federal debt

[Ahnan E. Muss]

Yup, not political at all.

 

[TransyCat09]

SMGDH at the stupidity in this thread.

 

[P.PattersonISwalkingthruthatdoor]

Excellent. Thank you. But the federal debt and deficit (pertaining to congressional budget) are two entirely separate discussions - two entirely separate financial and economic principles. I would rather have a president who taxes less than was budgeted for (allows the people to keep more of their money). The end result would likely be a deficit against the budget. This is like a slightly overdrawn checking account (when the government doesn't make as much money as they budgeted for it is because they didn't tax as much as they had planned - pity that). Budget deficit is indeed a separate issue from a the federal debt. The current federal debt is more like an old man who has squandered not only his life savings, but also the savings of all his children, his grandchildren, and probably most of his great-grandchildren, and several many of his remaining progeny who aren't even yet born. While doing this it may be possible for him to have a balanced checkbook month to month, year after year, which is what Bill Clinton did, just once, and everybody thought was so spectacularly wonderful, but was meaningless. In fact, Bill Clinton left office with a "budget surplus" which meant that his administration in his last year taxed the Amercian public more than he promised, he somehow managed to make everybody think that was great. Then, when the evil George Bush became president his first order of business was to send that money back to the American people because he felt it should never have been taken from them in the first place. That was just the sort of man that Clinton was. He thought it was great when he could take things that didn't belong to him and make everybody think he was doing a good job.

Annual budget deficits are different than the overall debt? You're so full of it. Soon you'll be trying to convince us that the Senate and House are different legislative bodies.

 

[Kaizer Sosay]

So what is the gameplan to combat that happening, KS? Not a smart ace question, just curious as to your answer.

Yeah, I have no clue. That's above my pay grade. I do think reigning in the federal debt would be a decent place to start. But maybe we don't have to do anything at all. It's worked well for the US for the last 70+ years...so it will automatically work for the next 70+ years right?

Just merely pointing out that we are very fortunate to be in the position we are in and that we take it for granted. Especially the "just print more money" part. A ton of countries out there are not only envious of the US dollar's position...they are doing all they can to change it.

On the other side of things though...China would have a hard time convincing the rest of the world that their currency could be trusted to be the primary reserve currency for the world. Their one party system is a far cry from the checks and balances that our system provides. So we have that going for us...which is nice.

 

[KopiKat]

Annual budget deficits are different than the overall debt? You're so full of it. Soon you'll be trying to convince us that the Senate and House are different legislative bodies.

I could do that, indeed they are, but that would be a political discussion. thank you for the sarcasm. enjoy your Sunday.

 

[LordEgg_rivals16573]

When everything goes to hell - and it will someday, I don't know when - can I quit paying my student loans?

 

[-LEK-]

When everything goes to hell - and it will someday, I don't know when - can I quit paying my student loans?

No. There was a hardship provision to bankrupt them, however, the new repayment plans ensure that doesn't happen. Good luck!

 

[March 22]

I'm always left wondering what the left's perspective is on the $18T U.S. recorded debt, along with all the other (SS, medicare, etc) liabilities that dwarfs it. In their minds, is there any "limit" on what a deficit or debt should be, or is it just "a number". How is it paid back"? Does it matter? Does it seem moral and ethical to continually give good lives to generations of human beings who never bother to work for anything, and pay for projects that benefit those that don't anything in taxes, much less their "fair share", while we all risk financial oblivion? Would their minds' change if we were attacked by a creditor nation someday? Sorry to get off track. We just never seem to get any understanding from those that just want to feel good and not be constrained by anything rooted in financial fact.

 

[crazyqx83_rivals88013]

Honestly worry about what you can change. If it is out of your control get over it. This falls squarely in the out of my control bin so I just don't care. I own some shotguns, rifles, and ammo so if the crap hits the fan I will be fine, I also own stocks, my home, and have a really good paying job, so if crap doesn't hit the fan I will be fine. If someone kills me, well I have a relationship with Jesus Christ so that will be fine too. No reason to get my panties in a wad every day about national politics.

Hey... if it doesnt affect me. F*** it.

Thanks for being the personification of the attitude that took the u.s. from THE world superpower to making idiocracy look like a documentary in one generation.

 

[crazyqx83_rivals88013]

We should make Kanye pay for it.

He could pay for it with some of his credit cards that still say "Kane."

 

[akers65]

There's a few things that can be done to reduce the deficit.
However without term limits congress will never pass them. They aren't going to do anything that might lose an election for themselves.

 

[IYAOYAS1]

Just print more $$$ and worry about inflation later. It's all good. China is in worse shape than the USSA.