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jimpeel

Well-Known Member
The march toward bankruptcy continues. The debt ratio continues to rise. I was especially entertained by "was sent to lawmakers Friday night with no fanfare". No sense blowing your horn over your failures.

SOURCE

U.S debt to rise to $19.6 trillion by 2015
WASHINGTON
Tue Jun 8, 2010 6:19pm EDT

WASHINGTON June 8 (Reuters) - The U.S. debt will top $13.6 trillion this year and climb to an estimated $19.6 trillion by 2015, according to a Treasury Department report to Congress.

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The report that was sent to lawmakers Friday night with no fanfare said the ratio of debt to the gross domestic product would rise to 102 percent by 2015 from 93 percent this year.

"The president's economic experts say a 1 percent increase in GDP can create almost 1 million jobs, and that 1 percent is what experts think we are losing because of the debt's massive drag on our economy," said Republican Representative Dave Camp, who publicized the report.

He was referring to recent testimony by University of Maryland Professor Carmen Reinhart to the bipartisan fiscal commission, which was created by President Barack Obama to recommend ways to reduce the deficit, which said debt topping 90 percent of GDP could slow economic growth.

The U.S. debt has grown rapidly with the economic downturn and government spending for the Wall Street bailout, the wars in Afghanistan and Iraq and the economic stimulus. The rising debt is contributing to voter unrest ahead of the November congressional elections in which Republicans hope to regain control of Congress.

The total U.S. debt includes obligations to the Social Security retirement program and other government trust funds. The amount of debt held by investors, which include China and other countries as well as individuals and pension funds, will rise to an estimated $9.1 trillion this year from $7.5 trillion last year.

By 2015 the net public debt will rise to an estimated $14 trillion, with a ratio to GDP of 73 percent, the Treasury report said. (Reporting by Donna Smith; Editing by Kenneth Barry)
 
meh Greece ain't got nothin' on the US.
We do things at least 10X better.
Just look at how much more debt we are in than Greece.
Their little numbers pale in comparison.
 
i think we can all agree that the level of debt is outrageous.

but i doubt we'll ever agree on what is useful spending vs. pissing away tax dollars.
 
you know, personally I'm not for funding certain projects, but
I could be persuaded to let certain projects ride, in exchange for certain other projects.
The thing I absolutely can't support is not accounting correctly, much
less not accounting at all.
That is the main problem atm imo.
 
dude, if they weren't accounting for things, we'd have no idea how big the debt is, and peeler wouldn't be posting threats, er, threads like this...
 
As long as we only argue on which forms of socialism are best for the country, the debt is meaningless.
i doubt we'll ever agree on what is useful spending vs. pissing away tax dollars

I propose we create a whole new set of challenges.

How can we free the Republic from socialism without civil unrest?
 
dude, if they weren't accounting for things, we'd have no idea how big the debt is, and peeler wouldn't be posting threats, er, threads like this...

I don't think we really do know

aside from the so called over all debt,
you mean you can tell me what all the money has actually been spent on?
 
but i doubt we'll ever agree on what is useful spending vs. pissing away tax dollars.


We have a guide
Section. 8.

The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States;

To borrow Money on the credit of the United States;

To regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes;

To establish an uniform Rule of Naturalization, and uniform Laws on the subject of Bankruptcies throughout the United States;

To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;

To provide for the Punishment of counterfeiting the Securities and current Coin of the United States;

To establish Post Offices and post Roads;

To promote the Progress of Science and useful Arts, by securing for limited Times to Authors and Inventors the exclusive Right to their respective Writings and Discoveries;

To constitute Tribunals inferior to the supreme Court;

To define and punish Piracies and Felonies committed on the high Seas, and Offences against the Law of Nations;

To declare War, grant Letters of Marque and Reprisal, and make Rules concerning Captures on Land and Water;

To raise and support Armies, but no Appropriation of Money to that Use shall be for a longer Term than two Years;

To provide and maintain a Navy;

To make Rules for the Government and Regulation of the land and naval Forces;

To provide for calling forth the Militia to execute the Laws of the Union, suppress Insurrections and repel Invasions;

To provide for organizing, arming, and disciplining, the Militia, and for governing such Part of them as may be employed in the Service of the United States, reserving to the States respectively, the Appointment of the Officers, and the Authority of training the Militia according to the discipline prescribed by Congress;

To exercise exclusive Legislation in all Cases whatsoever, over such District (not exceeding ten Miles square) as may, by Cession of particular States, and the Acceptance of Congress, become the Seat of the Government of the United States, and to exercise like Authority over all Places purchased by the Consent of the Legislature of the State in which the Same shall be, for the Erection of Forts, Magazines, Arsenals, dock-Yards, and other needful Buildings;--And

To make all Laws which shall be necessary and proper for carrying into Execution the foregoing Powers, and all other Powers vested by this Constitution in the Government of the United States, or in any Department or Officer thereof.
 
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