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Started By
Message
Debt crisis doesn't exist
Posted on 7/21/14 at 9:32 am
Posted on 7/21/14 at 9:32 am
quote:
About those projections: The budget office predicts that this year’s federal deficit will be just 2.8 percent of G.D.P., down from 9.8 percent in 2009. It’s true that the fact that we’re still running a deficit means federal debt in dollar terms continues to grow — but the economy is growing too, so the budget office expects the crucial ratio of debt to G.D.P. to remain more or less flat for the next decade.
quote:
...despite aging, debt in 2039 — a quarter-century from now! — is projected to be no higher, as a percentage of G.D.P., than the debt America had at the end of World War II, or that Britain had for much of the 20th century. Oh
quote:
The budget office estimates that stabilizing the ratio of debt to G.D.P. at its current level would require spending cuts and/or tax hikes of 1.2 percent of G.D.P. if we started now, or 1.5 percent of G.D.P. if we waited until 2020.
LINK
This post was edited on 7/21/14 at 9:33 am
23
Posted on 7/21/14 at 9:34 am to SpidermanTUba
if you were any dumber you would have to wear a helmet
Posted on 7/21/14 at 9:37 am to SpidermanTUba
quote:
It’s true that the fact that we’re still running a deficit means federal debt in dollar terms continues to grow — but the economy is growing too,
Didn't we have a negative GDP in q1? So the debt continues to grow and the GDP was negative just 4 months ago
Posted on 7/21/14 at 9:39 am to SpidermanTUba
Krugman; dr
Posted on 7/21/14 at 9:39 am to SpidermanTUba
quote:
The budget office estimates that stabilizing the ratio of debt to G.D.P. at its current level would require spending cuts and/or tax hikes of 1.2 percent of G.D.P. if we started now, or 1.5 percent of G.D.P. if we waited until 2020.
Too bad we don't have a President who will cut the budget by 200 billion dollars.
Posted on 7/21/14 at 9:39 am to SpidermanTUba
I don't take anything Krugman says seriously anymore.
I do have a question though.
What is the CBO's record for correct predictions? Predictions a quarter century away are guaranteed to be false.
The CBO has had terrible predictions in much shorter timeframes.
I do have a question though.
What is the CBO's record for correct predictions? Predictions a quarter century away are guaranteed to be false.
The CBO has had terrible predictions in much shorter timeframes.
Posted on 7/21/14 at 9:39 am to SpidermanTUba
quote:Debt is $17 trillion plus. What are you talking about?
Debt crisis doesn't exist
Posted on 7/21/14 at 9:40 am to roguetiger15
quote:
Didn't we have a negative GDP in q1?
Yes and its going to be like that now forever from here on out so I guess you've got a point.
Posted on 7/21/14 at 9:40 am to SpidermanTUba
What if long-term interest rates spike just 1%?
Debtpocalypse.
Debtpocalypse.
Posted on 7/21/14 at 9:41 am to SpidermanTUba
SpidermanTUba;dr
Voted Down!
Voted Down!
Posted on 7/21/14 at 9:41 am to Scruffy
quote:
I don't take anything Krugman says seriously anymore.
Why not? He did a bang-up job advising Enron.
Posted on 7/21/14 at 9:42 am to SpidermanTUba
spending is still growing faster then GDP is growing. So the problem is only getting worse.
Posted on 7/21/14 at 9:44 am to SpidermanTUba
Well I mean frick. Your article says our economy is growing which recently it has done just the opposite. I guess when it's recently been negative there's only one way to go from there. An economy doing well and growing out of a recession should be humming along around 6-8% increase yoy at a min
This post was edited on 7/21/14 at 9:45 am
Posted on 7/21/14 at 9:44 am to SpidermanTUba
Good post.
I'd like to hear from those calling for "runaway inflation" for the last 5 years or so. Is this Obama's fault? Or is this due to the recovering economy....which Obama has nothing to do with...wait!
But debt is debt. It's great that it appears not to be as bad as some projected, but you can't continue to not balance budgets. Entitlement reform needs to happen, defense cuts need to happen, social security retirement and medicare age needs to be bumped up and in all likelihood there needs to be a small tax increase. Everybody has to feel the pain - that's the only way it's going to work.
I'd like to hear from those calling for "runaway inflation" for the last 5 years or so. Is this Obama's fault? Or is this due to the recovering economy....which Obama has nothing to do with...wait!
But debt is debt. It's great that it appears not to be as bad as some projected, but you can't continue to not balance budgets. Entitlement reform needs to happen, defense cuts need to happen, social security retirement and medicare age needs to be bumped up and in all likelihood there needs to be a small tax increase. Everybody has to feel the pain - that's the only way it's going to work.
Posted on 7/21/14 at 9:46 am to Ace Midnight
quote:
What if long-term interest rates spike just 1%?
What if? Our long term rates are already locked in. Its the short term rate I would worry about.
Posted on 7/21/14 at 9:47 am to a want
quote:
But debt is debt. It's great that it appears not to be as bad as some projected, but you can't continue to not balance budgets. Entitlement reform needs to happen, defense cuts need to happen, social security retirement and medicare age needs to be bumped up and in all likelihood there needs to be a small tax increase.
Obama has shown no interest in tackling any of these challenges.
The only current politician that has proposed any serious reform in an attempt to balance the budget was depicted in political ads literally throwing grandma off a cliff.
Posted on 7/21/14 at 9:47 am to TK421
quote:
Why not? He did a bang-up job advising Enron.
Did he advise them to cook their books?
Posted on 7/21/14 at 9:47 am to SpidermanTUba
The only thing keeping us afloat is the ability to print, at will, the world's reserve currency. When that ends, the debt crisis will be very real.
Posted on 7/21/14 at 9:48 am to roguetiger15
quote:
Your article says our economy is growing which recently it has done just the opposit
And you're assuming it will continue to contract over the next several decades?
If that's the case there's not really any combination of spending cuts or tax hikes that could get us out of it.
Posted on 7/21/14 at 9:48 am to SpidermanTUba
quote:
Did he advise them to cook their books?
Probably. The progressives seem to love it when the fat cats prosper and the average Joe struggles.
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