Forum Post: $15,856,367,214,324.44 In Federal Debt ($75 billion increase overnight)
Posted 12 years ago on July 3, 2012, 2:51 a.m. EST by minhaalma
(28)
This content is user submitted and not an official statement
As US Closes June With $15,856,367,214,324.44 In Federal Debt, US Debt/GDP Hits Post WWII High Of 101.5%
Last week's bond auctions have finally settled and the numbers are in. As of the last day of June, the US had a record $15,856,367,214,324.44 in debt, a $75 billion increase overnight, and a post World-War II high Federal debt/GDP ratio of 101.5%.* That is all.
Cut The military.End the war on drugs.End the survelance state.Raise corporate taxes.Collect corporate taxes.Raise taxes on top income house holds to the rates of the 1960's.Put an an to tax evasion by using off shore accounts. Bingo Debt goes down.
i like most of what you say, except, id rather there be no tax, and let we the people opt out of buying from corporatism. this would ultimately give us total control and freedom. Bigger government and more money in government will cost us more freedoms.
Then raise Mao or Stalin from the dead and we're good to go, right?
Perhaps your not listening.We want system change not tyrant change.Mao,Bush.stalin.Obama.It is not either .
it has gone so far beyond fake communism (i say that cause there never was real communism, only brutal thugs prentending to care about others type of communism) its about our government who has witheld our countryland from us in a big bureau of land management, and charges us for every little thing we try to do with our land. they are even in business themselves with borrowing 30 million dollars from gambling casinos to build a skyrise embassy suites hotel in my city of west valley city, utah. Why the hell is government in a private investment business now, when they should be serving us, we the people? Private citizens should be building and owning that hotel, but I see our homes looking more and more run down, our trucks are older models from over taxation, they tax us to drive a car, and they tax the oil companies 117 million a day and then tax us another 49 cents a gallon, meanwhile the government thinks we are too stupid to realize that we are paying taxes twice on the same gallon of gas, while oil companies continue to make record profits. Can you see what Im talking about? Becuase I believe it is hidden from most people.
I see governments building palaces for themselves on our backs, with indoor high ceilings as much as 3-4 stories high (that could have been a tax break for us citizens) Hell id rather see our government run from cheap white trailers instead of palaces. Our government utility trucks not only formed their own fix it themselves fleet in every level of service you can think of, they are driving around in expensive nice newer model work trucks with all the nice compartments. Maybe Ill paste a comparison of my old work truck Ive been slaving away for the past decade and ended up in bankruptcy and of the nice government vehicles with work trucks and compartments I only dream about.
I'm in WVC too. There are a lot of things they could do to improve west valley. For starters, stop giving illegal immigrants drivers licenses. I've been hit 4 times in the last 3 years. The last one (at 3500s 3450w) the guy t-boned me and then when I got out of the car he said "No break!"... He had no insurance, and he had no ID.
Fucking illegals.
Ryan’s plan, The Roadmap for America’s Future, would give the most affluent households very large tax cuts by reducing income tax rates on high-income households; eliminating income taxes on capital gains, dividends, and interest; and abolishing the corporate income tax, the estate tax, and the alternative minimum tax. The Ryan plan would cut in half the taxes of the richest 1 percent of Americans—those with incomes exceeding $633,000 (in 2009 dollars) in 2014. Households with incomes of more than $1 million would receive an average annual tax cut of $502,000. The richest one-tenth of 1 percent of Americans —those whose incomes exceed $2.9 million a year—would receive an average tax cut of $1.7 million a year on top of those from the Bush tax cuts.
At the same time, the Ryan plan would raise taxes for most middle-income families, privatize a substantial portion of Social Security, eliminate the tax exclusion for employer-sponsored health insurance, end traditional Medicare and most of Medicaid, and terminate the Children’s Health Insurance Program. The plan would replace these health programs with a system of vouchers whose value would erode over time and thus would purchase health insurance that would cover fewer and fewer health care services in the future.
