Several basics facts about US Debt and Spending.....
trzaska2000 Send a noteboard - 16/04/2011 04:41:55 AM
No matter which side of the political spectrum you find yourself, there are a few facts that are irrefutable:
1. The US Federal debt as a percentage of GDP is at the highest point since WWII, and it is projected to continue increasing per the latest Obama budget.
2. Federal spending as a percentage of GDP is at its highest point in 60 years.
3. Federal deficits as a percentage of GDP are at their highest point in 60 years.
4. The fixed component of spending has increased over time, largely driven by entitlement spending. Many cite military spending as the culprit, but consider the change over time.
In 1968, the US allocated 46% of its budget towards the military. In 2008, that figure was 21%. Compare that to the sum of Medicare, Medicaid and Social Security. In 1968, these three items accounted for 17% of federal spending. In 2008, they accounted for 41%.
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Now for the opinion. We are in deep, deep trouble and entitlement spending needs to be scaled back significantly. We can't afford these reckless promises of the past. Either we start cutting now or we will end up like much of Europe and have to take extreme austerity measures when our house of cards comes crashing down.
If you disagree with this, please offer your solution.
1. The US Federal debt as a percentage of GDP is at the highest point since WWII, and it is projected to continue increasing per the latest Obama budget.
2. Federal spending as a percentage of GDP is at its highest point in 60 years.
3. Federal deficits as a percentage of GDP are at their highest point in 60 years.
4. The fixed component of spending has increased over time, largely driven by entitlement spending. Many cite military spending as the culprit, but consider the change over time.
In 1968, the US allocated 46% of its budget towards the military. In 2008, that figure was 21%. Compare that to the sum of Medicare, Medicaid and Social Security. In 1968, these three items accounted for 17% of federal spending. In 2008, they accounted for 41%.
-------------------------------------------------------
Now for the opinion. We are in deep, deep trouble and entitlement spending needs to be scaled back significantly. We can't afford these reckless promises of the past. Either we start cutting now or we will end up like much of Europe and have to take extreme austerity measures when our house of cards comes crashing down.
If you disagree with this, please offer your solution.
*MySmiley*
Several basics facts about US Debt and Spending.....
16/04/2011 04:41:55 AM
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Guess we should have okay'd those death panels for old people then. Big money saver. *NM*
16/04/2011 03:38:00 PM
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Balancing our budget would be easy.
16/04/2011 06:46:32 PM
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Several of those aren't as easy as you make it sound, but the import tax is a big no-no.
16/04/2011 07:34:30 PM
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Also on the buying drugs from Canada idea
16/04/2011 08:17:26 PM
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Funny you mentioned WWII and 1968. Can you put tax rates at these times as well?
16/04/2011 07:50:09 PM
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Not really. Even if you can substantially raise tax revenue, the entitlement problem remains. *NM*
16/04/2011 08:25:26 PM
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Re: Not really. Even if you can substantially raise tax revenue, the entitlement problem remains.
16/04/2011 09:19:40 PM
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Have you ever looked at those projections for a decade or two hence?
16/04/2011 10:13:12 PM
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Yes I have
16/04/2011 10:44:50 PM
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Erm, and you think total health care spending is not getting out of control? I'm a little confused.
16/04/2011 11:02:52 PM
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Exactly. Cutting back on fraud and waste doesn't really put much of a dent in those projections. *NM*
17/04/2011 02:31:13 AM
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Sorry, but that is a stupid opinion.....
16/04/2011 08:38:35 PM
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Sounds like another bull.
16/04/2011 09:31:05 PM
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Dude, the data is the data.....tax revenue increased all three times.
16/04/2011 09:47:37 PM
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As I suspected, it's a bull.
16/04/2011 10:02:05 PM
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Stop being a fool - read and react to the data provided, posting something.....
16/04/2011 10:14:11 PM
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Response is
16/04/2011 10:19:00 PM
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Good lord.....it's like talking to a brick. I really hope you are 12 or 13.
16/04/2011 10:28:44 PM
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Re: Good lord.....it's like talking to a brick. I really hope you are 12 or 13.
16/04/2011 10:47:24 PM
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I take it you mean "rate of revenue growth decreases".
16/04/2011 11:11:19 PM
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It's not remarkable that revenue increased after the Reagan cuts.
17/04/2011 07:21:47 PM
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I've just noticed that you've provided charts from Heritage Foundation! Are you f.. kidding me?
16/04/2011 10:13:46 PM
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All the data is via CBO - do you know that the CBO is?
16/04/2011 10:16:08 PM
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Re: All the data is via CBO - do you know that the CBO is?
16/04/2011 10:27:01 PM
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Nice try.....care to explain why the same exact thing happened.....
16/04/2011 10:35:44 PM
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Re: Nice try.....care to explain why the same exact thing happened.....
16/04/2011 10:49:33 PM
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Krugman is a shill for the Obama administration.
17/04/2011 02:34:50 AM
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Re: Krugman is a shill for the Obama administration.
17/04/2011 03:50:24 AM
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Some obesrvations by Republican economists
18/04/2011 12:27:04 AM
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You mean the Keynesian economist who wrote The Failure of Reaganomics
18/04/2011 04:00:52 PM
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Re: You mean the Keynesian economist who wrote The Failure of Reaganomics
18/04/2011 05:36:44 PM
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You use Krugman and then complain about the Heritage Foundation! Are you f.. kidding me? *NM*
18/04/2011 02:46:47 AM
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