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Thread: US borrowing tops 100% of GDP: Treasury

  1. #1
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    US borrowing tops 100% of GDP: Treasury

    [URL]http://news.yahoo.com/us-aaa-rating-still-under-threat-204040123.html[/URL]

    [QUOTE]
    US debt shot up $238 billion to reach 100 percent of gross domestic project after the government's debt ceiling was lifted, Treasury figures showed Wednesday.
    Treasury borrowing jumped Tuesday, the data showed, immediately after President Barack Obama signed into law an increase in the debt ceiling as the country's spending commitments reached a breaking point and it threatened to default on its debt.
    The new borrowing took total public debt to $14.58 trillion, over end-2010 GDP of $14.53 trillion, and putting it in a league with highly indebted countries like Italy and Belgium.
    Public debt subject to the official debt limit -- a slightly tighter definition -- was $14.53 trillion as of the end of Tuesday, rising from the previous official cap of $14.29 trillion a day earlier.
    Treasury had used extraordinary measures to hold under the $14.29 trillion cap since reaching it on May 16, while politicians battled over it and over addressing the country's bloating deficit.
    The official limit was hiked $400 billion on Tuesday and will be increased in stages over the next 18 months.
    The last time US debt topped the size of its annual economy was in 1947 just after World War II. By 1981 it had fallen to 32.5 percent.
    Ratings agencies have warned the country to reduce its debt-to-GDP ratio quickly or facing losing its coveted AAA debt rating.
    Moody's said Tuesday that the government needed to stabilize the ratio at 73 percent by 2015 "to ensure that the long-run fiscal trajectory remains compatible with a AAA rating."


    [/QUOTE]

  2. #2
    jeez hopefully the sun rises tomorrow

  3. #3
    "A new leader has to be able to change an organization that is dreamless, soulless and visionless … someone’s got to make a wake up call."
    ~Warren Bennis

    Obama is dreamless, soulless and especially visionless. He hasn't gotten the wake up call. He will get the call in the Presidential election of 2012.

    :jets17

  4. #4
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    [QUOTE=AlbanyJet;4090140]Obama is...soulless[/QUOTE]

    Yes.

    He's a Haitian Voodoo Zombie Muslim Manchurian candidate whose corpse was reanimated by leftist, Marxist Santorians in a devious plan to destroy the United States by ruining our bond rating.

    Page 336 of the Santorian Hexbook specifically tells one how to put Bond Rating Reducing hexes on zombies.

    Look it up....

  5. #5
    Deficits don't matter. Debt is meaningless. The TEA Party is Racist.

  6. #6
    Federal Government spending is 24% of GDP

    Taxes are 18%

    One has to give, one way or the other - taxes have to go up, fa sure, but spending has to be cut.

    Remember, as I've said on here before, cutting spending will have less of an effect on GDP compared to raising taxes. In other words, in the recession-type situation the USA is in, cutting spending should come before raising taxes.

    Raising taxes will hurt the US economy more compared to cutting spending.

  7. #7
    [QUOTE=PlumberKhan;4090149]
    destroy the United States by [B]ruining our bond rating[/B][/QUOTE]

    Bottom line > back story, bad luck, excuses, he said-she said, hearsay, details, serendipity, fibs, sworn testimony, etc.

  8. #8
    [QUOTE=chiefst2000;4090187]Deficits don't matter. [/QUOTE]

    thanks Dick Cheney

  9. #9
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    The title of this thread is misleading.

    "US borrowing tops 100% of GDP" makes it sound like we borrow $14.5 trillion each year. We don’t. Our nation debt is 100% of our yearly gross domestic product. In terms of a "Family Budget" (the Republican Party’s barometer, not mine) is like having an $100,000 mortgage and an annual salary of $100,000.

  10. #10
    [QUOTE=Buster;4090354]The title of this thread is misleading.

    "US borrowing tops 100% of GDP" makes it sound like we borrow $14.5 trillion each year. We don’t. Our nation debt is 100% of our yearly gross domestic product. In terms of a "Family Budget" (the Republican Party’s barometer, not mine) is like having an $100,000 mortgage and an annual salary of $100,000.[/QUOTE]

    Actially we take in 2.2 trillion per year in income and are on pace for 17 trillion in debt by the end of next year. so it would be like having a 100,000 salary and a $800,000 mortgage. Overextended for sure and fast approaching foreclosure.

    For liberals here I will try this with the Bush Tax cuts eliminated. Not we take in 2.5 trillion per year. The debt would then be like having a 100,000 salary and a 700,000 mortgage. Foreclosure on the horizon just a few months later.
    Last edited by chiefst2000; 08-04-2011 at 11:45 AM.

  11. #11
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    [QUOTE=chiefst2000;4090367]Actially we take in 2.2 trillion per year in income and are on pace for 17 trillion in debt by the end of next year. so it would be like having a 100,000 salary and a $800,000 mortgage. Overextended for sure and fast approaching foreclosure.

    For liberals here I will try this with the Bush Tax cuts eliminated. Not we take in 2.5 trillion per year. The debt would then be like having a 100,000 salary and a 700,000 mortgage. Foreclosure on the horizon just a few months later.[/QUOTE]





    You changed the argument.

    The thread was:

    GDP vs Total US Debt.

