How Big Is The US Debt?

[moreluck]

I hate seafood, so yeah, I'm fine with that.

To the broader point, entitlements (that democrats are protecting by the way) and the military are where the money is. The entitlements you are talking about come nowhere near where we need to get to in spending cuts. You come across as someone who insists on cutting the deficit but only at others' expense. Is that why you recoil at Obama's "balanced approach"? Because it's going to affect everyone? We all spent on the national credit card, we're all going to have to pay the bill.

Mine addresses more the waste and fraud. The food stamp amounts are too high, the unemployment benefits go for too long (99 weeks). Why look for work when "daddy" will pay you for that long?
No one is watching the outgo. Everybody has a hand out for the freebies!! It's disgusting!!

 

[bbsam]

Yours focuses on waste and fraud but is completely insufficient to solving the problem. Stop pointing the finger and open up the checkbook. Sounds like the wealthy in the country are starting to figure out that it's going to cost them, the rest of us should face the facts as well. You do want to reduce the deficit, don't you?

 

[moreluck]

Yours focuses on waste and fraud but is completely insufficient to solving the problem. Stop pointing the finger and open up the checkbook. Sounds like the wealthy in the country are starting to figure out that it's going to cost them, the rest of us should face the facts as well. You do want to reduce the deficit, don't you?

After 8.5 days (sustainment from the rich) ....then what ???

 

[klein]

After 8.5 days (sustainment from the rich) ....then what ???

Well, cutting all food stamps gives another 2 days (much less spending on that , than the $100 billion anually tax cut for the rich) !

 

[moreluck]

Well, cutting all food stamps gives another 2 days (much less spending on that , than the $100 billion anually tax cut for the rich) !

Nowhere was it mentioned that "all food stamps be cut". As usual, you exaggerate things out of focus!! Miss that hockey?

 

[klein]

Nowhere was it mentioned that "all food stamps be cut". As usual, you exaggerate things out of focus!! Miss that hockey?

Just letting you know, that if all food stamps were to be cut, it would be much less in savings than those tax cuts for the rich ! Big Whoop ! (as you say).

 

[wkmac]

I will assert that if food stamps are cut, it will be "the rich" that will suffer the most.

 

[moreluck]

Just letting you know, that if all food stamps were to be cut, it would be much less in savings than those tax cuts for the rich ! Big Whoop ! (as you say).

We are only talking 8-10 days............what's the difference.

King Harry Reid doesn't want any spending cut....in fact he wants more because he says it's his job to spend the taxpayer's money!! He's punchdrunk from his previous profession!!

 

[moreluck]

 

[texan]

Incredible..... Let us just use Monopoly money... from the Washington Post

Could two platinum coins solve the debt-ceiling crisis?
If President Obama wants to avoid an economic calamity next year, he could always show up at a pressconference bearing two shiny platinum coins, worth… $1 trillion apiece.

A mere $100? Pshaw. Try $1 trillion.


Okay, that sounds utterly insane. But ever since last year, some economists and legal scholars have suggested
that the “platinum coin option” is one way to defuse a crisis if Congress can’t or won’t lift the debt ceiling soon.
At least in theory.

The U.S. government is, after all, facing a real problem. The Treasury Department will hit its
$16.4 trillion borrowing limit by next February at the latest.

Unless Congress reaches an agreement to raise that borrowing limit, the government will no longer
be able to borrow enough money to pay all its bills.

Last year, Republicans in Congress resisted lifting the debt ceiling until the last minute — and then
only in exchange for spending cuts. Panic ensued. So what happens if there’s another
showdown this year?

Enter the platinum coins. Thanks to an odd loophole in current law, the U.S. Treasury is technically allowed
to mint as many coins made of platinum as it wants and can assign them whatever value it pleases.

Under this scenario, the U.S. Mint would produce (say) a pair of trillion-dollar platinum coins.

The president orders the coins to be deposited at the Federal Reserve.

The Fed then moves this money into Treasury’s accounts. And just like that, Treasury suddenly has
an extra $2 trillion to pay off its obligations for the next two years — without needing to issue
new debt. The ceiling is no longer an issue.
Could two platinum coins solve the debt-ceiling crisis? | Wonkblog

 

[UpstateNYUPSer(Ret)]

Please forgive me if I don't ask you for personal financial advice.

