US Debt now equal to Total US Economy.

[Anthony]

Just keeps getting better and better.

http://www.washingtontimes.com/news/...al-us-economy/

The Washington Times

President Obama projects that the gross federal debt will top $15 trillion this year, officially equalling the size of the entire U.S. economy, and will jump to nearly $21 trillion in five years? time.

Amid the other staggering numbers in the budget Mr. Obama sent to Congress on Monday, the debt stands out ? both because Congress will need to vote to raise the debt limit later this year, and because the numbers are so large.

Mr. Obama?s budget said 2011 will see the biggest one-year jump in debt in history, or nearly $2 trillion in a single year. And the administration says it will reach $15.476 trillion by Sept. 30, the end of the fiscal year, to reach 102.6 percent of gross domestic product (GDP) ? the first time since World War II that dubious figure has been reached.

In one often-cited study, two economists have argued that when gross debt passes 90 percent it hinders overall economic growth.

The president?s budget said debt as a percentage of GDP will top out at 106 percent in 2013, but only if the economy booms.

?I still don?t see a sense of urgency from the president about the massive federal debt,? said Sen. Lamar Alexander, Tennessee Republican. ?His budget calls for too much government borrowing ? even though the debt is already at a level that makes it harder to create private-sector jobs.?

Speaking on MSNBC on Monday, Jacob ?Jack? Lew, the White House budget director, said their long-term plan to lower deficits will stabilize the debt.

?When we came into office, when President Obama took office, the deficit was climbing to over 10 percent of the economy. We have a plan that would bring it down to 3 percent,? he said. ?That is the most rapid reduction in the deficit in history. It is what we have to do to be able to say we?re paying our bills and we?re not adding to the debt.?

The administration said debt as a percentage of GDP will stabilize at about 105 percent in the middle of this decade, though those calculations assume economic growth levels significantly above projections of the non-partisan Congressional Budget Office.

The government measures debt several ways. Debt held by the public includes the money borrowed from Social Security?s trust fund.

[12clicks]

this president is an idiot. He presented a budget with no real spending cuts. It will be fun watching him walk out of the whitehouse for good in 2 years.

[Anthony]

Originally Posted by 12clicks

this president is an idiot. He presented a budget with no real spending cuts. It will be fun watching him walk out of the whitehouse for good in 2 years.

Like a lot of citizens, I feel I've been fed a load of bullshit. Change, indeed.

[Paul Markham]

I think China will be the Worlds strongest economy soon. Then the shit will really hit the fan.

http://en.wikipedia.org/wiki/File:Prc1952-2005gdp.gif

http://www.chinability.com/GDP.htm

[Fat Panda]

thanks for regurgitating drudge report headlines...

[Anthony]

Originally Posted by SAC

thanks for regurgitating drudge report headlines...

Seriously Scott, if you don't like it, don't post.

[Paul Markham]

For those screaming for cuts. Imagine what taking that much money out of the US economy will do to the country.

It will send a lot of you bankrupt. People with not a lot of money buy porn, those with lots of money buy escorts.

[TheDoc]

This hasn't been the only cuts, this is one of several that have already gone through and several more on the way.

He will never get one big cut approved - every presidents only option is to cut it bit by bit or get nothing cut at all.

I know many people like to blame Obama, but he isn't the one that makes the action happen on the budget.

[12clicks]

Originally Posted by SAC

thanks for regurgitating drudge report headlines...

feel free to regurgitate the leftist excuse.

[12clicks]

Originally Posted by TheDoc

This hasn't been the only cuts, this is one of several that have already gone through and several more on the way.

He will never get one big cut approved - every presidents only option is to cut it bit by bit or get nothing cut at all.

I know many people like to blame Obama, but he isn't the one that makes the action happen on the budget.

cuts?
he didn't cut shit.
oh, and you missed this part: Mr. Obama?s budget said 2011 will see the biggest one-year jump in debt in history

[12clicks]

Originally Posted by Paul Markham

For those screaming for cuts. Imagine what taking that much money out of the US economy will do to the country.

