Debt ceiling raised, (again), 9 trillion dollars.

General » General Discussion

[ARCHIVED THREAD] - Debt ceiling raised, (again), 9 trillion dollars.

Posted: 3/16/2006 10:17:46 AM EDT

www.breitbart.com/news/2006/03/16/D8GCPFA0D.html

U.S. Debt clock,
www.toptips.com/debtclock.html

Posted: 3/16/2006 10:20:36 AM EDT

[#1]

That's OK. My credit card company raised my limit recently, too!

That just means the US has excellent FICO scores!

Posted: 3/16/2006 10:22:11 AM EDT

[#2]

Not surprised.

Posted: 3/16/2006 10:22:12 AM EDT

[#3]

Quoted:
That's OK. My credit card company raised my limit recently, too!

That just means the US has excellent FICO scores!

Posted: 3/16/2006 10:25:39 AM EDT

[#4]

Quoted:
www.breitbart.com/news/2006/03/16/D8GCPFA0D.html

U.S. Debt clock,
www.toptips.com/debtclock.html

well... no, that cannot be, the debt still rose during the Clinton administration... I thought he lowered it

The only thing that sucks about this is eventually we will get to the point where we can barely afford the interest payments on our debt; of course, debt isn't too bad, no country will fuck with us when it would mean that they would lose out on their billions of dollars of loan payments.

Posted: 3/16/2006 10:43:39 AM EDT

[#5]

wheres the clock that shows how much other countries owe us

Posted: 3/16/2006 10:44:47 AM EDT

[#6]

So the US has debt that amounts to about 75% of what we make in one year ($9 Trillion debt, $12 trillion GDP). My personal debt to income ratio is actually higher than that, and I am considered an excellent credit risk.

BTW, Almost no one pays lower interest on their debt than Uncle Sam.

Posted: 3/16/2006 10:57:19 AM EDT

[#7]

Quoted:
So the US has debt that amounts to about 75% of what we make in one year ($9 Trillion debt, $12 trillion GDP). My personal debt to income ratio is actually higher than that, and I am considered an excellent credit risk.

BTW, Almost no one pays lower interest on their debt than Uncle Sam.

a more valid comparison would be to compare the debt to the amount of money the .gov takes in taxes every year. GDP != what the government "makes".

Posted: 3/16/2006 12:33:58 PM EDT

[#8]

Quoted:
Quoted:
So the US has debt that amounts to about 75% of what we make in one year ($9 Trillion debt, $12 trillion GDP). My personal debt to income ratio is actually higher than that, and I am considered an excellent credit risk.

BTW, Almost no one pays lower interest on their debt than Uncle Sam.

a more valid comparison would be to compare the debt to the amount of money the .gov takes in taxes every year. GDP != what the government "makes".

GDP is what the country makes

Posted: 3/16/2006 12:34:00 PM EDT

[#9]

Quoted:
Quoted:
www.breitbart.com/news/2006/03/16/D8GCPFA0D.html

U.S. Debt clock,
www.toptips.com/debtclock.html

well... no, that cannot be, the debt still rose during the Clinton administration... I thought he lowered it

The only thing that sucks about this is eventually we will get to the point where we can barely afford the interest payments on our debt; of course, debt isn't too bad, no country will fuck with us when it would mean that they would lose out on their billions of dollars of loan payments.

"I place economy among the first and most important virtues, and public debt as the greatest of dangers. To preserve our independence, we must not let our rulers load us with perpetual debt."
-- Thomas Jefferson

calculatedrisk.blogspot.com/2005/11/interest-on-national-debt.html

Posted: 3/16/2006 12:39:08 PM EDT

[#10]

i wish when i had too much debt, i could just raise my own limit, and then make someone else pay the interest.

Posted: 3/16/2006 12:42:26 PM EDT

[#11]

Quoted:
Quoted:
So the US has debt that amounts to about 75% of what we make in one year ($9 Trillion debt, $12 trillion GDP). My personal debt to income ratio is actually higher than that, and I am considered an excellent credit risk.

BTW, Almost no one pays lower interest on their debt than Uncle Sam.

a more valid comparison would be to compare the debt to the amount of money the .gov takes in taxes every year. GDP != what the government "makes".

