Deficit must be dealt with

Originally posted by twhitehead
How much economics have you studied?
Exactly how big a deficit will result in economic ruin?

How much economics have you studied?

I have a BA In economics Mr. smart mouth, I hope that's sufficient for you, and 2 Trillion dollars of national debt is NOT healthy. America is paying billions in interest on this debt to other countries. Billions that America cannot afford. This is not a trivial matter.

Originally posted by mchill
How much economics have you studied?

I have a BA In economics Mr. smart mouth, I hope that's sufficient for you, and 2 Trillion dollars of national debt is NOT healthy. America is paying billions in interest on this debt to other countries. Billions that America cannot afford. This is not a trivial matter.

The only thing Americans are told from our political leaders and the media is that Trump is unfit to be President.

No one ever talks about the massive debt previous Presidents are responsible for or its implications.

Originally posted by whodey
The only thing Americans are told from our political leaders and the media is that Trump is unfit to be President.

No one ever talks about the massive debt previous Presidents are responsible for or its implications.

I agree. Frankly I have no idea what the Trump administration plans to do. It's clear both the GOP and Democrats stand guilty in this area of the deficit. I just hope Trump sees it as a priority.

Originally posted by mchill
How much economics have you studied?

I have a BA In economics Mr. smart mouth, I hope that's sufficient for you, and 2 Trillion dollars of national debt is NOT healthy. America is paying billions in interest on this debt to other countries. Billions that America cannot afford. This is not a trivial matter.

Actually, a debt of 2 trillion would be very healthy as that is only a small portion of GDP.

With a BA in economics you should also be aware that looking up the correct figures will help you make the correct judgement - so once again: the (2015) deficit was a bit over $400 billion, the debt is just shy of $20 trillion. Most of US debt is held by Americans (about $6 trillion is held by foreign investors - the biggest portion of these are Chinese which hold about 5% of U.S. debt), and very little debt is held by "countries" - the big players are institutional investors such as pension funds. Furthermore, since bond yields have dropped dramatically, the interest paid on the debt has not increased nearly as much as the debt has. In 1991 the interest paid was $286 billion, in 2014 $430 billion, a roughly 50% increase over a period in which the debt more than tripled.

With the dramatic tax cuts for the wealthy since the 1950s that can easily be reversed I think it's dishonest at worst and ignorant at best to claim that the U.S. "cannot afford" to hold or pay back its current public debt. There is a difference between not being able to do something and not wanting to do something.

https://en.wikipedia.org/wiki/National_debt_of_the_United_States

Originally posted by mchill
How much economics have you studied?

I have a BA In economics Mr. smart mouth, I hope that's sufficient for you, and 2 Trillion dollars of national debt is NOT healthy. America is paying billions in interest on this debt to other countries. Billions that America cannot afford. This is not a trivial matter.

20 Trillion


Just sayin'

Originally posted by mchill
I agree. Frankly I have no idea what the Trump administration plans to do. It's clear both the GOP and Democrats stand guilty in this area of the deficit. I just hope Trump sees it as a priority.

Really?

So what should be cut? Health care? Social Security? What?

I can hear their cries as we speak!

Originally posted by KazetNagorra
Actually, a debt of 2 trillion would be very healthy as that is only a small portion of GDP.

With a BA in economics you should also be aware that looking up the correct figures will help you make the correct judgement - so once again: the (2015) deficit was a bit over $400 billion, the debt is just shy of $20 trillion. Most of US debt is held by Amer ...[text shortened]... not wanting to do something.

https://en.wikipedia.org/wiki/National_debt_of_the_United_States

Considering that if you confiscated all the wealth of the US and it would not even make a noticeable dent on the debt, I'd say your nuts.

Originally posted by whodey
Considering that if you confiscated all the wealth of the US and it would not even make a noticeable dent on the debt, I'd say your nuts.

Interesting how you place this comment responding to a post stating that about two thirds of debt is held by Americans themselves, so if those government bonds were confiscated by the government that debt would automatically be cancelled, making more than "a dent" in the debt. Do you even read comments you reply to?

The most recent figure (2009) I could find on the total net worth of U.S. households puts that figure at 48.5 trillion dollars, already much more than total public debt, and that would be excluding the vast wealth held by corporations, non-governmental organizations, non-profits and the government itself. 20 trillion dollars is a lot of money, but it is much less than you think it is.

Originally posted by KazetNagorra
Interesting how you place this comment responding to a post stating that about two thirds of debt is held by Americans themselves, so if those government bonds were confiscated by the government that debt would automatically be cancelled, making more than "a dent" in the debt. Do you even read comments you reply to?

The most recent figure (2009) I co ...[text shortened]... ernment itself. 20 trillion dollars is a lot of money, but it is much less than you think it is.

I'm not sure any of us can envision just how big a number $20 trillion is. Apparently, you are no exception.

The universe is only about 15 billion years old.

Originally posted by whodey
The universe is only about 15 billion years old.

5,777, to be exact.

Originally posted by whodey
And a "free" retirement.

And "free" welfare.

And a "free" Obamaphone.

And a "free"....................................

From a Progressive point of view, balancing a budget is not only impossible providing all of these "free" things, it is a moral responsibility cuz they are all natural rights that should be provided by Big Brother.

The deficit and debt wasn't caused by ANY of those things, but by gigantic tax cuts that primarily benefited the wealthy and by wars and huge, unnecessary military spending.

EDIT: I suppose you could add in the costs and losses to revenue of the recessions caused by right wing policies in the last 30+ years.

Originally posted by whodey
I'm not sure any of us can envision just how big a number $20 trillion is. Apparently, you are no exception.

The universe is only about 15 billion years old.

You can envision it as about half of what U.S. households own.

Originally posted by mchill
How much economics have you studied?

I have a BA In economics Mr. smart mouth, I hope that's sufficient for you, and 2 Trillion dollars of national debt is NOT healthy. America is paying billions in interest on this debt to other countries. Billions that America cannot afford. This is not a trivial matter.

Which university granted you that? You don't seem to know any economics. Your OP appears to confuse debt with deficit for example.

I hope that's sufficient for you, and 2 Trillion dollars of national debt is NOT healthy.
On what basis? Do you have any argument as to why it is not healthy? Or are you just scared of big numbers?

America is paying billions in interest on this debt to other countries.
Is it? Which countries in particular?
What did it use the 2 Trillion dollars for? Was it a good investment?
Do you have a mortgage? Are mortgages bad? If so why, if not why.

Billions that America cannot afford.
How do you know what America can or cannot afford? What do you base your conclusion on?

This is not a trivial matter.
Of course it isn't trivial. But your conclusions are false. And despite it not being a trivial matter, you are treating it like one. You couldn't even be bothered to look up the right figure. KazetNagorra says you are out by a factor of 10.