originalpckelly
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Sat Feb-21-09 03:30 PM
Original message |
Are you watching CNN? Did you just see Jonathan Levs report? Debt doubled in one year! 10.8 trillion |
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Edited on Sat Feb-21-09 03:32 PM by originalpckelly
In other words, in only one year, the US government has committed to 10.8 trillion dollars of spending from the first stimulus checks to Americans to latest stimulus bill, which is the same amount as the national debt! So in other words, because taxes won't be covering this, the US government has doubled its debt in only a year! How can the deficit be only a couple trillion? They must be lying to us!
It's like it's falling off a cliff and at an exponential rate.
Hopefully that will be on YouTube.
It's clear why Rep. Maxine Waters said we were close to total collapse right now.
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sandnsea
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Sat Feb-21-09 03:33 PM
Response to Original message |
1. The deficit has been less than a trillion |
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So with a nearly $800 billion stimulus, in addition to whatever the regular budget will be - yes they will double deficit spending this year.
And yes it will probably take us to a $10+ trillion national debt.
And the shock comes from where exactly??
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originalpckelly
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Sat Feb-21-09 03:35 PM
Response to Reply #1 |
3. No, they've spent 10 trillion in the last year on all the bailouts and stuff. |
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Either that or Levs math is wrong.
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DS1
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Sat Feb-21-09 03:37 PM
Response to Reply #3 |
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He's saying that we spend the total amount we've built up owing over 40 years in one?
unlikely
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originalpckelly
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Sat Feb-21-09 03:43 PM
Response to Reply #5 |
7. Sorry, we've committed to spending 10.8 trillion in the last year... |
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because of all the guarantees we've given. We've spent 2 odd trillion.
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sandnsea
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Sat Feb-21-09 03:46 PM
Response to Reply #7 |
10. The debt and deficit are not the same |
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We have committed to a lot of spending, A LOT, but the $10.8 trillion figure is our total national debt, afaik.
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originalpckelly
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Sat Feb-21-09 03:48 PM
Response to Reply #10 |
13. I know that, but if you appropriate all the money in one year... |
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Edited on Sat Feb-21-09 03:48 PM by originalpckelly
and you don't raise taxes, it's bound to cause the deficit to increase for that fiscal year. They're accounting for this stuff with Enron techniques, we should have had a 8-9 trillion deficit, because they've already allocated the money.
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sandnsea
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Sat Feb-21-09 04:23 PM
Response to Reply #13 |
15. Were they adding federal reserve money? |
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I know there have been a few articles about the money that has been made available through the federal reserve banks, especially last year. Are they adding all of that money into the mix?
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originalpckelly
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Sat Feb-21-09 04:32 PM
Response to Reply #15 |
16. I don't know, their math isn't available on the internet! |
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Which is not right, why get people all pissed off, and yet not provide more thorough explanations of it?
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sandnsea
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Sun Feb-22-09 04:16 PM
Response to Reply #16 |
17. $5 trillion committed by government |
Zynx
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Sat Feb-21-09 03:47 PM
Response to Reply #7 |
12. That commitment is not at all a certainty. |
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Also, we've only spent 2 odd trillion if you count the stimulus package.
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originalpckelly
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Sat Feb-21-09 03:51 PM
Response to Reply #12 |
14. I know, we don't really need to have that money, just like credit default swap con artists... |
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Edited on Sat Feb-21-09 03:51 PM by originalpckelly
we can only have pennies set aside for dollars. So even though we're in an unprecedented down turn, which is now taking another down leg, doesn't mean we have a problem here.
If the shit hits the fan, which it has been doing for some time with regularity, we're on the hook for the 8 billion they set aside.
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MarjorieG
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Sat Feb-21-09 03:40 PM
Response to Reply #1 |
6. Maybe previous commitments, totals, but not what's been done since last Fall. |
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Edited on Sat Feb-21-09 03:41 PM by MarjorieG
That's a little partisan revisionism.
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originalpckelly
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Sat Feb-21-09 03:44 PM
Response to Reply #6 |
8. No, it's all the money done for stimulus since December 2007. |
Zynx
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Sat Feb-21-09 03:46 PM
Response to Reply #8 |
11. It is horrible accounting. The rise in the debt is nowhere near that much. |
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This is public information. You can check it out on the Treasury's website. That is a total level of potential commitments made by both the Treasury and the Federal Reserve that do not in any way represent a tangible spending level.
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cliffordu
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Sat Feb-21-09 03:33 PM
Response to Original message |
2. Now might be a good time to buy bulk.... |
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I'm personally stocking up on bicycle tubes, chains and tires.
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depakid
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Sat Feb-21-09 03:37 PM
Response to Original message |
4. Query- how much did debt rise per year during World War II |
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and what percentage of GDP was it?
Much as I agree with Maxine Water's politics- she's long had a propensity for going over the top- and I haven't found her to be a very well considered economic thinker.
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Zynx
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Sat Feb-21-09 03:44 PM
Response to Original message |
9. That math is horrifically wrong. |
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We can actually see what our debt is. That number is the total obligations the government has if pretty much every financial institution fails. You can look at what our debt is right now. It isn't anywhere near the number they suggest.
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DU
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Wed May 01st 2024, 08:52 PM
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