Debt reaches $16 trillion today

Originally posted by whodey
This calls for a celebration!! The US debt should reach $16 trillion today thanks to the 2 party system. I will now give praise to both parties individually.

To the Democrats. Thanks so much for ignoring your own rhetoric by voting to keep the Bush tax cuts. Sure your all a bunch of hypocrites to your very core, but it was for a just cause. And thanks y not being able to pay interest on the debt in the very near future. Thanks one and all. 😵

How much of that $16 trillion went directly to corporations (Republicans)?

And how much of that $25 trillion will flow down that same hole?

Originally posted by whodey
How much has the government spent under Obama? Any clue?

No, but its blatantly obvious that you don't either.

Originally posted by Suzianne
How much of that $16 trillion went directly to corporations (Republicans)?

And how much of that $25 trillion will flow down that same hole?

You tell me. All that can be known is that we need to increase our taxes so they can continue to do even more.......or whatever it is that they do.

Originally posted by twhitehead
No, but its blatantly obvious that you don't either.

It's not that hard. For starters, look at where the debt was before elected and look at it now.

Well? Any clue? Then again, you just admitted you have no idea even though you proport to call me a liar.

You liberals just confuse the poo out of me. On the on hand you identify how the government has been taken over by greedy little arses, however, you want to empower them further, assumingly to police themselves. Hilarious.

Originally posted by whodey
It's not that hard. For starters, look at where the debt was before elected and look at it now.

Well? Any clue? Then again, you just admitted you have no idea even though you proport to call me a liar.

You liberals just confuse the poo out of me. On the on hand you identify how the government has been taken over by greedy little arses, however, you want to empower them further, assumingly to police themselves. Hilarious.

Surely your statement is wrong. Obama's spending has been a bit over $10 trillion in his three fiscal years; GWB alone spent over $20 trillion, so Obama could not possibly have been responsible for 33% of the spending in the country's history. You must mean he's been responsible for 33% of the debt, which is hardly noteworthy as every Republican President since Nixon could say that at the end of his presidency.

Originally posted by no1marauder
Surely your statement is wrong. Obama's spending has been a bit over $10 trillion in his three fiscal years; GWB alone spent over $20 trillion, so Obama could not possibly have been responsible for 33% of the spending in the country's history. You must mean he's been responsible for 33% of the debt, which is hardly noteworthy as every Republican President since Nixon could say that at the end of his presidency.

I say interest equal spending.

Obama accumulated more debt in 2 months and 3 years in office totaling $4.939 trillion than "W" did in his entire 8 years as president.

It is projected that at the end of Obama's term in 2016 that another $9.34 trillion will be added on. I suspect this is a conservative amount.

Originally posted by whodey
I say interest equal spending.

Obama accumulated more debt in 2 months and 3 years in office totaling $4.939 trillion than "W" did in his entire 8 years as president.

It is projected that at the end of Obama's term in 2016 that another $9.34 trillion will be added on. I suspect this is a conservative amount.

I'm sorry, but if you're going to make claims it would be nice if you used the same language as everybody else. I have no idea what "interest equal spending" is supposed to mean.

Originally posted by no1marauder
I'm sorry, but if you're going to make claims it would be nice if you used the same language as everybody else. I have no idea what "interest equal spending" is supposed to mean.

If you have a credit card that charges 50% interest then you are spending too much money.

Originally posted by whodey
If you have a credit card that charges 50% interest then you are spending too much money.

The US government is borrowing at near record low interest rates, so I fail to see how that statement applies.

Originally posted by no1marauder
The US government is borrowing at near record low interest rates, so I fail to see how that statement applies.

LMAO!!

With the debt they are amassing a 0.0000000001% interest rate will still put us all in the poor house.

Originally posted by whodey
LMAO!!

With the debt they are amassing a 0.0000000001% interest rate will still put us all in the poor house.

The US debt is on the same order as the GDP. If you would have debt totalling your annual income, and you'd pay "0.0000000001%" interest on it, you'd be "in the poor house"?

Originally posted by no1marauder
I'm sorry, but if you're going to make claims it would be nice if you used the same language as everybody else. I have no idea what "interest equal spending" is supposed to mean.

Since debt service (interest) must be paid, it is money spent.

Originally posted by normbenign
Since debt service (interest) must be paid, it is money spent.

Sure but:

Yes, the federal debt has grown by nearly $3 trillion dollars in the past three years. And yes, the dollar amount of that debt is quite large (in excess of $14 trillion and headed toward $15 trillion should the ceiling be raised). But large numbers are not the problem. The U.S. has a large economy (slightly larger than that debt number). And, crucially, we have very low interest rates.

Because of those low rates, the amount the U.S. government pays to service its debt is, relative to the size of the economy, less than it was paying throughout the boom years of the 1980s and 1990s and for most of the last decade. The Congressional Budget Office estimates that net interest on the debt (which is what the government pays to service it) would be $225 billion for fiscal year 2011. The latest figures put that a bit higher, so let’s call it $250 billion. That’s about 1.6% of American output, which is lower than at any point since the 1970s – except for 2003 through 2005, when it was closer to 1.4%.

Under Ronald Reagan, the first George Bush, and Bill Clinton, payments on federal debt often got above 3% of GDP. Under Bush the second, payments were about where they are now. Yet suddenly, we are in a near collective hysteria.

http://moneyland.time.com/2011/07/15/the-u-s-is-not-drowning-in-debt/

Originally posted by normbenign
Since debt service (interest) must be paid, it is money spent.

Looks like Norm is drinking the Whodey cool aid again.

🙄

Actually why should we even care? Maybe we should adopt the Cheney Doctrine of deficits don't matter. Just run up the debt as high as you can and when they demand to be paid at any time and you can't pay just blow them off.

All they need to do is keep a good stock pile of nukes and they are golden. 😵

Originally posted by whodey
It's not that hard. For starters, look at where the debt was before elected and look at it now.

The debt tells us practically nothing about total spending.

Then again, you just admitted you have no idea even though you proport to call me a liar.
Yes, I call you a liar. You cant back up your claim can you? Instead you think you can get away with simply saying that since I don't know the exact figures, you might be right. Sorry, but you cant get away with that.

You liberals just confuse the poo out of me. On the on hand you identify how the government has been taken over by greedy little arses, however, you want to empower them further, assumingly to police themselves. Hilarious.
Hilarious is you thinking I am American in the first place.