erynthered Posted February 17, 2012 Share Posted February 17, 2012 http://finance.yahoo.com/news/12-scary-debt-facts-for-2012.html Yes we can!! 1. The U.S. national debt on Jan. 1, 1791, was just $75 million dollars. Today, the U.S. national debt rises by that amount about once an hour. 2. Our nation began its existence in debt after borrowing money to finance the Revolutionary War. President Andrew Jackson nearly eliminated the debt, calling it a "national curse." Jackson railed against borrowing, spending and even banks, for that matter, and he tried to eliminate all federal debt. By Jan. 1, 1835, under Jackson, the debt was just $33,733. 3. When World War II ended, the debt equaled 122 percent of GDP (GDP is a measure of the entire economy). In the 1950s and 1960s, the economy grew at an average rate of 4.3 percent a year and the debt gradually declined to 38 percent of GDP in 1970. This year, the Office of Budget and Management expects that the debt will equal nearly 100 percent of GDP. 4. Since 1938, the national debt has increased at an average annual rate of 8.5 percent. The only exceptions to the constant annual increase over the last 62 years were during the administrations of Clinton and Johnson. (Note that this is the rate of growth; the national debt still existed under both presidents.) During the Clinton presidency, debt growth was almost zero. Johnson averaged 3 percent growth of debt for the six years he served (1963-69). 5. When Ronald Reagan took office, the U.S. national debt was just under $1 trillion. When he left office, it was $2.6 trillion. During the eight Regan years, the US moved from being the world's largest international creditor to the largest debtor nation. 6. The U.S. national debt has more than doubled since the year 2000. Under President Bush: At the end of calendar year 2000, the debt stood at $5.629 trillion. Eight years later, the federal debt stood at $9.986 trillion. Under President Obama: The debt started at $9.986 trillion and escalated to $15.3 trillion, a 53 percent increase over three years. 7. FY 2013 budget projects a deficit of $901 billion in 2013, representing 5.5 percent of GDP, down from a deficit of $1.33 trillion in FY 2012, which was the fourth consecutive year of more than $1 trillion dollar deficits. 8. The U.S. national debt rises at an average of approximately $3.8 billion per day. 9. The US government now borrows approximately $5 billion every business day. 10. A trillion $10 bills, if they were taped end to end, would wrap around the globe more than 380 times. That amount of money would still not be enough to pay off the U.S. national debt. 11. The debt ceiling is the maximum amount of debt that Congress allows for the government. The current debt ceiling is $16.394 trillion effective Jan. 30, 2012. 12. The U.S. government has to borrow 43 cents of every dollar that it currently spends, four times the rate in 1980. Link to comment Share on other sites More sharing options...
drinkTHEkoolaid Posted February 17, 2012 Share Posted February 17, 2012 Yikes... Link to comment Share on other sites More sharing options...
1billsfan Posted February 17, 2012 Share Posted February 17, 2012 "Under President Obama: The debt started at $9.986 trillion and escalated to $15.3 trillion, a 53 percent increase over three years." "A trillion $10 bills, if they were taped end to end, would wrap around the globe more than 380 times. That amount of money would still not be enough to pay off the U.S. national debt." These are the two that stood out for me. The eventual GOP winner needs to hammer hard on the national debt issue and let them know that if they vote for Obama, they'll be stealing their children's and grand children's future of the same America that they grew up loving so much. They've got to create ads that will literally shame any thought of voting for Obama out of the "on the fence" independents. Link to comment Share on other sites More sharing options...
Adam Posted February 17, 2012 Share Posted February 17, 2012 Cut entitlements Cut military expenditures Cut energy use Eliminate fast food and soda Link to comment Share on other sites More sharing options...
1billsfan Posted February 17, 2012 Share Posted February 17, 2012 http://campaign2012.washingtonexaminer.com/blogs/beltway-confidential/admin-stops-pretending-it-has-long-term-debt-plan/379326 Link to comment Share on other sites More sharing options...
