I am looking at the bottom line of the U.S. National Debt.

[Johnny_Ray_Wilson]

The following link is the US National debt numbers. At the top left, you will find the debt clocks of your home state and a link to other countries world wide.

http://www.usdebtclock.org/


I am just your average simpleton. Not an economics expert.

I really just want to charge into a Congressional Assembly on the US budget, lock all the doors, throw sleeping bags and packed lunches for every member of Congress and say these words : "Okay folks, the bottom debt line is all I see. Don't bother making excuses and trying to explain it. Don't bother pointing fingers. I don't give a flying fuck how we got here. I want this shit resolved now! The American people put you here and we can damn well kick your ass to the curb!"

 

[JAMESBJOHNSON]

First you gotta understand what theyre doing.

It started when FDR was President.

FDR confiscated all the gold, paid Americans $20 an ounce for the gold, and then hiked the price of gold to $35 an ounce.

Since then every politician has stolen Americas wealth with Monopoly Money.

 

[ogre1244]

The US has been out of debt once under President Jackson. Every other president has us in debt. The debt isn't really a problem since most of the debt is owned by our Federal Reserve, some federal programs, and the American people. Our financial section needs debt to work. If you want to fix the debt then you will have to ask if we need a new aircraft, added benefits to people, and other things.

 

[oggbashan]

As usual, the UK clock shows a fantastic number which assumes that the activities of the London Stock Exchange as an international trading place should be recorded in the UK's debt.

The US clock also includes the work of the New York (and other) Stock Exchanges which apparently increases the US debt.

Both take no notice of the dollar and pound as trading currencies. If country A owes country B a trillion dollars and neither is the US or UK, then that debt shouldn't be counted against the US or UK.

It ain't that bad - honest!

 

[mercury14]

Obviously we should cut taxes. Everyone knows tax cuts pay for themselves.

 

[garbage can]

Obviously we should cut taxes. Everyone knows tax cuts pay for themselves.

If you extend your arguement in both directions, you have 100% taxation, or 0% taxation.

At what point do you figure tax cuts pay for themselves??

 

[Ishmael]

If you extend your arguement in both directions, you have 100% taxation, or 0% taxation.

At what point do you figure tax cuts pay for themselves??

The upper limit of taxation is in the vicinity of 18% GDP. This says nothing about debt, a different subject, but merely taxation. Above 18% taxation begins to act as a damper on the economy. You may get away with it for a short period of time, but over the long run it will drag the nation into the dumps.

Debt is almost the same. Right now the national debt is over 100% of the GDP. And that is the short term debt, long term unfunded liabilities are approaching 1000% of the GDP. This is unsustainable for any length of time. There are the required functions of government, such as the national defense, and there are the 'we want to do' functions such as a Chevy Volt in every garage.

We need to get back to the required functions. It will take time and be painful, but if the nation is to survive it is absolutely necessary.

Ishmael

 

[Sean Renaud]

The upper limit of taxation is in the vicinity of 18% GDP. This says nothing about debt, a different subject, but merely taxation. Above 18% taxation begins to act as a damper on the economy. You may get away with it for a short period of time, but over the long run it will drag the nation into the dumps.Debt is almost the same. Right now the national debt is over 100% of the GDP. And that is the short term debt, long term unfunded liabilities are approaching 1000% of the GDP. This is unsustainable for any length of time. There are the required functions of government, such as the national defense, and there are the 'we want to do' functions such as a Chevy Volt in every garage.

We need to get back to the required functions. It will take time and be painful, but if the nation is to survive it is absolutely necessary.

Ishmael

Then how have we gotten away with over thirty percent taxation for over half a century?

 

[Ishmael]

Then how have we gotten away with over thirty percent taxation for over half a century?

We haven't. Don't confuse tax rates with tax revenue.

Ishmael

 

[JohnnySavage]

Then how have we gotten away with over thirty percent taxation for over half a century?

