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Debt increase to 9 trill

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MitchPee
Posts: 8871 - Karma: 1,509
http://www.cnn.com/2006/POLITICS/03/16/congress.debt.ap/index.html


Basically Congress has voted to allow the national debt to increase to 9 trillion dollars. That's about $30,000 for everyone in the US.
Mar 16 2006 12:53PM
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JockinJLoads
Posts: 3480 - Karma: 6
im not too worried, the world's economy is bound to collapse someday
Mar 16 2006 12:55PM
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Petey.
Posts: 5736 - Karma: 4,885
^^^exactly...stop giving a shit and relax, live life, and ski
Mar 16 2006 12:56PM
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Davevinc1080
Posts: 723 - Karma: 10
weeeeew represent Canada...yea!
Mar 16 2006 12:58PM
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Quinny
Posts: 3477 - Karma: 163
No reason to hit the panic button. National debt is a hypothetical number and it's mostly useless by itself.
Mar 16 2006 1:18PM
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CanadianSkiGod
Posts: 2281 - Karma: 10
True, although at one point the amount dished out to pay off interest alone will become quite alarming.

Eventually it'll come back, but for our generation, I don't think there's anything to worry about.
Mar 16 2006 1:23PM
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Quinny
Posts: 3477 - Karma: 163
Agreed. And the fact that cure national debt is absurdly complex. Many people don't realize that many other countries around the world are in debt to us. Did you know that Japan's national debt is over 7 trillion? The Japanese government also spends 65% of their annual revenue on trying to remedy their debt...and it is still growing.
Mar 16 2006 1:28PM
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CanadianSkiGod
Posts: 2281 - Karma: 10
You're right. Although even though at this rate we don't have to worry, I still find it a more pressing issue than space exploration programs, for example, where we would completely waste 100G (or so). Military spending in U.S is a non-issue, I guess, so I won't use it as an example.
Mar 16 2006 1:34PM
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Ahmets_Brother
Posts: 20283 - Karma: 5,931
they could incraset their debt by giving me a million dollars...thats not much money considering theyve spend like a thousand times more than that on teh war.....them giving me a million is the same as them giving me a dollar if they had a thousand...actually it would be more than a thousand. im gonna write a letter
Mar 16 2006 3:40PM
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marsland
Posts: 3150 - Karma: 421
im not worried, isnt the income of the US something like 12 billion or 13 billion
Mar 16 2006 4:19PM
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SkeetMasta
Posts: 197 - Karma: 13
13 billiont???? if thats true it would take like 75 years to get out of debt
Mar 16 2006 4:20PM
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Quinny
Posts: 3477 - Karma: 163
It's a lot more than that.
Mar 16 2006 4:28PM
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PimpDaddySkier
Posts: 4221 - Karma: 20
what???? it would only take 9/13ths of the year if we spent it purely on the matter of national debt....however that could never happen due to the vast amount of other things the national income is used for
Mar 16 2006 4:38PM
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spere
Posts: 6105 - Karma: 248
no, he said 12-13 billion and national debt is 9 TRILLION
Mar 16 2006 4:41PM
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SkeetMasta
Posts: 197 - Karma: 13
if the us is only taking in around 15billion a year and our debt is 9 trillion it would takes fucking forever ot payoff
Mar 16 2006 7:26PM
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Luc.
Posts: 7540 - Karma: 59
yeh around 600 years
Mar 16 2006 7:37PM
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Luc.
Posts: 7540 - Karma: 59
thatsexact
Mar 16 2006 7:38PM
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Logchucker
Posts: 1508 - Karma: 16
Our current GDP is close to thirteen trillion dollars or so (http://www.cia.gov/cia/publications/factbook/rankorder/2001rank.html)
JApan is around 4 Trillion
The Current UD household usually has a mortage, usually around 100,000 dollars, or 3 times what they make in a year, while we are still within one years income. It ain a massive deal. Oh nad Euro debt is so fucked since they merged as country, I can't seem to find statistics that seem accurate for comparison purposes(Germany to France debt in the EU means an net debt of 0 which is kinda dumb)
Mar 16 2006 7:40PM
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skiierman
Posts: 28699 - Karma: -5,563
Pft, just let Bill Gates give us whatever is in his wallet and we should be fine.
Mar 16 2006 7:56PM
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twintipteles
Posts: 2954 - Karma: 13
too bad bill gates is already giving shitloads of whatever is in his wallet to help deal with problems in africa and around the world.
Mar 16 2006 8:48PM
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CooksCorner
Posts: 3939 - Karma: 22
ya bill is a good man. Scratch you just gotta chill man, i want to see some pointless funny threads from ya.
Mar 16 2006 8:50PM
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Zhot1218
Posts: 626 - Karma: 10
o well, we have been in debt forever
Mar 16 2006 8:51PM
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milkdud951
Posts: 960 - Karma: 21
wrong. Under clinton the US was richer than ever, and now were in more debt than ever. It's not Bush's fault or anythin...
Mar 16 2006 9:09PM
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Zhot1218
Posts: 626 - Karma: 10
yea thats right i dont remember much but ever since he was out there has been debt
Mar 16 2006 9:10PM
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Quinny
Posts: 3477 - Karma: 163
Actualy, you are wrong. The Clinton administration surplus that you hear about is actually in regard to the spending of the American public, not the national debt. Here are some numbers:

