there are tea party members who have the will but they are painted as racists by the piece of shit libtards and dismissed by the asswipe rinos. it's not going to get better, its going to get worse
5 Complete Lies About America's New $18 Trillion Debt LevelTyler Durden's pictureSubmitted by Tyler Durden on 12/02/2014 22:31 -0500 Submitted by Simon Black via Sovereign Man blog, On October 22, 1981, the government of the United States of America accumulated an astounding $1 TRILLION in debt. At that point, it had taken the country 74,984 days (more than 205 years) to accumulate its first trillion in debt. It would take less than five years to accumulate its second trillion. And as the US government just hit $18 trillion in debt on Friday afternoon, it has taken a measly 403 days to accumulate its most recent trillion. There’s so much misinformation and propaganda about this; let’s examine some of the biggest lies out there about the US debt: 1) “They can get it under control.” What a massive lie. Politicians have been saying for decades that they’re going to cut spending and get the debt under control. FACT: The last time the US debt actually decreased from one fiscal year to the next was back in 1957 during the EISENHOWER administration. FACT: For the last several years, the US government has been spending roughly 90% of its ENTIRE tax revenue just to pay for mandatory entitlement programs and interest on the debt. This leaves almost nothing for practically everything else we think of as government. 2) “The debt doesn’t matter because we owe it to ourselves.” This is probably the biggest lie of all. Two of the Social Security trust funds alone (OASI and DI) own $2.72 trillion of US debt. The federal government owes this money to current and future beneficiaries of those trust funds, i.e. EVERY SINGLE US CITIZEN ALIVE. I fail to see the silver lining here. How is it somehow ‘better’ if the government defaults on its citizens as opposed to, say, banks? 3) “They can always ‘selectively default’ on the debt” Another lie. People think that the US government can pick and choose who it pays. They could make a bing stink about China, for example, and then choose to default on the $2 trillion in debt that’s owed to the Chinese. Nice try. But this would rock global financial markets and destroy whatever tiny shred of credibility the US still has. Others have suggested that the government could selectively default on the Federal Reserve (which owns $2.46 trillion of US debt). Again, possible. But given that the Fed (the issuer of the US dollar) would become immediately insolvent, the resulting currency crisis would be completely disastrous. 4) “It’s the NET debt that’s important” Analysts often pay attention to a country’s “net debt” instead of its gross debt. If you have a million bucks in debt, and a million bucks in cash, then your ‘net debt’ is zero. It washes out. Problem is, the US government doesn’t have any cash. The Treasury Department opened its business day on Friday morning with just $71.9 billion in cash, or just 0.39% of its total debt level. Apple has more money than that. 5) “They can fix it by raising taxes” No they can’t. Just look at the numbers. Since the end of World War II, US government tax revenue has consistently been roughly 17% of GDP. They can raise tax rates, but it doesn’t move the needle in terms of revenue as a percentage of GDP. In other words, the government’s ‘slice of the pie’ is pretty consistent. You’d think with this obvious data that, rather than try to increase tax rates (ineffective), they’d do everything they can to help make a bigger pie. Or better yet, just leave everyone the hell alone so we’re free to bake as much as we can. But no. They have to regulate every aspect of people’s existence: How you are allowed to educate your children. What you can/cannot put in your body. How much interest you are entitled to receive on your savings. All of this costs time, money, and efficiency. So do never-ending wars. The bombs. The drones. The airstrikes. This isn’t about any single person or President. The problem is with the system itself. History shows that every leading superpower from the past almost invariably fell to the same fate. Great powers often feel that their wealth and success entitles them to spend recklessly and wage endless, arrogant wars. The Romans. The Ottoman Empire. The British. History may not repeat but it certainly rhymes. And the lesson here is very clear: debt weakens a nation. It weakens a society. Generations that will not even be born for decades will inherit these debts by complete accident of birth. And the people in charge of the system have backed themselves into a corner where there is no way out other than to default– either on their creditors (creating a global financial crisis), the central bank (creating a currency crisis), or on the citizens themselves (creating an epic social crisis). Bottom line: this is not a consequence-free environment. And while you can’t fix the debt problem, you can certainly reduce your own exposure to what happens next
U.S. debt has now surpassed $18 trillion.
Under President Barack Obama, America's debt has skyrocketed 70%.