    NOT

    US Revenues vs Total US Debt.
    Last edited by Buster; 08-04-2011 at 12:02 PM. Reason: thought about it

  12. #12
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    Can't you guys just stop spending 80 trillion on military shannanigans and redirect that money elsewhere - you know, instead of building impractically fast planes that cost 6 million dollars to fly for 20 minutes? :dunno:

  13. #13
    [QUOTE=Buster;4090377]I stand corrected.




    We need to increase revenues.

    PS the title is still misleading[/QUOTE]

    Ok, lets say we cancel the Bush tax cut and increase revenues by the 300 billion. We pushed off "foreclosure" for a few months. Now how would a liberal address the problem?

  14. #14
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    [QUOTE=Paradis;4090386]Can't you guys just stop spending 80 trillion on military shannanigans and redirect that money elsewhere - you know, instead of building impractically fast planes that cost 6 million dollars to fly for 20 minutes? :dunno:[/QUOTE]



    I agree. We have TWO giant oceans between us and anyone who [U]might [/U]be an advisary. We really need to get rid of a couple of aircraft carriers.



    Regarding our super planes the Pentagon NOW wants planes in Afghanistan and Iraq that can loiter over an area waiting for the bad guys to reveal themselves. They need/want a fuel efficient plane that can fly for hours and then strike at our enemies.

    Reportedly the Pentagon is considering purchasing the Brazilian made prop plane Super Tucano

  15. #15
    [QUOTE=chiefst2000;4090400]Ok, lets say we cancel the Bush tax cut and increase revenues by the 300 billion. We pushed off "foreclosure" for a few months. Now how would a liberal address the problem?[/QUOTE]

    Let’s say you cut spending and the stock market crashes, aggregate demand goes down and revenue falls into the crapper. What's plan B?

  16. #16
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    [QUOTE=Buster;4090432]I agree. We have TWO giant oceans between us and anyone who [U]might [/U]be an advisary. We really need to get rid of a couple of aircraft carriers.



    Regarding our super planes the Pentagon NOW wants planes in Afghanistan and Iraq that can loiter over an area waiting for the bad guys to reveal themselves. They need/want a fuel efficient plane that can fly for hours and then strike at our enemies.

    Reportedly the Pentagon is considering purchasing the Brazilian made prop plane Super Tucano[/QUOTE]

    Bring back the A-10s and F-4s.

  17. #17
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    [QUOTE=Buster;4090432]
    Reportedly the Pentagon is considering purchasing the Brazilian made prop plane Super Tucano[/QUOTE]

    Prime example.

    Would it be nice to have a Super Taco in the air? Sure. Is it a luxury. Absolutely.

    If families are falling into financial choas, and the country reeling to get their affairs in order, then is a Supra trano really a necessity. Reeeeally?

    It's hard to take a country (any country) 's committment to eleviating financial stress seriousyl if you're still buying premuim lager over the XXX brand. The money's there if you want to find. ...The people in charge aren't quite there mentally yet. They may claim to be, but their agendas still read differently.

    That's grossly simplifying the situation, but the root of it is true.

  18. #18
    [QUOTE=Black Death;4090218]Federal Government spending is 24% of GDP

    Taxes are 18%

    One has to give, one way or the other - taxes have to go up, fa sure, but spending has to be cut.

    Remember, as I've said on here before, cutting spending will have less of an effect on GDP compared to raising taxes. In other words, in the recession-type situation the USA is in, cutting spending should come before raising taxes.

    Raising taxes will hurt the US economy more compared to cutting spending.[/QUOTE]

    You don't pay taxes in the U.S.

    I lose $1,400 a month on fed, SS and medi... That's after a 401k deduction and health insurance...

    I do my part. I'm not paying more because 50% of the pop doesn't pay in. F*ck off.

    (By the way, the last two parts were not directed AT you) ;)

  19. #19
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    [QUOTE=Paradis;4090496]Prime example.

    Would it be nice to have a Super Taco in the air? Sure. Is it a luxury. Absolutely.

    If families are falling into financial choas, and the country reeling to get their affairs in order, then is a Supra trano really a necessity. Reeeeally?

    It's hard to take a country (any country) 's committment to eleviating financial stress seriousyl if you're still buying premuim lager over the XXX brand. The money's there if you want to find. ...The people in charge aren't quite there mentally yet. They may claim to be, but their agendas still read differently.

    That's grossly simplifying the situation, but the root of it is true.[/QUOTE]



    What is truly flucked up is money for education will be (has been) cut BEFORE the military. The short sightedness of these actions are mind numbingly stoopid. One of the main reasons we are currently the only ‘world super power’ is because of our educational system. The way to future success is to continue educating our citizens; if you want the next great leap forward to be discovered in the USA you can’t continue to short change education. I think we need to push our education standards even higher. We need to replace the HS Diploma as the minimum standard with the Associates degree. We need to invest in research to come up with better ways to educate adults. Preparing for a repeat of the WWII war in the pacific is preparing to become a second class nation.

  20. #20
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    [QUOTE=Winstonbiggs;4090443]Let’s say you cut spending and the stock market crashes, aggregate demand goes down and revenue falls into the crapper. What's plan B?[/QUOTE]

    Plan B:

    Borrow $14 trillion to pay the wages of all the newly unemployed to build a giant pyramid in the desert

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