Federal Government Debt Over 7 Trillion

[bulloughclan]

FEDERAL GOVERNMENT DEBT = $24,470.04 PER PERSON, and rising.
This means a family of four (4) shares more than $93,080 in federal debt responsibility - - including those still in diapers. The National Debt has continued to increase an average of $1.73 billion per day since September 30, 2003! The National Debt is as of May 26 2004: 7,197,880,192,218.16
So knowing this what do you think should be done about the federal debt?

 

[selfAdjoint]

1. Rescind all the Bush tax cuts.
2. Raise the top marginal tax rate to 35% or so.
3. Get the public to demand that congress cut pork in half. You can't cut it entirely but Congress should get used to several years of reduced budgets - never mind how worthy the causes!
4. Bring the troops home and slash the military budget.
5. Encourage a bipartisan effort to balance the overall budget.
6. While interest rates are low, pay back what we can (this was what Clinton did).

The seven trillion comes almost entirely from two presidents. Reagan contributed 3 trillion, and Bush has contributed at least as much. The rest is growth of interest.

 

[motai]

When will these people learn that supply-side economics (tax cuts for rich so that it allows them to hire more people so that it "trickles down") doesn't work? It didnt work in the 1920s, 1980s, and it won't work now. Of course, I don't think they actually think that the plan will work, but just as a way to get more cash in their pockets, even though they are financially screwing the nation.

America used to be a leading creditor nation, now we are a big time debtor nation... the neo-cons in office aren't helping very much.

 

[Nommos Prime (Dogon)]

I find the USA debt extremely amusing.
7 Trillion (thats what you know of!)

And this is the society that preaches it has the best socio-economic system in the world!

Oh man, you guys will have to invade a Nation (and PLUNDER its resources) every few weeks to cover the interest repayments.
Very funny.

 

[member 5645]

I find the USA debt extremely amusing.
7 Trillion (thats what you know of!)

And this is the society that preaches it has the best socio-economic system in the world!

Oh man, you guys will have to invade a Nation (and PLUNDER its resources) every few weeks to cover the interest repayments.
Very funny.

What is funny is your lack of grasp that capitalism != large debt. The two are compltely separate , however you can't wait to find any, and every, soap box to try to manipulate a point of yours into the mix - even when it has nothign to do with the topic at hand.

 

[schwarzchildradius]

FEDERAL GOVERNMENT DEBT = $24,470.04 PER PERSON, and rising.
This means a family of four (4) shares more than $93,080 in federal debt responsibility - - including those still in diapers. The National Debt has continued to increase an average of $1.73 billion per day since September 30, 2003! The National Debt is as of May 26 2004: 7,197,880,192,218.16
So knowing this what do you think should be done about the federal debt?

Sorry this post was accidental please see my pole

So what percentage of every dollar the US government spends is borrowed? I've heard it's right around 20%- any confirmation on that?

 

[selfAdjoint]

A more important question is what proportion of revenues is consumed in debt service?

 

[Nommos Prime (Dogon)]

Whichever Way You Look At It...

Very insightful Mr phatmonkey!

My lack of a grasp of Capitalism?

I'd wager I understand the entire SYSTEM a lot better than you.

Whichever way you look at those numbers (7 Trillion), you guys are going to be paying for DECADES to come.

 

[bulloughclan]

I'm just an inexperienced fifteen-year-old, but do you think a bill like this one I wrote would do any good. (Pretending that it had a slight chance of being passed)

A Bill

To protect our future generations from the bondage of debt.

As of 2004 our government is increasing the national debt an average of 1.73 billion dollars each day, out of money that originates from the labors and investments of the American people, In order to protect the liberty of our nation and the liberty of future generations from bondage, and poverty, it is necessary to create a balanced budget and to decrease or eliminate the debt of our nation.

SECTION 1. Total outlays for any fiscal year shall not exceed total receipts for that fiscal year, unless three-fourths of the whole number of each House of Congress shall provide by law for a specific excess of outlays over receipts by a rollcall vote for that fiscal year

SECTION 2. Prior to each fiscal year, the President shall transmit to the Congress a proposed budget for the United States Government for that fiscal year which shall conform to the equation stated in section five of this article.

SECTION 3. No bill to increase revenue shall become law unless approved by a 2/3 majority of the whole number of each House by a rollcall vote.

SECTION 4. Total outlays for any fiscal year shall be based upon forecasted revenue for each fiscal year: The fiscal budget amount shall be less than or equal to the forecasted fiscal revenue, minus a loan pay-off amount of ten percent of the forecasted revenue. The loan pay off amount shall go toward the payment of the principal of debts, this shall continue until the nation's debt be eliminated at which point this provision shall be discontinued. This provision may not be wavered unless three-fourths of the whole number of each House of Congress shall provide by law for a temporary budget change

SECTION 5. The Congress may waive the provisions of this article for any fiscal year in which a declaration of war is in effect. The provisions of this article may be waived for any fiscal year in which the United States is engaged in military conflict which causes an imminent and serious military threat to national security and is so declared by a joint resolution, adopted by a majority of the whole number of each House, which becomes law.

