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To put it in Perspective

post #1 of 18
2/16/09 at 11:30am
Thread Starter 
http://www.worldnetdaily.com/index.p...w&pageId=88851

Quote:
MONEYNETDAILY
Federal obligations exceed world GDP
Does $65.5 trillion terrify anyone yet?


As the Obama administration pushes through Congress its $800 billion deficit-spending economic stimulus plan, the American public is largely unaware that the true deficit of the federal government already is measured in trillions of dollars, and in fact its $65.5 trillion in total obligations exceeds the gross domestic product of the world.
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post #2 of 18
2/16/09 at 11:31am
Quote:
Originally Posted by ckblv View Post
It's only money
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post #3 of 18
2/16/09 at 11:47am
When we're paying for a loaf of stale bread with a wheelbarrow full of money, it'll be more than "only money."

Hyperinflation in less than 5 yers is the prediction I've read.

Gold is the way of the future. It actually has a value.
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post #4 of 18
2/16/09 at 11:49am
Quote:
Originally Posted by neetanddave View Post
When we're paying for a loaf of stale bread with a wheelbarrow full of money, it'll be more than "only money."

Hyperinflation in less than 5 yers is the prediction I've read.

Gold is the way of the future. It actually has a value.
Nope. It will always be only money.

I do totally agree on gold though. Not only does it have value, there is something satisfying about gold coin. Other than being kinda' heavy
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post #5 of 18
2/16/09 at 11:52am
Quote:
Originally Posted by Skippymjp View Post
Nope. It will always be only money.

I do totally agree on gold though. Not only does it have value, there is something satisfying about gold coin. Other than being kinda' heavy
My BIL has some interesting information on money and it's actual worth, how it is used by governments and how worthless it actually is in reality. But you'd have to be a financial wizard to understand it all and I confess I don't understand it.
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post #6 of 18
2/16/09 at 11:54am
How does that figure compare to what has been spent on Iraq?
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post #7 of 18
2/16/09 at 12:47pm
Quote:
Originally Posted by Going Nova View Post
How does that figure compare to what has been spent on Iraq?
I think the budget deficit was already there when Obama took office most of it from Iraq.
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post #8 of 18
2/16/09 at 1:13pm
Thread Starter 
You misunderstand me. BOTH parties have sold us down the river, it has been a bi-partisan effort of the WORST kind.
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post #9 of 18
2/16/09 at 1:38pm
I think Cindy is right. The mess we're in goes beyond Bush. Congress and the last six administrations (including the current) have combined to put the country in the situation it is in now. I look for the debt to double over the next four years.
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post #10 of 18
2/16/09 at 1:55pm
Clinton actually left us with a surplus, i fail to see how that deficit could be his fault, but maybe someone could explain it to me?
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post #11 of 18
2/16/09 at 3:41pm
Thread Starter 
I believe it was the Clinton Adminstration that wanted everyone and anyone to be able to get a home loan whether they could afford it or not.
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post #12 of 18
2/16/09 at 3:46pm
I'm referring to the entire financial mess that the country is in. The loosening of the lending restrictions/qualifications started when Carter was in office and still continues to this day. The entire time the government was applying pressure to the banks to make the loans.

As far as the budget is concerned, yeah Bush ran it up but he certainly didn't do it by himself, Congress had a lot to do with it. I don't see it getting any smaller with the current administration, I see it skyrocketing to the point of it almost doubling. The so-called stimulus plan is the tip of the iceberg.
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post #13 of 18
2/16/09 at 3:53pm
Quote:
Originally Posted by Going Nova View Post
How does that figure compare to what has been spent on Iraq?
Ok, I could be wrong, but I remember hearing about the nation debt back when I was in 5th grade....in 1980. Is it Obama's fault? No. Is it Bush's fault? No. Is it Clinton's fault? No. Is it Bush or Reagan's fault? No. Is it Carter's Fault....no. It is CONGRESS'S fault, and we, the american public that elected the people into office. The president is only one person and what he decides can be denied or vetoed.

I'm honestly sick and tired of people blaming the "Pres" for everything....both Bush and Obama. Who ever sits in the oval office is basically helpless....it is the people we vote in that make the discissions. Why don't people understand that????

(Ok...sorry...rant done....*climbes off her soap box and hides her head ).
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post #14 of 18
2/16/09 at 4:07pm
Quote:
Originally Posted by calico2222
t is CONGRESS'S fault, and we, the american public that elected the people into office. The president is only one person and what he decides can be denied or vetoed.
I agree, for some reason the dolts in Congress keep getting a free pass.
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post #15 of 18
2/16/09 at 4:36pm
I'm sure some people will be surprised to see this.

http://www.cbsnews.com/stories/2008/...n4296368.shtml

The new report by the Congressional Research Service estimates the U.S. has spent $648 billion on Iraq war operations, putting it in range with the $686 billion, in 2008 dollars, spent on the Vietnam War, the second most expensive war behind World War II. Since the Sept. 11, 2001, terrorist attacks, the U.S. has doled out almost $860 billion for military operations in Afghanistan, Iraq and elsewhere around the world.

