• Announcements

    • Zapata

      Abbreviated rules   07/28/2017

      Underdawg did an excellent job of explaining the rules.  Here's the simplified version: Don't insinuate Pedo.  Warning and or timeout for a first offense.  PermaFlick for any subsequent offenses Don't out members.  See above for penalties.  Caveat:  if you have ever used your own real name or personal information here on the forums since, like, ever - it doesn't count and you are fair game. If you see spam posts, report it to the mods.  We do not hang out in every thread 24/7 If you see any of the above, report it to the mods by hitting the Report button in the offending post.   We do not take action for foul language, off-subject content, or abusive behavior unless it escalates to persistent stalking.  There may be times that we might warn someone or flick someone for something particularly egregious.  There is no standard, we will know it when we see it.  If you continually report things that do not fall into rules #1 or 2 above, you may very well get a timeout yourself for annoying the Mods with repeated whining.  Use your best judgement. Warnings, timeouts, suspensions and flicks are arbitrary and capricious.  Deal with it.  Welcome to anarchy.   If you are a newbie, there are unwritten rules to adhere to.  They will be explained to you soon enough.  
Sign in to follow this  
badlatitude

National Debt Hits $20 Trillion Mark

Recommended Posts

But Donnie said he would get rid of the national debt in eight years....

 

"The U.S. national debt reached $20 trillion for the first time ever last Friday after President Trump signed a bipartisan bill temporarily raising the nation's debt limit for three months. 

While at Camp David, Mr. Trump, with the stroke of his presidential pen, increased the statutory debt last Friday by approximately $318 billion, according to the Treasury Department. Before the bill's completion, the U.S. debt was sitting around $19.84 trillion. 

The legislation allowed the Treasury Department to start borrowing again immediately after several months of using "extraordinary measures" to avoid a financial default. The bill passed last Thursday 80-17 in the Senate and in the House 316-90 on Friday. Around $15 billion in emergency funding for Hurricane Harvey recovery efforts was attached to the borrowing measure. 

The $318 billion increase raised the U.S. national debt to $20.16 trillion by Friday. Since Mr. Trump's inauguration, the debt has increased about $215 billion from around $19.94 trillion."

https://www.cbsnews.com/news/national-debt-hits-historic-20-trillion-mark/

Share this post


Link to post
Share on other sites
5 minutes ago, Sean said:

You know what this means.  Time for a tax cut!

For sure!  It will all trickle down!  

 

Share this post


Link to post
Share on other sites
Just now, Moderate said:

Thanks obama !!!!!!

Hey amigo!  How's things!?  I enjoyed your epic sailing narrative.  It's nice to put the name of a neo-nazi to a face. You aren't looking for work currently, are you?

Share this post


Link to post
Share on other sites
6 hours ago, mikewof said:

Blame Ronald "never met a debt he didn't like" Reagan.

Total%20Increase%20in%20debt%20to%20GDP%

Back when our most pressing national issue was renaming everything after Reagan, I posited that the most fitting acknowledgement of the man's legacy would be The Ronald Reagan National Debt. 

Share this post


Link to post
Share on other sites

Reagan was 17 TRILLION dollars ago :)  But he did perfect the gateway drug and show American politicians how to kicking the can down the road, a policy that every president and congress has refined, ever since.

 

Share this post


Link to post
Share on other sites
4 hours ago, cmilliken said:

Reagan was 17 TRILLION dollars ago :)  But he did perfect the gateway drug and show American politicians how to kicking the can down the road, a policy that every president and congress has refined, ever since.

 

I'm not sure I agree, George H W Bush, tried to reduce that debt load but his own party dumped him for his efforts to raise taxes, Clinton reduced his spending but learned how daunting repaying a trillion dollars really is. George W. Bush was the person who didn't care, his very own Vice President, Dick Cheney, said 'deficits don't matter' he put the war and Medicare part D on the tab and he did it to try and damage Social Security and Medicare.  By the time Obama rolled around, there was $10 trillion to repay and he added to it with more social programs and debt servicing which brought it up to nearly $20 trillion. What Reagan started was truly evil and as we are learning today, could be the thing that eventually destroys us.