SECTION 6. The Congress shall enforce and implement this article by appropriate legislation, which may rely on estimates of outlays and receipts.

SECTION 7. Total receipts shall include all receipts of the United States Government except those derived from borrowing. Total outlays shall include all outlays of the United States Government except for those for repayment of debt principal.

SECTION 8. This article shall take effect beginning with the second fiscal year beginning after its ratification or the first fiscal year beginning after December 31, 2008.

 

[GENIERE]

Bulloughclan – It’s good to know there are 15yr olds with your ability out there. Your post was well written and well thought out. Few people (especially me) can grasp the intricacies of a national economy but probably most who do would consider a large national debt to be a bad thing, and most would probably consider a debt ceiling to be equally bad. I would suggest you forward your post to Alan Greenspan and, if he replies, share the response with us.

Regards

 

[Ivan Seeking]

The seven trillion comes almost entirely from two presidents. Reagan contributed 3 trillion, and Bush has contributed at least as much. The rest is growth of interest.

Why SelfAdjoint I'm shocked! Everyone knows that it is the tax-and-spend democrats. You simply must have things confused.

 

[Nommos Prime (Dogon)]

Brilliant Analysis/Plan!

bulloghclan;

That would have to be the SINGLE, BEST plan for eliminating the USA debt I have ever seen! I'm serious!

You should be immediately flown to Washington, where you should henceforth displace whatever Monkeys are currently running your economy.

It gives me faith that a 15 year old understands what is going on (and has the initiative to plan a remedy). However, you'll find out soon enough, that nobody (who can do anything about it) gives a toss...

 

[member 5645]

bulloghclan, great post- but there is no need to eliminate our debt. Simply reduce it,and that is the only place where I see editing needed in your proposal.


That and you shouldn't plagerize.

 

[Dissident Dan]

http://www.congress.gov/cgi-bin/query/z?c108:H.J.RES.22:

The desire for recognition is strong, isn't it?

 

[faust9]

lol...Too funny!

 

[Polly]

I normally don't use strong words but this is very foolish Bulloughclan and can get you into serious trouble.

see this

While not many of us can boast of intellectual excellence, our integrity is entirely up to us.

 

[GENIERE]

Well I guess bulloghclan has great ability, but not the admirable type I first supposed.

 

[Nommos Prime (Dogon)]

Still a Great Plan

Oh well, bulloughclan is not the genius I thought he might be.

It doesn’t change the FACT that it’s a great plan.

 

[check]

LoL.. awww...
You think bulloughclan will post under that name anymore?

 

[bulloughclan]

I recently came home from my legislative simulation and found there had been a big mistake. In my haste I accidentally typed two little words “I wrote”, I was simply trying to submit a draft article of an edited document for criticism (I changed it more after the post). At the camp I attended it was appropriate to simply print out a revised or unrevised bill, I would have created my own, but since I only had two days in between my scout camp and my legislative simulation to create my bill and do the rest of my homework I had to do it the fast way. So I am sorry for my mistake, and hope you will forgive me and realize that it was just that, a mistake.


Ps. if you desire to see my real ability I would gladly write a bill on any subject you choose, I was mentored on bill writing by a wonderful man named Allen Levi owner of Simulations Institute.

 

[bulloughclan]

LoL.. awww...
You think bulloughclan will post under that name anymore?

To change my name would be to turn my back on my honor and integrity. A mistake covered once must to be covered a hundred times more and by the end you will have dug a hole that you can hardly hope to climb out of.

 

[DL]

Just in case anybody's wondering...

A Google.ca search for "Allen Levi" turns up a bunch of results- except he's a Christian singer.

A Google.ca search for "Allen Levi 'Simulations Institute'" turns up just one result, from this forum.

A Google search for "Simulations Institute" turned up a few links. The only interesting one led to www.cameron.edu/fire_support[/URL]. I searched the cameron.edu site for "Allen Levi;" no matches were found.

Just in case someone wanted to know.

Anyway, to get back to the debt, I think the recent presidents have been running [i]way[/i] too much of a deficit budget. The US needs to get back on track financially. It won't be popular, but some if not all of the recent tax cuts are going to have to be revoked.

On a side note, who the heck is still lending the US money? If 20% of the US budget really is coming from loans, they're getting 2-3 times as much money through loans than Canada's total budget. That's way more money than most countries can afford to loan, knowing that the loan probably won't be paid back.

 

[russ_watters]

On a side note, who the heck is still lending the US money? If 20% of the US budget really is coming from loans, they're getting 2-3 times as much money through loans than Canada's total budget. That's way more money than most countries can afford to loan, knowing that the loan probably won't be paid back.

The vast majority is government bonds/T-bills owned by American citizens and companies.

 

[Gokul43201]

The vast majority is government bonds/T-bills owned by American citizens and companies.

Foreign financial institutions still buy up T-bills. Maybe not as happily as before.