Current US debt, Too big to fix?

[Asuiop]

The current US debt is $16.75 trillion and rising by an average of $2.85 billion dollars a day. Neither the Republicans nor the Democrats are doing anything about it that could actually make a dent, since they both seem to be more interested in random social issues and scandals that pop up every couple monthes or so..
source:
http://www.brillig.com/debt_clock/
I am believing more and more that the libertarian way is really the only way out, either that or the republicans allowing the military to be cut.


What do you think?

[Ostroeuropa]

There was no deficit before the rich stopped paying their taxes.
http://politicalcalculations.blogspot.c ... aTWF0Avr-s

The solution is obvious.

[Asuiop]

There was no deficit before the rich stopped paying their taxes.
http://politicalcalculations.blogspot.c ... aTWF0Avr-s

The solution is obvious.

That source says nothing of the sort.

[TaQud]

Yes unless we vote for Zombie Andrew Jackson 2016.

[Azaflaza]

If you think your debt is bad consider this, in the whole history of britain only now have we managed to get ourselves in a debt higher than 1 trillion which tbh I found unbelievable and really characterised how bad the economy is now.

[Ostroeuropa]

There was no deficit before the rich stopped paying their taxes.
http://politicalcalculations.blogspot.c ... aTWF0Avr-s

The solution is obvious.

That source says nothing of the sort.

The bush tax cuts came into effect, and the rich stopped paying as many taxes. Suddenly, deficit.

[Perseus Enterprises]

I think everyone is forgetting who's putting money in the politician's wallets.

[Ostroeuropa]

http://www.cbpp.org/images/cms/10-10-12 ... -13-f1.jpg

Another source.

http://www.cbpp.org/images/cms/10-10-12 ... -13-f2.jpg

[Asuiop]

That source says nothing of the sort.

The bush tax cuts came into effect, and the rich stopped paying as many taxes. Suddenly, deficit.

Actually, I believe that is due to the Dot-com bubble
http://en.wikipedia.org/wiki/Dot-com_bubble
At least partly I mean

[Gallifra]

Nothing is to big to fix. However, it will definitely be difficult to fix a 16 trillion dollar debt.

[Ostroeuropa]

The bush tax cuts came into effect, and the rich stopped paying as many taxes. Suddenly, deficit.

Actually, I believe that is due to the Dot-com bubble
http://en.wikipedia.org/wiki/Dot-com_bubble
At least partly I mean

what you believe is not relevant to reality. Partly? Sure. But you don't get a surplus that large and completely reverse it with an economic bubble.

[Death Metal]

There was no deficit before the rich stopped paying their taxes.

Pretty much this. Reverting taxes to Clinton levels, closing loopholes while cutting from the military, and cutting off PMCs and other contractors is the most reasonable and effective way. Where as the libertarian style is as ass-backwards as telling someone not to spend money on food anymore.

[Firmador]

Actually, the Deficiet doesn't matter for shit.

The Deficiet Limit is a tool for Republican rhetoric.

It has /no/ economic bearing AT ALL.

U.S. is going to collapse because of debt?

No.

U.S. is going to have to have a higher rate of growth or (more likely) will have to raise taxes (or lower spending) to pay for the debt?

Yes.

Japan has a 200% GDP-Debt ratio.

It'll be okay, lassies, quit being proles and educate yo'elves!

[Asuiop]

Nothing is to big to fix. However, it will definitely be difficult to fix a 16 trillion dollar debt.

almost 17 trillion

[Asuiop]

There was no deficit before the rich stopped paying their taxes.

Pretty much this. Reverting taxes to Clinton levels, closing loopholes while cutting from the military, and cutting off PMCs and other contractors is the most reasonable and effective way. Where as the libertarian style is as ass-backwards as telling someone not to spend money on food anymore.

By libertarian style I mean the massive cuts to the government(specifically the military). It also calls for lower business taxes but I think that would be neutralized by the huge cuts.

[Greed and Death]

Don't look at the raw number.

Look at the GDP to debt ratio and look at the interest rate on the bonds.

There are two points which signify problems. point 1, debt to GDP ratio greater than 100%, and 2 interest rates greater than 6%.

On point 1 we are between 75 and 90 % of the GDP.
On point 2 30 year T bills give about 3%.

[Solsteim]

Stated democrat position: raise taxes, raise spending.
Stated republican position: cut spending, cut taxes.
Real position of both parties: cut taxes, increase spending.
The only way to fix the US economy is to end the bush tax cuts (maybe even increases taxes from before then), cut the military budget massively, transition to universal healthcare (the US pays more in healthcare per person than any other country) and end the war on drugs, and start regulating and taxing currently illicit recreational drugs.

The reason i didn't suggest any public service cuts is because we tried that in the UK, it's not working.

[Death Metal]

U.S. is going to collapse because of debt?

No.

It could, only because of the asinine debt ceiling.

[Ostroeuropa]

Pretty much this. Reverting taxes to Clinton levels, closing loopholes while cutting from the military, and cutting off PMCs and other contractors is the most reasonable and effective way. Where as the libertarian style is as ass-backwards as telling someone not to spend money on food anymore.

By libertarian style I mean the massive cuts to the government(specifically the military). It also calls for lower business taxes but I think that would be neutralized by the huge cuts.

You can't realistically get lower than zero, which is what some pay already.

[Firmador]

Don't look at the raw number.

Look at the GDP to debt ratio and look at the interest rate on the bonds.

There are two points which signify problems. point 1, debt to GDP ratio greater than 100%, and 2 interest rates greater than 6%.

On point 1 we are between 75 and 90 % of the GDP.
On point 2 30 year T bills give about 3%.

Don't try to explain it to people on G.

I've tried before.

They're generally to stupid, it's more aggravating than serves for their own edification.

[Prince-Bishopric Of Liege]

Of course it can be fixed. It's only going to cost a hell of a lot and take some time. But as a proud European I unveil thee the secret to a balanced budget: "Cuts, cuts, austerity, budgetary discipline and investment on growth. Apply to satisfaction."

[Greed and Death]

There was no deficit before the rich stopped paying their taxes.

Pretty much this. Reverting taxes to Clinton levels, closing loopholes while cutting from the military, and cutting off PMCs and other contractors is the most reasonable and effective way. Where as the libertarian style is as ass-backwards as telling someone not to spend money on food anymore.

Your describing the libertarian style. We were calling for cuts to the military while almost all the Democrats in Congress voted to give Bush a blank check for Afghanistan and Iraq.

[Ostroeuropa]

Of course it can be fixed. It's only going to cost a hell of a lot and take some time. But as a proud European I unveil thee the secret to a balanced budget: "Cuts, cuts, austerity, budgetary discipline and investment on growth. Apply to satisfaction."

Show anywhere this has worked.

[Death Metal]

The bush tax cuts came into effect, and the rich stopped paying as many taxes. Suddenly, deficit.

Actually, I believe that is due to the Dot-com bubble
http://en.wikipedia.org/wiki/Dot-com_bubble
At least partly I mean

Blaming it on the dot-com bubble seems rather illogical when you consider that current big .coms are hundreds of times more successful than pre-bust .coms ever were.

[Firmador]

You guys do realize that the major contributors to the debt were:

Afghan
AND
Iraq
Wars

AND
!BUSH!
TEMPORARY (not permanent, derp)
Tax cuts.

Who should we blame? Bush!

Average American:
Whose fault is it!

THAT DIRTY NEGRO SOCIALIST OBAMA'S RHAJASHFAGSYF!!! MERIKKKA