National Debt Hits Record-High $8 Trillion...

[texpatriot2004]

National Debt Hits Record-High $8 Trillion; Tanner: 'We're Mortgaging Our Children's Future to Other Countries'

http://releases.usnewswire.com/GetRelease.asp?id=55402

WASHINGTON, Oct. 21 /U.S. Newswire/ -- The federal debt has reached a record-high $8 trillion, which U.S. Rep. John Tanner said is an alarming, historic moment for the country.

"Forty-eight months ago, we were recording the largest budget surpluses in our nation's history, and we were on track to pay off our national debt. In these four short years, the Bush Administration and a Congress friendly to the Administration have reversed that trend, instead piling on a staggering $1.3 trillion in new debt. We are currently borrowing about $615,000 a minute, much of it from foreign countries who do not see the world as we do. We are literally mortgaging our children's future to other countries."

The federal government has added since 2001 about $50 billion each year in additional interest payments on the federal debt, Tanner said.

"That is $50 billion more of your tax money each year that we are forced to use for interest payments instead of human capital investments like homeland security, infrastructure, health care and education. There has never been a country in the history of the world that is strong and free with an unhealthy, uneducated work force and a dilapidated infrastructure. That is the direction this country is headed toward if we do not stop the reckless borrow-and-spend policies of this Administration and this Congress."

Rep. Tanner has introduced legislation with Sen. Chuck Hagel establishing a bipartisan commission to study the federal debt's long-term effect on entitlement programs, including Social Security, Medicare and Medicaid.

Tanner is a founding member of the Blue Dog Coalition -- a group of conservative to moderate Democrats focused on fiscal responsibility -- that wrote recently to President Bush requesting an emergency bipartisan budget summit to discuss the nation's finances.

<snip>

[swag]

1. So glad that interest rates are rising. That debt's getting expensive.

[acmavm]

2. Uh Gee, who's fault would that be? NOT THE DEMOCRATS!!

.

[Cyrano]

5. You're right. But guess who's going to pay for it.

The Republican criminals have had it all their own way for almost five years now. But don't think they'll ever be held accountable.

The world makes a lot more sense once you realize that there are fuckors and fuckees. Unfortunately, we are the fuckees.

[sarcasmo]

3. This has everything to do with the Right trying to destroy Government.

Debt will be 12 Trillion by the end of 08 maybe up to 15 Trillion.

[Deep13]

7. Exactly

With a powerless and bankrupt Federal govt., the big-money interests are in control.

[ticapnews]

4. We have already added $71,187,745,187.74 to the debt just this month

Since Bush stole the election the debt has grown by $2,276,120,668,606.60 A 40% increase in five years.

For comparison, the debt grew by 28% in eight years under Clinton and 28% in four years under Bush the Elder.

[Deep13]

6. That's roughly $27,000 for every man, woman and child in the USA.

[indepat]

8. W is keeping of safe by making us so much stronger fiscally and

economically and by keeping a strong dollar and jobs market. When the Gipper instituted his insane fiscal and tax policies, the national debt was about $1 trillion, so almost all of this additional $7 trillion debt lies at the feet of the Gipper, GHWB, and W. Four more years, four more years chant the idolatrous throngs.

[tahoedenver]

17. Not quite so easy

<[so almost all of this additional $7 trillion debt lies at the feet of the Gipper, GHWB, and W. Four more years, four more years chant the idolatrous throngs.>]

You also forgot about the Clinton Administration and all the borrowing it did. They were not guilt free. They were scum just like the current Bush Administration.

What scares the living crap out of me is the fact that we are financing this imaginary "War on Terror" that never ends(because you can't eradicate an idea) with Chinese bond money. That's right people. The Marxists. They have bought us out 100%. We owe them, among many others.

It's going to be interesting when they call in their debts and all we have to pay them with is lint. I think if we paid all that debt off we would probably be about 30% less wealthier. Assuming we liquidated all our assets.

But then again that's not counting in all the stuff not officially there - like stuff bought on credit. That money only exists as it keeps flowing. In other words it's a giant pyramid scheme.

