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Old 10-17-2013, 08:57 PM  
mlyonsd mlyonsd is online now
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U.S. Debt Bill is $123K Per Working American

Sticker Shock: U.S. Debt Bill is $123K Per Working American
by Kate Rogers
Published October 17, 2013 | FOXBusiness

If the last few weeks on Capitol Hill has taught us anything, it’s that Washington doesn’t have the best concept of living within your means.

Last night’s 11th-hour deal raised the country’s borrowing limit to avoid a possible default on our payments. When Congress passes laws that require spending, the Treasury Department is tasked with providing the funds, but when they don’t have the cash from tax revenues to cover the expenditures, it forced to borrow money—and that’s where we’ve gotten in trouble.

To put our country’s debt situation into perspective, if every working American had to pay their share of the $16.7 trillion debt in 2012, they would be shelling out $123,000.

The national debt is on schedule to hit $17 trillion in the next few weeks, up from $10.6 trillion when President Obama took office in 2009.

This debt obligation comes out to nearly $53,000 if every person living in the U.S., including children and unemployed had to pay a share, according to a Harvard Report, titled 2012 Annual Report of the USA.

Barry Bosworth, economist at the Brookings Institution, says up until the 2009 financial crisis, debt was a falling share of GDP, which was sustainable. While a deal was reached to avoid hitting the debt ceiling, it’s only a short-term solution, and the current debt-to-income ratio in the U.S. is at about 70%, according to Bosworth.

“If our debt was a constant share of income we don’t have to worry about it,” Bosworth says. “If a family borrows a lot of money, it’s OK as long as they have the ability to service the income. If the debt is a rising share of their income, that would be a concern. “

American GDP slowed dramatically during the recession, and he likens the country’s debt to a family continuing to spend a lot more than the income coming in.

“We can easily manage the payment of the debt, but we don’t want it going up. It is the same for a household, if you take out a mortgage, you don’t want it to get beyond what you can afford to pay.”

Despite the political infighting in D.C., he maintains Congress has done a decent job of cutting expenditures in the past two years, but he still says the spending is unsustainable.

“I would still worry if I were an American,” he says. “It’s not clear that these cuts are sustainable. We will have a debt problem once again."
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Old 10-17-2013, 08:57 PM   #2
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Old 10-17-2013, 09:00 PM   #3
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Nothing compared to where we are headed. The young will pay it. Live for now.
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Old 10-17-2013, 09:10 PM   #4
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Nothing compared to where we are headed. The young will pay it. Live for now.
I read recently in this forum debt doesn't hurt anything so I'm guessing this thread will die without a without a response from the left.
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Old 10-17-2013, 09:23 PM   #5
HonestChieffan HonestChieffan is offline
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I read recently in this forum debt doesn't hurt anything so I'm guessing this thread will die without a without a response from the left.
Why worry? Do you see yourself paying it back? Im wondering the "break even" age....when will the paybacks begin?
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Old 10-17-2013, 09:42 PM   #6
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Jesus Christ...$6T more???

WTF.
politicians are ****ing morons.
balanced budget amendment please *never happen as it would force people to give up their neat little programs (politicians, soccer moms, etc)
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Old 10-17-2013, 09:45 PM   #7
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Originally Posted by mlyonsd View Post
...if every working American had to pay their share...
In other words, democrats owe nothing.
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Old 10-17-2013, 09:46 PM   #8
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Old 10-18-2013, 12:02 AM   #9
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I'm just glad I can do my part; what with the defense budget and all. I definitely feel safe.
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Old 10-18-2013, 04:26 AM   #10
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Democrats: Everything is fine, we can just print money.

Republicans: No, that's not how it works. This kills the value of the dollar and increases inflation.

Democrats: Stupid Repubs...you just put a blank piece of paper on this printer and press print. Presto. See, now we can pay a few bills.

Republicans: No point in arguing with the ignorant.
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Old 10-18-2013, 04:36 AM   #11
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Well, good news!

If the debt is $123,000 per working American, the debt will soon be coming down as we lose more and more people who are working...
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Old 10-18-2013, 04:46 AM   #12
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Quote:
Originally Posted by jaa1025 View Post
Democrats: Everything is fine, we can just print money.

Republicans: No, that's not how it works. This kills the value of the dollar and increases inflation.

Democrats: Stupid Repubs...you just put a blank piece of paper on this printer and press print. Presto. See, now we can pay a few bills.

Republicans: No point in arguing with the ignorant.
Does watching Grandma starve make your micropenis hard!!!!OMGWTFSMURFANL!!!!
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Old 10-18-2013, 05:58 AM   #13
Trolly McTrollson Trolly McTrollson is offline
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We should cut back spending a bit. Maybe only invade one country every four years.
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Old 10-18-2013, 06:08 AM   #14
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It's going to keep going up because the interest is more than we pay back.

I'm pretty sure the majority share of the damn debt is interest.
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Old 10-18-2013, 06:51 AM   #15
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It amazes me that Republicans completely forget their own pissed away the surplus we had going to attempt to blame democrats.

Party of Personal Responsibility my ass.

Question. What are the main causes of our current debt?

Answer: Bush Tax Cuts, War, and Recession.





Quote:
Despite what antigovernment conservatives say, non-
defense discretionary spending on areas like foreign aid, education and food safety was not a driving factor in creating the deficits. In fact, such spending, accounting for only 15 percent of the budget, has been basically flat as a share of the economy for decades. Cutting it simply will not fill the deficit hole.

The first graph shows the difference between budget projections and budget reality. In 2001, President George W. Bush inherited a surplus, with projections by the Congressional Budget Office for ever-increasing surpluses, assuming continuation of the good economy and President Bill Clinton’s policies. But every year starting in 2002, the budget fell into deficit. In January 2009, just before President Obama took office, the budget office projected a $1.2 trillion deficit for 2009 and deficits in subsequent years, based on continuing Mr. Bush’s policies and the effects of recession. Mr. Obama’s policies in 2009 and 2010, including the stimulus package, added to the deficits in those years but are largely temporary.

The second graph shows that under Mr. Bush, tax cuts and war spending were the biggest policy drivers of the swing from projected surpluses to deficits from 2002 to 2009. Budget estimates that didn’t foresee the recessions in 2001 and in 2008 and 2009 also contributed to deficits. Mr. Obama’s policies, taken out to 2017, add to deficits, but not by nearly as much.
http://www.nytimes.com/2011/07/24/op...sun4.html?_r=0
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