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Today's Nuze

"When plunder becomes a way of life for a group of men living together in society, they create for themselves in the course of time a legal system that authorizes it and a moral code that justifies it."

Frederic Bastiat

HERE'S A STATISTIC TO GET YOU STARTED

By
Neal Boortz
@ December 16, 2009 8:32 AM
Permalink | Comments (23) | TrackBacks (0)

Try and wrap your brain around this one. Your children or grandchildren will be the ones to handle this mess. Remember ... Obama and the Democrats have increased our national debt by completely unprecedented levels. Soon they'll be voting for an increase of our debt ceiling of almost two trillion dollars. This from the non-partisan Committee for a Responsible Federal Budget:

Over the past year alone, the public debt of the United States rose sharply from 41 to 53 percent of gross domestic product (GDP). Under reasonable assumptions, the debt is projected to grow steadily, reaching 85 percent of GDP by 2018, 100 percent by 2022, and 200 percent in 2038.However, before the debt reached such high levels, the United States would almost certainly experience a debt-driven crisis -- something previously viewed as almost unfathomable in the world's largest economy.

Confused by the phrase "public debt?" That is money that our government owes to, shall we say, outside entities. This is not the money the federal government owes to various trust funds - the Social Security Trust Fund, for instance. This is money that is owed to someone ... and a huge hunk of it is owed to nations that are not exactly friendly toward us.

This debt will cripple our country. Your children and grandchildren will be trapped in an economy suffocated by debt ... an economy unable to grow and sustain our current lifestyle. But that's OK, isn't it? Just as long as you still get your People Magazine every week.



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What others are saying

  • Eye for an Eye
    Who shall we hold accountable for this debt and how shall we punish them?

    How would you like for someone to steal your identity, buy millions worth of goods on YOUR credit, keep it, and then have the Gub-ment explain to you that you must pay the bill.

    How about we seize all the property of those that impose Majority rule upon us and make them cut our lawns and clean our houses for the rest of their miserable lives?

    The Democratic and Republican parties have plenty of members to chuse from.
  • Not friendly? Seriously?
    Okay, China and Iran aren't friendly towards us, that's fine. But what does that actually have to do with anything? What are they going to do about it, invade? Of course not. They will simply do what everyone does with toxic investments: stop making them. This will cripple the U.S. economy by making the dollar trade at a sane value instead of the ridiculously over-valued lie it trades at presently. The U.S. economy will crumble, yadda yadda yadda... and not one letter of that has anything to do with a country being "unfriendly".

    I'll ignore how much of the debt is even owned by governments, vs being owned by foreign businesses or domestic businesses with foreign offices.
  • Maybe we'll just call you Sgt Teabagger
    cause your posts are not making any sense then if you are NOT saying what we think you ARE saying.

    Either you think it is possible to go over 100% debt to gdp ratio or not.

    Either you think we're excusing past debt growth or not. If you do then you are ignoring the ratio was lower so it was easier to excuse.

    Whatever it is in your peabrain, fact remains, owing as much or more than you take in is dangerous. Last time that happened was during WWII. And now we are doing it again.

    Clear now?
  • comprehension fail
    Are you purposely misrepresenting my posts? Maybe I'll start calling you Joyce. Think for a second why I wrote end of discussion twice -- each time after explaining a topic Boortz liked to avoid. Any clue yet?

    Are you from Canada? Just curious.

    Jim -- Great thought about encouraging states rights. Selling conservatism is tough because it generally involves doing less vs. the libs who get to say we got you more. It's a shame we have two liberal parties that have figured that one out long ago.
  • Debt
    The maximum size of the Federal Budget needs to be tied by some formula to the total of all the State's budgets. We'd have to exclude defense spending, and I dunno, maybe Department of Justice as well.
    Then, whatever the States collected in taxes, in total, could be multiplied by the magic (single digit!)number, and that would be the most the Feds could spend in any year. It would make the Feds be very much in favor of States Rights.

