Why take one's respect or admiration for Barack Obama to the point of blindly accepting an obviously bad thing and in fact defending it? Massive debt and overspending will hurt America's people, rich and poor, for decades and generations in exchange for some present day pet-spending projects for a few groups temporarily.
The point is don't be afraid to push for a moderation in spending when it has skyrocketted even further. Why bankrupt America? It is the rich liberal elite who can best toleration the pain and the poor and middle classes who will have the hardest time hedging against the damage to be wrought.
Originally posted by eljefejesusIs it very easy to bankrupt the richest country in the world?
Why take one's respect or admiration for Barack Obama to the point of blindly accepting an obviously bad thing and in fact defending it? Massive debt and overspending will hurt America's people, rich and poor, for decades and generations in exchange for some present day pet-spending projects for a few groups temporarily.
The point is don't be afraid ...[text shortened]... r and middle classes who will have the hardest time hedging against the damage to be wrought.
If it was as bad as you say it is, Obama wouldn't be spending, there is no such thing as a liberal elite that is trying to bring down the country, you're sounding like whodey.
Originally posted by generalissimoBut even Obama says that the spending is unsustainable. So the question is, where is the cliff? I just hope he is not near sided.
Is it very easy to bankrupt the richest country in the world?
If it was as bad as you say it is, Obama wouldn't be spending, there is no such thing as a liberal elite that is trying to bring down the country, you're sounding like whodey.
Originally posted by eljefejesusOne could have said the same thing about George W Bush and the "Rich Conservative Elite." The Obama administration is trying to walk a fine line between stimulating the economy vs overspending and running up too large a deficit. Not an easy task considering the state of the economy last year at this time.😏
Why take one's respect or admiration for Barack Obama to the point of blindly accepting an obviously bad thing and in fact defending it? Massive debt and overspending will hurt America's people, rich and poor, for decades and generations in exchange for some present day pet-spending projects for a few groups temporarily.
The point is don't be afraid ...[text shortened]... r and middle classes who will have the hardest time hedging against the damage to be wrought.
Originally posted by bill718No doubt, since "W" did such a good job there is no reason why Obama can't do the same good job. LOL.
One could have said the same thing about George W Bush and the "Rich Conservative Elite." The Obama administration is trying to walk a fine line between stimulating the economy vs overspending and running up too large a deficit. Not an easy task considering the state of the economy last year at this time.😏
Gentlemen, gentlement, let's agree for now that there is a problem in our
current direction, then on what to do about it.
It seems universally agreed that there was a problem under Bush and
there is a problem under Obama, but not yet any solutions.
http://www.treasurydirect.gov/NP/BPDLogin?application=np
Current
Debt Held by the Public
Intragovernmental Holdings
Total Public Debt Outstanding
12/03/2009
7,709,701,348,736.40
4,377,660,326,278.35
12,087,361,675,014.75
http://forecasts.org/gdp.htm
US GDP 2009 in billions of US dollar
MonthDateForecast
Value50%
Correct +/- 80% Correct +/-
0Oct 200914,261.2 00
1Nov 200914,261 45101
2Dec 200914,261 55124
http://www.webcitation.org/query?url=https%3A%2F%2Fwww.cia.gov%2Flibrary%2Fpublications%2Fthe-world-factbook%2Frankorder%2F2186rank.html&date=2008-10-15
Debt figure from 2007 per CIA.gov worldfacts book
Rank
Country
Public debt
(% of GDP)
Date of Information
1
Zimbabwe 218.20 2007 est.
2
Lebanon 186.60 2007 est.
3
Japan 170.00 2007 est.
4
Jamaica 126.50 2007 est.
5
Sudan 105.90 2007 est.
6
Egypt 105.80 2007 est.
7
Italy 104.00 2007 est.
8
Singapore 96.30 2007 est.
9
Seychelles 92.30 2007 est.
10
Greece 89.50 2007 est.
11
Sri Lanka 85.80 2007 est.
12
Belgium 84.60 2007 est.
13
Norway 83.10 2007 est.
14
Bhutan 81.40 2004
15
Israel 80.60 2007 est.
16
Cote d'Ivoire 75.20 2007 est.
17
Jordan 72.40 2007 est.
18
Morocco 67.40 2007 est.
19
Hungary 67.00 2007 est.
20
Germany 64.90 2007 est.
21
Uruguay 64.80 2007 est.
22
Canada 64.20 2007 est.
23
France 63.90 2007 est.
24
Portugal 63.60 2007 est.
25
Mauritius 63.10 2007 est.
26
Nicaragua 62.90 2007 est.
27
United States 60.80 2007 est.
Originally posted by eljefejesusHow do you know if there's "unwillingness"?
generalissimo and bill 718 you are welcome to debunk the argument now...
I think whodey already agrees.
Question, who's right? Is there no Obama-willingness-to-face-rising-debt problem?
do you know what Obama does and says in private?
also, is it realistic to suggest Obama should stop spending?
You can't really compare those GDP as a percentage of GDP figures very well... for example Norway may have a 80% of GDP state debt, but if you subtract from that the assets held by the state investment fund, it's actually less than zero. In other words - Norway simply voluntarily issued debt paper in order to get cheap investment funds.
Originally posted by generalissimoyou could call it inability rather than unwillingness,
How do you know if there's "unwillingness"?
do you know what Obama does and says in private?
also, is it realistic to suggest Obama should stop spending?
and you could start with slight reductions in spending rather than huge increases.
Originally posted by KazetNagorraNorway with its huge petroleum reserves and good management of these assets is often an anomaly and an exception to the rule, it is a rare thing to see in the world... a country that prudently manages its abundant natural resource fortune.
You can't really compare those GDP as a percentage of GDP figures very well... for example Norway may have a 80% of GDP state debt, but if you subtract from that the assets held by the state investment fund, it's actually less than zero. In other words - Norway simply voluntarily issued debt paper in order to get cheap investment funds.