$2.16T is not 30% of $14T

 

[Johnny_Ray_Wilson]

The upper limit of taxation is in the vicinity of 18% GDP. This says nothing about debt, a different subject, but merely taxation. Above 18% taxation begins to act as a damper on the economy. You may get away with it for a short period of time, but over the long run it will drag the nation into the dumps.

Debt is almost the same. Right now the national debt is over 100% of the GDP. And that is the short term debt, long term unfunded liabilities are approaching 1000% of the GDP. This is unsustainable for any length of time. There are the required functions of government, such as the national defense, and there are the 'we want to do' functions such as a Chevy Volt in every garage.

We need to get back to the required functions. It will take time and be painful, but if the nation is to survive it is absolutely necessary.

Ishmael

Well damn. Now I feel compelled to do some extensive research on my own. No idea where or how to start

I knew I should have paid more attention in Economics and Accounting classes back in HS. But noooooooooo! I was too busy chasing skirts and daydreaming about going to the World Series.

 

[Colonel Hogan]

Well damn. Now I feel compelled to do some extensive research on my own. No idea where or how to start

I knew I should have paid more attention in Economics and Accounting classes back in HS. But noooooooooo! I was too busy chasing skirts and daydreaming about going to the World Series.

I left this for you in the other thread. Did you happen to see?

http://forum.literotica.com/showpost.php?p=39837305&postcount=73

 

[KingOrfeo]

The upper limit of taxation is in the vicinity of 18% GDP.

On what do you base this figure?

 

[Ishmael]

On what do you base this figure?

3000 years of history. Idiot.

Ishmael

 

[Johnny_Ray_Wilson]

I left this for you in the other thread. Did you happen to see?

http://forum.literotica.com/showpost.php?p=39837305&postcount=73

I have not got around to reading it until this post. I came home from work about an hour ago. Thanks.

 

[JAMESBJOHNSON]

Obviously we should cut taxes. Everyone knows tax cuts pay for themselves.

With 100% taxation we'll all be 1 percenters.

 

[4est_4est_Gump]

First you gotta understand what theyre doing.

It started when FDR was President.

FDR confiscated all the gold, paid Americans $20 an ounce for the gold, and then hiked the price of gold to $35 an ounce.

Since then every politician has stolen Americas wealth with Monopoly Money.

What Has Government Done to Our Money
Murray N. Rothbard
Mises.org

We're OFF to see the wizard!

 

[JAMESBJOHNSON]

Government exists to make jobs for no-talents like Chelsea Clinton.

 

[1fromawoodpile]

We borrow from Europe to defend Europe. We borrow from the Gulf states to defend the Gulf states. We borrow from Japan to defend Japan. Is it not a symptom of senility to be borrowing from the world so that we can defend the world?

 

[4est_4est_Gump]

US - bbb rating...

http://seekingalpha.com/article/306980-what-sovereign-debt-to-ebitda-ratios-would-look-like

 

[4est_4est_Gump]

We borrow from Europe to defend Europe. We borrow from the Gulf states to defend the Gulf states. We borrow from Japan to defend Japan. Is it not a symptom of senility to be borrowing from the world so that we can defend the world?

Are we borrowing from China to defend them?

 

[LadyFairfax]

Are we borrowing from China to defend them?

Why not? We borrowed from England during the Revolution in order to defeat them.

 

[4est_4est_Gump]

Why not? We borrowed from England during the Revolution in order to defeat them.

Do we have a Patriot missile shield over the Fed?

 

[LadyFairfax]

The next step is to 'dumb down' the S&P rating system to make the U.S. AAA+++
again. It is irresponsible to have the credit of America in the hands of a few 1%ers.

 

[4est_4est_Gump]

They'll do it voluntarily to maintain their position.



Who wants to hear bad news?

What was it one of the Euros informed me of the other day, oh yeah, here it is:

U.S. Debt does not matter as long as everyone has confidence in the U.S.

I suppose everything was right as rain in Greece until one morning the people of Europe woke up and just had no confidence in the Greek government's ability to borrow...