To offset some of the cost of these massive tax cuts, the Ryan plan would place a new consumption tax on most goods and services. About three-quarters of Americans—those with incomes between $20,000 and $200,000—would face tax increases. For example, households with incomes between $50,000 and $75,000 would face an average tax increase of $900. The shift tax in burdens proposed by The Roadmap for America’s Future from the wealthy to the middle class results in people with incomes over $1 million paying much smaller percentages of their income in federal taxes.
And for a whole year it went down, but then the Republicans started screaming “Washington’s taking in too much money” and the rest is history, too bad we were so close.
12/31/1999 Not Available Not Available 5,776,091,314,225.33
12/29/2000 Not Available Not Available 5,662,216,013,697.37
http://www.treasurydirect.gov/NP/NPGateway
We hear that companies are sitting on record amounts of cash. It's hard to make the argument that corporate taxes are too high, or that they're stifling the economy. They'll tell you that they're not investing it or hiring people not because of taxes, but because there's no indication of recovery in demand. And while profits have climbed (unlike other periods of high profit), wages have stagnated (Economix, 6/30).
The same report points out that wage income fell below 50% of GDP for the first time ever...!!!...
As to the "half" who don't pay taxes, the IRS figures which Econ101 points to show that the lowest 50% collectively accounted for only 12.3% of the income (2007). That's right -half the working population of the country together account for less than 1/8 the income....!!!... The third quarter - 50th to 75th percentile in income - accounted for 19% of the income. The top 25% accounted for over 2/3 of the income (68.7%), the top 5% for more than 1/3 (37.4%), the top 1% for 21.2% (it was only 8.3% when Reagan took office).
So there's no resurgence in consumption because the middle class is impoverished; in fact, they'd been borrowing to support consumption, and now have debt to deal with in addition to low purchasing power and stagnant wages.
Bartlett's comparison of the 2001 budget assumptions and what actually happened (Economix, 7/26) shows that the Bush Tax Cuts cost $2.9 trillion in lost revenue and $3.5 trillion from the growth which was supposed to result, but didn't. Oddly enough, $6 trillion is almost exactly the increase in the national debt during Dubya's tenure. While Democrats are labeled as "tax and spend" party, the truth is it is under Republican Presidents that 85% or our national debt had come into existence.
Over the last two decades the average wage of middle class workers have actually gone down, inflation adjusted, yet the top 1% has gone from 8% of all income at the start of Reagans administration to as high as 25% before the collapse. During that same period, the same top 1% doubled the amount of total wealth they control. The top 5% now control over 83% of all US wealth and that percentage is growing exponentialy. The GOP likes to point out that the wealthiest 10% pay two-thirds of all taxes. Giving they own 83 percent of all assets and the majority of the income, this number seems actually surprisingly low ! In the 70's, CEOs of publicly traded companies made around 38 times the average worker. That number now runs just under 400 times. How did this happen? Let's take a look.
Republican pundits have claimed for years that federal income tax doubled under Reagan, but when you look at the historic revenue charts you see a different story. Receipts did increase in the first three years of Reagan but what was the source of that increase? If we look at the division of sources we can see. Reagan cut Capital gains rates significantly below "wage" rates. The wealthiest, seeing what may be a window of opportunity, took gains on long held assets fearing that lower rate may be taken away. After 3 years, the Capital Gains "wad had been shot" and federal receipts dropped significantly. Thats when Reagan RAISED taxes the first time in his tenure. This was compounded by the fact that the federal defecit was exploding. Interestingly, when you take tax receipts, subtracting the increasing defecits, one finds the country actually did better under Carter than Reagan. Reagans Capital Gains cut did spur an economic recover, but after the last big chunk of those gains were "realized", we eventual slide back into a recession under George Sr. Unfortunately, our defecit had increased significantly!
The problem is it didn't take long for the wealthy to realize the huge loophole they had been given with the restructuring of the tax code. Why claim wage income that can be taxed in the 30% range, when you have a capital gains rate of only 15%? The wealthiest soon shifted their tax structures to be paid in instruments that could be taken as capital gains instead of income. That's why today, people like Mitt Romney can make millions but only pay 15 percent! Another fact often forgoten by Republicans is that when you take ALL taxes together (income, real estate, gas etc) the richest, as a percent of income actually pay about 2% less than the middle class! Not very progressive.
