WHAT WILL “REPUBLICANS” DO ABOUT THE DEBT? NOTHING …
By FITSNEWS || On or around December 9, 2014 (a.k.a. next week) the federal government’s debt will hit the $18 trillion mark – roughly thirteen-and-a-half months after it passed the $17 trillion threshold.
For those of you keeping score at home, that’s $18,000,000,000,000. Twelve zeroes.
Ridiculous, huh? Of course it is … but don’t expect the “Republican-controlled” U.S. Congress to do anything about it. Well, other than raising your taxes in an increasingly hopeless effort to make it appear as though this mess is sustainable.
Which it obviously isn’t …
American taxpayers will continue shelling out $1 trillion a year incentivizing dependency via the U.S. welfare state. They will continue spending trillions more incentivizing terrorism via its interminable “War on Terror.” They will continue to refuse reforming an entitlement system that’s about to go permanently in the red. And don’t forget all the crony capitalist bailouts and special interest handouts … which come on top of Washington D.C.’s perpetual bureaucratic expansion.
As we’ve said a million times, the center cannot hold … which is starting to show.
The government’s debt stood at $5.6 trillion at the end of fiscal year 2000 – shortly before former president George W. Bush and a “Republican” Congress took control in Washington, D.C. By the time the GOP lost control of Congress in 2006, the debt was $8.5 trillion – and by the time Barack Obama was elected president it had climbed to more than $10 trillion.
The last serious “bipartisan” effort to address this growing problem? The 2011 debt dereliction deal – an agreement to extend the nation’s debt limit by $2.4 trillion over a 17-month period in exchange for $2.1 trillion in cuts over a ten-year period.
Not surprisingly, those “cuts” never materialized …
“Republicans” led by Mitch McConnell and have vowed to tackle the debt. We know this because Glenn Beck‘s website said so, prompting millions of “Republican” voters to take it as gospel.
But will they?
Of course not … look no further than the last time they held power.
We’ve said it before and we’ll say it again. The “red team” and the “blue team” don’t care about cutting off the spigot – they care only about getting their hands on it and directing it toward their political benefit.
Until that changes … nothing changes.
NATIONAL DEBT: BY THE NUMBERS
9/30/2015 – ???
9/30/2014 – 17,824,071,380,733.82
9/30/2013 – 16,738,183,526,697.32
9/30/2012 – 16,066,241,407,385.89
9/30/2011 – 14,790,340,328,557.15
9/30/2010 – 13,561,623,030,891.79
9/30/2009 – 11,909,829,003,511.75
9/30/2008 – 10,024,724,896,912.49
9/30/2007 – 9,007,653,372,262.48
9/30/2006 – 8,506,973,899,215.23
9/30/2005 – 7,932,709,661,723.50
9/30/2004 – 7,379,052,696,330.32
9/30/2003 – 6,783,231,062,743.62
9/30/2002 – 6,228,235,965,597.16
9/30/2001 – 5,807,463,412,200.06
9/30/2000 – 5,674,178,209,886.86
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27 comments
SFW?
Deficits don’t matter.
Sure, we’ll tackle the debt, it’ll be the first thing we t-
Oh, wait, guys! Look! Another Middle Eastern country needs invading! Let’s go do that instead!
[Large corporate boardroom filled with suited executives]
Exec #1: Item six on the agenda: “The Meaning of Life” Now uh, Harry, you’ve had some thoughts on this.
Exec #2: Yeah, I’ve had a team working on this over the past few weeks, and what we’ve come up with can be reduced to two fundamental concepts. One: People aren’t wearing enough hats. Two: Matter is energy. In the universe there are many energy fields which we cannot normally perceive. Some energies have a spiritual source which act upon a person’s soul. However, this “soul” does not exist ab initio as orthodox Christianity teaches; it has to be brought into existence by a process of guided self-observation. However, this is rarely achieved owing to man’s unique ability to be distracted from spiritual matters by everyday trivia.
Exec #3: What was that about hats again?
Exec #2: Oh, Uh… people aren’t wearing enough.
Exec #1: Is this true?
Exec #4: Certainly. Hat sales have increased but not pari passu, as our research…
Exec #3: [Interrupting] “Not wearing enough”? enough for what purpose?
Exec #5: Can I just ask, with reference to your second point, when you say souls don’t develop because people become distracted…
[looking out window]
Exec #5: Has anyone noticed that building there before?
That’s the spirit! Ole Euwe Max is back.
I didn’t go anywhere… I just exist in more ways than you’d like.
If only board rooms had that much back and forth. Usually, one person speaks and the rest say “Aah ha.”
I was gonna pay that…but I didn’t have any money.
https://www.youtube.com/watch?v=Gqwg8XPkarc
Except that link is broke (too).
