So much for Obama bringing the deficit down

Discussion in 'Budget & Taxes' started by Arphen, Sep 24, 2014.

  1. Arphen

    Arphen Banned

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    The idea that the Obama administration has the budget deficit under control is a complete and total lie. According to the U.S. Treasury, the federal government has officially run a deficit of 589 billion dollars for the first 11 months of fiscal year 2014. But this number is just for public consumption and it relies on accounting tricks which massively understate how much debt is actually being accumulated. If you want to know what the real budget deficit is, all you have to do is go to a U.S. Treasury website which calculates the U.S. national debt to the penny. On September 30th, 2013 the U.S. national debt was sitting at $16,738,183,526,697.32. As I write this, the U.S. national debt is sitting at $17,742,108,970,073.37. That means that the U.S. national debt has actually grown by more than a trillion dollars in less than 12 months. We continue to wildly run up debt as if there is no tomorrow, and by doing so we are destroying the future of this nation

    http://treasurydirect.gov/NP/debt/search?startMonth=09&startDay=30&startYear=2013&endMonth=&endDay=&endYear=

    http://treasurydirect.gov/NP/debt/current

    http://www.zerohedge.com/news/2014-09-16/us-national-debt-has-grown-more-trillion-dollars-last-12-months
     
  2. Battle3

    Battle3 Well-Known Member

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    Its even worse than that, that debt is the "cash basis" debt and only reflects actual spent and borrowed dollars. If the feds had to do it on an accrual basis (which counts all obligations) like all big companies are required to do, the fed debt is over $70 Trillion.
     
  3. OldManOnFire

    OldManOnFire Well-Known Member

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    What's interesting about the finances of the US government, no matter how much deficit spending, no matter how much national debt, not a single Congressperson or president will be voted out of office for their lack of fiscal responsibility. Obviously this implies that Americans are okay with the numbers you present above. This further means you can get rid of Obama and nothing will change...deficits and debt have been in place for many decades. If we have a presidential candidate in 2016 who demands reducing debt and balancing the budget, once the People understand what this means to them...less services and higher taxes, there is no way that candidate will be voted into office.

    Now this does not mean that deficits and debt are a good thing...in fact when abused they are a horrible thing! It just means IMO that Americans don't give a crap about deficits and debt because they know to change this course will require something from them and this is where the (*)(*)(*)(*) hits the fan! Americans will not accept less services and won't pay higher taxes. For those who believe the wealthier can accomplish this I suggest you are sorely wrong. I'll bet you can ask 150 million American voters if they roughly know what the debt interest payment is this year and 149,900,000 will not have an answer. They are clueless the US is pissing away $450 billion for debt interest and don't give a rip because it's just more debt money which requires zero from taxpayers.

    Bottom line...regarding deficits and debt...when people don't feel the 'pain' they simply do not care...
     
  4. waltky

    waltky Well-Known Member

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    Granny says, "Dat's right - we still billions of dollars in debt...
    :grandma:
    $1,079,224,000,000: FY2016 Taxes Set Record Through January; $7,169 Per Worker; Feds Still Run $160.39B Deficit
    February 11, 2016 - The federal government took in a record of approximately $1,079,224,000,000 in tax revenues in the first four months of fiscal 2016 (Oct. 1, 2015 through Jan. 31, 2016), according to the Monthly Treasury Statement.
    See also:

    Liberalism's Legacy: Debt and Dependency
    February 11, 2016 | How will history remember the presidency of Barack Obama?
     
  5. Reinvention

    Reinvention New Member

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    Imagine if the rest of our budget was balanced and that 17 trillion dollars of debt represented tangible improvements to our nations infrastructure like roads, bridges, high speed rails, safer and more efficient ports, greener energy grids, or better water treatment centres instead of income redistribution programs, defence, and who knows what else. We would be seeing a nice little rate of return from these things by now.
     
  6. Bluesguy

    Bluesguy Well-Known Member Donor

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    Imagine that in means we can lower tax rates and keep more of our money so we can buy better houses, afford college, pay for better health care and invest back into the economy to expand it even more and increase our incomes even more.

    But if you want balanced budgets then elect a Republican to the White House, preferably Kasich.
     
  7. Reinvention

    Reinvention New Member

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    Amen to that. And yes I am voting Kasich
     
  8. OldManOnFire

    OldManOnFire Well-Known Member

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    What I see as the big issue in fiscal responsibility is that when the US has no wars, no national crisis...in other words no reason whatsoever to have deficit spending, we continue deficit spending as SOP! Presidents and Congress, with the support of Americans, are incapable of living within our means. We are creating trillion$ in national debt which will be paid by future generations, while we whine about how rough things are...this is selfish and self-serving and pathetic...
     