It will send a lot of you bankrupt. People with not a lot of money buy porn, those with lots of money buy escorts.

dear idiot, sentence one opposes sentence two.

[TheDoc]

Originally Posted by 12clicks

cuts?
he didn't cut shit.
oh, and you missed this part: Mr. Obama‘s budget said 2011 will see the biggest one-year jump in debt in history

Boy letting that fox news education shine through again... He's cut 800b so far in the last two years, and he didn't even project any cuts until after 2 years... BAM!

Did you read the article or the title? It says the increase is happening because of "Actual debt held by the public will reach 72 percent of GDP in 2011 and will climb as the Social Security trust fund’s finances continue to deteriorate."

Yep, Mr. Obama's Budget is doing it, all his, his doing, everything he put it into made it go up... Man, you are an uneducated fool.

[Paul Markham]

For those blaming Obama it's time to look at this.



Seems in the last 30 years the only one to reduce debt was a Democrat.

Americans spend too much and produce too little. It's really that simple. The solution is to sell your 4x4s, SUVs, turn down the air conditioning, stop buying so many imported goods in favor of US goods.

Plus a few other measures. Money loaned and spent in the US goes into the US economy. That keeps the wheels turning. Money spent on goods made overseas goes out of the economy.

What you have to ask yourself is where did the increase debt go to under the Bushes and Reagan?

To the poor or the wealthy or fighting wars?

[theking]

Originally Posted by Paul Markham

I think China will be the Worlds strongest economy soon. Then the shit will really hit the fan.

http://en.wikipedia.org/wiki/File:Prc1952-2005gdp.gif

http://www.chinability.com/GDP.htm

If it happens...it will not be in your lifetime.

[Paul Markham]

Originally Posted by theking

If it happens...it will not be in your lifetime.

That's actually a comforting thought. I won't be affected by it. You must be the same age and probably not as fit as me.

It might take 10, 15 years. But it's coming.

[12clicks]

Originally Posted by TheDoc

Boy letting that fox news education shine through again... He's cut 800b so far in the last two years, and he didn't even project any cuts until after 2 years... BAM!

Did you read the article or the title? It says the increase is happening because of "Actual debt held by the public will reach 72 percent of GDP in 2011 and will climb as the Social Security trust fund?s finances continue to deteriorate."

Yep, Mr. Obama's Budget is doing it, all his, his doing, everything he put it into made it go up... Man, you are an uneducated fool.

I love chatboard idiots who have to lie to make themselves look right.
here son, show me where the article says,"It says the increase is happening because of "Actual debt held by the public will reach 72 percent of GDP in 2011 and will climb as the Social Security trust fund?s finances continue to deteriorate."

President Obama projects that the gross federal debt will top $15 trillion this year, officially equalling the size of the entire U.S. economy, and will jump to nearly $21 trillion in five years? time.

Amid the other staggering numbers in the budget Mr. Obama sent to Congress on Monday, the debt stands out ? both because Congress will need to vote to raise the debt limit later this year, and because the numbers are so large.
Mr. Obama?s budget said 2011 will see the biggest one-year jump in debt in history, or nearly $2 trillion in a single year. And the administration says it will reach $15.476 trillion by Sept. 30, the end of the fiscal year, to reach 102.6 percent of gross domestic product (GDP) ? the first time since World War II that dubious figure has been reached.

In one often-cited study, two economists have argued that when gross debt passes 90 percent it hinders overall economic growth.

The president?s budget said debt as a percentage of GDP will top out at 106 percent in 2013, but only if the economy booms.

?I still don?t see a sense of urgency from the president about the massive federal debt,? said Sen. Lamar Alexander, Tennessee Republican. ?His budget calls for too much government borrowing ? even though the debt is already at a level that makes it harder to create private-sector jobs.?

Speaking on MSNBC on Monday, Jacob ?Jack? Lew, the White House budget director, said their long-term plan to lower deficits will stabilize the debt.

?When we came into office, when President Obama took office, the deficit was climbing to over 10 percent of the economy. We have a plan that would bring it down to 3 percent,? he said. ?That is the most rapid reduction in the deficit in history. It is what we have to do to be able to say we?re paying our bills and we?re not adding to the debt.?