On the day Obama took office, January 21, 2009, Zero Hedge reports U.S. debt stood at $10.625 trillion. The national debt cleared $18 trillion for the first time on Black Friday.
In March, the Congressional Budget Office (CBO) projected that the Obama U.S. debt explosion would result in interest payments on U.S. debt quadrupling by 2024 to a stratospheric $880 billion a year, a sum 105 times bigger than the FBI's budget.
Still, Obama contends his economic policies have been a boon to America.
"By every economic measure, we are better off now than when I took office," said Obama in October.
http://www.breitbart.com/Big-Government/2014/12/02/U-S-Debt-Hits-18-000-000-000-000-00
Of course, it's ALL Bush's fault!!!!!!!!!!
https://www.youtube.com/watch?v=3CMy2M32g4k
When you want to change the subject on other things.
You run to your old playbook.
If you really want to talk about the US debts.
Then let's look at the wars first.
http://www.businessinsider.com/how-much-isis-war-costs-2014-10
So what else is new from the GOP and their supporters!
http://theweek.com/article/index/254642/why-dont-americans-realize-the-deficit-is-falling
thought you had been grounded and sent to the basement without your computer for being an obnoxious dick! LOL
Put it in your own words, bigpajamaboy. Then we will embarrass you yet again.
You run to your old playbook.
If you really want to talk about the US debts.
Then let's look at the wars first.
http://www.businessinsider.com/how-much-isis-war-costs-2014-10
http://www.usnews.com/news/articles/2013/03/28/the-total-iraq-and-afghanistan-pricetag-over-4-trillion
So what else is new from the GOP and their supporters!
http://www.politifact.com/wisconsin/statements/2014/sep/05/barack-obama/obama-says-he-has-cut-national-deficit-half/
http://theweek.com/article/index/254642/why-dont-americans-realize-the-deficit-is-falling
he would post a dozen links on his posts like he thought that any of us were going to waste over an hour reading them.
If I wanted to spend an hour burning up brain cells in the afternoon, I could always turn on a soap opera, or MSNBC and listen to the likes of Al Fucking Sharpton.
If I wanted to spend an hour burning up brain cells in the afternoon, I could always turn on a soap opera, or MSNBC and listen to the likes of Al Fucking Sharpton.
You run to your old playbook.
If you really want to talk about the US debts.
Then let's look at the wars first.
http://www.businessinsider.com/how-much-isis-war-costs-2014-10
http://www.usnews.com/news/articles/2013/03/28/the-total-iraq-and-afghanistan-pricetag-over-4-trillion
So what else is new from the GOP and their supporters!
http://www.politifact.com/wisconsin/statements/2014/sep/05/barack-obama/obama-says-he-has-cut-national-deficit-half/
http://theweek.com/article/index/254642/why-dont-americans-realize-the-deficit-is-falling
This is why the repubscum are frauds
Other people can read what we write!
You are obviously not aware of that fact. But when I raise the issue of the debt and you change the subject to the deficit it's obvious to everyone but you who is changing the subject.
This is why no one likes you because you're stupid
Lol!!!
And requiring a Congressional majority before going after WMDs simply to bolster Halliburton's profits could also help.
Needle, Libs could care less about the debt and think we should be ADDING to it and Repubs only TALK about a balanced budget/debt reduction and do dick about it.
The deficit will once again go over $1 Trillion by 2016 and there isn't any political will to do anything about it.
The ONLY chance of this being addressed is with a Repub president in 2016 and even if that happens, I only think its a 1 in 5 shot they would have the balls to tell the American people the truth, enact real reform of entitlements, and do what it takes to get our fiscal house back on terra firma.
The only way this debt will stop growing is when the whole thing finally crashes. I hope I'm wrong, but I fully agree with you about the republicans lack of testicles to get things under control.
there are tea party members who have the will but they are painted as racists by the piece of shit libtards and dismissed by the asswipe rinos. it's not going to get better, its going to get worse
5 Complete Lies About America's New $18 Trillion Debt Level
Tyler Durden's pictureSubmitted by Tyler Durden on 12/02/2014 22:31 -0500
Submitted by Simon Black via Sovereign Man blog,
On October 22, 1981, the government of the United States of America accumulated an astounding $1 TRILLION in debt.
At that point, it had taken the country 74,984 days (more than 205 years) to accumulate its first trillion in debt.
It would take less than five years to accumulate its second trillion.
And as the US government just hit $18 trillion in debt on Friday afternoon, it has taken a measly 403 days to accumulate its most recent trillion.
