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Old 10-17-2013, 08:57 PM  
mlyonsd mlyonsd is offline
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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 10-18-2013, 01:11 PM   #16
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Add $24B to that from the shutdown. Thanks, Obama!
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Old 10-18-2013, 01:56 PM   #17
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The young will pay it.
No they won't.
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Old 10-18-2013, 02:09 PM   #18
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Hey big gubment...

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Old 10-18-2013, 02:39 PM   #19
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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.

Right, because the deficit/debt situation is 100% the responsibility of Democrats. Thanks for your insight.
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Old 10-18-2013, 02:50 PM   #20
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You guys realize that a big part of the deficit/debt is a direct result of the Republicans' "starve the beast" efforts that started under Reagan, right? The theory was that we should cut taxes so that resulting deficits would curb spending. Instead, becuase nobody can ever agree to cut anything, deficits started ballooning.

You can see that in inflation adjusted dollars, significant deficits really only started with Reagan (and the Democratic Congress at that time). That's true both in terms of inflation adjusted dollars or percentage of GDP.

(please note that I'm not saying Republicans are SOLELY to blame for deficits, I'm saying that conservatives can hardly just poitn at the Democrats and blame them for deficits).

http://home.adelphi.edu/sbloch/deficits.html


Time series of U.S. public debt overlaid with party affiliation of the President. The upper graph shows the U.S. public debt in trillions of USD while the lower graph shows the U.S. public debt as a percentage of GDP. (Data are from the 2009 U.S. Budget.):





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Old 10-18-2013, 02:53 PM   #21
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Quote:
Originally Posted by Amnorix View Post
You guys realize that a big part of the deficit/debt is a direct result of the Republicans' "starve the beast" efforts that started under Reagan, right? The theory was that we should cut taxes so that resulting deficits would curb spending. Instead, becuase nobody can ever agree to cut anything, deficits started ballooning.

Tax receipts boomed during the Reagan years so you're full of baloney if you think tax cuts were the cause of the deficits.


You're correct however that both parties are addicted to spending the excess money.
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Old 10-18-2013, 02:57 PM   #22
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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.
So where has the inflation been?
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Old 10-18-2013, 02:58 PM   #23
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I know this is a huge generalization, but no matter who's to blame we have a bunch of asshats from both parties who don't give a shit and deserve to lose their jobs; everyone of them. As long was we play the "My guy sucks, but at least it's not their guy" game, we're gonna be the losers.
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Old 10-18-2013, 03:13 PM   #24
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Originally Posted by fan4ever View Post
I know this is a huge generalization, but no matter who's to blame we have a bunch of asshats from both parties who don't give a shit and deserve to lose their jobs; everyone of them. As long was we play the "My guy sucks, but at least it's not their guy" game, we're gonna be the losers.

This times eleventy billion.
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Old 10-18-2013, 03:51 PM   #25
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I will write a check right now if the governmennt promises to leave me alone for the rest of my life.

Fat chance.
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Old 10-18-2013, 04:22 PM   #26
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Originally Posted by Amnorix View Post
You guys realize that a big part of the deficit/debt is a direct result of the Republicans' "starve the beast" efforts that started under Reagan, right? The theory was that we should cut taxes so that resulting deficits would curb spending. Instead, becuase nobody can ever agree to cut anything, deficits started ballooning.

Say what you want about Democrats and their spending sprees, at least they understand that you need revenue.

There is nothing fiscally responsible increasing spending (Wars and medicare expansion) while decreasing taxes.
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Old 10-18-2013, 04:38 PM   #27
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If deficit and debt is such a big deal then why is any discussion of tax reform off the table?

If you spend more than is being taken in. You can take in more if you grow the economy and reform tax policy.
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Old 10-18-2013, 04:52 PM   #28
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If deficit and debt is such a big deal then why is any discussion of tax reform off the table?

If you spend more than is being taken in. You can take in more if you grow the economy and reform tax policy.
By "reform" do you mean "raise taxes"?
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Old 10-18-2013, 05:10 PM   #29
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By "reform" do you mean "raise taxes"?
Of course he does. The rich have to pay! You and I know the wealthy put his idol in office and they are protected. So for his delusional world to work people like us will need to pick up the tab~
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Old 10-18-2013, 05:18 PM   #30
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Of course he does. The rich have to pay! You and I know the wealthy put his idol in office and they are protected. So for his delusional world to work people like us will need to pick up the tab~
Then call it what it is. I have no respect for those who couch terms to cover up their true meaning...
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