Obama: There Is No Debt Crisis | TigerDroppings.com
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pistolpete23
In the present
Member since Dec 2007
4014 posts

Obama: There Is No Debt Crisis

quote:

We don’t have an immediate crisis in terms of debt,” President Obama said in an exclusive interview with George Stephanopoulos for “Good Morning America.” “In fact, for the next 10 years, it’s gonna be in a sustainable place.”


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doubleb
LSU Fan
Baton Rouge
Member since Aug 2006
7537 posts

re: Obama: There Is No Debt Crisis
10 years ago (2003) did we project a 16 trillion dollar national debt in 2013?

If we did I missed it.

These 10 year forecasts are useless. All they do is provide fodder for the talk shows.

If they are raising taxes today and cutting spending tomorrow; it's never going to happen. Thye last decade tells me that.


wheelr
Lafayette
Member since Jul 2012
1462 posts

re: Obama: There Is No Debt Crisis
Check the comments on the article. I've been noticing more and more that people just aren't buying the BS anymore. At least the somewhat informed people who follow politics aren't.


Taxing Authority
LSU Fan
Houston
Member since Feb 2010
24185 posts

re: Obama: There Is No Debt Crisis
quote:

We don’t have an immediate crisis in terms of debt,” President Obama
Claasic borrowers fallacy.

Look at this new car I bought! The dealer let me drive it off the lot. I only gave them a check for $500. What a deal!!


UncleFestersLegs
Columbia MD
Member since Nov 2010
1739 posts

re: Obama: There Is No Debt Crisis
quote:

10 years ago (2003) did we project a 16 trillion dollar national debt in 2013?

CBO prediction
FY2012 surplus + $641B
Debt $3.5 trillion
Reality
FY2012 -$1.3T
debt $16T
Image: http://www.aei-ideas.org/wp-content/uploads/2012/12/122812cbo1.jpg




llfshoals
Alabama Fan
Member since Nov 2010
1401 posts

re: Obama: There Is No Debt Crisis
UncleFestersLegs

They even badly whiffed on 2001...they projected a 127 billion surplus...and ran 133 billion more into debt.

Roughly 200% off in the wrong direction...about par for the course with them.


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davesdawgs
Georgia Fan
Georgia - Class of '75
Member since Oct 2008
19481 posts

re: Obama: There Is No Debt Crisis
quote:

We don’t have an immediate crisis in terms of debt,” President Obama said in an exclusive interview with George Stephanopoulos for “Good Morning America.”


This is probably technically accurate but the current course is not sustainable. It's like the breaks have gone out going downhill but you still have a couple of miles to go before you reach the bottom of the hill. Yea, it's not an immediate crisis but without some kind of change in course the end will not be pretty.


BigJim
LSU Fan
Baton Rouge
Member since Jan 2010
3529 posts

re: Obama: There Is No Debt Crisis
quote:

Claasic borrowers fallacy.

Look at this new car I bought! The dealer let me drive it off the lot. I only gave them a check for $500. What a deal!!




This is just depressing.


TigerFanatic99
LSU Fan
Granger, IN
Member since Jan 2007
4333 posts

re: Obama: There Is No Debt Crisis
though I AGREE with you, to be fair, the financial crisis that caused a major drop in tax revenues was not anticipated that far back.


CaptainBrannigan
Auburn Fan
Sweater-Vest Swag
Member since Jan 2010
8511 posts

re: Obama: There Is No Debt Crisis
quote:

We don’t have an immediate crisis in terms of debt,” President Obama said in an exclusive interview with George Stephanopoulos for “Good Morning America.” “In fact, for the next 10 years, it’s gonna be in a sustainable place.”


100% true. Debt only became a political issue when republican lost the elections in 2008.



C
LSU Fan
The Woodlands, TX
Member since Dec 2007
22706 posts
Online

re: Obama: There Is No Debt Crisis
quote:

major drop in tax revenues


We have not had drop in tax revenues to the tune of a trillion dollars a year or anywhere near that. Spending, however, has increased nearly a trillion dollars over the past few years. It really doesn't take a math major to figure out why deficits have ballooned.


Choctaw
Navy Fan
Pumpin' Sunshine
Member since Jul 2007
55523 posts

re: Obama: There Is No Debt Crisis
quote:

Check the comments on the article. I've been noticing more and more that people just aren't buying the BS anymore. At least the somewhat informed people who follow politics aren't.


there are still several comments that lay blame solely on the Republicans. it's amazing


Jbird
Iowa Fan
In Odramaville with EthanL
Member since Oct 2012
18110 posts

re: Obama: There Is No Debt Crisis
quote:

100% true. Debt only became a political issue when republican lost the elections in 2008.


Naw it was when The Savior Odrama claimed it was unpatriotic as well.


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UncleFestersLegs
Columbia MD
Member since Nov 2010
1739 posts

re: Obama: There Is No Debt Crisis
quote:


100% true. Debt only became a political issue when republican lost the elections in 2008.

quote:

The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies… America has a debt problem and a failure of leadership. Americans deserve better. 2006


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GoCrazyAuburn
Auburn Fan
Staring up at Vulcan's ass
Member since Feb 2010
16771 posts

re: Obama: There Is No Debt Crisis


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wheelr
Lafayette
Member since Jul 2012
1462 posts

re: Obama: There Is No Debt Crisis
quote:

there are still several comments that lay blame solely on the Republicans. it's amazing


This is true. Just look at the Obummer apologists here. It just seems they aren't as prevalent.


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lsuohiofan
LSU Fan
Carrollton,Ohio
Member since Oct 2011
200 posts

re: Obama: There Is No Debt Crisis
Exactly how long would you survive with this precentage of debt to income? Remember this isn't borrowing for your home it is more like borrowing every month for food and utilities. Say you take in $1000 per month and spend $1250. Eventually you'll run out of credit, file bankrupcy and stick someone. Except we would be sticking the whole world.


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Taxing Authority
LSU Fan
Houston
Member since Feb 2010
24185 posts

re: Obama: There Is No Debt Crisis
quote:

This is just depressing.
Indeed. We have a president out there selling the country on "low monthly notes".


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Taxing Authority
LSU Fan
Houston
Member since Feb 2010
24185 posts

re: Obama: There Is No Debt Crisis
quote:

Debt only became a political issue when republican lost the elections in 2008.
Bull. It became an issue because our deficits have drasitcally increased under Obama with NO end in sight.

Image: http://1.bp.blogspot.com/_fjW71B3WLTQ/S8dozbViClI/AAAAAAAAAXQ/Xza0LZQCtb4/s1600/obama_budget_deficit_2009.jpg


People that try to equate Bush deficits with Obama deficits are either mathematically ignorant or lying. I'll not guess.
This post was edited on 3/13 at 11:49 am


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Turkey_Creek_Tiger
Louisiana Tech Fan
Member since Dec 2012
12339 posts

re: Obama: There Is No Debt Crisis
quote:

it’s gonna be in a sustainable place.


borrowing more money to payback money you owe is NOT sustainable. Its a giant ponzi scheme that will eventually collapse.


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