The Republicans are the Problem

[Alceste]

Yes, and till we address the deflict, we will never pay a penny on the debt. Can you imagie never paying any of your debt off ever?

Can you imagine having an unmanageable debt load, then believing you can resolve it by taking a voluntary 20% reduction in your pay cheque and buying hundreds of tanks and battle ships?

 

[esmith]

What I see as troubling is the interest on the debt. This is copied from the https://www.cbo.gov/publication/21960
In CBO's most recent projections, which assume that current laws remain the same, annual deficits decline from the $1.3 trillion recorded in 2010, but the cumulative deficit from 2011 through 2020 exceeds $6.2 trillion. Borrowing to finance that deficit--in combination with an expected rise in interest rates--would lead to a fourfold increase in net interest payments over the next 10 years, from $197 billion in 2010 to $778 billion in 2020. As a percentage of GDP, net interest outlays would more than double during that period, rising from 1.4 percent to 3.4 percent.

 

[esmith]

Is this why you keep insisting people don't know the difference between the deficit and the debt?

Yes, I know this.

I don't want to be nitpicking; however you did say(my edit)

. The fact is, Obama inherited a deficit of 1.3 trillion from the republicans,(my emphasis) and added 500 billion worth of stimulus, which turned the economic collapse around, and now the deficit has shrunk to 1.1 trillion.

This is why I thought that there is a confusion about what the deficit is. However, I think I know what you are attempting to say. You say that Bush had 1.1trillion of deficit that had to be made up by borrowing the money to cover it. That the obligation was still there when Obama took office, therefore there would be a deficit at the end of Obama's 1st year. I agree, it was just your wording. However, it was not only Bush but every President that has amassed a "debt" which is caused by a deficit.

 

[Alceste]

I don't want to be nitpicking; however you did say(my edit)



This is why I thought that there is a confusion about what the deficit is.

Obama's first year in office he had Bush's last budget to work with. That budget had a $1.3 trillion deficit.

 

[esmith]

Obama's first year in office he had Bush's last budget to work with. That budget had a $1.3 trillion deficit.

Edited my previous post (just above yours to I think clear up the whole thing.

 

[Alceste]

Edited my previous post (just above yours to I think clear up the whole thing.

So we agree! *pops open a bottle of champagne*

 

[esmith]

So we agree! *pops open a bottle of champagne*

Well, not exactly The deficit hasn't gone down and I haven't heard any plans from Obama to decrease the deficit.

 

[Alceste]

Well, not exactly The deficit hasn't gone down and I haven't heard any plans from Obama to decrease the deficit.

Obama is planning to raise taxes on the top 10% or so. That will reduce the deficit by increasing revenue. He is also planning to cut spending in a number of ways. That will reduce the deficit too. It's basic math! No voodoo required!

Yes, the deficit has gone down.

The final Congressional Budget Office baseline deficit projection before Obama took office -- noted in table 5 in this January 2009 CBO report -- showed a fiscal year 2009 deficit of $1.19 trillion.

That figure doesn’t account for any of Obama’s own spending initiatives, such as the stimulus bill. But the deficit grew quickly under Obama: The fiscal 2009 deficit rose to $1.41 trillion and has remained above $1 trillion annually ever since.

But compared to what Obama inherited, the annual deficit has gone down slightly. CBO projects that for fiscal 2012, which has just ended, the fiscal 2012 deficit will be $1.09 trillion.

So, far from doubling the deficit, Obama (along with, it should be noted, some Republican help in Congress) has instead reduced the deficit by about 8 percent.

http://www.politifact.com/truth-o-m...romney-says-barack-obama-has-doubled-deficit/

 

[esmith]

Obama is planning to raise taxes on the top 10% or so. That will reduce the deficit by increasing revenue. He is also planning to cut spending in a number of ways. That will reduce the deficit too. It's basic math! No voodoo required!

Yes, the deficit has gone down.

Okay we tax the top 10% 100% of their income, that nets us about $938billion dollars and that doesn't even cover the deficit and there is no way they are going to tax the top 10% 100%. So, increasing the tax on the top 10% doesn't really do much good. How is he going to cut spending, where are the details. The Obama campaign says Romney will not give details. What about the details from the Obama campaign? Give me a break, he doesn't have any ideas other than campaign rhetoric.

 

[Dirty Penguin]

Is this why you keep insisting people don't know the difference between the deficit and the debt?

