Oh dear.
Funny that the politicians/MSM keep their mouths shut about raising the debt limit, isn't it. When you are in a hole you should stop digging, no?
US national debt limit raised to $10.6 Trillion
- Thread starter GrGr
- Start date
Oh dear.
Funny that the politicians/MSM keep their mouths shut about raising the debt limit, isn't it. When you are in a hole you should stop digging, no?
This is just business as usual for the government. This is the 6th time they are raising the debt limit since 2001.
Get ready for
a) More Taxes
b) Huge inflation when the dollar you earn today becomes worthless
Get ready for
a) More Taxes
b) Huge inflation when the dollar you earn today becomes worthless
StageLeft
No Lifer
- Sep 29, 2000
- 70,150
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2008 biggest deficit EVAR
Biggest budget ever this year ($3.1T) and biggest deficit. First 3t budget, in fact. Guess who signed the first $2T budget ever? Bush, and I don't mean sr. Same one in office now. Guess who signed the first $1T? Reagan. Fiscal conservatives FTW!!
Biggest budget ever this year ($3.1T) and biggest deficit. First 3t budget, in fact. Guess who signed the first $2T budget ever? Bush, and I don't mean sr. Same one in office now. Guess who signed the first $1T? Reagan. Fiscal conservatives FTW!!
Engineer
Elite Member
- Oct 9, 1999
- 39,234
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I don't think the housing bailout will hit until 2009. There have been just over $100 billion in stimulus checks sent so far this year with an estimated $60 billion to go (possibly into next year). Also, I think the story might be incorrect as it says "this year" as in 2008. CNBC just stated 400 billion this year and $490 billion for 2009, FWIW.
900 billion in two years....wow.
From 5.6 trillion in 2001 to nearly 10 trillion (or beyond) by 2009. Great job there.
Time for the ole "Well, it's still low compared to GDP" speeches to pop out. Won't stay low at this pace, now will it, but just think, the stimulus checks bought us a positive GDP (most likely) and no "official" recession. I guess that's worth it, right?
Engineer
Elite Member
- Oct 9, 1999
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They don't need to pay it back as long as they can roll it over and over and over. However, it's growth cannot continue forever. Sure, we are well below other countries like Japan, but the growth in spending just isn't sustainable forever.
On a side note, I guess Bush won't be able to claim that the deficit was cut in half by the time he leaves office.
And we can't forget that any additional Iraq 'Emergency Spending Bills' that go for about 60-80 billion a pop are off the books as well.
StageLeft
No Lifer
- Sep 29, 2000
- 70,150
- 5
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I thought that they also were basically "off the books". They will hit the debt and they hit the "true deficit" but in terms of official deficit, emergency appropriations are off the book since they're not part of the official budget and, despite their predictability, they've been a key financing piece for the Iraq war, so in this sense it's not immediately noticeable with a cursory glance at the numbers.
blackangst1
Lifer
- Feb 23, 2005
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I suggest you people get perspective. Is our debt out of control? Sure it is. But this bullshit of biggest evar etc is crap. Our debt ceiling is rased every year (pretty much). Were you railing against Clinton for doing so? Bush Sr? Reagan?
http://en.wikipedia.org/wiki/United_States_public_debt
And our debt actually went down slightly in 2001, ever so. you need to also consider debt as a percentage of GDP. Its remained ~fairly~ stable in our lifetimes, especially compared to the disastrous 1950's. Why? Because our economy ISNT as bad as the chicken littles make it out to be, and because of how much wealth this country has.
Get a grip people.
http://en.wikipedia.org/wiki/United_States_public_debt
And our debt actually went down slightly in 2001, ever so. you need to also consider debt as a percentage of GDP. Its remained ~fairly~ stable in our lifetimes, especially compared to the disastrous 1950's. Why? Because our economy ISNT as bad as the chicken littles make it out to be, and because of how much wealth this country has.
Get a grip people.
Engineer
Elite Member
- Oct 9, 1999
- 39,234
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It was indeed high in the 1950's but heading in the right direction until around 1980.. Seems that the GOP Presidents can't seem to make it go in the right direction (down) since then.