Then, pray tell, why do economists measure debt as percentage of GDP, and not as a percent of .gov receipts? Why are the EU debt limits set at percent of GDP?

Hint: The"government" debt is actually owed by the whole country.

Posted: 3/16/2006 12:43:27 PM EDT

[#12]

All well and good, but how is YOUR federal represenative acting to LOWER DEBT and REDUCE government programs?

If they are not, then talk to THEM, not US. Ask your congresscritters to stop spending money and start cutting back on bullshit programs. Ask them to direct your tax money for paying for the Interstate Hwy System, Border Security and bullets for US Marines. Ask them to stop using your money to pay to support "artists" and crack addicts. Ask them to stop providing the high-life for convicts in the federal penitentiaries.

Posted: 3/16/2006 12:43:45 PM EDT

[#13]

We'll just print 10 Trillion!................problem solved!

Posted: 3/16/2006 12:56:45 PM EDT

[#14]

Quoted:
We'll just print 10 Trillion!................problem solved!

That is about what they have planned, I believe, though more gradual.
But we will stipp have to pay it off. That debt belongs to each of us and is about $140K per family or so. When the print that money, inflation occurs whith each dollar being worth less than it was before. We will have to pay it one way or another. Or at least someone will.

Posted: 3/16/2006 1:14:47 PM EDT

[#15]

These two reports make clear the dire financial straits the federal government is facing, but its financial position is even worse than it appears. The $8.2 trillion debt limit -- that has proven inadequate to meet the federal government’s borrowing needs -- covers only its direct liabilities. In other words, this $8.2 trillion is the total amount of dollars owed to all the holders of US government debt instruments. Excluded from this total debt are all of the federal government’s other liabilities, which total another $38 trillion. In “The 2005 Financial Report of the United States Government”, US Comptroller General David Walker reported that “the federal government’s fiscal exposures now total more than $46 trillion, up from $20 trillion in 2000.”

news.goldseek.com/JamesTurk/1142438460.php

Posted: 3/16/2006 2:33:59 PM EDT

[#16]

That number doesn't include future obligations to social security or medicare/medicaid. I think it is fair to count those as debts, because there is no way in hell those programs are getting canceled. That changes the NPV of our debt to something like 70 trillion.

Posted: 3/16/2006 6:52:28 PM EDT

[#17]

Quoted:
So the US has debt that amounts to about 75% of what we make in one year ($9 Trillion debt, $12 trillion GDP). My personal debt to income ratio is actually higher than that, and I am considered an excellent credit risk.

BTW, Almost no one pays lower interest on their debt than Uncle Sam.

The debt is a bit smaller than that (8.2 trillion). By the end of the fiscal year the debt will be about 8.5 trillion, and by the end of FY 2007 it will be around 8.8 trillion, assuming the economy grows. By the end of 2006 we should be at a GDP of 13 trillion (not inflation adjusted).

Posted: 3/16/2006 10:23:11 PM EDT

[#18]

I bet that cocksucker Alexander Hamilton is jumping for joy in his grave.
He set the system up for this purpose...

Posted: 3/16/2006 10:42:42 PM EDT

[#19]

.

Posted: 3/17/2006 7:48:35 AM EDT

[#20]

Quoted:
Quoted:
So the US has debt that amounts to about 75% of what we make in one year ($9 Trillion debt, $12 trillion GDP). My personal debt to income ratio is actually higher than that, and I am considered an excellent credit risk.

BTW, Almost no one pays lower interest on their debt than Uncle Sam.

The debt is a bit smaller than that (8.2 trillion). By the end of the fiscal year the debt will be about 8.5 trillion, and by the end of FY 2007 it will be around 8.8 trillion, assuming the economy grows. By the end of 2006 we should be at a GDP of 13 trillion (not inflation adjusted).

I used worst case numbers: An immediate increase to the $9 billion limit and no GDP growth.

[ARCHIVED THREAD] - Debt ceiling raised, (again), 9 trillion dollars.

General » General Discussion

Warning

Confirm Action

About AR15.COM

Stay Connected

Newsletter

Contact Us