National debt

holsgo · Post by **holsgo** » Tue Oct 02, 2012 2:28 pm

Ok crew. Heres another one about our debt. Scary indeed. Notice the last of the vid which shows us in a precarious position at best. This is a video that regardless of political position is fact. Not theory, not conjecture just plain old accounting. If not fixed...well, need I say anything more than the clip does.

http://www.youtube-nocookie.com/embed/EW5IdwltaAc?rel=0

dusty · Post by **dusty** » Tue Oct 02, 2012 2:50 pm

Thanks for the video. It explained the crisis, sorta, so that everyone can understand.

But is this not what conservatives have been saying for years and what the Tea Party people having been screaming for months.

holsgo · Post by **holsgo** » Tue Oct 02, 2012 3:43 pm

It might very well be. But until we get everyone to rally around the problem it's just hot air. I don't care if you are republican, democrat or martian, this is going to happen. Like I've said before and I'll say again, a big collapse like this will make social politicals seem like a parking ticket. There won't be any argument about any other issue, we will actually be angry we debated the small stuff when there is one issue and one issue alone that really will change the country. Economics, debt whatever you call it.

pennview · Post by **pennview** » Tue Oct 02, 2012 4:38 pm

Not to worry, Obama said on the Letterman Show the other day that the national debt isn't a problem for the short term, and that should give everyone a clear indication of his views on the subject. And don't forget, the national debt has gone up by over $5 trillion since Obama took office and is now at $16 trillion. It was in the $10 plus trillion range when Bush left office. And, voters shouldn't forget that before taking office, Obama promised to cut the deficit in half during his "first" term.

And, I'd like to point out that if conservatives didn't keep raising the issue of the national debt and governmental spending, no one would be talking about it, and it was the Tea Party that was against raising the debt ceiling in the 2010 elections.

Moreover, it is the Democrats in the Senate who refused to produce a budget over the past three years and Obama's budget proposals sent to Congress have not gotten a single approving vote. Not in either chamber of Congress or from any member of either party. Even Democrats don't want to be on the record of supporting Obama's spending habit.

Fixing the problem will definitely take some belt tightening, but Obama and the Democrats are unwilling to stop spending and the government keeps running on Continuing Resolutions. Entitlements need to be restructured and the economy needs to start moving. Neither of these two issues will move forward if Obama gets reelected.

Instead of programs that work, we get excuses that it's Bush's fault. Our kids and grandkids simply can't afford Obama.

ryanbp01 · Post by **ryanbp01** » Tue Oct 02, 2012 5:33 pm

You might want to check out http://www.usdebtclock.org. It will also show you links to the states as well as gobal debt. I use it in my Economics classes.

BPR

JPG · Post by **JPG** » Tue Oct 02, 2012 10:01 pm

Debt = what we owe.

Deficit = debt growth.

While reducing the deficit is laudable, it merely continues the problem.

Only reducing the debt will move us in the right direction.

Our goal should be to eliminate the debt!

pennview · Post by **pennview** » Wed Oct 03, 2012 7:31 am

According to that Debt Clock, it will take $140,884 from each and every taxpayer in the country to eliminate the national debt we have right now.

Don't forget to watch the presidential debates tonight!

holsgo · Post by **holsgo** » Wed Oct 03, 2012 8:30 am

Of course that means cuts to every area from defense to social security to every other program. Like it or not it will be painful.

dusty · Post by **dusty** » Wed Oct 03, 2012 8:47 am

No problem. All that I will have to do is quit buying food, fuel, medicine and lumber (in that order of priority).

swampgator · Post by **swampgator** » Wed Oct 03, 2012 3:33 pm

Looking at the graph in the first video, you'll notice that the increases in the national debt started in the late 1970's, then took a dramatic upturn in the 1980's and continued.

When Bush doubled the national debt from $5 to $10, all who protested were called "unAmerican" and all those Nazi names. When it happened in this administration, much of the same thing except on the other side. Both are guilty. And, when we outsourced our debt to China, we put ourselves in a position to be taken over by . . . China.

What makes very little sense is to keep spending while cutting your income (taxes). If you cut your income, cut your spending. Yes, it's very uncomfortable, but we need to do it. All the complaining about the taxes, but we want all these services. As I used to be told back in my younger days, you can't have your cake and eat it too. Congress needs to get control as it is they who does the final enactment of all spending. The President submits a budget, the Congress either accepts, modifies or denies and makes the spending authorization. The Prez then signs what Congress passes. So, there is a enough blame to go all around, but is a clear indication of the mindset of most of the country. For too long we've lived above our means by credit. There is no encouragement to save, rather you are penalized for saving by paying taxes on your earnings.

That's my quick and dirty view from working with Navy Supply budgets for a number of years. In the 1980's spending by borrowing got so out-of-hand that there was a Gramm-Rudman-Hollings bill to stop the spending in Congress. Management here in Pensacola wanted to buy new furniture and live life in a castle environment. That bill stopped spending for about 5 years. At the same time, the BRAC's were implemented for 10 years with 5 rounds that ended in 1995. Out of here, now.