National Debt

[Margonme]

The current national debt is $19.5 trillion.

Democrat Bill Clinton was president in 1998, when the government finally recorded a surplus. Which was the first surplus since 1970. There also were budget surpluses in 1999, 2000 and in 2001. 2001 was the last year the Clinton administration proposed the budget.

Question: Will the change in the balance of power on the federal level, stop further growth of the National Debt?

 

[True Grit Farms]

The current national debt is $19.5 trillion.

Democrat Bill Clinton was president in 1998, when the government finally recorded a surplus. Which was the first surplus since 1970. There also were budget surpluses in 1999, 2000 and in 2001. 2001 was the last year the Clinton administration proposed the budget.

Question: Will the change in the balance of power on the federal level, stop further growth of the National Debt?

Surplus? My understanding is that he balanced he budget, all at the cost of 5k plus American lives.

 

[Margonme]

The current national debt is $19.5 trillion.

Democrat Bill Clinton was president in 1998, when the government finally recorded a surplus. Which was the first surplus since 1970. There also were budget surpluses in 1999, 2000 and in 2001. 2001 was the last year the Clinton administration proposed the budget.

Question: Will the change in the balance of power on the federal level, stop further growth of the National Debt?

Surplus? My understanding is that he balanced he budget, all at the cost of 5k plus American lives.

Source: CNN

Fact Check: Who was president the last time the budget was balanced?

— The U.S. government suffered budget deficits every year from 1970 through 1997.
— Democrat Bill Clinton was president in 1998, when the government finally recorded a surplus.
— There also were budget surpluses in 1999, 2000 and in 2001. 2001 was the last year the Clinton administration proposed the budget.

 

[Margonme]

He is not solely responsible but deserves a lot of credit. If you remember, he and Newt Gingrich formed an alliance that worked very well. Newt was perhaps the most effective Speaker of the House in the last 40 years.

 

[True Grit Farms]

http://www.polidiotic.com/by-the-number ... t-by-year/

I still think you're wrong. He balanced the budget not the debt.

 

[Margonme]

http://www.polidiotic.com/by-the-numbers/us-national-debt-by-year/

I still think you're wrong. He balanced the budget not the debt.

Forgive me, We are talking past each other.

He did not eliminate the national debt. The surplus was for one fiscal year. Meaning during that fiscal year revenues exceeded expenditures.

 

[Anonymous]

Possibly but very doubtful. Too many people are on the dole. The outcry would be tremendous if the cuts were made just to balance the budget ,not to even mention paying down the debt. According to http://www.usdebtclock.org/ the unfunded liabilities are in excess of $104,000,000,000,000 while total national assets are $124,000,000,000,000. What happens if interest rates rise? Liability per taxpayer is $870,000. Average assets per citizen are $380,000. One way or another there some bad times ahead...... eventually.

 

[HDRider]

The debt becomes even more fun when interest rates rise.

 

[hurleyjd]

There has been no attempt to pay the debt just like someone farming on credit, you start out with some equity and make a loss and cannot pay the banker. Banker looks over your balance sheet and says you still have plenty of equity we will just roll the interest in to a new note. This happens again and again and the banker calls you in and tells you he will have to foreclose on you. What option do you have none. Now it will be time to look for a job with millions of others. It is time to raise taxes and get the debt down.

 

[JMJ Farms]

There has been no attempt to pay the debt just like someone farming on credit, you start out with some equity and make a loss and cannot pay the banker. Banker looks over your balance sheet and says you still have plenty of equity we will just roll the interest in to a new note. This happens again and again and the banker calls you in and tells you he will have to foreclose on you. What option do you have none. Now it will be time to look for a job with millions of others. It is time to raise taxes and get the debt down.

I can't believe I'm gonna say this but Hurley, you are correct. Almost. The problem with raising taxes is this. You've got to balance the budget first. If you take in 6 zillion dollars in taxes but you spend 7 zillion...... You're a zillion in the hole. If you raise the taxes to 7 zillion the following year and then spend 8 zillion you're still going backwards. There have to be some budget cuts first. Then we can address the debt once they figure out how to have a constant surplus. But as long as there are greedy people there will never be a substantial surplus. Someone will figure out how to steal it. And there will always be greedy people.

And if taxes are raised much more then even more people are gonna figure out they are better off not working.

 

[True Grit Farms]

There has been no attempt to pay the debt just like someone farming on credit, you start out with some equity and make a loss and cannot pay the banker. Banker looks over your balance sheet and says you still have plenty of equity we will just roll the interest in to a new note. This happens again and again and the banker calls you in and tells you he will have to foreclose on you. What option do you have none. Now it will be time to look for a job with millions of others. It is time to raise taxes and get the debt down.

I can't believe I'm gonna say this but Hurley, you are correct. Almost. The problem with raising taxes is this. You've got to balance the budget first. If you take in 6 zillion dollars in taxes but you spend 7 zillion...... You're a zillion in the hole. If you raise the taxes to 7 zillion the following year and then spend 8 zillion you're still going backwards. There have to be some budget cuts first. Then we can address the debt once they figure out how to have a constant surplus. But as long as there are greedy people there will never be a substantial surplus. Someone will figure out how to steal it. And there will always be greedy people.

And if taxes are raised much more then even more people are gonna figure out they are better off not working.

I was full of hope Wednesday, but I'm loosing it quickly. Our new president had a great chance to say and show he wants to balance the budget. He could of said I'm cutting my cabinet by a third to save the government money. We'll just work a little harder and do a better job.

 

[TexasBred]

http://www.polidiotic.com/by-the-numbers/us-national-debt-by-year/

I still think you're wrong. He balanced the budget not the debt.