The administration said debt as a percentage of GDP will stabilize at about 105 percent in the middle of this decade, though those calculations assume economic growth levels significantly above projections of the non-partisan Congressional Budget Office.

The government measures debt several ways. Debt held by the public includes the money borrowed from Social Security?s trust fund.
Actual debt held by the public will reach 72 percent of GDP in 2011 and will climb as the Social Security trust fund?s finances continue to deteriorate."


hit Control F and paste in "the increase is happening because of"

I'll wait right here, you lying piece of shit.

[12clicks]

Originally Posted by Paul Markham

Seems in the last 30 years the only one to reduce debt was a Democrat.

to an idiot 3rd world eye, perhaps.

[Vendzilla]

Originally Posted by TheDoc

Boy letting that fox news education shine through again... He's cut 800b so far in the last two years, and he didn't even project any cuts until after 2 years... BAM!

Did you read the article or the title? It says the increase is happening because of "Actual debt held by the public will reach 72 percent of GDP in 2011 and will climb as the Social Security trust fund?s finances continue to deteriorate."

Yep, Mr. Obama's Budget is doing it, all his, his doing, everything he put it into made it go up... Man, you are an uneducated fool.

800b cut from what? 1.43 trillion dollar budget deficit!

President Obama later today will propose a 10-year budget plan that would increase the national debt by $7.2 trillion over 10 years -- $1.1 trillion less than if it weren't implemented.

http://blogs.abcnews.com/politicalpu...get-fight.html

So it's ok that he's going to add 7.2 trillion to the debt, it was going to 8.3? How can anyone with a rational mind back this plan?

[TheDoc]

Originally Posted by 12clicks

I love chatboard idiots who have to lie to make themselves look right.
here son, show me where the article says,"It says the increase is happening because of "Actual debt held by the public will reach 72 percent of GDP in 2011 and will climb as the Social Security trust fund?s finances continue to deteriorate."

President Obama projects that the gross federal debt will top $15 trillion this year, officially equalling the size of the entire U.S. economy, and will jump to nearly $21 trillion in five years? time.

Amid the other staggering numbers in the budget Mr. Obama sent to Congress on Monday, the debt stands out ? both because Congress will need to vote to raise the debt limit later this year, and because the numbers are so large.
Mr. Obama?s budget said 2011 will see the biggest one-year jump in debt in history, or nearly $2 trillion in a single year. And the administration says it will reach $15.476 trillion by Sept. 30, the end of the fiscal year, to reach 102.6 percent of gross domestic product (GDP) ? the first time since World War II that dubious figure has been reached.

In one often-cited study, two economists have argued that when gross debt passes 90 percent it hinders overall economic growth.

The president?s budget said debt as a percentage of GDP will top out at 106 percent in 2013, but only if the economy booms.

?I still don?t see a sense of urgency from the president about the massive federal debt,? said Sen. Lamar Alexander, Tennessee Republican. ?His budget calls for too much government borrowing ? even though the debt is already at a level that makes it harder to create private-sector jobs.?

Speaking on MSNBC on Monday, Jacob ?Jack? Lew, the White House budget director, said their long-term plan to lower deficits will stabilize the debt.

?When we came into office, when President Obama took office, the deficit was climbing to over 10 percent of the economy. We have a plan that would bring it down to 3 percent,? he said. ?That is the most rapid reduction in the deficit in history. It is what we have to do to be able to say we?re paying our bills and we?re not adding to the debt.?

The administration said debt as a percentage of GDP will stabilize at about 105 percent in the middle of this decade, though those calculations assume economic growth levels significantly above projections of the non-partisan Congressional Budget Office.

The government measures debt several ways. Debt held by the public includes the money borrowed from Social Security?s trust fund.
Actual debt held by the public will reach 72 percent of GDP in 2011 and will climb as the Social Security trust fund?s finances continue to deteriorate."


hit Control F and paste in "the increase is happening because of"

I'll wait right here, you lying piece of shit.