Yes, I know this. However, Obama inherited two unfunded wars and a costly unfunded tax cut, as well as the worst economic situation in history. The costs of such things are pretty much locked in. You can't just stop paying for them all of a sudden. You've got to chip away, like Clinton did. I think Obama was foolish to extend the tax cuts, personally, but it seems that in America you must pledge not to raise taxes in order to get the job. In his second term, he is going to increase taxes on the very rich, and says so. That will help reduce the deficit. Ta-da! No voodoo economics required.

Anyway, I've agreed with you that Obama has not done a very good job reducing the deficit. I just don't know why you believe a guy who wants to slash taxes to the tune of $5 trillion and increase military spending by $2 trillion is a better bet. That just seems crazy to me. If the deficit is what concerns you, you should be voting for whoever wants to raise taxes the most.

I'm amazed at people who argue against higher taxes. I live in Virginia and travel a lot throughout the state. On a state level taxes are high here. In various counties the taxes are high compared to other areas. We also pay personal property tax. The wife and I have two cars. One we purchased new in 2010 and taxes on that car are around $200 a year. Mine is about $100. We pay about 3 to $4000 a her for our property tax (house)....None of this includes sales tax on goods and services.

On top of that We have one of the lowest unemployment rates in the country (5.9%) and plenty of businesses want to do business here and our hosing market is on the rise.

 

[Magic Man]

Okay we tax the top 10% 100% of their income, that nets us about $938billion dollars and that doesn't even cover the deficit and there is no way they are going to tax the top 10% 100%. So, increasing the tax on the top 10% doesn't really do much good. How is he going to cut spending, where are the details. The Obama campaign says Romney will not give details. What about the details from the Obama campaign? Give me a break, he doesn't have any ideas other than campaign rhetoric.

Neither of the big two parties will do much concerning the deficit or debt. I'd say Romney's more likely to raise both the deficit and debt, but if you're looking for real improvement on this issue, don't bet on either guy.

 

[Reverend Rick]

Can you imagine having an unmanageable debt load, then believing you can resolve it by taking a voluntary 20% reduction in your pay cheque and buying hundreds of tanks and battle ships?

You remind me of four years ago Alceste. Tell me again that the Democrats are the fiscal party.

I did my part, I voted for a TEA party candidate and sent Rand Paul to the Senate to represent me. I absolutely love Mitch McConnell as well. Two great Senators from the great state of Kentucky.

I've said it before and I will say it again, what this country needs is a balanced budget amendment. Honestly, why do we even tax anyone in our country? One trillion, two trillion, whats the difference? Lets just print money and send every American a million dollars. Why just spend money we don't have on pet projects?

 

[Dirty Penguin]

Neither of the big two parties will do much concerning the deficit or debt. I'd say Romney's more likely to raise both the deficit and debt, but if you're looking for real improvement on this issue, don't bet on either guy.

If that's the case then I'll stay with what we have.

 

[Reverend Rick]

If that's the case then I'll stay with what we have.

I miss George W. Bush. I had it made when he was in office, now everything is crap in the business world.

 

[Magic Man]

If that's the case then I'll stay with what we have.

He's definitely a better option than Romney, but with that being the case, I'll go with a third option.

 

[Revoltingest]

I miss George W. Bush. I had it made when he was in office, now everything is crap in the business world.

I recall that it began to turn to crap during his term.
I even blame him for some of it (eg, the wars, tightening the money supply for business).

 

[esmith]

I'm amazed at people who argue against higher taxes. I live in Virginia and travel a lot throughout the state. On a state level taxes are high here. In various counties the taxes are high compared to other areas. We also pay personal property tax. The wife and I have two cars. One we purchased new in 2010 and taxes on that car are around $200 a year. Mine is about $100. We pay about 3 to $4000 a her for our property tax (house)....None of this includes sales tax on goods and services.

On top of that We have one of the lowest unemployment rates in the country (5.9%) and plenty of businesses want to do business here and our hosing market is on the rise.

Then why are a lot of business moving to Texas.

 

[Magic Man]

I miss George W. Bush. I had it made when he was in office, now everything is crap in the business world.

You do realize that things wouldn't be much different for you right now if Bush had stayed in, right? The reason things were so good for you and the business world back then was because it was the inflating of the bubble. Once that popped, everything went to crap, but of course, while it's inflating, everything is awesome.

 

[Dirty Penguin]

I miss George W. Bush. I had it made when he was in office, now everything is crap in the business world.

Yea but he didn't do much for the real world....

 

[Reverend Rick]

I recall that it began to turn to crap during his term.
I even blame him for some of it (eg, the wars, tightening the money supply for business).

Not for me, I had two years of work lined up in 2008.