aaaaa11 Posted September 15, 2015 Posted September 15, 2015 Just read this article: http://www.occupydemocrats.com/republicans-enraged-as-obama-on-track-to-completely-eliminate-deficit-by-2017/ " Obama On Track To Completely Eliminate Deficit By 2017" "Since Obama took the presidency, he has cut our national deficit in half– and it is possible that within the next two years, he could get rid of it entirely. " "Projections for this upcoming year have already been revised to cut a further $60 billion than what was projected in March, putting our deficit at $426 billion- a far cry from the $1.4 trillion he started with" Could it be true? Is that data valid? Doesn't make sense to me. What is going on here?
thebeardslastcall Posted September 16, 2015 Posted September 16, 2015 That's not the US national debt, and I didn't look at it, but could just be made up numbers to troll people. The US national debt is around $18 trillion currently. I have heard a democrat suggest Obama had been lowering the national debt (who may have heard it on TV and not bothered to check), so there's a chance this type of propaganda is viral and confusing lots of people. https://www.google.com/search?site=&source=hp&q=us+national+debt&oq=us+national+debt&gs_l=hp.3..35i39j0i131j0j0i20j0l6.604.2369.0.2600.17.12.0.0.0.0.320.1991.0j4j4j1.9.0....0...1c.1.64.hp..9.8.1723.0.u7NwFu2xuxo
Koroviev Posted September 16, 2015 Posted September 16, 2015 From what I can tell 2009 was an abnormally high deficit year. Average deficit as a percentage of GDP since 1974 is -3.1%, in 2009 it was -10% the highest by far the deficit had ever been. Since then, as the article says the deficit has gone down by more than half, but that doesn't necessarily mean it was specifically something President Obama did. More likely it was market forces correcting and mostly the US reducing much of our spending on the unsustainable war (a move just about any president would have made). Also, just for clarity sake national deficit is related to but not the same as national debt. Deficit being difference between what the government collects and what it spends. Debt being net of annual deficits less any surpluses. http://www.politifact.com/truth-o-meter/statements/2015/jan/20/barack-obama/barack-obama-claims-deficit-has-decreased-two-thir/ Cheers! 1
thebeardslastcall Posted September 16, 2015 Posted September 16, 2015 Deficit versus debt, ah, right, that's the common angle. Meaning they're not overspending as much as in previous years or sometimes they speak in regards to planned increases in spending, but they're still spending more than they're taking in and increasing the debt every year. It's like saying last year I overspent by $2k and this year I only overspent by $1.7k, so I decreased the deficit! Very deceptive and dishonest way to look at it really and it's often present in a way that people will misunderstand what is meant. Spin central with a lot of these people who do nothing but make crap shiny all day every day to keep pushing their crappy agendas. 1
mlsv2f Posted September 16, 2015 Posted September 16, 2015 Government spent about 15% more than it brought in 2015, (collected about 17.5% of GDP, spent about 20%). Currently they are debt for about 6 years worth of tax revenue Based on that, they would have to increase taxes by about 15% to break even, meaning if you actually work, you're taxes would have to increase by around that much. How they plan to pay this off is either through massive inflation over the next 50 years or some how running a 10% surplus for 60 straight years to cover 6 years worth of revenue.
thebeardslastcall Posted September 16, 2015 Posted September 16, 2015 How they plan to pay this off is either through massive inflation over the next 50 years How do you pay off debt with an even greater amount of debt? Inflation is more borrowing, more debt, with the federal reserve system. You can't inflate your way out of a bubble unless your strategy is to blow the bubble and then not pay because of chaotic bust and consequences.
Koroviev Posted September 16, 2015 Posted September 16, 2015 come on guys, obviously "The Bern" is going to waive his magic wand and make it disappear just like the student loan debt I don't know why everyone's so worried........
thebeardslastcall Posted September 16, 2015 Posted September 16, 2015 Ah right, because there are rich people and he's going to make them pay their fair share, which will solve everything. You're right, we're fine, feel the Bern!
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