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National Deficit over $1 Trillion? I'm shocked!

Discussion in 'U.S. Politics' started by Andy, Jul 14, 2009.

  1. Andy

    Andy Well-Known Member

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    This is great. Not front page news in the US, but interesting the Brits can see this. Last year under the horrible Bush, we had a massive deficit of $450 Billion.

    But under Obama's hope and change, we have a deficit of no less than $1 Trillion dollars! Don't stop now, it gets better boys and girls! We still have 3 more months left in the fiscal year!

    And to top it off, he's pushing another stealfromus! :D

    http://news.bbc.co.uk/2/hi/business/8148875.stm

    What great things will Obama do for us next!
     
    1 person likes this.
  2. Pandora

    Pandora Well-Known Member

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    Some how I thought it was 3 trillion, Perhaps what I am thinking of is the projected debt by the end 2010 when all the money is spent?


    Do you think it is possible to pay this down to a reasonable number? The interest alone has to be unpayable
     
  3. pocketfullofshells

    pocketfullofshells Well-Known Member

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    its payable but yes it sucks. but the idea of watching all the banks fall, killing the auto industry, watching the houseing market tank more, and not fixing health care would lead to far bigger problems. It was a no win situation realy.
     
  4. Pandora

    Pandora Well-Known Member

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    I would rather let them fail. Example, let GM fail and Ford becomes stronger for it.

    Kind of like Darwin believed :)

    I also feel that every child born in our country is now born with a debt they must pay. Born into a sort of slavery.

    Not many seem to care much, its better to put it on them than fix it our self. We are the worst generation so far, so unlike our Grandparents generation.
     
  5. asur

    asur New Member

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    Pandora wrote -
    Good point, it's sad the unborn are becoming slaves in the womb.

    They shouldn't pay for our mistakes, it just not ethical.

    In a sense, Obama is enslaving people that work.
     
  6. Pandora

    Pandora Well-Known Member

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    What is the interest on a trillion? Does anyone know?
     
  7. pocketfullofshells

    pocketfullofshells Well-Known Member

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    yea becuse Republicans added no debt right you .......
     
  8. pocketfullofshells

    pocketfullofshells Well-Known Member

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    there is no just interested on it, becuse there are different interest rates and its owed to different people...there is no set rate for it.
     
  9. Pandora

    Pandora Well-Known Member

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    Can't we guesstamate :) Or avarage it out or something? If we the people owe the money, then we the people should have an idea of how much we owe per month.

    I remember there was a debt counter, I want to say under President George W. Bush but it could have been under his father. It calculated the national debt by the second. Why dont we have one of those going?
     
  10. GenSeneca

    GenSeneca Well-Known Member

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    [​IMG]

    http://www.brillig.com/debt_clock/
     
  11. pocketfullofshells

    pocketfullofshells Well-Known Member

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    its been going for some time, it first got well known under Bush I, with the Perot factor...though R.R did a good job running his own debt up as well.
     
  12. Pandora

    Pandora Well-Known Member

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    Got a link?

    I would like to see it
     
  13. Pandora

    Pandora Well-Known Member

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  14. BigRob

    BigRob Well-Known Member

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    Last fiscal year the amount the United States payed in interest on the national debt was $260 billion. Given that the size of the debt will increase as it is, I believe the figure I saw quoted in the Economist was that we will have to pay something like $450 billion next year in interest.
     
  15. Andy

    Andy Well-Known Member

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    Ah yes, the bigots are in full swing! Pretending Bush killed the auto industry? I suppose if Al Gore had been dumping his auto tax on the entire industry, suddenly all their budgets would have balanced, labor costs would have spontaneously dropped, and millions around the country would have dropped everything to buy domestic cars! Why yes of course! You're a brilliant hypocrite!

    What an idiotic theory....

    But then you mumble on about how Republicans added no debt. So what? What difference does it make if Republicans did, or did not add any debt?

    Let's review.... if adding debt is bad, then isn't Obama's $10 Trillion over the next 9 years bad? Or if adding debt is NOT bad, and Obama's $10 Trillion is no big deal, then why does it matter if Republicans did it?

    Oh wait... we're in dumb *** hypocrite land where it's ONLY bad if REPUBLICANS do it. Right right, sorry. I forgot I was talking to a bigot.

    To answer your question more specifically, no. Congress has been screwing with the debt in so many ways, it's impossible to know how much is paid each month in interest.

    From the 2009 Budget, which is now 9 months old, our national debt was roughly $10 Trillion at the time, and our interest payment was $260 Billion dollars.

    The problem is, that only covers a small fraction of the story. That only includes privately owned debt, which means the sell of T-Bills like what China has been purchasing.

    The problem is things like Social Security. Currently SS draws in more money than it puts out. So on budget this reads as a net income.

    But in reality, we are paying massive interest on borrowed money from a past generation. As of 2004, the trustees of the SS fund, have reported that SS is faced with nearly $10.4 Trillion dollars of unfunded liabilities. This is money owed in addition to the $10 Trillion debt on the general fund.

    This was done purposefully by politicians to conceal the debt on paper, and make people believe Clinton had a balanced budget. Since Social Security was moved off budget, the social security debt is off budget too, resulting in a much lower debt than what really exists.
     
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