It's from last summer, but still quite a small sum when you consider it inclused ALL the military operations. And our safety.

Quote:
Originally Posted by calico2222 View Post
Ok, I could be wrong, but I remember hearing about the nation debt back when I was in 5th grade....in 1980. Is it Obama's fault? No. Is it Bush's fault? No. Is it Clinton's fault? No. Is it Bush or Reagan's fault? No. Is it Carter's Fault....no. It is CONGRESS'S fault, and we, the american public that elected the people into office. The president is only one person and what he decides can be denied or vetoed.
Quote:
Originally Posted by Essayons89 View Post
I agree, for some reason the dolts in Congress keep getting a free pass.
Just goes to show you how much is taught about who actually does what in government. Congress spends the money, plain and simple. The POTUS could stem the low if there was line item veto.
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post #16 of 18
2/16/09 at 8:50pm
Quote:
Originally Posted by calico2222 View Post
Ok, I could be wrong, but I remember hearing about the nation debt back when I was in 5th grade....in 1980. Is it Obama's fault? No. Is it Bush's fault? No. Is it Clinton's fault? No. Is it Bush or Reagan's fault? No. Is it Carter's Fault....no. It is CONGRESS'S fault, and we, the american public that elected the people into office. The president is only one person and what he decides can be denied or vetoed.

I'm honestly sick and tired of people blaming the "Pres" for everything....both Bush and Obama. Who ever sits in the oval office is basically helpless....it is the people we vote in that make the discissions. Why don't people understand that????

(Ok...sorry...rant done....*climbes off her soap box and hides her head ).

I wasn't presenting an argument, I was just asking a question. I'm not used to dealing with finances on the scale of $65.5 trillion and would like to gauge how much that is relative to other national expenses. I need more information before I can form an emotional reaction.

Quote:
Originally Posted by neetanddave View Post
I'm sure some people will be surprised to see this.

http://www.cbsnews.com/stories/2008/...n4296368.shtml

The new report by the Congressional Research Service estimates the U.S. has spent $648 billion on Iraq war operations, putting it in range with the $686 billion, in 2008 dollars, spent on the Vietnam War, the second most expensive war behind World War II. Since the Sept. 11, 2001, terrorist attacks, the U.S. has doled out almost $860 billion for military operations in Afghanistan, Iraq and elsewhere around the world.

It's from last summer, but still quite a small sum when you consider it inclused ALL the military operations. And our safety.
Thank you, neetanddave. I am surprised that the war expenses are a relatively small fraction of the deficit.
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post #17 of 18
2/17/09 at 2:55pm
Quote:
Originally Posted by katiemae1277 View Post
Clinton actually left us with a surplus, i fail to see how that deficit could be his fault, but maybe someone could explain it to me?
Clinton left us with a budgetary surplus, meaning taking in more than what was allocated for that fiscal year. That meant that we could, theoretically, start paying down the deficit, if only a tiny bit. If I remember correctly, though, the budgetary surplus only occurred in the last year or two of his final term (*ahem* under a Republican Congress *ahem* Just throwing that out there... heh heh ), so in the years before that the budgets passed under him were also adding to the deficit.

They keep talking about the deficit this year already being well over $1.4 trillion. That's the budgetary deficit, meaning they're allocating $1.4 trillion more than what they can reasonably expect to bring in this year.

Basically (in terms that make sense in my life ), they are bouncing $1.4 trillion in checks for this year so far (without even making the budget yet), but on the whole, they have $65 trillion on the credit cards.
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post #18 of 18
2/17/09 at 3:27pm
Quote:
Originally Posted by valanhb View Post
Clinton left us with a budgetary surplus, meaning taking in more than what was allocated for that fiscal year. That meant that we could, theoretically, start paying down the deficit, if only a tiny bit. If I remember correctly, though, the budgetary surplus only occurred in the last year or two of his final term (*ahem* under a Republican Congress *ahem* Just throwing that out there... heh heh ), so in the years before that the budgets passed under him were also adding to the deficit.

They keep talking about the deficit this year already being well over $1.4 trillion. That's the budgetary deficit, meaning they're allocating $1.4 trillion more than what they can reasonably expect to bring in this year.

Basically (in terms that make sense in my life ), they are bouncing $1.4 trillion in checks for this year so far (without even making the budget yet), but on the whole, they have $65 trillion on the credit cards.
Which would explain why I head Neil Cavuto and a guest discussing how bad our interest rate on the stimulus would be if our rating gets lowered from AAA.
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