Increase in National Debt From 11/01/06 - 10/31/07

Discussion in 'Politics' started by KenH, Nov 5, 2007.

  1. KenH

    KenH
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  2. Ivon Denosovich

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    Bush should declare war on ecomonic terrorism in this country.

    But if he did that, he'd be unempolyed.
     
  3. saturneptune

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    Yep, really conservative, well run numbers, as the Republicans campaigned on in 2000.
     
  4. Dagwood

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    What! You expect politicians to actually do what they say?
     
  5. NiteShift

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    And now for the other side of the story:

    Four weeks ago, the OMB reported that the budget deficit fell to $163 billion, or 1.2% of GDP, which is its lowest level in five years. The trade deficit has also started shrinking, as a result of the weak dollar.



    Contrary to forecasts of much slower growth in the third quarter, the U.S. economy expanded at a 3.9% rate, even in spite of the housing downturn.



    The inflation rate of 2.1% was the lowest since the 1960s, even with oil close to $100 a barrel.



    Since 2003, 7.5 million jobs have been added.



    Since 2003 the real GDP has grown nearly $1.5 trillion


    LINK


     
  6. saturneptune

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    Well, first of all, the deficit would not have to fall if it had never been raised to record levels.

    It is not so much to numbers, it is the words out of Republican mouths. Balance the budget, Democrats are tax and spend they proclaim. And they turn around and do the exact same thing.

    Saying the deficit fell after they raised it is kind of like bragging you got your car repaired after a wreck one caused due to a DUI.

    Still, Republicans at their worst are better than Democrats at their best. When we get that choice, as is shaping up next year, makes it really frustrating for conservatives.

    Since you are from Kentucky, you may have noticed the same pattern in the governor's race. I voted for Fletcher with a clothes pen over my nose and a bucket in case I threw up.
     
  7. KenH

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    Which is nothing more than an accounting trick. If the federal government was held to the same accounting standards as private industry it would make Enron look honest by comparison.
     
  8. Ivon Denosovich

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    I suppose three new cars for you and all of your extended families wouldn't produce the same warm, fuzzy feelings of knowing you're a team player eh, NiteShift?
     
    #8 Ivon Denosovich, Nov 6, 2007
    Last edited by a moderator: Nov 6, 2007
  9. betterthanideserve

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  10. KenH

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    Yeah. Economic Armageddon for these United States.
     
  11. TomVols

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    The fact that some govt books use accrual and some use cash methods makes me want to scream. We can't even decide which rules we want to circumvent in out govt. accounting. USA Today (link broken) linked a start of this to the creative accounting of the Clinton years, but I wonder if it didn't start during LBJ (as one account had it) when they were cooking the books by hiding funds to pay for Vietnam.
     
  12. KenH

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    More deception by the federal government.

    [FONT=arial,helvetica,verdana]http://www.shadowstats.com/cgi-bin/sgs?[/FONT]
     
  13. NiteShift

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    Well there are statistics and there are statistics. But many economists say that debt, as a percentage of GDP is a more useful measure than raw numbers.

    I like to see credit given where credit is due. And you know, it beats the warm fuzzy feeling I could derive from daily Bush-Bashing. eh, Ivon?

    The increases in government expenditures were a response to 9/11 and the subsequent increased military spending.
    Senate Democratic leader Tom Daschle said at the time, “This is deficit spending once again and it’s very disconcerting to many of us. But I don’t know that there is an alternative.”
     
  14. KenH

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    When the federal government won't own up to the actual increase in our national debt, why should anyone believe any of its statistics?
     
  15. NiteShift

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    So has OMB always lied to us or is this just a recent phenomena?
     
  16. NiteShift

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    Budget Deficit Quiz Show


    Q: Is the Federal government’s budget deficit growing or shrinking?
    A: Shrinking. And, it has been shrinking for several years.

    Q: How much will the deficit be as a percentage of our economy?
    A: 1.5% or perhaps less. The most common measure of economic growth is growth in the gross domestic product (GDP), which in simple terms is the sum of all goods and services we produce in a given year in the U.S. To get a sense of how meaningful the deficit is in dollars, the best way is to compare it to GDP.

    Q: How does a 1.5% budget deficit compare with the average for the past 40 some years?
    A: Much lower than average, which is about 2.2%. Amazing isn’t it that this has not gotten move coverage.

    (August 2007) LINK
     
  17. saturneptune

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    No excuse. George Bush and the Republican Congress, now the Democratic Congress are the biggest and most wreckless spenders in American history. The only reason less damage is being done now is that the two parties cannot agree on how to spend us into oblivion.
     
  18. KenH

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    The federal government has been fooling with statistics since at least the LBJ administration when it wanted to hide the impact of the cost of the Vietnam War.

    The national debt increased almost $500 billion during the past 12 months and no amount of sophistry can change that cold hard fact.
     
  19. NiteShift

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  20. KenH

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    The yearly increase in the national debt is my concern, not the percentage compared to the GDP. But even looking at that percentage it has doubled in the past 25 years.

    If the federal government doesn't start getting its fiscal house in order in the near future we have major economic problems coming down the road straight at these United States. And the longer we continue to delay starting to deal with these fiscal issues the more painful it will be to fix them.
     

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