America's debt

[SMS]

The government WILL go into default.
Maybe the interest will get paid to our Chinese banker friends but somebody will be defaulted on.

It might be seniors on SS.
It might be vendors who provide products to the government.
It might be be hospitals and healthcare providers.

But Somebody won't get paid on time.

Horsehocky. In order to go into default, you must be in debt. We can service the debt, as in money we have borrowed and are required by law to pay back.

The US government and the taxpayers owe no debt to the Department of Education, Energy, Agriculture etc...We owe no debt to foreign aid or domestic welfare. We owe no debt to billions of dollars of unearned entitlements.

If you payed no taxes, performed no work on behalf of the U.S.A, or loaned no money to the U.S.A, then you are owed nothing. Therefore the United States government can not be in default if your check doesn't arrive. Sorry.

 

[Hobbes]

Here is a chart of last years Federal spending.

[Broken External Image]

You have to cut 40 cents of every dollar spent to avoid borrowing money while still paying interest owed.
That means you have to cut 1382.4 billion out of that pie chart.

AND you have to do it in a way that avoids throwing us back into recession because that would eat into your incoming revenue making the deficit larger and forcing you to cut even more.

Have at it.

Don't be shy about posting your numbers of how you would do it.

Here's a detailed breakdown.

[Broken External Image]

 

[ldp4570]

On a fixed income, I have to handle my funds carefully. When cost for necsssities go up, I have to cut spending in other areas (guns and fun). I am not an economist but it seems to me that Congress (regardless of party) needs to wake up and smell the coffee!

Same here!!!!!

 

[HMFIC]

I can't make a budget while looking a only a pie chart. Put me in charge of it and I WILL find a way. Nobody will like it, but I WILL find a way and that's what our elected officials SHOULD be doing.

Your caveat of doing it without throwing us into a recession is moot. We're IN a recession right now. Besides that, logically, how should cutting government spending affect the economy of the country it get's the money from in the first place??? That would be like saying me cutting off my kid's allowance will really hurt my ability to thrive. Give me a break.

Are YOU saying that everything is just hunky dorey like it is? Cuz it's not...

Here is a chart of last years Federal spending.

[Broken External Image]

You have to cut 40 cents of every dollar spent to avoid borrowing money while still paying interest owed.
That means you have to cut 1382.4 billion out of that pie chart.

AND you have to do it in a way that avoids throwing us back into recession because that would eat into your incoming revenue making the deficit larger and forcing you to cut even more.

Have at it.

Don't be shy about posting your numbers of how you would do it.

Here's a detailed breakdown.

[Broken External Image]

 

[HMFIC]

In the mind of a liberal, everything is the Republican's fault. Borrow more, spend more, buy more votes. Blame the results on the Republicans. Anyone that can not see that both parties are at fault, and that both are using this battle for political gain, needs to wake up.

I don't disagree. We need a clean slate with all the bozos up there.

 

[Hobbes]

We're IN a recession right now.

No, we"re not.

how should cutting government spending affect the economy of the country it get's the money from in the first place???

Stop sending out those SS checks and paying those medicare bills and you'll find out how.

 

[Hobbes]

How's that Demonrat and Lefty media kool-aid you've been drinking taste? Cause you're wrong. There's plenty of money available to pay the interest on the US Bonds people and foreign governments have purchased and still have trillions left over in annual tax revenues to pay for the rest. Not all expenses for sure but if one eliminates all the BS programs that the Demonrats have created over the years there'd be plenty left to pay Social Security, medicare, the military, build roads etc.

Trouble is all you bleeding hearts believe that everyone in the USA has the right to live like they should have $200K houses, drive new cars, have $100/month cell phone plans, and send their 12 welfare babies to Harvard. Well it just ain't so. And there are strong indicators that most hard working Americans, millionaires and the entrepenerus who pay for all that crap are getting fet up with it.

It's going to get real interesting in the next few months, especially if the republicans stick to their guns and don't allow the debt ceiling to rise.

I for one am looking forward to it.

When people resort to name calling and stereotyping it's usually because they have a weak argument to begin with.

 

[HMFIC]

No, we"re not.

We are if you listen to the street and not the pundits.

Stop sending out those SS checks and paying those medicare bills and you'll find out how.

So YOU'RE going to suggest taking it to extremes instead of logically attacking the problem now? Those are programs that are based in pay-in scenarios, it's not the same as pure tax revenue being used to fund garbage. But anyway, if you want to play that game... I'd argue that yes, take away the entitlement and give back the money and the economy will thrive.


Really still haven't answered the question though... do you think everything is just fine? What is your point?

 

[Hobbes]

We are if you listen to the street and not the pundits.

I'm not doing either. I'm looking at GDP numbers.

Really still haven't answered the question though... do you think everything is just fine? What is your point?

My point is simply a rebuttal of the argument being thrown around that we can just pay the interest on our debt and everything will be hunky dory because there is so much waste and unnecessary spending that we won't have any problem.
That's just too simplistic to work in the real world.
The numbers don't work.

What is the problem?
The left has moved so far to the left and the right has moved so far to the right that there aren't enough people left in the middle to govern anymore.

What is the answer?
Everyone is going to have to experience some pain. Not just the people I don't like or agree with.

 

[gaseous maximus]

We just need to borrow more money. If we can borrow more money, we can use it to pay back the other people we have borrowed from. I think this is the Govs plan.

Mr. Biggsly. I agree. You certainly have a gift for taking the complex and making it simple, or something like that.