How the he// does anybody "balance the debt"???? :shock: :shock:

 

[TexasBred]

There has been no attempt to pay the debt just like someone farming on credit, you start out with some equity and make a loss and cannot pay the banker. Banker looks over your balance sheet and says you still have plenty of equity we will just roll the interest in to a new note. This happens again and again and the banker calls you in and tells you he will have to foreclose on you. What option do you have none. Now it will be time to look for a job with millions of others. It is time to raise taxes and get the debt down.

Create jobs and tax collections automatically go up. (These are taxpayers you know).

 

[hurleyjd]

There has been no attempt to pay the debt just like someone farming on credit, you start out with some equity and make a loss and cannot pay the banker. Banker looks over your balance sheet and says you still have plenty of equity we will just roll the interest in to a new note. This happens again and again and the banker calls you in and tells you he will have to foreclose on you. What option do you have none. Now it will be time to look for a job with millions of others. It is time to raise taxes and get the debt down.

I can't believe I'm gonna say this but Hurley, you are correct. Almost. The problem with raising taxes is this. You've got to balance the budget first. If you take in 6 zillion dollars in taxes but you spend 7 zillion...... You're a zillion in the hole. If you raise the taxes to 7 zillion the following year and then spend 8 zillion you're still going backwards. There have to be some budget cuts first. Then we can address the debt once they figure out how to have a constant surplus. But as long as there are greedy people there will never be a substantial surplus. Someone will figure out how to steal it. And there will always be greedy people.

And if taxes are raised much more then even more people are gonna figure out they are better off not working.

I was full of hope Wednesday, but I'm loosing it quickly. Our new president had a great chance to say and show he wants to balance the budget. He could of said I'm cutting my cabinet by a third to save the government money. We'll just work a little harder and do a better job.

Drain the Swamp

 

[hurleyjd]

There has been no attempt to pay the debt just like someone farming on credit, you start out with some equity and make a loss and cannot pay the banker. Banker looks over your balance sheet and says you still have plenty of equity we will just roll the interest in to a new note. This happens again and again and the banker calls you in and tells you he will have to foreclose on you. What option do you have none. Now it will be time to look for a job with millions of others. It is time to raise taxes and get the debt down.

Create jobs and tax collections automatically go up. (These are taxpayers you know).

McConnell said that it is not the government function to create jobs only private enterprise can. I will agree now how are they going to bring coal mining jobs back. Luminant said this week that the Martins Creek mine will be closed, also the Thermo in Hopkins county. The one at Winfield was closed five or more years ago.

 

[hurleyjd]

The current national debt is $19.5 trillion.

Democrat Bill Clinton was president in 1998, when the government finally recorded a surplus. Which was the first surplus since 1970. There also were budget surpluses in 1999, 2000 and in 2001. 2001 was the last year the Clinton administration proposed the budget.

Question: Will the change in the balance of power on the federal level, stop further growth of the National Debt?

Jimmy Carter the sorriest President in history left Reagan 500 to 750 billion debt and it was going down. If you look back in history you will find that the debt has increased each year under all presidents since Reagan.

 

[farmerjan]

Boy, to only be 500 to 750 billion in debt today....... :roll: :roll: :roll:

 

[TexasBred]

The current national debt is $19.5 trillion.

Democrat Bill Clinton was president in 1998, when the government finally recorded a surplus. Which was the first surplus since 1970. There also were budget surpluses in 1999, 2000 and in 2001. 2001 was the last year the Clinton administration proposed the budget.

Question: Will the change in the balance of power on the federal level, stop further growth of the National Debt?

Jimmy Carter the sorriest President in history left Reagan 500 to 750 billion debt and it was going down. If you look back in history you will find that the debt has increased each year under all presidents since Reagan.

He also left him with consumer interest rates of 24% and a misery index of 19.75%. (unemployment plus inflation)

 

[hurleyjd]

The current national debt is $19.5 trillion.

Democrat Bill Clinton was president in 1998, when the government finally recorded a surplus. Which was the first surplus since 1970. There also were budget surpluses in 1999, 2000 and in 2001. 2001 was the last year the Clinton administration proposed the budget.

Question: Will the change in the balance of power on the federal level, stop further growth of the National Debt?

Jimmy Carter the sorriest President in history left Reagan 500 to 750 billion debt and it was going down. If you look back in history you will find that the debt has increased each year under all presidents since Reagan.

He also left him with consumer interest rates of 24% and a misery index of 19.75%. (unemployment plus inflation)

Here is a pretty good read if you are interested.
http://www.huffingtonpost.com/paul-a-lo ... 18868.html

 

[Nesikep]

It takes a lot of things to bring down the debt.. Yes, drain the swamp, cutting gov't positions by 60% would be a start, but lets face it.. for the US, you can hack at all those things until there's nothing left, but the elephant in the room is the military... Stop screwing all around the world under the guise of "defense".. bring your guys home, close down the 100's of satellite bases, and truly make it a DEFENSE military.

Taxes, well, I can't speak on your situation, Canada has plenty of taxes (cigarettes are $12/pack for a decent brand, fuel is $3.75/gal)... but one thing I can say is the loopholes have to be plugged... endless (deliberate) losses to avoid future taxes is crap

Interest rates HAVE to go up, but it should be done gradually.. first announce that interest rates will rise, stop people from borrowing more and more, then act on it (+.25%/year?) First off this brings money back into the gov't coffers, and secondly, it can help prevent the next bubble, whatever it is... all this free (low interest) money floating around is going to do nothing but lead to out-of-control speculation... The tech bubble, housing bubble, etc were all part of that.