What happened next would take a book to explain so we'll condense it.
1) While the disparity of income and wealth exploded. in the late 90's, early 2000 's our economy based on consumerism, was funded mostly by consumer debt and home equity, spured on by the Republican idea to keep interest rates low 2) housing bubble burst , causing risky banking instruments to collapse ....Walla..trillions wiped out over night.
3) Europe has same crises 4) Trillions in expense from two wars 5) Interest from trillions in Bushes tax cuts that went most to the top 1% Analysis: It's all Obamas fault!
Man I have to tell ya, I love somebody who has the facts and figures like this that show conclusively where the truth is and where the propaganda is. This is something like I would have posted if I had the data.
The TRUTH will always win out in the end, if you can get it into the hands of enough people. That is the biggest challenge. Most Americans are asleep to data like this. It's our job to wake them up.
Great Job!!!
So it was the Republicans fault that interest rates were low in order to make consumer debt and the housing bubble.
I guess the Republicans took these people at gunpoint and told them to sign on the dotted line or else.
Sorry, but you are wrong - it was the "all about me" generation - the X and Y generation who took down the economy with their "want" without being concerned if it could be paid back or not.
There have been news stories of college students along with a vast majority of others who had the opportunity to get credit cards knew they couldn't pay them back and as a result went bankrupt and laughing about it.
Why do you think the bankrupcy laws were changed? They wern''t changed because of responsible people paying their bills on time, nor were they changed because banks were handing out loans.
They were changed because people felt no obligation to having a debt and as such going bankrupt was an easy out.
Yah, it's the republicans fault for sure.
You mean bankruptcy laws for indiviuals. The bankruptcy laws for corp 1% criminals are easy peezy.
and in regards to who created the world economic crash. Just look at who got away with the loot. You gotta be smart enough to realize that is the measure. It is a trueism when people say "follow the money".
You're blaming the good honest hard working Americans who lost their homes and life savings. And Your defending the criminal 1% who crashed the world economy, lost 40% of our home value and created an unemployment crises going 4 years.
where is your head at? How can you stand with the 1% criminals against your own class? Your own family?
If these people didn't lose their homes and life savings, because of being smart when it comes to investing the economy would be in much better shape today then it is now.
Why is it there are millions of people out there who have also invested in buying new homes during the downturn and are doing just fine. Why is that - they spent as much, if not more, in buying a home as anyone else did and are able to pay their bills. Why is that.
Why is it that a portion of the people in the housing market failed to hold on to their homes? .
So because the banks didn't con everyone they must be innocent? LMFAO
Because some (not everyone) good honest hard working American families got caught in the bankster con job! They were the "marks" in the con job. The banks got away with the loot. That should be enough proof right there.
Admit it. those clever plutocrats got over like champs. They beat us like an old salvation army drum. And.... They got half the 99% (repubs) to be there unwitting mouthpiece defenders.
Masterful!
You still didn't answer my question - why are 7/8 of the people in this country still paying their bills on time? You can complain about how the 1% screwed over people but in the end it was started by "peoples greed" and things went downhill from there.
If you forgot lots of people who couldn't afford a home took out an arm and intrest only loans. When it was time to refinance they didn't do a thing to improve their credit rating.
They continued to spend like drunken sailors looking for opportunities to sell to make big bucks - that's what caused the "housing inflation" and the ARM's and interest only loans when they became due made matters 100 times worse.
The banks gave those arms and other subprime loans when the borrowers qualified for better terms.
You didn't ask about the other 7/8 of the people in this country. But to answer that question they didn't get conned because they didn't get loans during the 5 or 6 years the banksters con job was in play.
The good honest hard working American families who lost their homes and life savings didn't create this problem. The corrupt 1% banksters who got away with the loot are responsible. Follow the money that should be proof enough even for you.
