Broke U.S. Resumes Spending

http://reason.com/archives/2013/10/23/b ... s-spending

"What would you think of a person who earned $24,000 a year but spent $35,000? Suppose on top of that, he was already $170,000 in debt. You'd tell him to get his act together -- stop spending so much or he'd destroy his family, impoverish his kids and wreck their future. Of course, no individual could live so irresponsibly for long.

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BARACK OBAMA
DEBT
GOVERNMENT SPENDING
But tack on eight more zeroes to that budget and you have the checkbook for our out-of-control, big-spending federal government.

Yet when Congress and President Obama agreed on a deal last week to raise the debt ceiling and resume government spending, people reacted as if a disaster was averted -- instead of reacting as if a disaster had resumed. It has. And it continues.

Congratulating ourselves for raising the debt ceiling once again, the way we do every time this drama plays out, is like congratulating an alcoholic for talking the bartender out of cutting him off."...


..."The problem isn't just politicians. I showed people on the street a chart that documented America's unsustainable spending. People were horrified and said government "should make cuts." But when I asked, "What programs would you cut?" most could not name a single significant program.

So let me make some suggestions: Eliminate NPR and PBS funding. Cut foreign aid. End the war on drugs. Kill Fannie and Freddie, which financed America's mortgages and helped cause the financial crisis. Eliminate cabinet departments like Commerce, Energy, Agriculture and Education, all activities that happen without any need for the federal government. (Education is a local function, and the department spending $100 billion a year hasn't raised test scores one bit.)

Shrink the military by reducing our overseas commitments. Reform Social Security by raising the retirement age. And instead of increasing government involvement in health care, turn Medicare into a self-sustaining insurance program.

But to save America from bankruptcy, we don't even need to make all those cuts. We could grow our way out of debt if Congress simply froze spending. They won't do that either, but if they limited spending growth to 2 percent per year, we could balance the budget in just three years.

Limiting government growth is politically difficult, but if we don't do it, America is doomed."

reason.com

Nick Gillespie is a frequent guest on the show Red Eye and I like the way he thinks. And even when Americans wanted the Feds to get back to work, they also wanted government spending to be cut.

Our debt is 70% of GDP, it's been much higher and was 120% after WW2- So peddle your misinformation an fear somewhere else you lil Homo


Why Debt to GDP Matters

The debt-to-GDP ratio is a measure of the country's federal debt in relation to its gross domestic product. By comparing what the country owes to what it produces, the ratio indicates the country's ability to pay its debt; the higher the ratio, the higher the risk of default.

The ratio matters because:
■Rating agencies, such as Fitch, S&P and Moody's, commonly use debt-to-GDP ratios to determine the credit worthiness of a country.
■Purchasers of a country's debt buy with the assertion they will be paid back on time.
■In a thriving economy, an elevated debt-to-GDP ratio isn't much of a concern since future earnings portend a country will be able to pay off its debts quickly. In a stagnant economy, a high ratio raises a red flag.
■Not having a feasible plan in place to address a high debt-to-GDP ratio increases the risk of default, which leads to credit downgrades, reduced debt sales and a tarnished reputation.

Big Dougy wrote: Our debt is 70% of GDP, it's been much higher and was 120% after WW2- So peddle your misinformation an fear somewhere else you lil f*****


http://moneymorning.com/2013/01/21/the- ... -buffett/#

I think various governments should update their collective bargaining agreement with the public employees unions, all around the country and give them more money and benefits. Those are the people who are suffering the most.

And I had high expectations for you you Walter- and please don't misquote me like that, i'd never use that word in open company

#dissapointing

Big Dougy wrote: And I had high expectations for you you Walter- and please don't misquote me like that, i'd never use that word in open company

#dissapointing

Were did you see a quote?

I was stating my own opinion.

How about sticking to posting pictures of various tables. It's more interesting than your asinine comments.

Walter L Newton wrote:

Big Dougy wrote: And I had high expectations for you you Walter- and please don't misquote me like that, i'd never use that word in open company

#dissapointing

Were did you see a quote?

I was stating my own opinion.

How about sticking to posting pictures of various tables. It's more interesting than your asinine comments.

I don't use the word F***** unless i'm making fun of one with my friends..

106% of GDP and will the US be 22 trillion in the whole by the time Obama is shown the door?

FredHayek wrote: 106% of GDP and will the US be 22 trillion in the whole by the time Obama is shown the door?

No, it was 106%...Today its 70%

#FACT

Big Dougy wrote:

Walter L Newton wrote:

Big Dougy wrote: And I had high expectations for you you Walter- and please don't misquote me like that, i'd never use that word in open company

#dissapointing

Were did you see a quote?

I was stating my own opinion.

How about sticking to posting pictures of various tables. It's more interesting than your asinine comments.

I don't use the word F***** unless i'm making fun of one with my friends..

For someone who seems rather proud that you are a far left progressive, you seem to have a real problem with our homosexuals brothers.

I'm not even bothered by homosexuality or any of the rights that those folks have or would like to have. I think gays should be able to marry in the full and legal sense of the laws of marriage.

You need a little reeducation.