THE NC Herd Fan
Hall of Famer
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I Root For: Marshall
Location: Charlotte
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You think?!?
MOUNTAIN OF DEBT: Rising debt may be next crisis
Quote:The country first got into debt to help pay for the Revolutionary War. Growing ever since, the debt stands today at a staggering $11.5 trillion — equivalent to over $37,000 for each and every American. And it's expanding by over $1 trillion a year.
The National debt is just the tip of the iceberg you don't even want to see the number for total government obligation. As for the $1 trillion a year increase in the national debt. That means the gubment is spending $3,260 of your money, your wife's money, your kid's money, etc...etc... that they will have to collect at some point, WITH INTEREST!!! Remember there is a little down payment that could be made on the debt in the form of repaid TARP money, but Barney Frank is going to steal that money from the "rich" and give it to the ENTITLED poor.
So how bad is it?
Quote:Interest payments on the debt alone cost $452 billion last year — the largest federal spending category after Medicare-Medicaid, Social Security and defense. It's quickly crowding out all other government spending. And the Treasury is finding it harder to find new lenders.
Without willing buyers for treasury notes, the Gubment has two choices, Pay a premium on treasury notes causing interest rates to rise, or monetize the debt (print more money) causing hyperinflation.
Land of the Lost
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07-03-2009 05:00 PM |
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SumOfAllFears
Grim Reaper of Misguided Liberal Souls
Posts: 18,213
Joined: Nov 2008
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I Root For: America
Location:
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RE: You think?!?
Out of Control Spending is Out of Control Spending no matter who does it for whatever reason. It's just plain irresponsible to purpose spending without purposing a way to pay for it.
What happened to "I'm going to go through the budget Line by Line." That was a huge lie.
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07-03-2009 05:32 PM |
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OUBOBCATJOHN
Heisman
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I Root For: Ohio Bobcats
Location: On top of the MAC
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RE: You think?!?
Until the people of this country grow up become adults demand the goverment balance its budget and tell people the truth about the cost of the programs they are asking for. Right now the people want health care, education, clean enviroment, strong military and low taxes. Right now the politicans are saying they can have it all. You want those programs you better be prepared to pay for it. Not just the rich, but the middle class and poor will need to step up for once and pay their fair share and then some more. You want health care, then you will pay a lot for those junk foods, cigaretts and beer. Internet will have to be taxed to pay for the social programs. Elections have consequences. The days when families can spend on discrentionary items then vote for liberal programs and have other people pay for their childrens education are over.
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07-03-2009 06:03 PM |
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SumOfAllFears
Grim Reaper of Misguided Liberal Souls
Posts: 18,213
Joined: Nov 2008
Reputation: 58
I Root For: America
Location:
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RE: You think?!?
From your mouth to Obama's ear.
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07-03-2009 07:55 PM |
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THE NC Herd Fan
Hall of Famer
Posts: 16,168
Joined: Oct 2003
Reputation: 521
I Root For: Marshall
Location: Charlotte
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RE: You think?!?
IF Republican strategists are smart they beat the democrats up over this.
1) The national debt per person is now almost equal to the median individual income of $45,000.
2) The democrat approved budget takes away another $3,300 of your money in favor of the national debt.
3) The democrat championed healthcare program adds another $1 trillion to the national debt, or takes another $3,300 of your money.
4) Democrats do not care about lowering the national debt as proven by Barney Frank who wants to steal the TARP money that belongs to you and spend in on new wealth redistribution programs INSTEAD of paying down the national debt.
5) Interest payments on the national debt are $452billion, the third largest budget item in the US Gubment budget behind ONLY SSI/Medicare and Defense, and will soon be the largest budget item.
6) Paying interest on the national debt for money spent from 1990 - present will take away from the Gubment's ability to pay for SSI/Medicare, yes the DEMOCRATS want to cut you SSI benefits, because they want MORE DEBT!!!
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07-04-2009 07:08 AM |
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