    I know, it's a very long way from here to there,
  • Logic FAIL
    Gavin,

    Way to address your oopsy and add another. We all know about the misdirect here...End of discussion...But wait there's more (not the end?)

    I never claimed or even implied that Steve's comments were directed at me. However, he conveniently ignored that Neal and posters on this board have continually expressed disappointment in Dubya. You made a leap of logic connecting my comments to whom his comments were directed at...End of discussion


    Or is it?
  • missing the debt to gdp ratio point
    Even back when Gavin and Steve think we were all being hypocritical the ratio was never this high. If you keep the GDP up then yeah the debt is not that important. Simple economics. The worse it's been is during the mid 40's at around 110% so yes it is possible to go over 100%.

    http://en.wikipedia.org/wiki/United_States_public_debt

    Also note that during the 70'-80's it was around 30%. Where it should be.
  • reading fail
    Never said what you're claiming, Sweetie but nice try. I did not say public debt couldn't go beyond 100% -- I said it's not reasonable to say it will. I also said it's not possible for Bush to be responsible for 200% of the budget.

    You got screwed on the student loans, son.
  • @Don
    Sure, Boortz would speak out against Bush once in a while but he also went out of his way to excuse the Bush administration, too. His sarcasm about gas prices -- oh sheeeeeuuuuuuure, there's a machine next to the oval office with a dial Bush uses to set gas prices each day.... End of discussion.

    Now suddenly when other economic factors emerge, Obama is to blame. After 100 days, Boortz was holding Obama responsible for unemployment and the entire 2009 budget -- yet after 7 years, Bush had no responsibility for gas prices?

    Boortz wondered how many soldiers would die because of the so-called (non-existent) "delay" in this season's (seems like war season never reaches the playoffs) troop surge in Afghanistan. But when it came to whether or not we should have gone into Iraq, Boortz would say Bush didn't lie because he thought the intel was true when we invaded. Again, end of discussion.

    btw, how wrapped up in yourself do you have to be think Steve's comments were directed at you? LOL, yes, Don, I'm sure you are just what Steve needs to complete his life.
  • Econ FAIL
    Gavin,

    About 3 years ago, I owed about $38k in Student loans. My pay at the time was about $25k. So I owed about 150% of my GYP (gross yearly product). It's really easy to borrow more than you make...people do it all the time.

    So, when you want to make a point how stupid Neal is, try not to put your foot in your mouth.
  • "Conservatives" didn't care?
    Nice marginalizing job, Capt. I'll give you that. Are you saying Bush was a conservative? You can say it all you want, but that won't make it a fact. Conservatives were adamantly against most of his social and fiscal plans. Especially the bailouts!

    I guess quadrupling Bush's 600 billion or so dollar handshake with liberalism via his "compassionate conservatism" is a good move? Give an inch take a mile. If that doesn't prove liberalism is a disease (that is contagious enough to infect "Republicans") to people, nothing will.

    Still haven't removed my "quotation mark" and (parenteses) keys, have I?
  • Hey!!!!
    I didn't get a copy of People Magazine this week!!!!! Where is mine!
  • reasonable assumptions?
    How is it reasonable to say public debt will ever be greater than 100%?

    @Randy: Boortz did that very thing when he linked to a recent article explaining why 96% of this year's spending came from the previous administration. Not 200% because that's not possible.

    @Steve: LOL
  • here's sumore.........
    is ya'll knowin' this?????? 80% of all scumsuckin' politicians are re-elected....80 friggin' percent!!!....sooo the term of office is 6 years and if they get elected then re-elected they get to skrew you for 48 years...out of 60.....

    and here's the kicker in the ass.....it's YOUR fault......YOU keep sending them back......

    that would cause me to believe you liked gettin' skrewed.....butt I get skrewed becuz you're a dumbass and I don't like it.......much....

    now stuff that statistic up your a.....huh? whaaa?...com'in dear.......
  • Tell us a story Steve
    If you keep repeating the same lie, maybe it will become true.

