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Very Hot Topic (More than 25 Replies) Interest On Public Debt to Quadruple In Ten Years (Read 5,460 times)
FellowPatriot
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Re: Interest On Public Debt to Quadruple In Ten Years
Reply #20 - 02/07/15 at 14:15:21
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Shooterman wrote on 02/07/15 at 12:41:42:
As I recall, Wayne, I, at no time, have stated Obama hasn't spent more than other Presidents, I did say he has not spent more than all other Presidents combined, which was N-T's statement. Accumulation of deficits is what drives the adding of debt, ne c'est pas? If roughly 12.5 Trillion was the debt when Bush left office and it is now about 18.5 Trillion, it would be mathematically impossible for Obama to have added more debt ( again N-T's assertion ) THAN ALL OTHER PRESIDENTS COMBINED!

If this is not so, what am I missing?



Quote:
If this is not so, what am I missing?
[/quote]

I'm now just understanding it myself.


However, these aren't the most accurate ways to measure the debt contributed by each President. Why? The President doesn't really have much control over the debt added during his first year in office. That's because the budget for that fiscal year was already set by the previous President.


For example, President Bush took office in January 2001. He submitted his first budget in February. This was for FY 2002  which began on October 1. Until then, he had to live with President Clinton's last budget (FY 2001), which lasted until September 30. Although confusing, the Federal fiscal year is intentionally set up that way to give the new President time to put together his budget during his first month in office. For more, see Federal Budget Process.

This means each new President pretty much has to live with that budget's tax rates and spending levels for the first nine months of his inaugural calendar year in office. That's why you really can't hold him accountable for the budget deficit incurred by the previous President.



Quote:
Bush inherited something like 5 trillion debt before he even took office from the previous Admins i.e. Clinton , HW Bush


Clinton supposedly get's credit for balancing the budget but looks like did NADA when it comes to our deficit.
  
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Shooterman
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Re: Interest On Public Debt to Quadruple In Ten Years
Reply #21 - 02/07/15 at 14:22:29
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WAlt wrote on 02/07/15 at 13:27:37:
To service the ever growing debt and keep entitlements afloat and the rest of the government running I see -- in addition to more taxes (innovative taxes that don't exist today but will be implemented) and higher rates on taxes that currently exist -- I see increased means testing (with lower thresholds) on folks with multiple annuity retirements and/or assets that can be considered in excess of what the government deems is needed for them, to be confiscated and redistributed to those of less means. This will include whopping inheritance taxes on the heirs of those with affluent parents and/or those with considerable assets.


You are most probably correct, Walt. I see only two or three alternatives; a tax revolt, which is highly unlikely, a repeal of the all but guaranteed illegally ratified Sixteenth Amendment, again very unlikely, or a default by government and the ensuing unholy war it will cause between the haves and the have nots. Those with the means will simply leave the rest of us poor slobs to the vagaries of war that is certain to come.

Even the repeal of the Sixteenth Amendment will lead to the have nots, cut off from their source of funds, rising up in revolt. Bad times be acoming, folks.
  

Our Bill of Rights constitutes a cluster of little foxholes of liberty ground into the hard cold face of history by helpless men for a shield against the lash of tyrants. They are the result of distrust of power and distrust of men in power. They are a recognition of Lord Acton's statement of a truth eternal--"power corrupts, and absolute power corrupts absolutely."R. CARTER PITTMAN&&Dalton, Ga., Sept. 28, 1955.DRAFT JAN MORGAN FOR PRESIDENT!
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Re: Interest On Public Debt to Quadruple In Ten Years
Reply #22 - 02/07/15 at 14:43:19
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Shooterman wrote on 02/07/15 at 14:12:41:
I certainly did not argue that. It actually has no bearing on the accumulated debt for 43 Presidents as opposed to 1 President.




 What did you argue ? Or did you just want to call me out without reading my link?

Quote:
As I recall, Wayne, I, at no time, have stated Obama hasn't spent more than other Presidents, I did say he has not spent more than all other Presidents combined, which was N-T's statement. Accumulation of deficits is what drives the adding of debt, ne c'est pas? If roughly 12.5 Trillion was the debt when Bush left office and it is now about 18.5 Trillion, it would be mathematically impossible for Obama to have added more debt ( again N-T's assertion ) THAN ALL OTHER PRESIDENTS COMBINED!

If this is not so, what am I missing?


  Perhaps if you had read the link you would realize it proved your point .
  

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Re: Interest On Public Debt to Quadruple In Ten Years
Reply #23 - 02/07/15 at 14:49:32
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Wayne wrote on 02/07/15 at 14:43:19:
 What did you argue ? Or did you just want to call me out without reading my link?


 Perhaps if you had read the link you would realize it proved your point .


I did read it and thought it did prove my point, but couldn't quite discern ( my failing, I'm sure ) why it was posted. My apologies if I misunderstood your point.
  

Our Bill of Rights constitutes a cluster of little foxholes of liberty ground into the hard cold face of history by helpless men for a shield against the lash of tyrants. They are the result of distrust of power and distrust of men in power. They are a recognition of Lord Acton's statement of a truth eternal--"power corrupts, and absolute power corrupts absolutely."R. CARTER PITTMAN&&Dalton, Ga., Sept. 28, 1955.DRAFT JAN MORGAN FOR PRESIDENT!
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Re: Interest On Public Debt to Quadruple In Ten Years
Reply #24 - 02/07/15 at 17:23:16
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According to the Historical Tables accompanying the FY2016 Budget, the total national debt accumulated by ALL the presidents from George Washington through George W. Bush (FY 2009) was $7.5 trillion. According to the same source, the national debt for the last fiscal year of Obama (FY 2017) is projected to be at least $14.7 trillion. We know that Obama is low-balling, so it will be significantly higher. So it's a sure bet that by the time Obama leaves office, he will have doubled the national debt by a large margin. In other words, Obama will have added more to the national debt than all the presidents from George Washington through George W. Bush, COMBINED! QED!
  