We seriously live in a dream world. I just hope somebody's there when I wake up who knows what the hell is going on.

[indepat]

21. What part of the additional $7 trillion do you attribute to that Clinton

scum (your term)? How long did it take Clinton to reverse the trend of annual deficits of several hundred billion dollars? If the Clinton scum is no different from what we have now, do you believe had Gore won in 2000 and 2004, the deficit would be practically the same as it now is and the US would have instituted pre-emptive war against Iraq, and gasoline would be $3 per gallon and natural gas $13 per?

[tahoedenver]

22. re:

<["What part of the additional $7 trillion do you attribute to that Clinton" scum (your term)? How long did it take Clinton to reverse the trend of annual deficits of several hundred billion dollars? If the Clinton scum is no different from what we have now, do you believe had Gore won in 2000 and 2004, the deficit would be practically the same as it now is and the US would have instituted pre-emptive war against Iraq, and gasoline would be $3 per gallon and natural gas $13 per?>]


Both administrations contributed to the national debt. It hasn't stopped going up since it started. It rose all throughout the Clinton years. He may have balanced the budget but that was because he had to fight tooth and nail for it with a congress that was looking for every little thing to rip him into pieces. The key word here is compromise. He had to do that with the Republican Congress in charge. Dubya is different. He gets whatever he wants on a silver platter like a spoiled little brat. He wines for money and like a good little doteful mommy congress passes it to him. That's the current problem. I believe in moderation and compromise - stability.

If Bush had a Democrat congress to deal with we would have a different scenario here. He would have to bargain and deal instead of demanding and receiving like he's getting now.

Come on bud, you know the national debt went up during the Clinton years.

[democrat_patriot]

9. So now a Dem gets elected

and balemd for the economy, inflation etc. And a Repug is elected who runs it back up....

[brentspeak]

15. You got it

Whoever inherits Bush's self-made fiscal mess is going to have quite a job on his hands.

[Javaman]

10. At what point does it become un-payable?

at what point does the debt become beyond our ability to pay it off? meaning, that if we do all the hard things like: cut all the programs, pull out of iraq, slash military spending, etc and find we aren't still able to pay it off? What is that magic number? Or are we already there?

[sarcasmo]

11. When China decides they have want their cash.

[Javaman]

12. So in other words...

A gigantic sword of Domiciles hands over our collective heads.

[tahoedenver]

24. something like that

Only China has our economic balls in a vice grip and they have a sledge hammer in the other hand. And they're biding their time right now because we're buying all their junk. When they find a better suited partner in the next 30 years, like say India or some of these South American nations, they'll call in our debts and then we are really fucked. The value of the dollar will tank as it is dumped for other currencies and the Chinese up their status even more on the superpower ratings list.

[OneTwentyoNine]

13. Ehhh,just print up more money and show Clinton and Monica once more...

on that fucking rope line. The average IDIOT freeper hasn't a GD clue how this Chimp spending spree will affect them. All they know is when everything including interest rates skyrocket there has to be a Dem somewhere to blame it on.

[Yupster]

14. In all seriousness, that is the way

to pay off massive debts.

Just print up giant amounts of money, and pay it off. You'll get massive inflation for a few years, but the debt will be gone as will the value of your bank accounts.

[GetTheRightVote]

16. I hope they stop the theives soon !

:kick:

[Leftest]

18. I know how we could wipe that dept out within five to seven years

However, problem is, no enough people are willing to get rid of the federal reserve and restoring the money issuing power back into the hands of congress and the U.S. treasury -and- outlawing fractional reserve banking.





.

[Lone_Wolf]

19. Bush and friends get richer with their treasury bonds...

It is such an irony, the poorer they make our country, the richer they get.

[Neil Lisst]

20. And 90% of it has come from Reagan, Bush, and Bush!

Lying bastards! Conservative my ass! I'm a fiscal conservative. I believe a balanced budget is the basis for a sound economy. Deficit spending is fine to spur the economy periodically, but not as a standard practice.

[sandrakae]

23. And who the fucks fault is this?