3 TRILLION dollars: The borrower in chief

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It’s Official: Obama Has Now Borrowed $3 Trillion

(CNSNews.com) - It's official: The Obama administration has now borrowed $3 trillion, according to the U.S. Treasury Department.

It took from 1776, when the United States became an independent country, until 1990, the year after the Berlin Wall fell signaling victory in the Cold War, for the federal government to accumulate a total of $3 trillion in debt, according to the Treasury Department. It only took from Jan. 20, 2009, the day President Barack Obama was inaugurated, until Oct. 15, 2010, for the Obama administration to add $3 trillion to the federal debt.

The overall debt of the federal government, according to the Treasury Department, is now $13.666 trillion.

http://www.cnsnews.com/news/article/it-s-official-obama-has-now-borrowed-3-t

the borrower in chief :palm:
 
It took from 1776, when the United States became an independent country, until 1990, the year after the Berlin Wall fell signaling victory in the Cold War, for the federal government to accumulate a total of $3 trillion in debt, according to the Treasury Department. It only took from Jan. 20, 2009, the day President Barack Obama was inaugurated, until Oct. 15, 2010, for the Obama administration to add $3 trillion to the federal debt.
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Not inflation or GDP adjusted. Inflation happens at an exponential scale.

We've accumulated debt at a much more rapid rate than this before, during WWII. It's not like it's without precedent.
 
Yurt said:
It’s Official: Obama Has Now Borrowed $3 Trillion

(CNSNews.com) - It's official: The Obama administration has now borrowed $3 trillion, according to the U.S. Treasury Department.

It took from 1776, when the United States became an independent country, until 1990, the year after the Berlin Wall fell signaling victory in the Cold War, for the federal government to accumulate a total of $3 trillion in debt, according to the Treasury Department. It only took from Jan. 20, 2009, the day President Barack Obama was inaugurated, until Oct. 15, 2010, for the Obama administration to add $3 trillion to the federal debt.

The overall debt of the federal government, according to the Treasury Department, is now $13.666 trillion.

http://www.cnsnews.com/news/article/it-s-official-obama-has-now-borrowed-3-t

the borrower in chief :palm:
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Obviously you would have been happy if the entire world's financial system went down the crapper.



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tom prendergast said:
I believe it to be true and what's more I believe that you are unable to prove otherwise.
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yeah tom....i would be much more happy if the entire world's economy collasped...i think you hate puppies, you are unable to prove otherwise

moron...

i've repeatedly said i think we did not need the stimulus and obama's ridiculous spending is NOT helping
 
Yurt said:
yeah tom....i would be much more happy if the entire world's economy collasped...i think you hate puppies, you are unable to prove otherwise

moron...

i've repeatedly said i think we did not need the stimulus and obama's ridiculous spending is NOT helping
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And you've been wrong. Repeatedly.
 
I was watching the news tonight. Apparently the British government is slashing spending. As one commentator remarked the average person has cut their spending which is hampering the economy. If/when the government also stops spending it further hampers the economy. Makes sense to me.

This is the time for the government to get projects done and employ people. When the economy picks up the money can be paid back.
 
apple0154 said:
I was watching the news tonight. Apparently the British government is slashing spending. As one commentator remarked the average person has cut their spending which is hampering the economy. If/when the government also stops spending it further hampers the economy. Makes sense to me.

This is the time for the government to get projects done and employ people. When the economy picks up the money can be paid back.
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so temporary spending by borrowing is going to fix the economy magically? when people borrow too much money, and continue to throw money at a situation that won't work....they go bankrupt...granted the government is qujite different in the bankrupt regard, but the principle of throwing money at a situation that isn't working is the same

cut wasteful spending and programs
 
Yurt said:
so temporary spending by borrowing is going to fix the economy magically? when people borrow too much money, and continue to throw money at a situation that won't work....they go bankrupt...granted the government is qujite different in the bankrupt regard, but the principle of throwing money at a situation that isn't working is the same

cut wasteful spending and programs
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There are things that require doing such as infrastructure, repairing buildings, etc. Why wait until the economy is booming and it's more difficult to find employees? Besides, government projects are usually financed over many years.

Let's say you were planning on building a house but were temporarily laid off, however, you were able to make a deal with the bank to borrow money and postpone repayments for a year. Let's say the contractor is also experiencing a slowdown so he cuts the price. Are you better off to borrow the money and have the house built now? Let's take a look.

Let's say the interest rate is 5% and you borrow $250,000. That will be $12,500 interest added on to your mortgage because you won't make any payment for a year. The contractor can surely cut more than 5% off the cost of the house as he has no work. Let's say he knocks off 10%. You will be ahead $12,500 so you could postpone payments for two years and still be even.

The government can do something similar. Hire plumbers and electricians and engineers and laborers and office staff and all the support personnel required for projects at a reduced rate. When the economy turns around in a year or two years or even three years the projects will be completed and the government will start making payments. Everyone will benefit.
 
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