Are you saying that the those who lost their homes are morons - I mean when you suggest that the banks "conned" them into siging on the dotted line who's fault is that.
I remember hearing on the news about people lying on their appication so they could get 110% of a loan on the house they were buying so they would have 10% of that loan in cash to spend on whatever they want.
Now you tell me is that a smart person doing that or is that person so dumb to think that getting instant cash out of a house that has no equity already put them in the hole by 10% is a good thing.
There may have been conn artists out there to conn some of the people but if you want to blame the banks for conning all those who lost their homes because of the banks then we must live in a society were 3 in every 10 people are morons.
It was those people who had no investment in the house they bought that cause the housing market to fail.
Right now it is the people who are making good on their payments and being responsible for them even though their house is upside down who are the responsible ones..
There is still the vast majority of the people out there who are making payments on homes they own that are underwater throught no fault of their own.
Who's helping them out - no one. At present the government again is refinancing homes that are underwater and not requiring the banks to assess the value of the home in order to give the loan. That is no longer part of the equasion in refinancing.
And you can be sure you will have stupid people out there doing a refi and 5 months or 1 year from now they won't be able to make the payments and again they will blame the banks.
Stupid is as stupid does and it seems this is the norm for a certain part of our society. .
Stupid is as stupid does and it seems this is the norm for a certain part of our society. .
Truth = Great Depression / Economic Meltdown
Agreed pretty stupid = Greed/Wallstreet.
Greed - yes indeed and it applies to both individuals and businesses.
You bet - Koch brothers and the fossil fuel industry for an example.
OH yeah - and face shooter ( whats his name again ? ) and Halliburton/fracking (earth shooting).
Dimone and JPmorganchase.
[-] 1 points by SteveKJR1 (22) 0 minutes ago
Greed - yes indeed and it applies to both individuals and businesses. ↥twinkle ↧stinkle reply permalink
The corrupt 1% banksters got away with the loot. That should be enough evidence for even you.
Now currently at $18.2 Trillion.
No one notices anymore, the next time this gets attention is as it nears 20. 20 is different than the teens.
Yes, that sounds really fuckin stupid. But its really that simple.
"I predict future happiness for Americans IF they can prevent the government from wasting the labors of the people under the pretense of taking care of them." Thomas Jefferson
Stevekjr, Yes there is some blaim to go around. My biggest beef with Gop is that they tried and blaim the economy collapse on a program that kept government from discriminating against certain lower income areas. They tried an make the case that this program inflated house prices and caused the bubble. (always nlaim it on the poor) . If you took all those loans and made the houses worth zero, it would add up to less than 100 billion. They left out the fact that most of the bad loans where speculators flipping houses. They failed to mention that realtirs and bankers "adjusted" house prices to what it took to make loans work. They failed to mention shady loan contracts with increasing rates. But most importantly, the housing bubble was NOT the cause of economic collapse...it was credit default swaps and other risky instruments that allowed leverage "bets" against bankers own interests and customers. GOP sponsered DEREGULATION that let bankers risk OUR moneys! This did not cost 100 billion, but estimates put the cost of these "bets" at many TRILLIONS! But hey, easier to blaim it on descriminated poor! The total debt up to Obama was racked up at over 80% under republican presidents. Most of benefits going to top 1% and military contractors. You think socialism is bad, wait till we are a full blown oligarcical nation like Russia today.
we have lost control of the function of money
Bingo.
The subject of the debt is a political football. With unemployment still high and underemployment even higher the 101.5% GDP number is wrong.
a $75 billion increase overnight
Did that take into consideration the single $700 Billion dollar bond received by the Geithner last week?
http://mypublicnotices.com/washingtonpost/PublicNotice.asp?Page=PublicNotice&AdId=2823132
it's just a failure to address the market
it's not like the economy is a market
money has to enter the system outside the market as loan interests drains the circulation out
copied my post link
funk the bank numbers
money is exchange for goods and services
the market runs when money is put into the system
the government should do that through the people
[Removed]
5 trillion from bush in 8 years w/ 2 wars going, and 5.8 from Obama in 3 years with 1 war going. And people think that Obama is the savior of our country.