We do have alot of wealth but as T. Boone Pickens states, we're undergoing the greatest wealth transfer in history right now. Doesn't mean we will run out (or even low), but nothing wrong with keeping an eye on it.
Economy is good for some, bad for others. Depends on which side of the coin you're on.
Debt ceilings have been raised (and must be to continue borrowing to keep governement going) so nothing new there. However, record "deficits" are indeed new, especially when stating 1/2 trillion dollars per year with the so called worse (SS and medicare booms) in the near future.
How can we have a budget deficit when we don't even have a budget? There is no federal budget for 2008, nor was there for 2007.
I'm beginning to understand all of these federal bailouts. The government itself can't budget its money, so why should its citizens be expected to be any more responsible? Our example is a bunch of idiots seeing how fast they can spend money that isn't their, so the private citizen simply follows that example. Those of us who behave in a fiscally responsible manner are penalized for the idiocy of the rest.
Bush did promise us a balanced budget with a 100b+ surpluss by 2012. Oh and I forgot, he also said the deficit next year would only be 200 billion or so.
ProfJohn
Lifer
- Jul 28, 2006
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The Democrats have been in control of congress for a year and a half now and the budget and deficit still grows??
I thought they were going to stop all that?
BTW the only way to view the deficit/debt is in terms of its size vs. GDP. The dollar figures are meaningless since inflation will cause it to rise nearly every year.
I thought they were going to stop all that?
BTW the only way to view the deficit/debt is in terms of its size vs. GDP. The dollar figures are meaningless since inflation will cause it to rise nearly every year.
blackangst1
Lifer
- Feb 23, 2005
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*shrug* OK. We can post graphs all day long to credit and discredit all we want right? I was simply making a statement without regard to party.
Yep. There is more wealth now both in hard dollars, and adjusted for inflation, than at any time in our history. The wealth many people under 50 have now make Rockefeller look dismal. Reflection of bad economics? Nope. Reflection of decent (notice I didnt say ideal, perfect, or even good.) economics, good opportunity, and freedom.
Well, in all fairness, we all know thats a moot point.
And realistically the only way out is higher taxes or lower spending. We all know which one will come to pass dont we?
blackangst1
Lifer
- Feb 23, 2005
- 22,914
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bamacre
Lifer
- Jul 1, 2004
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The really sad part is that the only real fiscal conservatives left are outside of the two major parties.
We complain about the debt and spending, and rightfully so, and Congress has a historically low approval rating. Yet, here we are, just months away from electing one of two Senators for our next president. Neither of which will balance a budget, much less chip away at the ever-increasing national debt.
One must wonder who exactly is doing a worse job. Those in DC or the people who elect them.
We complain about the debt and spending, and rightfully so, and Congress has a historically low approval rating. Yet, here we are, just months away from electing one of two Senators for our next president. Neither of which will balance a budget, much less chip away at the ever-increasing national debt.
One must wonder who exactly is doing a worse job. Those in DC or the people who elect them.
President Bush inherited a budget surplus of $128 billion when he took office in 2001 but has since posted a budget deficit every year.
On the front page of CNN right now.
"White House spokeswoman says increased deficit needed to spur economy"
:laugh: Yea folks Bush/Republicans say we need more deficit to get us out of the deficit. Has that not been what thay have ben saying the last 6-8years?
"But the senior administration official says the budgetary problems stem from what is believed to be inadequate defense, intelligence and homeland security resources that were handed down from President Bill Clinton."
Oh so the last 8 years were all Clintons fault. Again something Bush/Republicans have been using as their scapegoat the last 6-8 years.
On the front page of CNN right now.
"White House spokeswoman says increased deficit needed to spur economy"
:laugh: Yea folks Bush/Republicans say we need more deficit to get us out of the deficit. Has that not been what thay have ben saying the last 6-8years?
"But the senior administration official says the budgetary problems stem from what is believed to be inadequate defense, intelligence and homeland security resources that were handed down from President Bill Clinton."
Oh so the last 8 years were all Clintons fault. Again something Bush/Republicans have been using as their scapegoat the last 6-8 years.
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