Debt Held by the Public:

1997 - 3,789,667,546,849.60
1998 - 3,733,864,472,163.53
1999 - 3,636,104,594,501.81
2000 - 3,405,303,490,221.20

See the it decrease? Government spending is quite another story. Here are those numbers:

Debt Held by Gov.

1997 - 1,623,478,464,547.74
1998 - 1,792,328,536,734.09
1999 - 2,020,166,307,131.62
2000 - 2,268,874,719,665.66

Note the increase. Clinton himself actually did very little to help the national debt. Here are the totals for those years.

National Debt:

1997 - 5,674,178,209,886.86
1998 - 5,656,270,901,633.43
1999 - 5,526,193,008,897.62
2000 - 5,413,146,011,397.34
Mar 16 2006 9:20PM
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MitchPee
Posts: 8871 - Karma: 1,509
Is that info including inflation...dollar value has decreased since Clinton took office.
Mar 16 2006 9:21PM
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Quinny
Posts: 3477 - Karma: 163
Source:

http://www1.publicdebt.treas.gov/opd/opdpdodt.htm
Mar 16 2006 9:26PM
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Ski-hobo
Posts: 7121 - Karma: 15
like 15 trillion dollars a year
Mar 16 2006 9:32PM
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skiierman
Posts: 28699 - Karma: -5,563
Well we are in a state of war as of now so it's logical that the debt would increase instead of decrease during peace time.
Mar 16 2006 10:06PM
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pwallstreet
Posts: 1627 - Karma: 41
fucking bush and the republicans


i know theyre not to fault all of it but fuck them
Mar 16 2006 10:13PM
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Quinny
Posts: 3477 - Karma: 163
Actually, that really doesn't have much to do with it. The Clinton years where the only surplus the public has had...ever. It wasn't because of war or who was in office. It was because of the internet boom and the dot com bubble.
Mar 16 2006 10:14PM
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MitchPee
Posts: 8871 - Karma: 1,509
Like I've stated in many threads. Clinton caught a break. President's aren't the cause of the economy. The economy is a drive of it's own. We drive the economy with our spending habits and financial capabilities.
Mar 16 2006 10:16PM
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MitchPee
Posts: 8871 - Karma: 1,509
meant to quote the other guy
Mar 16 2006 10:16PM
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skiierman
Posts: 28699 - Karma: -5,563
So you think that during war time the income produced by the military and their by-products in research and developement (which has shown to be a really large part of our economy) isn't affected at all? Or how about the money invested into rebuilding Iraq, do you think that doesn't impact us at all in relation to the national debt?
Mar 16 2006 10:21PM
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Quinny
Posts: 3477 - Karma: 163
Oh it contributes some, but not much. Military spending is a smaller fraction of government spending than people think. The US government, for example, spends more on social services.
Mar 16 2006 10:30PM
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MitchPee
Posts: 8871 - Karma: 1,509
Think about how much it costs to publically educate the millions of kids in our school systems.
Mar 16 2006 10:34PM
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marsland
Posts: 3150 - Karma: 421
ok, in my earlier post i was not thinking, i defiantly meant trillion but typed billion, sorry for the mix up
Mar 16 2006 10:40PM
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[fisher]
Posts: 1325 - Karma: 11



The Gross National Debt

Mar 16 2006 11:04PM
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[fisher]
Posts: 1325 - Karma: 11
^^ oops html doesnt work forgot
Mar 16 2006 11:04PM
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