  9. OldManOnFire

    OldManOnFire Well-Known Member

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    I can understand believing any of these presidential candidates will solve these horrific issues but at the end of the day it can't be done! And I'm not being a pessimist but a realist...Americans do not have the interest or stomach to balance the federal budget and even pay down some debt! There are two reasons for this; the first is personal greed and secondly, the debt numbers are getting too big to handle in any shorter time frame. On average, each $100K in federal spending creates one American job so just reducing deficit spending by $500 billion removes about 5 million US jobs! IMO Americans won't accept this and neither can the US economy...
     
  10. Mr_Truth

    Mr_Truth Well-Known Member

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    President Obama did ask Congress to end all overseas tax shelters but they refused. Blame them, not him.
     
  11. FreshAir

    FreshAir Well-Known Member Past Donor

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    I agree, tax cuts for the rich should never of been done, we could not afford it and they did not help the economy
     
  12. lynnlynn

    lynnlynn New Member

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    What does public debt consist of?
     
  13. Bluesguy

    Bluesguy Well-Known Member Donor

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    What tax shelters?
     
  14. OldManOnFire

    OldManOnFire Well-Known Member

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    Don't understand why some must always turn to politics? I didn't mention Obama?? I clearly said "Presidents and Congress, with the support of Americans, are incapable of living within our means". If you think this is incorrect then please explain why we have trillion$ in debt and deficit spending every single year?

    News flash; there are no overseas tax shelters? If you believe the opposite, please provide the name of a large US company you believe is doing this?

    - - - Updated - - -

    News flash; there were tax cuts for ALL AMERICANS! And today's tax revenues are higher than in the past so we don't have a tax revenue problem...we have an out of control spending problem...
     
  15. Ddyad

    Ddyad Well-Known Member

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    Deficit reduction is not a real voter concern. None of the candidates have any credibility on that issue.
     
  16. Mr_Truth

    Mr_Truth Well-Known Member

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    I have address that issue repeatedly. Click on search for numerous links.
     
  17. Taxpayer

    Taxpayer Well-Known Member Past Donor

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    [​IMG]
     
  18. TRFjr

    TRFjr Well-Known Member

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    what good are those new roads and bridges if the average American cant afford a car to drive on those new roads and bridges because they are forced work part time and pay higher taxes
     
  19. Ndividual

    Ndividual Well-Known Member

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    While it may be true that many Americans are working part time and are paying higher taxes, over 95% of American households own at least 1 car and about 85% travel to work by car. Perhaps some are travelling less than previously but I doubt any have totally ceased using their car if they own one. But that may be a good thing if CO2 is as big a problem as government is telling us it is. And then many if not most products we consume are brought near us over the roads and bridges so we don't have to travel as much or as far to purchase them.
     
  20. Bluesguy

    Bluesguy Well-Known Member Donor

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    They brought in more in actual revenue and shifted more on the tax burden onto the higher earners, what was there to oppose other than they did not satisfy your envy and jealousy?

    - - - Updated - - -

    WHAT.............KASICH along with Gingrich balanced the budget and produced budget surpluses.
     
  21. Ddyad

    Ddyad Well-Known Member

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    Government size, power and cost continued to expand. A credible course of action would reverse that trend.

    None of the candidates stand for doing that. I would vote for any of the rebels, but with little enthusiasm.
     
  22. FreshAir

    FreshAir Well-Known Member Past Donor

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    I have no envy or jealousy, I just dislike greed, the mega rich do not need to be rewarded with extra super sized tax cuts for making lots of dollars, the making lots of dollars WAS the reward, they can pay the same tax per dollar the middle class does, they do not need to be rewarded with more tax cuts, why some on the right hate the middle class so much is beyond me

    .
     
  23. Bluesguy

    Bluesguy Well-Known Member Donor

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    We are talking BUDGET DEFICITS, but as too the debt the Republicans have gotten might close to a lower of the debt, but then the Democrats and Obama in just 8 years added more than all before almost doubling the debt. And it will take several generations to make a dent in it and what did we get for it?
     
  24. Bluesguy

    Bluesguy Well-Known Member Donor

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    Well you are engaging in it along with your jealousy and even. You don't care about the actual tax revenues, just trying to take a bigger percentage of those who are more successful than you or whose families were. That is jealousy and envy. Else explain why you want to take in less tax revenue.

    The only people getting rewarded are those at the bottom, those at the top are paying for it all.

    Oh I am sure they would love to especially when you also increase their SS benefit proportional with their increased contributions if you are going to call SS a tax. We're going to keep that fair aren't we, or are you mad because you have to pay into SS and just want someone else to pay for it so you don't have to.
    As I said your position on taxes is an emotional one and not about tax revenues.

    Why some on the left have to assign emotions to people who care more about tax revenues than getting even with people they are jealous of is not beyond me, it is quite clear.

    .[/QUOTE]
     
  25. FreshAir

    FreshAir Well-Known Member Past Donor

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    nope, I just do not like the supper rich pay less taxes per dollar they earn then the middle class, that is wrong... I doubt those on the right that support it will ever get that though

    .
     

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