To them I say LOLOLOLOLOLOLOLOLOL
Bush left 4 of that 5.8 trillion you attributed to Pres Obama. And the 1 War Pres Obama had was also left by Bush.
Who are you tryin to kid?
um... the numbers speak for themselves. The debt when bush left office was at 10 trillion, the debt now, (3.5 years later) is 15.8 going to 16.2. And it was 2 wars, one of which obama has stopped (iraq) and the other (afghanistan) he's committed us to be there till 2024.
Your boy Bush left more than a trillion dollar annual deficit. THAT is what gets added to the debt every year. Bush left over gifts to the military industrial complex, and his 1% plutocrat friends.
Pres Obama ended Bushs illegal iraqi oil war and has begun the end of Afghan war. The 2024 Afghan date is just troops stationed there, like korea, japan, and europe. All of which he will start withdrawing.
Do you have any idea what the deficit is now? 1.1 trillion. How has your boy helped anything?
Now he's raising taxes on the lower/middle class. Awesome candidate for sure.
that annual $1.1 trillion deficit includes almost $1 trillion that Bush LEFT!.
This President has added less to the annual deficit than any president in more than 40 years! He would cut the annual deficit Bush left us but your repubs prevented those efforts.
This President has cut taxes for the middle class almost $4k per year for every worker.
You don't know what you're talkin about.
How has he cut taxes by 4k dollars? My taxes haven't gone down. What legislation did he get passed that lowered taxes? Please link it for me, I'm supremely curious considering all I've heard him and the Democrats in Congress talk about is "raising revenue" and "cutting loopholes" etc. You realize that if you have children and you get a shitload of money back every year from taxes, you're getting the same treatment that big corporations get right? He hasn't cut shit.
And once his fiasco of a healthcare law goes into effect HE'LL BE RAISING YOUR TAXES. You do understand that right? You seem to be a little above lower intelligence.
"lower intelligence"? insults? that means weak arguments. I win already!
Taxes will be cut another $4K per year for working Americans when the great health care bill is finally implemented. There are no tax increases in it.
You are mistaken sir!
Really? I'm mistaken? I currently am healthy, young and don't need health insurance. If I'm forced to buy it, that's a tax. My taxes aren't going down 4k once that monstrosity is implemented.
You sir, are a moron.
You lost this argument when you voted for that douche. He's a marxist. And you're a sheep.
lotsa name calling=weak arguments. You resort to the schoolyard bullying tactics of your candidate Romney.
You can't bully me into thinking like a republican. And as far as health care goes.
Stop being a freeloader and get health insurance. Don't be selfish.
First off, I'm not a republican. Secondly I'm not trying to get you to think like anyone. I'm trying to get you to think in general. And how am I a freeloader nancy pelosi? I pay cash any time I need to go to the Dr. which is very very very very rarely. That's not being selfish, that's being smart.
And also, how is my not having insurance being selfish? It isn't and SHOULDNT be anyone elses business if I have health insurance or not. Just like you or anyone else not having it is none of my business, nor is it my responsibility. Get your own coverage if you need it. Leave the people who don't want it alone.
We're all in this together. If you have an accident that costs hundreds of thousands of dollars you would want insurance. You (or some other free loader) would take the health care, never pay,and leave the rest of us with the bill.
No it is smart to spread the cost of health care costs by having everyone (who might inccur huge bills and wouldn't pay) get health insurance.
Join the group (human race) be a part of something bigger!
Love your neighbor!
Peace
We are not in anything together. If YOU get in an accident, I don't want to help you pay for it. You either pay for it, have it covered by insurance or you die. I personally dont care which one happens honestly.
What you do with your life is not my concern. What I do with my life is not your concern. If you wanna live in a 60's redistribution style commune mentality utopia, then go right ahead. But don't expect those of us who haven't drank the Kool-Aid to.
Fuck my neighbor.