This is what you got? This is the crap your spewing back? It's called a statement, which is followed by a quote in the article - what a world class idiot.

Now let's back on topic here... Where Obama HAS made Cuts.

[12clicks]

Originally Posted by TheDoc

This is what you got? This is the crap your spewing back? It's called a statement, which is followed by a quote in the article - what a world class idiot.

Now let's back on topic here... Where Obama HAS made Cuts.

what's that, liar?
it's not in the article?
Thats what I thought.

[TheDoc]

Originally Posted by Vendzilla

800b cut from what? 1.43 trillion dollar budget deficit!

President Obama later today will propose a 10-year budget plan that would increase the national debt by $7.2 trillion over 10 years -- $1.1 trillion less than if it weren't implemented.

http://blogs.abcnews.com/politicalpu...get-fight.html

So it's ok that he's going to add 7.2 trillion to the debt, it was going to 8.3? How can anyone with a rational mind back this plan?

What plan do you back? Ahhhhh, that one.

Let me get this straight, no mater what we're going to continue spending a set amount of money for awhile, anyone with a rational thought knows this, no mater who the President is.

So if Obama changes nothing, our debt in 10 years would be 1.1 trillion MORE if we didn't do what Obama is suggesting, just on this cut, not on the ones in the future as well.

I back the plan because if he tried to cut 7.2 trillion from the budget today it would NEVER go through, not a dime of it.. so we would then be 1.1 trillion MORE in debt in 10 years.

Understand yet?

[TheDoc]

Originally Posted by 12clicks

what's that, liar?
it's not in the article?
Thats what I thought.

Haha, great argument

[adamz]

[12clicks]

Originally Posted by TheDoc

Boy letting that fox news education shine through again... He's cut 800b so far in the last two years, and he didn't even project any cuts until after 2 years... BAM!

and just to fuck with the stupid a little more:

you see a cut the last two years?

fed budget 2008: $2.9 trillion
fed budget 2009: $3.52 trillion
fed budget 2010: $3.55 trillion
fed budget 2011: $3.834 trillion


I love these kids buying into obama's invisible cuts

[12clicks]

Originally Posted by TheDoc

Haha, great argument

hahaha, yeah punk, you've fooled me and everyone reading into believing you're right.

my god, no wonder....................

[DWB]

I'm a simple man, but I am smart enough to know that all of this isn't going to end well.

[lauralace]

Originally Posted by Paul Markham

I think China will be the Worlds strongest economy soon. Then the shit will really hit the fan.

http://en.wikipedia.org/wiki/File:Prc1952-2005gdp.gif

http://www.chinability.com/GDP.htm

China already owns much of the US debt. Let's just hope they never decide to demand payment. The US will be a third world country economically!

[Rochard]

We need to cut everything. Welfare - if you've been on welfare more than two years, your out. Too bad. Unemployement? Same thing. Sorry, we can't afford to support you.

[theking]

Originally Posted by lauralace

China already owns much of the US debt. Let's just hope they never decide to demand payment. The US will be a third world country economically!

China holds less than a trillion dollars in T-Bills which is a relatively small percentage of the National debt. We buy their products with dollars and they use those dollars to buy T-Bills...so it appears that we have a good thing going with them...now doesn't it.

[czarina]

Originally Posted by Anthony

Like a lot of citizens, I feel I've been fed a load of bullshit. Change, indeed.

I'm with you

[xenigo]

Originally Posted by 12clicks

cuts?
he didn't cut shit.
oh, and you missed this part: Mr. Obama?s budget said 2011 will see the biggest one-year jump in debt in history

How about we first start with cutting military spending...

That's the largest chunk of government waste, and the biggest part of the budget.

[Rochard]

While I'm fucking at it, why in the world are sending money to other countries? How much money do we send to Israel on a yearly basis? Egypt? Pakistan? Venezuela? Stop that shit now.

Remember that stimulus bill? Did you know that $200mil went to the Philippine?

Is this really how we spend our money?