Joe Miner Posted February 17, 2012 Share Posted February 17, 2012 Eliminate fast food and soda WTF? Link to comment Share on other sites More sharing options...
erynthered Posted February 17, 2012 Author Share Posted February 17, 2012 http://campaign2012....ebt-plan/379326 And today, Treasury Secretary Tim Geithner conceded that the administration didn't even attempt to do anything about the nation's long-term debt problem. Yes we can!!! Link to comment Share on other sites More sharing options...
drinkTHEkoolaid Posted February 17, 2012 Share Posted February 17, 2012 And today, Treasury Secretary Tim Geithner conceded that the administration didn't even attempt to do anything about the nation's long-term debt problem. Yes we can!!! Hope and change!! And uhh... your racist if you call us out on our record Link to comment Share on other sites More sharing options...
Adam Posted February 17, 2012 Share Posted February 17, 2012 WTF? I know that looks out of place. When I finish at the MVD and take care of a few things. I will explain when i am in front of a full size computer. I am sure you will be waiting with baited breath. WTF? I know that looks out of place. When I finish at the MVD and take care of a few things. I will explain when i am in front of a full size computer. I am sure you will be waiting with baited breath. Link to comment Share on other sites More sharing options...
Adam Posted February 17, 2012 Share Posted February 17, 2012 WTF? This one may have a "little" personal bias. I'll admit that. First, look at how much is wasted on processed foods every year- and yes, I said wasted (I claim the first, not fifth ammendment). These so-called foods cause numerous health problems, which will boost the cost of health care and insurance (by increasing the mean risk). Heck, I'd rather see some military run restaurants, which would have the type of food our troops eat, with some of the money funding either our troops or going to their families (that may be completely pie in the sky). Granted, the savings might not be huge, but you can't discount anything with the deficit we have. Link to comment Share on other sites More sharing options...
1billsfan Posted February 17, 2012 Share Posted February 17, 2012 This one may have a "little" personal bias. I'll admit that. First, look at how much is wasted on processed foods every year- and yes, I said wasted (I claim the first, not fifth ammendment). These so-called foods cause numerous health problems, which will boost the cost of health care and insurance (by increasing the mean risk). Heck, I'd rather see some military run restaurants, which would have the type of food our troops eat, with some of the money funding either our troops or going to their families (that may be completely pie in the sky). Granted, the savings might not be huge, but you can't discount anything with the deficit we have. It's microscopic. And today, Treasury Secretary Tim Geithner conceded that the administration didn't even attempt to do anything about the nation's long-term debt problem. Yes we can... ...bold face lie to the public! http://campaign2012.washingtonexaminer.com/blogs/beltway-confidential/wh-website-still-touting-pledge-halve-deficit/380821 Link to comment Share on other sites More sharing options...
Joe Miner Posted February 17, 2012 Share Posted February 17, 2012 This one may have a "little" personal bias. I'll admit that. First, look at how much is wasted on processed foods every year- and yes, I said wasted (I claim the first, not fifth ammendment). These so-called foods cause numerous health problems, which will boost the cost of health care and insurance (by increasing the mean risk). Heck, I'd rather see some military run restaurants, which would have the type of food our troops eat, with some of the money funding either our troops or going to their families (that may be completely pie in the sky). Granted, the savings might not be huge, but you can't discount anything with the deficit we have. So you feel this is a reasonable amount of control to let the gov't have in your life? Link to comment Share on other sites More sharing options...
SageAgainstTheMachine Posted February 17, 2012 Share Posted February 17, 2012 This one may have a "little" personal bias. I'll admit that. First, look at how much is wasted on processed foods every year- and yes, I said wasted (I claim the first, not fifth ammendment). These so-called foods cause numerous health problems, which will boost the cost of health care and insurance (by increasing the mean risk). Heck, I'd rather see some military run restaurants, which would have the type of food our troops eat, with some of the money funding either our troops or going to their families (that may be completely pie in the sky). Granted, the savings might not be huge, but you can't discount anything with the deficit we have. So how do you reconcile your pragmatic opinion with the larger objective in play - that being, Americans have the liberty to consume what they please, and industries are free to produce it? It's a muddled concept given that obese folks are a drain on everybody else's income, but you have to draw a line in the sand somewhere. Link to comment Share on other sites More sharing options...
Adam Posted February 17, 2012 Share Posted February 17, 2012 So how do you reconcile your pragmatic opinion with the larger objective in play - that being, Americans have the liberty to consume what they please, and industries are free to produce it? It's a muddled concept given that obese folks are a drain on everybody else's income, but you have to draw a line in the sand somewhere. The more junk you consume, the more you pay- of course that lends itself to the problem of how to keep track. Link to comment Share on other sites More sharing options...