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Re: Interest On Public Debt to Quadruple In Ten Years
Reply #25 - 02/07/15 at 17:31:47
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Naturalized-Texan wrote on 02/07/15 at 17:23:16:
According to the Historical Tables accompanying the FY2016 Budget, the total national debt accumulated by ALL the presidents from George Washington through George W. Bush (FY 2009) was $7.5 trillion. According to the same source, the national debt for the last fiscal year of Obama (FY 2017) is projected to be at least $14.7 trillion. We know that Obama is low-balling, so it will be significantly higher. So it's a sure bet that by the time Obama leaves office, he will have doubled the national debt by a large margin. In other words, Obama will have added more to the national debt than all the presidents from George Washington through George W. Bush, COMBINED! QED!





  QED indeed !  Link??
  

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Re: Interest On Public Debt to Quadruple In Ten Years
Reply #26 - 02/07/15 at 18:23:57
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Wayne wrote on 02/07/15 at 17:31:47:
 QED indeed !  Link??

The same link I posted above:

Federal Budgets
  

"Anthropogenic Global Warming/Climate Change is a massive POLITICAL hoax."
Naturalized-Texan, many times in the past 15 years

"Modern American liberalism, Mussolini's Fascism, and Hitler's Nazism all have their roots in Wilsonian Progressivism."
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"The goal of all liberal programs is to produce ever-increasing numbers of poor and ignorant people dependent on government handouts."
Naturalized-Texan, many times in the past 15 years
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Wayne
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Re: Interest On Public Debt to Quadruple In Ten Years
Reply #27 - 02/07/15 at 19:21:13
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NT , the math isnt there... O is only responsible 5 budgets excluding 2016. Are you saying that o has had 2 tril deficit in every budget he owns ? Or 1  1/2 trillion. Sorry my friend , It wont add up for me .
Maybe you could do the math for me sans the PDF files. My puny abacus wont reach that high..
  

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FellowPatriot
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Re: Interest On Public Debt to Quadruple In Ten Years
Reply #28 - 02/08/15 at 07:18:18
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Shooterman wrote on 02/07/15 at 10:49:56:
Unless it is dedicated to reducing the debt, which it won't be, the 'band will play on' as one that some of us remember as a strong fiscal conservative, Pepe, use to say.

We are the enemy to ourselves. For far too long we have elected those that have squandered the legacy our Founders left us.



No argument there, you're completely right there shooter.
  
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FellowPatriot
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Re: Interest On Public Debt to Quadruple In Ten Years
Reply #29 - 02/08/15 at 07:23:11
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Shooterman wrote on 02/07/15 at 09:41:32:
On Tuesday, the Wall Street Journal reported that the federal government will be paying $800 billion annually just to service the interest on its massive debt by 2025, up from just over $200 billion currently. By 2021, those interest costs will equal what the government is projected to be spending on national defense, and on non-defense (so-called “discretionary” items), and will greatly exceed those two budget items just by 2025. The Journal also noted that “non-discretionary” items (so-called “mandatory” expenditures) will continue their inexorable march upward, from $2 trillion currently to more than $4 trillion by 2025.

Surprisingly, few eyebrows were raised over the announcement, with most commentators ignoring it or passing it off as unworthy of their attention. The Journal study was based on White House numbers that estimated interest costs to be less than three percent of the country’s gross domestic product (GDP), a rounding error in the grand scheme of things.
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When asked what impact these huge increases would have on the government’s budget, Josh Zumbrun, a former Federal Reserve reporter for Bloomberg and a Washington correspondent for Forbes magazine, said those impacts will soon be felt: ”Defense and nondefense discretionary spending will be squeezed. Anyone who doesn’t want to see that happen in the next decade needs some combination of higher revenue, much faster economic growth, or cuts to entitlement programs.”

NOT SUSTAINABLE

Think on this as we continue to look for terrorists in the world when in actuality we need to look no farther than Foggy Bottom, the interest alone, by 2025, will be only about 100 Billion Bucks less than the entire debt in 1980. ( approx 900 Billion ) so in a mere forty five years, just the interest alone will be just a tad smaller than the entire debt had been at the start.

I ask very simply: how do we overcome this malaise? How do we restore fiscal stability to government? Will any President have the balls to demand a slash in spending? Will a draconian cut in spending alone, solve the problem?

DOES ANYONE TRULY CARE?



Quote:
On Tuesday, the Wall Street Journal reported that the federal government will be paying $800 billion annually just to service the interest on its massive debt by 2025


To put that in perspective, round it off, and we will be paying a trillion dollars just in interest IF their figures are correct.

We're, right now, if you round it off paying a 1/4 trillion in interest alone. Shocked Angry

Quote:
I ask very simply: how do we overcome this malaise? How do we restore fiscal stability to government? Will any President have the balls to demand a slash in spending? Will a draconian cut in spending alone, solve the problem?


NO... the buffoons simply have dug us in a too deep of a hole to get out of.   No one can now.  
  
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