    During the Bush years we heard quite a bit about the spending. We heard things from Neal and the board like "Bush has never met an earmark he didn't like".

    So you keep pretending that we were all impressed by Dubya here and maybe your life will be complete.
  • Randy W
    ZERO!!!!

    there are all the same. the political slaveholders who will sell each one us slaves off as collateral of the interest on the payments made to our government. they do this by taxes.

    Money is You
    http://www.blog2.tshirt-doctor.com/?page_id=3444
  • Ya gotta love em
    An article on the drudge report quotes Democrat Michael Capuano from Massachusetts briefing fellow democrats about the electorate. His 2 word comment easily sums it up [YOUR SCREWED] I wonder where some off our dissalusioned posters like Briana and [NOT A green berret] etc are getting their "everything is fine" INFO. Ahhh its a fine time to watch the implosion of socialism in America, Albert Gore sweating over a few simple questions about his self enriching global warming. Harry Reid seeing his reelection going south. How many Democrats will become republicans after Nov. There was a bunch of them last time they saw this crisis coming.
    Semper Fi
  • Tea Party against the National Debt
    Sure conservatives didnt care when Bush was flushing the economy down the toilet and helping iraq flourish w/ no debt. And conservatives didnt care(to the point of calling it communism) when Bush gave McCain and his buddies at the croquet field prescription pills. But now since we didnt get the book banner in the VP office, we must have a tea party and start complaining immediately. CONSERVATIVES!!!!
  • How things change when the white house changes!
    Back in the late 90's, at the end of Clinton's term, when Clinton was balancing the budget, Neal use to tell us that trying to pay down the debt was unimportant and the debt could go much higher.

    During the Bush years, we heard very little from him about the debt.

    Now, "OMFG!!! It's 12 trillion dollars!! See what the republicrats have done to this country!! SEE!! I TOLD YOU THEY WOULD RUIN IT!"

    Remember people, Boortz is just a second rate, two bit, entertainer who's stated opinion is determined by only what gets the best ratings. Right now, it's playing off people anger of the ever growing debt. A decade ago, it was the taxes to stop and pay down the debt.
  • Only the government could do this...
    I'm looking at those percentages and remembering back to when I got my mortgage 15 years ago (at responsible debt levels). The bank didn't want my mortgage to be anything more than about 30% of my gross income and entire debt load to be no more than 45-50%.

    Well, the US has just moved into "the maximum" debt load recommended to the average person in this country and the numbers show that it is only going to get worse based on the current pattern.

    For private people that exceed the recommended numbers, they change something or go bankrupt. As the Committee points out in the quote, something similar would happen before the debt levels of the US could get to the possible percentages.
  • Time to start stockpiling
    Seeds, farm implements, canning supplies... how else will I feed my children? Maybe I should buy a wheelbarrow so I'll be able to take enough money to the market to buy a loaf of bread.

    Weimar here we come!
  • Well....
    'Bush caused it', in 3,
    2,
    1......
  • Just as I have been telling my kids
    Neal: You and I do agree on this one. Because of Obamanomics or New Deal II, Great Society II, I have told my kids, and they are now realizing this, that they are going to have to find economic opportunity outside of the US when the graduate. Or... when Texas secedes, we'll move there, but I digress.

    Long term unless the debt and govermnent spending are brought down, the government will inflate the US dollar until it is not worth the paper that it is printed on. We wouldn't be the first to do this and won't be the last.

    Assuming that the US is going to inflate the dollar, I have told my kids to watch the geo-economics and find which country or countries are up and coming then go there. After all for South America, i.e. Brasil, they can get Mercosur passports which function much like an EU passport.

    As for you Obama supporters, as Neal likes to say, "How's that Hope and Change working out for you so far?"
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