The U.S. Govenment is Conducting a Ponzi Scheme

[TerryMiller]

At least that is what this article claims. Considering their description (which is actually an SEC description), I'd say they were right.

Ponzi Treasury Issues $1 Trillion New Debt

On top of that is an article on Zero Hedge about Obama's addition to the national debt. Up around 70% since his administration began.

Total U.S. Debt Rises Over $18 Trillion

 

[mksmth]

dig a hole to fill another. sounds about right.

 

[Hawgman]

The government of the United States has been running a Ponzi scheme since FDR. It's called Social Security. So yeah, the Treasury Dept, the President, Congress/Senate aren't going to think twice. To them it's just the way you run things.

 

[Ace_on_the_Turn]

On top of that is an article on Zero Hedge about Obama's addition to the national debt. Up around 70% since his administration began.

"It also means that total US debt has increased by 70% under Obama, from $10.625 trillion on January 21, 2009 to $18.005 trillion most recently."

Interesting. They want to add every penny spent in 2009 to Obama's tally.

Since you like to question sources, and not the facts, this is from the most right-wing think tank there is, the CATO Institute.

...critics sometimes blame Obama for things that are not his fault. Listening to a talk radio program yesterday, the host asserted that Obama tripled the budget deficit in his first year. This assertion is understandable, since the deficit jumped from about $450 billion in 2008 to $1.4 trillion in 2009. ... it appears as if Obama’s policies have led to an explosion of debt...But there is one rather important detail that makes a big difference. The chart is based on the assumption that the current administration should be blamed for the 2009 fiscal year. While this makes sense to a casual observer, it is largely untrue. The 2009 fiscal year began October 1, 2008, nearly four months before Obama took office. The budget for the entire fiscal year was largely set in place while Bush was in the White House.

Anyone that claims that Obama has added 70% to the nation debt is lying. Not fudging the numbers, not bending the truth, they are lying. At the end of the 2009 fiscal year, the last one that the Bush administration wrote the budget, the national debt was $11.9 trillion.

Bush, who started with a nearly balanced budget, more than doubled the debt and left a $1.4 trillion deficit. Reagan, the innovator of deficit spending, raised the debt 300%. If Obama added to the debt at the rate Reagan did, it would be $36 trillion when he leaves office. It will be less than $20 trillion.

 

[Defnestor]

And if some Republican branded puppet takes over in 2016, you'll be blaming the republican congress for every dime spent in 2017. I'm prophetic that way.

 

[Ace_on_the_Turn]

And if some Republican branded puppet takes over in 2016, you'll be blaming the republican congress for every dime spent in 2017. I'm prophetic that way.

It's just a simple fact that the fiscal year of the U.S. government starts in Oct. And the budget is written in the summer. So by the time a new president takes office, the budget that was written 6 months before his hand was raised, is already 33% spent and the other 66% has, for all intents and purposes, already been spent.

 

[emapples]

And if some Republican branded puppet takes over in 2016, you'll be blaming the republican congress for every dime spent in 2017. I'm prophetic that way.

LMAO! That's one hell of a crystal ball you have! I bet your right Ace must really like Obama, I cant think of a worse president in my lifetime.... maybe Carter but that's a toss up. Nixon was impeached for doing some of the same things the Obama administration is doing.

 

[JD8]

Some folks borrowed some money...... some folks need to be paid back. So "we" printed some money....

 

[TerryMiller]

"It also means that total US debt has increased by 70% under Obama, from $10.625 trillion on January 21, 2009 to $18.005 trillion most recently."

Interesting. They want to add every penny spent in 2009 to Obama's tally.

Since you like to question sources, and not the facts, this is from the most right-wing think tank there is, the CATO Institute.

...critics sometimes blame Obama for things that are not his fault. Listening to a talk radio program yesterday, the host asserted that Obama tripled the budget deficit in his first year. This assertion is understandable, since the deficit jumped from about $450 billion in 2008 to $1.4 trillion in 2009. ... it appears as if Obama’s policies have led to an explosion of debt...But there is one rather important detail that makes a big difference. The chart is based on the assumption that the current administration should be blamed for the 2009 fiscal year. While this makes sense to a casual observer, it is largely untrue. The 2009 fiscal year began October 1, 2008, nearly four months before Obama took office. The budget for the entire fiscal year was largely set in place while Bush was in the White House.

Anyone that claims that Obama has added 70% to the nation debt is lying. Not fudging the numbers, not bending the truth, they are lying. At the end of the 2009 fiscal year, the last one that the Bush administration wrote the budget, the national debt was $11.9 trillion.

Bush, who started with a nearly balanced budget, more than doubled the debt and left a $1.4 trillion deficit. Reagan, the innovator of deficit spending, raised the debt 300%. If Obama added to the debt at the rate Reagan did, it would be $36 trillion when he leaves office. It will be less than $20 trillion.

Well Ace, you managed to NOT disappoint me. You bring up Bush's last year, which I might point out that those last two years he had a Democratically controlled Congress. You also brought up Reagan, who was way before and had to also deal with Democratically controlled parts of Congress.

And of course, you totally ignored Obumbo's 5+ years after the 2009 fiscal year. Do you now want to address those years instead of ignoring them?

 

[Zaphod Beeblebrox]

I thought this was going to be about Social Security!