RI Bills Fan Posted February 18, 2012 Share Posted February 18, 2012 (edited) 5. When Ronald Reagan took office, the U.S. national debt was just under $1 trillion. When he left office, it was $2.6 trillion. During the eight Regan years, the US moved from being the world's largest international creditor to the largest debtor nation. This fact, is the reason why I believe that the majority of the screaming, crying, and moaning, about the deficit is nothing more than partisan hackery at it's worst. No. I don't believe the sincerity of the epithanies most of the more vociferous hacks here (and nationally) claim to have experienced. And yes I fully expect the cry of "Reagan PROVED deficits don't matter!" to return the instant Rommney (Who I plan to hold my nose and vote for) is elected. 4. Since 1938, the national debt has increased at an average annual rate of 8.5 percent. The only exceptions to the constant annual increase over the last 62 years were during the administrations of Clinton and Johnson. (Note that this is the rate of growth; the national debt still existed under both presidents.) During the Clinton presidency, debt growth was almost zero. Johnson averaged 3 percent growth of debt for the six years he served (1963-69). But what I would like even better is for Hillary to run. The only real answer is to cut spending AND raise taxes an equal amount. P.S. If most of you take the partisan blinders off and read that list you'll quickly understand why I believe that the pushing the deficit issue is not a good political move for the GOP. Edited February 18, 2012 by RI Bills Fan Link to comment Share on other sites More sharing options...
Nanker Posted February 18, 2012 Share Posted February 18, 2012 ! Link to comment Share on other sites More sharing options...
Bigfatbillsfan Posted February 18, 2012 Share Posted February 18, 2012 5. When Ronald Reagan took office, the U.S. national debt was just under $1 trillion. When he left office, it was $2.6 trillion. During the eight Regan years, the US moved from being the world's largest international creditor to the largest debtor nation. This fact, is the reason why I believe that the majority of the screaming, crying, and moaning, about the deficit is nothing more than partisan hackery at it's worst. No. I don't believe the sincerity of the epithanies most of the more vociferous hacks here (and nationally) claim to have experienced. And yes I fully expect the cry of "Reagan PROVED deficits don't matter!" to return the instant Rommney (Who I plan to hold my nose and vote for) is elected. 4. Since 1938, the national debt has increased at an average annual rate of 8.5 percent. The only exceptions to the constant annual increase over the last 62 years were during the administrations of Clinton and Johnson. (Note that this is the rate of growth; the national debt still existed under both presidents.) During the Clinton presidency, debt growth was almost zero. Johnson averaged 3 percent growth of debt for the six years he served (1963-69). But what I would like even better is for Hillary to run. The only real answer is to cut spending AND raise taxes an equal amount. P.S. If most of you take the partisan blinders off and read that list you'll quickly understand why I believe that the pushing the deficit issue is not a good political move for the GOP. Great post. The whole reason the economy was that great in the mid eighties was because of the amount in which Reagan was spending in deficit. Link to comment Share on other sites More sharing options...
3rdnlng Posted February 18, 2012 Share Posted February 18, 2012 Great post. The whole reason the economy was that great in the mid eighties was because of the amount in which Reagan was spending in deficit. No, the reason for the economic improvements during the eighties was the reduction in taxes, not deficit spending. That set the tone for the next decade and a half. If deficit spending was the reason then our economy would be really doing well now since Obama's deficit is 6 times the average deficit of Reagan's. You need to quickly find your "A" game, just to beat out DIN. Link to comment Share on other sites More sharing options...
Adam Posted February 18, 2012 Share Posted February 18, 2012 No, the reason for the economic improvements during the eighties was the reduction in taxes, not deficit spending. That set the tone for the next decade and a half. If deficit spending was the reason then our economy would be really doing well now since Obama's deficit is 6 times the average deficit of Reagan's. You need to quickly find your "A" game, just to beat out DIN. Dang it! You just ruined my day. I was going to follow that formula and buy an iPad, new laptop and a 90 inch tv, all on my credit card. Oh well. Link to comment Share on other sites More sharing options...
3rdnlng Posted February 18, 2012 Share Posted February 18, 2012 Dang it! You just ruined my day. I was going to follow that formula and buy an iPad, new laptop and a 90 inch tv, all on my credit card. Oh well. Or maybe not? Link to comment Share on other sites More sharing options...
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