 

Share this post


Link to post
Share on other sites
4 minutes ago, badlatitude said:

I'm not sure I agree, George H W Bush, tried to reduce that debt load but his own party dumped him for his efforts to raise taxes, Clinton reduced his spending but learned how daunting repaying a trillion dollars really is. George W. Bush was the person who didn't care, his very own Vice President, Dick Cheney, said 'deficits don't matter' he put the war and Medicare part D on the tab and he did it to try and damage Social Security and Medicare.  By the time Obama rolled around, there was $10m trillion to repay and he added to it with more social programs and debt servicing which brought it up to nearly $20 trillion. What Reagan started was truly evil and as we are learning today, could be the thing that eventually destroys us.

 

The counter argument is that what Reagan kicked off in the 80's + the tax hikes under Bush Sr in 1990 was absolutely text book Keynesian supply side economics, putting a huge infusion of cash into play to break out of the stagflation capital trap, then pulling it back, leading to the huge growth and surpluses under Clinton.  TA DAH!!!

After that, it was all downhill :(

 

 

Share this post


Link to post
Share on other sites
3 minutes ago, cmilliken said:

The counter argument is that what Reagan kicked off in the 80's + the tax hikes under Bush Sr in 1990 was absolutely text book Keynesian supply side economics, putting a huge infusion of cash into play to break out of the stagflation capital trap, then pulling it back, leading to the huge growth and surpluses under Clinton.

After that, it was all downhill :)

 

After that, it was Gover Norquist, who single-handedly almost destroyed us.

Share this post


Link to post
Share on other sites

We've borrowed $20 against $276 (add the appropriate number of zeros), explain the crisis to me again?  Since the majority of the debt is owed to ourselves, this seems to be a political argument rather than an economic one.

 

https://www.forbes.com/sites/timworstall/2013/11/05/the-us-government-is-absolutely-not-16-trillion-in-the-hole/#4dbcc1823013

Share this post


Link to post
Share on other sites

I know it's someone out of vogue, but I always viewed Reagan economically more as a triage doctor than actual primary care.  His major achievements including jump starting the economy and tax simplification were necessary at the time because the economy was stuck in stagflation and the tax rules were nuts.  The problem was that subsequent generations took the totally wrong message.

Imagine coming on an accident scene and finding a injured and bleeding patient.  You give them blood, morphine, suture them up, and send them off to the hospital.  That solution works fine.. for injured bleeding patients found at accident scenes.  The problem is that 'solution' became universal - whatever is wrong, blood/morphine/sutures became the answer.  And now it's religion.  No matter the situation, blood, morphine, suture.  Ear ache?  Blood, morphine, suture.  

 

Share this post


Link to post
Share on other sites
2 minutes ago, cmilliken said:

I know it's someone out of vogue, but I always viewed Reagan economically more as a triage doctor than actual primary care.  His major achievements including jump starting the economy and tax simplification were necessary at the time because the economy was stuck in stagflation and the tax rules were nuts.  The problem was that subsequent generations took the totally wrong message.

Imagine coming on an accident scene and finding a injured and bleeding patient.  You give them blood, morphine, suture them up, and send them off to the hospital.  That solution works fine.. for injured bleeding patients found at accident scenes.  The problem is that 'solution' became universal - whatever is wrong, blood/morphine/sutures became the answer.  And now it's religion.  No matter the situation, blood, morphine, suture.  Ear ache?  Blood, morphine, suture.  

 

I view Reagan as the truck driver who in an accident is required to perform open heart surgery. He gets the patient to the hospital but dumps the patient in the emergency room where doctors have no idea how to fix what he started.

Share this post


Link to post
Share on other sites
4 hours ago, cmilliken said:

Reagan was 17 TRILLION dollars ago :)  But he did perfect the gateway drug and show American politicians how to kicking the can down the road, a policy that every president and congress has refined, ever since.

 

That's the term I had in my head when I think of Reagan's legacy ... he stuck the needle in the soon-to-be junkie's arm.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

Sign in to follow this