Does anyone else have any serious suggestions as to how to solve our debt crisis?

 

[texan]

Re-read what I posted and the source.

This is from the Washington Post, not me. My comment at the top was why do we not use Monopoly Money?

That would be about as sound as the article and idea that followed.

A serious idea:

No more debt ceiling raises, no more borrowing. Cut spending. Live within our means.

Our President just asked for an infinite debt ceiling.

On Thursday, Senate Majority Leader Reid (D-NV) objected to Senate Minority Leader Mitch McConnell's
(R-KY) proposal to take up President Barack Obama's request to have the unprecedented power
to raise the debt ceiling without getting approval from Congress.
McConnell: Obama Wants Infinite Debt Ceiling

 

[Just_another_day_at_work]

Please forgive me if I don't ask you for personal financial advice.

Does anyone else have any serious suggestions as to how to solve our debt crisis?

E V_ L _ T_ O N

 

[texan]

Not sure where to put this as our faltering economy, plan and economy are not "popular, well viewed
threads"

By Cynthia Lin
Treasurys suffered at the hands of rising U.S. stocks Wednesday after the Federal Reserve committed to more
stimulative bond purchases for next year.

The central bank's policy board announced the Fed will buy $45 billion in long-dated Treasurys each
month, replacing a stimulus program expiring at year-end, under which it bought the same amount of
long-term Treasurys monthly but paired it with an equal amount of selling. Without the sales, investors
regard the new purchases as a more aggressive easing measure.
The program was widely expected among bond investors, leading the market to sell off as a consequence of the
cheer in riskier stock markets.
By late-afternoon trading, Treasurys were at their lowest
levels of the session. hmmm I should buy into US Treasury for my 401K
U.S. Treasury Prices Tumble on FOMC Decision - WSJ.com

 

[Brownslave688]

It's simple really the only way to reduce debt is increase income or reduce spending. With as deep as we r in debt as a country doing both should be the goal.

 

[moreluck]

Great visualization for us commoners who only deal in hundreds and thousands...........


US Debt - Visualized in physical $100 bills - YouTube

 

[moreluck]

I (moreluck) like the idea of one million $ rather than $250,000 as the level....

Boehner offers millionaire tax hike, Fox News confirms | Fox News

 

[moreluck]

[h=2]Obama Rejects Boehner’s “Plan B” Pelosi Initially Proposed…[/h]

Needs more class warfare.

Via Washington Examiner:

President Obama will not accept a compromise on the fiscal cliff issues outlined House Speaker John Boehner, R-Ohio, even though it parallels a deal suggested by House Minority Leader Nancy Pelosi, D-Calif.

Boehner discussed with the Republican conference the possibility of letting tax rates go up for millionaires in order to avoid going over the fiscal cliff, which would raise taxes on all Americans. “I believe it’s important to protect as many American tax payers as we can,” Boehner said today.

Obama rejected the plan. “[Obama] is not willing to accept a deal that doesn’t ask enough of the very wealthiest in taxes and instead shifts the burden to the middle class and seniors,” White House Press Secretary Jay Carney said in a statement today. “The Speaker’s ‘Plan B’ approach doesn’t meet this test because it can’t pass the Senate and therefore will not protect middle class families, and does little to address our fiscal challenges with zero spending cuts.”
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[roadrunner2012]

I hate multi-page threads that drift almost as the next post by...

Oh well. Why does the debt even matter? Don't we owe ourselves more than the rest of the world, combined?

 

[moreluck]

So, GOP should cave because of Sandy Hook shooting ??

No shame.

OBAMA: They understand that they’re not going to get 100 percent of what they want. And for some reason, that message has not yet taken up on Capitol Hil.

And when you think about what we’ve gone through over the last couple of months — a devastating hurricane, and now one of the worst tragedies in our memory, the country deserves folks to be willing to compromise on behalf of the greater good and not tangle themselves up in a whole bunch of ideological positions that don’t make much sense.
So I remain, not only open to conversations, but I remain eager to get something done. I’d like to get it done before Christmas. There’s been a lot of posturing up on Capitol Hill instead of just going ahead and getting stuff done. We’ve been wasting a lot of time. It is the right thing to do. I’m prepared to get it done, but they’re going to have to go ahead and make — make some adjustments.
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