that money back that they paid in.