The nation's debt leapt $166 billion in a single day last week, the third-largest increase in U.S. history; the one-day increase for June 30 totaled $165,931,038,264.30 - bigger than the entire annual deficit for fiscal year 2007. This means that nearly $1,500 of debt was added for every U.S. household -- that is just for that one day increase. Our total debt is over $13 Trillion.
I plan to give updates from time to time on our debt. In the meantime, keep in mind that Obama and the Democrats have passed bills which will increase taxes and probably increase our debt. Our unemployment rate is close to 10% and that does not include those who have given up on looking.
And yet many of the people screaming the loudest about it (screaming being easier than suggesting realistic alternatives) want to pile on more debt by extending the Bush tax cuts to the wealthiest 2% of Americans.
The right has 0 credibility on this issue.
I'ts about time you put the helmet back on!
So you focus on that but totally ignore the bailouts that put future generations into hock? Talk about lack of credibility! If you think the Republicans have 0 credibility, the Dummycrats haven't even surfaced.
Well, I was going to briefly let W off the hook for the bailouts he begged from congress in 2008, but if you insist on making your arguments even weaker...
Nice try but Obama is the mother of all bailouts.
If you consider facts to be a nice try...
Only if you care to check them.
Hint (Obama wasn't president in 2008)
But he was a Senator voting for every spending bill offered up.
Well, when he wasn't voting present.
And yet, as per Jim's facts, the Bush admin managed to collect more taxes from the rich, hmmmmm.
Ron was just trying to change the subject.
Like they all do.
Eeeek! You're right, I was a victim of the diversionary tactics of the left. Whip me with a wet noodle!
Better than a limp noodle.
Sorry, the other thread got stuck in my head.
You do realize that the bank bailout was something Bush started, don't you? Bush and Obama were both wrong on that issue.
Why let him off?
Those bailouts were wrong also.
And you know the old saying.
Two wrongs don't make a right.
It just makes us poorer.
Its true that the last administration spent money like it was never going to end, however.
During the eight years of the Clinton Administration the Federal government collected a total of $5.66 trillion dollars in individual income taxes. During the eight years of the Bush Administration the Federal government collected approximately $7.45 trillion dollars in individual income taxes. The rich - that is, the top 1% of taxpayers - not only forked over a trillion dollars more to Uncle Sam under Bush than under Clinton, their share of the income tax burden increased from 33% to 38%.
During the eight years of the Clinton Administration the rich paid income taxes at a blended rate of 20.6%. During the eight years of the Bush Administration the rich paid income taxes at a blended tax rate of 21.3%. Yes, the actual tax rate that matters when you fill out the bottom line of your tax return went up for the rich under George Bush.
Read more: http://briansullivan.blogs.foxbusiness. … z0x4wBKMWB
The impact of Bush's tax cuts and small penis (invading other countries to assert his manhood) on the current deficit.
These numbers are misleading, because the middle class was shrinking under the Bush administration. If you have more middle class people slipping into poverty, than the percentage of tax burden on the rich is going to go up. Also, I don't see where these number are adjusted for inflation. $5.66 trillion vs. $7.45 trillion is meaningless unless we adjust to a base year. A dollar collected at the beginning of the Clinton presidency in 1993 is worth a whole lot more than a dollar collected during the Bush presidency in 2008.
Does anyone know what the tax rate on the rich was during the Reagan years, when we had a president who truly believed money would trickle down from the rich to the poor? I think the answer will surprise a lot of people.
Yeah the debt continuing to go up is mind boggling. Didn't Obama say he wanted to cut the deficit in half by the time his term was over when he was running for president?
I don't think he knows the difference between debt and the deficit. He also promised us jobs but it seems that it's all government jobs and he doesn't realize that we the citizens have to pay for that.
Yep...Just a little bit ways to go before..."snap"...our backs are broken. Shouldn't take too much longer now~!
Hey Flightkeeper, I'll agree Obama has no clue the difference between Debt and Deficit.
Unfortunately, the $13 Trillion you quote does not include everything else government is already on the hook for, through other things.
I do agree Obama is a little weak as a Leader and demeaning to many, and the Nation as a whole. And, he pathetic attempt at changing things is shabby too.
I wonder if people would be more worried if they actual understood the total debt the nation has accumulated to much more than what is made public knowledge. The "devil" is in the details.
If you're unsure what I mean....the actual debt of the Nation including everything is almost $100 Trillion.
Just a thought.
I don't even want to entertain the number $100 Trillion because... I think I would cry. But you are right, there are a lot of things they have left out.
Thanks for the info.
You would think the events occuring in Europe would serve as a wakeup call but apparently the only way anyone listens in this country is if we have a full blown crisis.
lender3212000, it would be a smart thing to consider Europe a wakeup call except Obama is a liberal and things we should emulate it instead.
I like the way that state that Europe should be used as an example to drive yourselves towards lowering your national debt. It should in fact be the opposite way around.
The US debt as a proportion of annual GDP is higher than that of Spain, the UK, Greece, and most European countries in fact. The Eurozone would be better served to ensure that they don't become the next USA.
The unemployment rates only serve to provide further emphasis:
The only countries in Europe with a worse unemployment rates than the US are Spain and Greece. Even Greece only has 10.6% unemployment.
It does get on my nerves a bit to see Americans continuosly cite Europe as an example of economic disaster, you need to wake up and smell the coffee. Your situation is much worse than the majority of countries in Europe.
I personally hope that things in the UK dont get as bad as they are in the US. The fact that our country actually has a deficit reduction plan in place suggests that they probably won't.