[theking]

Originally Posted by Rochard

We need to cut everything. Welfare - if you've been on welfare more than two years, your out. Too bad. Unemployement? Same thing. Sorry, we can't afford to support you.

People get welfare to house...feed...cloth and care for their children. Are you willing to watch the children suffer and die?

[12clicks]

Originally Posted by xenigo

How about we first start with cutting military spending...

That's the largest chunk of government waste, and the biggest part of the budget.

uh, you're incorrect.

[TheDoc]

Originally Posted by 12clicks

and just to fuck with the stupid a little more:

you see a cut the last two years?

fed budget 2008: $2.9 trillion
fed budget 2009: $3.52 trillion
fed budget 2010: $3.55 trillion
fed budget 2011: $3.834 trillion


I love these kids buying into obama's invisible cuts

And what does the growth look like for the last 30 years?

And cuts are cuts, only an idiot would bitch about them - oh wait.......

[TheDoc]

Originally Posted by 12clicks

hahaha, yeah punk, you've fooled me and everyone reading into believing you're right.

my god, no wonder....................

I didn't say anything was right or wrong, idiot - I simply quoted the article. You're the "only" idiot here that takes text I wrote and claims I said it was in an article -- hahahahaha what first class moron.

[TheDoc]

All Military, Defense and Veterans are the most expensive cost in America - without question. Not all of this can be cut, that's without question but 1 1/2 wars is still the major expense.

And right on it's ass is Health and Public Services. Medicare is most of the cost here. Not all of this can be cut.

Then the 3rd biggest cost, is the Interest on our debt to our own Federal Reserve. Removing this alone would remove all national debt.

You could cut everything else, and we would still be going up..... and up... and up. Those 3 things are the extreme mass majority of our costs, and one of them makes it so it is IMPOSSIBLE to get out of debt.

By paying the debt off, we create debt - do you people understand that?

[Barry-xlovecam]

So where do we cut?

http://en.wikipedia.org/wiki/2010_Un...federal_budget

Soak the rich or starve the poor?

Someone has to lose out ...

[mynameisjim]

First of all, there is nothing to cut. The Democrats know it, the Tea Party people know it, and the Republicans know it.

Once you take out social security, medicare, and defense, that leaves less than 15% of the budget to work with, and every congressman and Senator has at least one program in that 15% that he doesn't what touched. There is nothing to cut that will have any real impact on the debt.

The only way to fix the debt is to raise taxes, but we already found out that raising taxes is impossible in the current political climate. So either deal with the debt, or increase taxes. Those are the only options.

[TheDoc]

Originally Posted by Barry-xlovecam

So where do we cut?

http://en.wikipedia.org/wiki/2010_Un...federal_budget

Soak the rich or starve the poor?

Someone has to lose out ...

A huge cut would be totally ending the wars and our imperial control over so many Countries. We can't leave them all, but we can most of them.

If we don't want to have raise taxes in the future... we will need to do something that will fire this Country off like no other. End the free market with anything related to the medical Industry and related Insurance companies. From 'personal' to corp to fed - this is the Countries largest expense, more than everything else combined together.

Haters can hate, but our corps sell the same shit to other Countries at a far lower rate because those Countries force regulate the costs - and they damn sure aren't having the issues we are.

After that it's all about Interest, can't get out of debt with it... We could kill everything else and we would still sink.

[xenigo]

Originally Posted by 12clicks

uh, you're incorrect.

Wrong about what? The biggest chunk of our spending, or my opinion that it's an epic fucking waste of money having so many needless military outposts spread out across the entire world? And let's not forget the costs of our wars...

Care to prove otherwise? Is the military really something so sacred to you that you think we can't stand to shave off a few dozen billion in yearly spending?

Repubs are so fucking contradictory with spending... one hand they want to talk a big talk about cutting costs, but when it comes down to specifics, you can't figure out what you want to cut. All you know is that the Dem's aren't cutting anything, and you sure as fuck won't allow the military budget to be cut.

Oh wait, healthcare... you want to cut healthcare. And education. So we can live in a world full of retards controlled by religion. That sounds like a great idea.

