The Deficit

[ripdog]

It scares me. I feel like the USA is just a house of cards waiting to be blown over, for the proverbial straw that breaks our backs. I am particularly dismayed that our debt is being bought up by countries like China and Saudi Arabia, both countries that I don't like or trust. Are we selling out our children and grandchildren so that we can live high on the hog today? As of this afternoon, the deficit sits at over $7.7 Trillion and climbing. I'm not sure I can wrap my brain around a number that large. $77,000 billion. Nope, can't imagine how much that is either. $770,000 million. $7,700,000 thousand. ~$26,000 per American.

Could the Democrats scare the [censored] out of us in 2008 by mapping out the consequences (please assume that they wouldn't puss out like Kerry did in 2004 with the Gun Boat Veterans for Smearing People)? Please read the URL below:

Rep. Carolyn Maloney's Floor Statement on Increasing the Debt Limit


Here's one from the other side of the aisle, that I think is BS, but you can tell me otherwise:

Economic Woes Begin at Home


And here's on more from Lieberman (a bit long and semi-related):

Meeting the Offshore Outsourcing Challenge

[BCPVP]

[ QUOTE ]
As of this afternoon, the deficit sits at over $7.7 Trillion and climbing.

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This is the nat'l debt, not the deficit.

[ripdog]

oops. still scares me, though.

[kurto]

Just be glad we have fiscal conservatives in the White house. [img]/images/graemlins/crazy.gif[/img]

[adios]

[ QUOTE ]
It scares me. I feel like the USA is just a house of cards waiting to be blown over, for the proverbial straw that breaks our backs. I am particularly dismayed that our debt is being bought up by countries like China and Saudi Arabia, both countries that I don't like or trust. Are we selling out our children and grandchildren so that we can live high on the hog today? As of this afternoon, the deficit sits at over $7.7 Trillion and climbing. I'm not sure I can wrap my brain around a number that large. $77,000 billion. Nope, can't imagine how much that is either. $770,000 million. $7,700,000 thousand. ~$26,000 per American.

Could the Democrats scare the [censored] out of us in 2008 by mapping out the consequences (please assume that they wouldn't puss out like Kerry did in 2004 with the Gun Boat Veterans for Smearing People)? Please read the URL below:

Rep. Carolyn Maloney's Floor Statement on Increasing the Debt Limit

[/ QUOTE ]

This one was pure politics. As I've posted many times in the past, the Washington Post and the National Taxpayers Union estimated that Kerry proposals would have increased the deficit more than $200 billion above current levels. I've posted links to both the article and the report. There was this thing called a recession in 2000-2001 that led to decreased federal revenues. And if your going to talk about the tax cuts, check out the trend in job growth since the tax cuts were enacted. There's nothing that's noteworthy in the Congresswoman's perspective IMO.


[ QUOTE ]
Here's one from the other side of the aisle, that I think is BS, but you can tell me otherwise:

Economic Woes Begin at Home

[/ QUOTE ]

This statement from the link is hilarious:

Economic Woes Begin at Home

Many in Washington are concerned about the loss of jobs in our nation’s manufacturing sector, but few seem to understand the role Federal Reserve currency manipulation plays in that loss. The economic problems currently facing this country are the direct result of a boom-and-bust cycle caused by inflationary Fed policies. An open debate on monetary issues therefore is long overdue.

During the Greespan tenure as Fed Chairman, the U.S. has undergone the longest economic expansion in it's history; the bond market has been in a 20 year bull market indicating Greenspan's success in his major mission which is price stability; and there have been 2 recessions in 18 years and the 2000-2001 recession was a very, very mild one. This is what he calls boom and bust? After reading the nonesense I quoted I didn't bother reading the rest.


[ QUOTE ]
And here's on more from Lieberman (a bit long and semi-related):

Meeting the Offshore Outsourcing Challenge

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I really like Senator Lieberman. This article is a well written, well thought out perspective IMO. From the article:

Fourth, our talent base is what ultimately sizes our economy, yet the number of U.S. graduates in engineering and physical science is dropping 1% a year. In China, 45% of all graduating students received their degree in engineering. In the United States, it’s only 5%. Education reforms are no longer a policy option for us. They are a necessity, from kindergarten through university diploma.

This indicates part of the reason that engineering work does get outsourced, there aren't enough people in the U.S. going into the engineering field which results in a void that has to be filled for innovation and investment which is the key element to economic growth.

[ripdog]

Responding one by one:

I don't care about what Kerry would have done. He lost and is a non-factor. I hate what Bush and Company are doing, and I really hate the media for being such wusses about reporting it. As far as checking out the trend in job growth since the tax cuts were enacted, I'm not sure I buy that as an explanation. I think the money could have done greater good if it were applied to education and lifting more people into the middle class, whatever that is.

The second article was a joke--pure political grandstanding.
I stopped reading when Mr. Paul said that the debt that China is buying up eventually has to come back to us. Like they're just going hand it back on a silver platter.

I liked the Lieberman article too. I think that we have to realize that we are competing against well over 1 Billion Chinese and close to a Billion Indians. If we don't invest heavily in our education as Lieberman noted, we're in for a serious ass kicking. All we get from these a-holes is lip service about the importance of education.

Thanks for the response.

[jokerswild]

that's because it's the largest theft in the history of the USA. 2 trillion in T-Bills that the average taxpayer now owes to the wealthy. That's the net effect of your Fuhrer's rob the country blind policies.

I bet that you have pictures on the wall of your beloved stock swindling drunk. His new book, "My Struggle" , is oming out soon.In his mind, he didn't plaigiarize the title. He wrote it the same way he wrote his college papers that received better than a c-.

[WillMagic]

[ QUOTE ]
that's because it's the largest theft in the history of the USA. 2 trillion in T-Bills that the average taxpayer now owes to the wealthy. That's the net effect of your Fuhrer's rob the country blind policies.

I bet that you have pictures on the wall of your beloved stock swindling drunk. His new book, "My Struggle" , is oming out soon.In his mind, he didn't plaigiarize the title. He wrote it the same way he wrote his college papers that received better than a c-.

[/ QUOTE ]

This is the problem with the democratic party. Half of the party is completely focused on vigilantly defending the status quo. The other half is so full of insane anger that it can't compose a reasoned argument. And neither half would understand a sound economic argument if it smacked them in the face.

Will

[hetron]

[ QUOTE ]
[ QUOTE ]
that's because it's the largest theft in the history of the USA. 2 trillion in T-Bills that the average taxpayer now owes to the wealthy. That's the net effect of your Fuhrer's rob the country blind policies.

I bet that you have pictures on the wall of your beloved stock swindling drunk. His new book, "My Struggle" , is oming out soon.In his mind, he didn't plaigiarize the title. He wrote it the same way he wrote his college papers that received better than a c-.

[/ QUOTE ]

This is the problem with the democratic party. Half of the party is completely focused on vigilantly defending the status quo. The other half is so full of insane anger that it can't compose a reasoned argument. And neither half would understand a sound economic argument if it smacked them in the face.

Will

[/ QUOTE ]

LOL...and as you can see the Republican Party is filled with folks who understand sound economic arguments.

[adios]

What were your grades at Harvard and Yale?