I think definitely your gov't shows a better determination to tackle british debt while Obama and the Democrats want to increase ours. Keep in mind that Europe is being used as part or our internecine political warfare and you shouldn't pay attention to our snippy remarks about Europe.
Thank you for teaching me a new word, I had to google 'internecine' and I shall be making sure that I use that some time soon.
I have always told myself that had I been born an American I would be a democrat, this is the first time that I have thought very differently. I am actually very worried for you guys.
And the reason is that the rest of the world is seeking to reduce their deficits, I cannot see another major world economy which isn't. I just don't understand it, sorry.
I truly admired the way that Bill Clinton turned your ship around in the nineties. I believed that Obama was the next Clinton.
Bill Clinton he is not.
According to the Congressional Budge Office report released this past Wednesday, the federal deficit in June surpassed the $1 trillion mark for the second straight year.
And oh yeah, Obama said it was George Bush's fault as he was stumping through Kansas City, MO.
During a stump through Missouri, Obama pointed to the Kansas City electric car factory, Smith Electric, as an example of how his policies are paying off. It received $32 million in funding from his stimulus plan and recently hired a 50th worker. So Obama thinks government funding of a company $640,000 per worker means his policies are paying off?
In its monthly budget report, the Treasury Department said Tuesday that through the first nine months of this budget year, the deficit totals $1 trillion.
Try to have a nice day.
The latest forecast from the White House budget office shows the deficit rising to $1.47 trillion this year, forcing the government to borrow 41 cents of every dollar it spends.
But health care is free. Yippeeee!
"But health care is free. Yippeeee!"
You get what you pay for.
I think we get even less than what we pay for! We're now into negative spending.
Where is health care free (besides most industrialized nations other than the United States)? Maybe if you don't make any income you can get really crappy services for free here, but where I come from in the United States if you want real health care you're going to pay out the nose for it. If you walk into a hospital with a bloody nose you won't leave until they've run about 50 tests on you (at a few hundred bucks a pop), wasting your time and theirs all in an effort to drum up revenue for the hospital. Then they'll send you to another doctor who'll write you a prescription for a drug that doesn't have a generic equivalent and you end up paying another $150 just for couple weeks supply of that stuff, all so they afford to send their lobbyists on golf vacations with top politicians and also buy shiny new pens and knick-knacks for the doctors who keep prescribing their drugs.
Our government spent more than it earned and incurred a deficit of $165.04 billion in July. Did anyone say recovery?
I have been saying it all along, the "recovery" is a myth and nothing but spin from Washington, so as to get people to spend money.
The recovery period being claimed is absolutely ridiculous. Government continues to approach and handle the Economy by ignorant economics. Country still in recession, and if government isn't careful, they are going to have a full blown depression, the likes never seen before.
So much for the "status quo" changing, as Obama claimed.
Hi Flightkeeper - I'm new to 'Hubs' and just read your comment ref US budget-deficit - I'm in England and wanted to say that we are all in the same 'Game' - cos that's what it is - except WE haven't been given all the rules - only the ones which keep us playing ...sorry 'paying' - I agree with Cagsil - most of the 'Game' requires US (you and me and billions of others) being the victims of their 'spin' and we are and have been for at least 50 years (probably much, much longer).
Obama I believe is no different and could never have been from any other US Presidential candidate - they are all playing in the same team just like the governments in the UK - the rhetoric may change but THEIR economic decisions are backed by OUR promise to pay - WHATEVER the result. This will continue until enough citizens wake up and realise it.
By the time anyone wakes up, it will be (as it already is) TOO L8.
Even if not, what do they think can be done about it. The debt is already close to or greater than the entire national asset. Sell eveything, pay off the debt, still have some debt, and own NOTHING!
Not a very healthy look, huh?
Agreed amorea, however I think it's too late. We are all going to pay for it through the nose and what's coming up will be very painful.
People need to "OPT OUT". Get out of Banks, get out of 401K's, get out of the Markets. Any vehichle that only serves as a tracking device for assets and ultimately taxation. Maybe we all can't afford that, maybe we all don't have the nerve. But those who do and can, should.
Stop eating out. Start a garden. Dump cable and get a library card. If enough people started to "OPT OUT" big business and government would start to listen.
Whats needs to happen now is tax increases and huge spending cuts. Unfortunately it looks as though one party wants to increase taxes and spending while the other wants to decrease taxes and not cut spending(or at least not enough).
We are now up an unsanitary tributary without adequate means of propulsion.
I agree. I am planning to move literary offshore, in a sailing boat, catch my own food, produce my own electricity through wind generators and solar panels.
Unfortunately, I can't do that yet (because of family issues).
More and more people actually realize all this. There is a growing trend of "minimalist living". Google it; its highly educational.
Silver-tongued Obama certainly inspired young America to vote. Other candidates who couldn't conjugate verbs well were presumed not able to preside over America. The Ken Doll and his riches, with his forked tongue and fundamentalist agenda wasn't pretty enough for anyone to get serious about him, except a few of his church members.
I think Ryan is right. It is because of the reprehensible business practices, greed, and predatory lending practice, in large part, that we jeopardized economies all over the world. It wasn't the reverse. The world trusted the US about their investments and business deals, and we took them down with us. It wasn't the other way around.
Obama may have been handed a can of worms, but he still hasn't dealt with it effectively.
Peronally, I think we are in a slow-motion free fall. I think things might rebound for a bit, but I see no sustainable way to correct what's going on, because business practice and Obama policy are not helping individuals. Government and business are there for individuals, not the other way around. Their thinking is completely backward.
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