patrick.net

“President Barack Obama is poised to increase the U.S. debt to a level that exceeds the value of the nations economic output

"Honest" Abe, at least be accurate in your quoting of sources.

"President Barack Obama is poised to increase the U.S. debt to a level that exceeds the value of the nation’s ***ANNUAL*** economic output" [asterisks added]

http://www.bloomberg.com/apps/news?pid=20601010&sid=aa0cI64Gx.4E

It does matter, you know. There is nothing magical about a year. Why not get in a hissy fit about the national debt exceeding 6.5 months of the nation's economic output? Or 2 years, or 10 days?

It has nothing to do with the ability to pay off the debt over time. But you probably knew that.

Then again, probably not.

I was accurate in quoting my source. You used the same one. And besides, how else is the nations economic output quoted? Yearly of course. Have you EVER seen it quoted for "10 days or 2 years"? I think not.

Nice try.

Still waiting elliemae .... are you still there?

U.S. Debt to rise to $19.6 Trillion by 2015.

http://www.reuters.com/article/idUSN088462520100608

professional victim says

Still waiting elliemae …. are you still there?

You have no interest in anyone but yourself, usually at the expense of others. The only reason that you would ask any question is to attempt to mock them with your hatred of liberals and all things Obama.

ellie "I never, ever insult anyone" mae offers her highly intelligent answer to a simple question:

RayAmerica says

I’d be interested to read your solution to reducing the deficit and ultimately, the national debt. I can’t wait for what I’m sure will be a very intelligent response.

elliemae says

You have no interest in anyone but yourself, usually at the expense of others. The only reason that you would ask any question is to attempt to mock them with your hatred of liberals and all things Obama.

I read it several times and somehow, it must be me, I can't seem to find any reference to lowering the deficit and ultimately the national debt. I wonder why? Could it be ellie has no answer?

Patrick.net old timers will remember Randy H. His blog has an interesting chart ranking debtor nations (debt/GDP).

RayAmerica says

Could it be ellie has no answer?

Is there the interwebs under a bridge?

E-man says

How can we pay less in taxes when you add 5% to it?

FICA is 12.4%. Plus he said progressive tax structure, which means *most* people pay less and 5-10% pay a lot more, and he said most people would pay less, not everyone.

Frankly, IMO taxes aren't the problem. I'll keep repeating my belief that every tax dollar comes out of rents until somebody refutes it.

Cutting military spending $500B/yr is a start but that would throw about 10 million people out of work. As for a weaker dollar competing helping competition with China, even if the yuan doubled, and Chinese wages doubled, American factory wages would still be 5 ~ 10X than China's.

E-man says

I still disagree with you about your belief “every tax dollar comes out of rents until somebody refutes it.” The market determines the rental price, not landlords.

Actually that's central to my thesis. Rents are relative to after-tax incomes, and people bid up the price of the rent they pay to their maximum point of pain, given the simple supply/demand equation (fixed supply vs increasing demand). My thesis is simply when we Increase taxes, this point of pain declines, and rents go down.

We can argue whether it's dollar-for-dollar or not, but I think it's very significant.

What do you think would happen to your rents if Obama started cutting monthly $500 checks to everyone? Would you take just $400, or the entire $500?

Nomograph says

Naturally, Conservatives will wrap themselves in the flag and defend corruption and wealth redistribution tooth and nail.

Arguing with yourself again?--a typical partisan strawman tactic. Every member of this forum that you accuse of being a conservative has suggested cutting military spending--especially your whipping boys, Ray and Abe. The Fox news conservatives that scream socialism, while supporting free meds to seniors and our military empiricism are despised by the "conservatives" on this forum just as much as the "conservatives" despise the blind Obama supporting liberals.

It is obvious that Ray and Abe are at least not Fox News converatives. They don't fall into the partisan trap. On the other hand, it is unclear whether a large % of those posting critically about Abe and Ray are Obamatards, or not.

Nomograph says

Kevin says
Increase Social Security and medicare retirement age to 70
Another good idea. Social security is designed to be a safety net, not a retirement program. People need to save and invest for their own retirement, or expect to have a very low standard of living if they rely entirely on government programs. Unfortunately, the political will to implement any change is very low, given the voter turnout amongst the elderly.

Social Security was designed to supplement retirement, not fund it. There are millions who never would have saved anyway, and are subsisting on their Social Security, SSI, and senior housing/section 8 programs. There needs to be a better way - but raising the retirement age to 70 is a start. It's in progress, but in extremely slow increments.