Please don't respond. You are a selfish, greedy, racist, anti human piece of sh@t.
First off, I'm not selfish. My money is my money and I don't want to "chip in" on your healthcare. I'm not racist either. My comments on Mexicans were exactly true. Antihuman? Only against stupid pieces of shit like yourself.
We voted last time and the Pres lifted out of the economic ditch the repubs put us in. That is a change. Instead of losing 750K jobs per month with Bush we now have job growth every month for 28 mo. That is a welcome change would be more except repubs won't pass the jobs bill!
We voted last time and got healthcare reform. Thats a Big F%$kin deal change. We would have eliminated the $500 monthly premiums but the repubs killed the public option.
Now your horrible comments about our good honest hard working Mexican Americans are offensive.
Please don't respond. I'm not interested in discussing these things with someone so anti humanity.
Peace out.
We're still in the ditch dude. The president has done nothing but spend spend spend. Pretty soon the ditch becomes a cliff, and he's not going to stop the spending spree.
The repubs killed single payer because it would have bankrupted the country. We can't afford single payer healthcare. Maybe if we had more people actually working for a living and not on 99 weeks of unemployment (which i find BS) 47million people on foodstamps and welfare we could afford it. When 49% of people don't pay federal income taxes, we can't afford the things you guys want.
Maybe have everyone pay some taxes, stop getting thousands of dollars back each year that they never paid in to begin with, and cut loopholes for GE and the rest of them, and stop giving money to green energy pipe dream companies that never pan out, cut military spending by 40%, keep defense spending where it is, and we might actually be able to pay for something.
As it is, we can't. We're broke, and your marxist pals on capital hill keep running up the credit card.
In this country (as in most) we believe that everyone (regardless of their health insurance status) will be served if they show up at an emergency room.
We are not a selfish people. Nor should we be a selfish people. We will be judged by the way we treat the least among us.
Now that is the way it is! That ain't my opinion, nor is it debatable. You may not agree or like it. But Emergency rooms is how we handle illness for the uninsured. Of course that is the most expensive type of health care so The Obama health care law will save us trillions by eliminating that inefficient form of health care.
Please refrain from vulgarity.
Peace & Love!
Who is going to judge you by the way you treat the least? God? Lol. Anyway, you're right, any illegal mexican can take their 12 kids to the emergency room when they get a cold, wasting our tax money. I don't agree with it, but like you said, that's the way it is.
I feel that my buying health insurance that I will most likely never use is a waste of money and is going to help them get health insurance. I don't care if they have coverage or not. I really really don't.
Also, if Obama wanted to actually help people get healthcare, he'd have mandated that insurance companies drop the deductibles. There is no reason to spend 500 a month on insurance, then if you get hurt having to pay the first 5000 before they'll start to pick up the tab. Did Obama do this? No. Why? He doesn't want to help us out, he wants to help out the insurance companies. He could have also spent some of the money he throws around every day on community low cost clinics where you pay 5-10 dollars and you get a throat swab, or some bandaids or whatever it is that you need. Did he do that? No. Why? That would solve the problem. He's not interested in solving the problem, he's interested in perpetuating the argument. That's what gets people to vote. If he solved our problems, no one would care enough to vote.
That's the thing, politicians and the media keep people up in arms about every god damned thing, then in november people vote, and then what? Nothing changes.
Ever notice how presidents have been talking about energy independence for over 50 years yet none of them have actually gotten around to fixing it? Ever notice how the media says that every election is "The most important election of our time!" every time. No they aren't. Romney, Obama, Daffy Duck... Nothing will change.
I'm with you. This healthcare crap is absolutely unconstitutional. I don't need the supreme court to know that. Plus, they couldn't even figure that out so screw the court.
Live Free of DIE!
Don't worry, Obama will spend us to financial health!
Not by bailing out wallstreet and not by turning a blind eye to the crime committed there either.
[-] -1 points by foreeverLeft (111) 2 days ago
Don't worry, Obama will spend us to financial health! ↥twinkle ↧stinkle reply permalink