That's not been the history for the past four years.
-
Welcome to Baptist Board, a friendly forum to discuss the Baptist Faith in a friendly surrounding.
Your voice is missing! You will need to register to get access to all the features that our community has to offer.
We hope to see you as a part of our community soon and God Bless!
U.S. debt clock surges past $18 trillion
- Thread starter Jedi Knight
- Start date
That's not been the history for the past four years.
The level spending is a surprise to me especially this year considering the ramp up in military spending since we started reallocating assets to fight ISIS. Maybe there isn't a jump in spending because we have simply moved the funding from sustaining Forward Operating Bases in Iraq and Afghanistan
towards aerial bombardment. I suppose it is simply a cross leveling of expenditure in that regard. 2015 ought to be interesting.
Spending is set to increase to $6.6 Trillion (I think)
Yes, it has. You just provided the numbers to prove it.
OK, I know what you mean now. Revenues have increased slightly, spending is flat, but debt is increasing. Gotcha.
And I was not referring to you lying with statistics.
Politicians throw around the terms deficit and national debt and brag or complain about either increasing or decreasing one or the other, when the plain facts are the debt continues to climb and they continue to spend more than they take in with no end in sight.
A lot of people really don't know the difference between an annual deficit and national debt. And when they brag about "cutting" the deficit, they really mean, as you said, that the increase in the deficit was decreased, but it's still a deficit.
It's amazing how many people fall for that one. Some right here on this board.
That's what I mean by lying with statistics.
Anotherwords - Four month you overspent your income by 1,000 dollars (via credit card) . Three months ago you only overspent your income by $750. So now you are 1,770.83 in debt. Two months ago, you only spent $500 over your budget. So now, you are 2307.72. Last month you only over spent by $300. So now you are $2655.79 in debt. So a total of 2550.00 was overspent. Which means in just 3 months you have accumulated $105.79 in interest (at 25% APR) - and if you don't pay any of that back; now you are paying interest on interest.
the Federal Debt Has Increased by Almost 70 Percent
...Although deficits have been falling since 2009—when they were at record levels with a dearth of revenue to offset massive spending—they don’t tell the full story. This past year the government still spent $486 billion more than it took in. And the annual deficit is expected to reach trillion-dollar levels again within 10 years, further accelerating the growth of the national debt and interest payments required to service it.
Furthermore, spending that fuels the debt is not primarily caused by increases in discretionary spending such as defense, education and infrastructure, but rather by growth in mandatory programs such as entitlements.
The major entitlement programs, including Social Security, Medicare and Medicaid, take up almost 50 percent of all federal spending and are only expected to increase in size as more Americans age and retire. Indeed, entitlements and net interest are projected to consume 100 percent of the government’s tax revenue by 2030.
The future growth in entitlements will exacerbate the nation’s debt problem. Larger government debt poses the threat of higher taxes in the future to pay interest on the debt, thus likely inflicting on younger Americans and future generations a greater tax burden and weaker economy.
http://dailysignal.com/2014/12/03/s...ercent/?utm_source=facebook&utm_medium=social
...Although deficits have been falling since 2009—when they were at record levels with a dearth of revenue to offset massive spending—they don’t tell the full story. This past year the government still spent $486 billion more than it took in. And the annual deficit is expected to reach trillion-dollar levels again within 10 years, further accelerating the growth of the national debt and interest payments required to service it.
Furthermore, spending that fuels the debt is not primarily caused by increases in discretionary spending such as defense, education and infrastructure, but rather by growth in mandatory programs such as entitlements.
The major entitlement programs, including Social Security, Medicare and Medicaid, take up almost 50 percent of all federal spending and are only expected to increase in size as more Americans age and retire. Indeed, entitlements and net interest are projected to consume 100 percent of the government’s tax revenue by 2030.
The future growth in entitlements will exacerbate the nation’s debt problem. Larger government debt poses the threat of higher taxes in the future to pay interest on the debt, thus likely inflicting on younger Americans and future generations a greater tax burden and weaker economy.
http://dailysignal.com/2014/12/03/s...ercent/?utm_source=facebook&utm_medium=social