There’s so much misinformation and propaganda about this; let’s examine some of the biggest lies out there about the US debt:
1) “They can get it under control.”
What a massive lie. Politicians have been saying for decades that they’re going to cut spending and get the debt under control.
FACT: The last time the US debt actually decreased from one fiscal year to the next was back in 1957 during the EISENHOWER administration.
FACT: For the last several years, the US government has been spending roughly 90% of its ENTIRE tax revenue just to pay for mandatory entitlement programs and interest on the debt.
This leaves almost nothing for practically everything else we think of as government.
2) “The debt doesn’t matter because we owe it to ourselves.”
This is probably the biggest lie of all. Two of the Social Security trust funds alone (OASI and DI) own $2.72 trillion of US debt.
The federal government owes this money to current and future beneficiaries of those trust funds, i.e. EVERY SINGLE US CITIZEN ALIVE.
I fail to see the silver lining here. How is it somehow ‘better’ if the government defaults on its citizens as opposed to, say, banks?
3) “They can always ‘selectively default’ on the debt”
Another lie. People think that the US government can pick and choose who it pays.
They could make a bing stink about China, for example, and then choose to default on the $2 trillion in debt that’s owed to the Chinese.
Nice try. But this would rock global financial markets and destroy whatever tiny shred of credibility the US still has.
Others have suggested that the government could selectively default on the Federal Reserve (which owns $2.46 trillion of US debt).
Again, possible. But given that the Fed (the issuer of the US dollar) would become immediately insolvent, the resulting currency crisis would be completely disastrous.
4) “It’s the NET debt that’s important”
Analysts often pay attention to a country’s “net debt” instead of its gross debt. If you have a million bucks in debt, and a million bucks in cash, then your ‘net debt’ is zero. It washes out.
Problem is, the US government doesn’t have any cash. The Treasury Department opened its business day on Friday morning with just $71.9 billion in cash, or just 0.39% of its total debt level.
Apple has more money than that.
5) “They can fix it by raising taxes”
No they can’t. Just look at the numbers. Since the end of World War II, US government tax revenue has consistently been roughly 17% of GDP.
They can raise tax rates, but it doesn’t move the needle in terms of revenue as a percentage of GDP.
In other words, the government’s ‘slice of the pie’ is pretty consistent.
You’d think with this obvious data that, rather than try to increase tax rates (ineffective), they’d do everything they can to help make a bigger pie.
Or better yet, just leave everyone the hell alone so we’re free to bake as much as we can.
But no. They have to regulate every aspect of people’s existence: How you are allowed to educate your children. What you can/cannot put in your body. How much interest you are entitled to receive on your savings.
All of this costs time, money, and efficiency. So do never-ending wars. The bombs. The drones. The airstrikes.
This isn’t about any single person or President. The problem is with the system itself.
History shows that every leading superpower from the past almost invariably fell to the same fate.
Great powers often feel that their wealth and success entitles them to spend recklessly and wage endless, arrogant wars. The Romans. The Ottoman Empire. The British.
History may not repeat but it certainly rhymes. And the lesson here is very clear: debt weakens a nation. It weakens a society.
Generations that will not even be born for decades will inherit these debts by complete accident of birth.
And the people in charge of the system have backed themselves into a corner where there is no way out other than to default– either on their creditors (creating a global financial crisis), the central bank (creating a currency crisis), or on the citizens themselves (creating an epic social crisis).
Bottom line: this is not a consequence-free environment. And while you can’t fix the debt problem, you can certainly reduce your own exposure to what happens next
A wise conservative once told me that "the only thing that is constant in history is the fact that no one learns from it."
I hear ya and I get it. But we had Bush sell us his bullshit on this that he was a "conservative" and he spent like a drunken Asian in a camera store. I was pissed. Most Republicans didn't give a fk because he was one of them.
I didn't have a ton of issues with Bush but this was my biggest. I can only hope a Rand Paul or Chris Christie win in 2016 as I think they will do the right thing. The rest of the field? Meh...proly not.
Beriberi doesn't know a budget from a fudge bar.
Analysis by Real Economist in the Private Sector.
No wonder Repubscums stays stupid. They can’t help themselves they feed on it and multiply.
Of course it's no surprise. You've made it abundantly clear you don't your Ass from a hole in the ground.
You are who Gruber was talking about.