[12clicks]

Originally Posted by xenigo

Wrong about what? The biggest chunk of our spending, or my opinion that it's an epic fucking waste of money having so many needless military outposts spread out across the entire world? And let's not forget the costs of our wars...

Care to prove otherwise? Is the military really something so sacred to you that you think we can't stand to shave off a few dozen billion in yearly spending?

Repubs are so fucking contradictory with spending... one hand they want to talk a big talk about cutting costs, but when it comes down to specifics, you can't figure out what you want to cut. All you know is that the Dem's aren't cutting anything, and you sure as fuck won't allow the military budget to be cut.

Oh wait, healthcare... you want to cut healthcare. And education. So we can live in a world full of retards controlled by religion. That sounds like a great idea.

It's not the biggest chunk, halfwhit.
But please, prattle on

[12clicks]

Originally Posted by TheDoc

And what does the growth look like for the last 30 years?

And cuts are cuts, only an idiot would bitch about them - oh wait.......

Hahaha.
It's amazing you can feed yourself.
The budget hasn't been cut

[xenigo]

Originally Posted by 12clicks

It's not the biggest chunk, halfwhit.
But please, prattle on

Might want to do a little research before you speak about the government policies you support. This is a simple fact, and one that is fairly commonly known. And clearly one that you have chosen to ignore, or disregard.

This data was compiled with a simple Google query of "where does the government spend the most money". These are the first page results.

http://www.warresisters.org/pages/piechart.htm

http://www.cbpp.org/cms/index.cfm?fa=view&id=1258

http://www.taxpolicycenter.org/brief...s/expenses.cfm

About half of fiscal 2008 discretionary spending paid for defense, and most of the rest went for domestic programs such as agricultural subsidies, highway construction, and the federal courts (see figure 3). Only 3 percent of discretionary spending funded international activities, such as foreign aid.

So again, care to cite where the error in this data is taking place? Should be pretty easy.

[TheDoc]

Originally Posted by 12clicks

Hahaha.
It's amazing you can feed yourself.
The budget hasn't been cut

I didn't say the budget had been cut... you have a serious reading issue.

I said, cuts are cuts or cuts have been made. And that is a fact, cutS have been made to MANY parts of the budget.

Any other stupid shit would like to say in this post?

[wig]

Originally Posted by lauralace

China already owns much of the US debt. Let's just hope they never decide to demand payment. The US will be a third world country economically!

Demand payment? You mean sell the bonds on the open market right? You do know what that means, right?

And you last sentence does not follow from your previous statement(s).

[Anthony]

Originally Posted by xenigo

Wrong about what? The biggest chunk of our spending, or my opinion that it's an epic fucking waste of money having so many needless military outposts spread out across the entire world? And let's not forget the costs of our wars...

Care to prove otherwise? Is the military really something so sacred to you that you think we can't stand to shave off a few dozen billion in yearly spending?

Repubs are so fucking contradictory with spending... one hand they want to talk a big talk about cutting costs, but when it comes down to specifics, you can't figure out what you want to cut. All you know is that the Dem's aren't cutting anything, and you sure as fuck won't allow the military budget to be cut.

Oh wait, healthcare... you want to cut healthcare. And education. So we can live in a world full of retards controlled by religion. That sounds like a great idea.

Here's a breakdown from 2006 to 2010



Military cuts would be the fastest way. And if you notice in the charts, 2010 < 2009.

[Anthony]

Originally Posted by wig

Demand payment? You mean sell the bonds on the open market right? You do know what that means, right?

And you last sentence does not follow from your previous statement(s).

I got Wig to come out and play! What's up Buddy!

[Anthony]

Originally Posted by TheDoc

I didn't say the budget had been cut... you have a serious reading issue.

I said, cuts are cuts or cuts have been made. And that is a fact, cutS have been made to MANY parts of the budget.

That frankly, made no sense.

[IllTestYourGirls]

Here is where we should start. 500 billion cut.

http://www.randpaul2010.com/2011/01/...spending-cuts/

Anyone talking about cutting a few 100 billion over YEARS is just blowing hot air.