1. Discuss politics - join our community by registering for free here! HOP - the political discussion forum

Our Looming Budget Disaster

Discussion in 'U.S. Politics' started by BigRob, Jan 3, 2018.

  1. dogtowner

    dogtowner Moderator Staff Member

    Joined:
    Dec 24, 2009
    Messages:
    17,642
    Likes Received:
    1,437
    Location:
    Sec 9 Row J Seat 1 @ VCU home games
    Might want to re read this. That interest being referred to is money out of the general fund. All they do i s roll over the tbills and pay interest which is why the true debt is hundreds of trillions.
     
  2. Old_Trapper70

    Old_Trapper70 Well-Known Member

    Joined:
    Dec 17, 2014
    Messages:
    2,383
    Likes Received:
    342

    "Hundreds of trillions"? Must be those damn poor people. Can't be the wealthy who just keep getting bennies from the Repugnants.

    Then too, Mother Russia, with all of its financial problems, seems to be able to buy American debt in spite of sanctions imposed by the Congress, however, Trump won't enforce them:

    http://money.cnn.com/2017/05/17/investing/russia-us-debt/index.html
     
  3. PLC1

    PLC1 Moderator Staff Member

    Joined:
    Apr 20, 2007
    Messages:
    10,502
    Likes Received:
    574
    Location:
    The Golden State
    Sure, if I buy T bills, I'd expect them to earn some interest. How that adds up to hundreds of trillions I have no idea.
     
  4. dogtowner

    dogtowner Moderator Staff Member

    Joined:
    Dec 24, 2009
    Messages:
    17,642
    Likes Received:
    1,437
    Location:
    Sec 9 Row J Seat 1 @ VCU home games
    Beaver paid any IOUs to begin with, just interest on rolled over debt.
     
  5. BigRob

    BigRob Well-Known Member

    Joined:
    Sep 4, 2007
    Messages:
    7,534
    Likes Received:
    353
    Location:
    USA
    I quoted the CBO data - which says unequivocally that mandatory spending (which the bulk of is the big three lines items I mentioned) is going to consume roughly 80% of all federal spending by 2040. When you include interest on existing debt there is almost no discretionary budget left that will not be fueled entirely by new debt.
     
    dogtowner likes this.
  6. Old_Trapper70

    Old_Trapper70 Well-Known Member

    Joined:
    Dec 17, 2014
    Messages:
    2,383
    Likes Received:
    342

    So, lets not tax the wealthy, lets give them more of the countries wealth.
     
  7. PLC1

    PLC1 Moderator Staff Member

    Joined:
    Apr 20, 2007
    Messages:
    10,502
    Likes Received:
    574
    Location:
    The Golden State
    I don't understand that one at all. What do beavers have to do with anything? Your avatar is a sea cow, is it not?
     
  8. dogtowner

    dogtowner Moderator Staff Member

    Joined:
    Dec 24, 2009
    Messages:
    17,642
    Likes Received:
    1,437
    Location:
    Sec 9 Row J Seat 1 @ VCU home games
    Spell check is not my friend... never wa the intent.
    Yes, a west indian manatee as they are also known. Relative of the elephant and a pachyderms. I love my pachyderms.
     
    PLC1 likes this.
  9. BigRob

    BigRob Well-Known Member

    Joined:
    Sep 4, 2007
    Messages:
    7,534
    Likes Received:
    353
    Location:
    USA
    In reality, the only "wealth" a government has is what it has taxed away from individuals. That aside, mathematically speaking, you can "tax the wealthy" and that does not even begin to solve the bigger issue at hand here. Several estimates out there (based on CBO numbers) show a needed tax rate of over 100% just to balance the budget within the decade - which of course is laughable since no one is effectively going to pay to work over a certain income level.
     
  10. dogtowner

    dogtowner Moderator Staff Member

    Joined:
    Dec 24, 2009
    Messages:
    17,642
    Likes Received:
    1,437
    Location:
    Sec 9 Row J Seat 1 @ VCU home games
    And we are out of games to play to hide the issue.
    Keep an eye on whatever sort of retirement you have. It's been getting talked about for some time. You may find it's been replaced with an iou.
     
  11. Openmind

    Openmind Well-Known Member

    Joined:
    Jun 16, 2011
    Messages:
    4,110
    Likes Received:
    119
    Location:
    Currently Belgium
    Then why spend more on the tax breaks to the wealthy? And on increased military spending?

    Because it feeds the wealthy!

    The social security benefits do NOT add to the deficit, anyway you want to look at it! It is not funded by the government, but self-funded. The fact that the social security reserve was placed in T-bonds to pay for other items in the federal budget (and to pay for interests on deficit) is a big sham.
     
  12. Openmind

    Openmind Well-Known Member

    Joined:
    Jun 16, 2011
    Messages:
    4,110
    Likes Received:
    119
    Location:
    Currently Belgium

    Let's just go back to the pre-Reagan years, when the very wealthy were taxed up to 90%. The economy STILL worked. . .But obviously, the very wealthy (the top 0.1%) doesn't work anyway!
    And, let's count on balancing the budget over a 20 years period.
     
  13. dogtowner

    dogtowner Moderator Staff Member

    Joined:
    Dec 24, 2009
    Messages:
    17,642
    Likes Received:
    1,437
    Location:
    Sec 9 Row J Seat 1 @ VCU home games
    The wealthy never paid 90% because there were a great many loopholes. A fact constantly ignored by the left.
     
  14. dogtowner

    dogtowner Moderator Staff Member

    Joined:
    Dec 24, 2009
    Messages:
    17,642
    Likes Received:
    1,437
    Location:
    Sec 9 Row J Seat 1 @ VCU home games
    No, it's not. You re an economist, you have the numbers from the government. Do the math.
     
  15. Old_Trapper70

    Old_Trapper70 Well-Known Member

    Joined:
    Dec 17, 2014
    Messages:
    2,383
    Likes Received:
    342

    Of course that is the excuse now. However, the tax on the wealthy has been lowered ever since Kennedy, and if you think that has not contributed to the debt then you are dumber then Dog is. Now they want to take from the poor so they can give more to the wealthy never grasping the truth that as long as you take from the poor the country will never grow again. Income inequality was hated by the Founders, was hated by Jesus Christ, and should be hated by anyone with common sense, or a sense of morality.

    And the right wing will not be happy until the poor in this country have the same standard of living as those who live in the huts of Africa:

    http://dailysignal.com/2014/09/15/9-facts-poor-america-live/
     
    Last edited: Jan 9, 2018
Loading...

Share This Page

  1. This site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register.
    By continuing to use this site, you are consenting to our use of cookies.
    Dismiss Notice