YEARLY DEFICITS USING NUMBERS ABOVE
9/30/2014 – 1,085,887,854,036.50
9/30/2013 – 671,942,119,311.50
9/30/2012 – 1,275,901,078,828.70
9/30/2011 – 1,228,717,297,665.40
9/30/2010 – 1,651,794,027,380.00
9/30/2009 – 1,885,104,106,599.30
9/30/2008 – 1,017,071,524,649.92
9/30/2007 – 500,679,473,047.25
9/30/2006 – 574,264,237,491.73
9/30/2005 – 553,656,965,393.18
9/30/2004 – 595,821,633,586.70
9/30/2003 – 554,995,097,146.46
9/30/2002 – 420,772,553,397.10
9/30/2001 – 133,285,202,313.20
WHY THE BIG DROP THEN JUMP FROM 20012 TO 2013 TO 2014?
http://wolfstreet.com/2014/10/05/dwindling-deficit-ha-us-government-debt-jumps-by-1-1-trillion-in-fiscal-2014/
“Starting in March 2013, when Treasury debt outstanding hit the debt ceiling, the Treasury Department couldn’t sell additional debt to bring in the money that the government continued to spend. So it borrowed that money via “extraordinary measures” from other accounts, to be repaid later. Then on October 16 last year, so in fiscal 2014, President Obama signed a deal into law that avoided default. The next day, the gross national debt jumped $328 billion to $17.075 trillion.”
Why the big drop 2012 to 2013? = Election year and the older and newer republicrats in congress put the kibosh on some spending … After that, away we went again. (Of course that drop was a bit of an engineered smoke and mirrors deal.) … Note 2009 was the worst in excessive spending, Oh Bummer: Let there be stimulus and porkulus for one and all and their favorite demo-benefactors, too.
from these numbers.. it is clear that obama works twice as hard as bush
Simple plan for dramatic annual deficit reduction, return tax rates to where they were under Clinton.
Better: return tax rates to where they were under president Ronald Reagan.
Best: return tax rates to where they were under Teddy Roosevelt.
(Check it out: 110+ years ago, there was no personal income tax … And the USA managed to build the largest naval fleet the world had ever seen.)
Tariffs are no longer a major source of revenue for the federal government. I doubt we could have a fleet of rowboats using that source of funding.
Tariff revenues are not significant, yes. BUT big oil revenues are!
Last year, the top 5 Big Oil companies put more revenues into the US Treasury than all personal income taxes combined.
These revenues are from oil leases, transportation taxes, property taxes (to the feds), refinery operations, fed use fees, fed per-gallon fuel sales taxes, corporate capital gains taxes and other fees, fines, taxes, tithes and tributes.
IF the feds would begin extracting a 0.1% transaction fee on banks/brokers/lenders/borrowers in open stock, bond and commodities markets, these would also offset all personal income taxes by more than triple! (Similar to as is done in all paper flipping markets in the European Union.)
We have been turned into the former Soviet Union. When all this debt catches up (and it will be soon), even those living in their 500 thousands dollar homes and driving brand new Lexus’ and BMW will be standing in soup lines. GUARANTEED.
George W. Bush, 43rd President of the United States, January 20, 2001 – January 20, 2009
http://en.wikipedia.org/wiki/George_W._Bush
Mission Accomplished Speech – May 1, 2003
http://en.wikipedia.org/wiki/Mission_Accomplished_speech
That’s funny. I hear in DC they are patting themselves on the back for getting the deficit under 2.5% GDP and thinking about doing away with Sequester. The Graham’s of the world want to up Defense spending the the Dems want to increase spending as well.
As long as the Petrodollar remains the only way to buy and sell oil the debt literally doesn’t matter. As long as we have the most powerful military in the world the Petrodollar will continue to be used and that will be enforced by force up to and including the use of nuclear weapons. As Obummer said, “You can take that to the bank.”
That’s great. Let’s continue to run up more debt. It literally doesn’t matter.
TL;DR – The US debt is a high number and if you don’t understand how national debt works this seems really scary. Instead of focusing on relevant information, this is just another libertarian rant that irresponsibly reports important issues.
The arrogance of your comments reveal a liberal’s mindset predisposed to spending other people’s money.
The US debt is a brake on our economy, and this effect is becoming more pronounced. Over the next 5 years it will force oppressive changes in our lives.
Those are really big numbers. The USA is a really big country with a huge economy. A change in marginal tax rates would make a significant impact on our national budget and help to bolster the economic power of our middle class, which in turn would further impact our national budget.
This is like newly divorced parents (R’s & D’s) trying to out spend each other to win the kid’s (The ones who benefit from Gov spending) affection instead the parents working together to bring the kid to the new reality.
USSA is broke.
Debt will destroy USSA dollar.
If you sincerely want to reduce the debt you can’t leave out the fraudulently overpriced and price gouging in our health care system. If I pay cash for an MRI I can get it for $250, if my insurance pays it’s $1,800. want more examples see this:
http://youtu.be/dRn9ySc-RDM?list=PLe6jk85-PFYcYD7zy7C2PqgqBk_9OGQ0i