3rd Largest 1 Day Debt Increase Marked

Damocles

Accedo!
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http://www.washingtontimes.com/news/2010/jul/7/us-marks-3rd-largest-single-day-debt-boost/

U.S. marks 3rd-largest, single-day debt increase
$166 billion jump spurs concerns over policy

The nation's debt leapt $166 billion in a single day last week, the third-largest increase in U.S. history, and it comes at a time when Congress is balking over higher spending and debt has become a key policy battleground.

The one-day increase for June 30 totaled $165,931,038,264.30 - bigger than the entire annual deficit for fiscal year 2007 and larger than the $140 billion in savings the new health care bill will produce over its first 10 years. The figure works out to nearly $1,500 for every U.S. household, or more than 10 times the median daily household income.

Daily debt calculations jump and fall, and big shifts are common. But all three of the biggest one-day debt increases have occurred under the tenure of President Obama, and all of the top six have been in the past two years - an indication of just how quickly the pace of deficit spending has risen under Mr. Obama and President George W. Bush.

"What matters is the overall trend line, and the overall trend line is shooting up," said Robert Bixby, executive director of the Concord Coalition, a bipartisan deficit watchdog group, who said it is one more reason for a fiscal wake-up call.

More at link...
 
People that are concerned more with debt and deficit projections than the current state of the economy are idiots.
 
"Mr. Obama and President George W. Bush" ?????


It's the Washington Times. They're all birthers over there and do not recognize Obama as the legitimate President of the United States. He's an usurper. Therefore, in the eyes of the Times, Bush is still president until such time as a legitimate successor is sworn in.
 
Maybe like the Cali financial crisis will bring freedom to the Marley herb, the debt crisis will get both parties attacking the bloated MIC.
 
Note to liberals: The DEBT IS A CURRENT FACTOR IN THE STATE OF THE ECONOMY.


Please. The biggest problem in the economy is not debt, it is lack of demand. No one is worried about the United States of America defaulting on its debt any time soon. Have you checked out bond rates recently?
 
Please. The biggest problem in the economy is not debt, it is lack of demand. No one is worried about the United States of America defaulting on its debt any time soon. Have you checked out bond rates recently?

I did not state it was the biggest problem mr. straw man maker.... but it most certainly IS part of the CURRENT situation and must be addressed.

The 'spend spend spend' policies of liberal economists like Krugman is moronic so long as you have the ability to cut wasteful spending. I understand it is far easier for politicians to spend spend spend than it is to cut waste and THAT is why they do it.

I guarantee that we could cut a third of our national budget without hurting services provided.

Education and Defense are two areas where we vastly over spend. The problem is... when you talk about cutting spending in these areas it means cutting jobs. The number of admin staff in both sectors is atrocious. Add in the weapon/weapons programs that we do not need and you have huge savings there for the taking.

Add in the waste within Medicare/Medicaid and damned if you have plenty of money available without raising the debt.

Bottom line... you want to encourage growth/demand... cut out the bullshit policies that scare the crap out of businesses... especially small businesses.
 
I did not state it was the biggest problem mr. straw man maker.... but it most certainly IS part of the CURRENT situation and must be addressed.

The 'spend spend spend' policies of liberal economists like Krugman is moronic so long as you have the ability to cut wasteful spending. I understand it is far easier for politicians to spend spend spend than it is to cut waste and THAT is why they do it.

I guarantee that we could cut a third of our national budget without hurting services provided.

Education and Defense are two areas where we vastly over spend. The problem is... when you talk about cutting spending in these areas it means cutting jobs. The number of admin staff in both sectors is atrocious. Add in the weapon/weapons programs that we do not need and you have huge savings there for the taking.

Add in the waste within Medicare/Medicaid and damned if you have plenty of money available without raising the debt.

Bottom line... you want to encourage growth/demand... cut out the bullshit policies that scare the crap out of businesses... especially small businesses.


What you are proposing is severely cutting demand by reducing government spending by one third in the midst of a struggling recovery. That's fucking brain-dead.
 
Please. The biggest problem in the economy is not debt, it is lack of demand. No one is worried about the United States of America defaulting on its debt any time soon. Have you checked out bond rates recently?
That's retarded. Even Obama supporters don't agree with you.
Ferguson was joined in his harsh attack by billionaire real estate mogul and New York Daily News owner Mort Zuckerman. Both lambasted Obama’s trillion-dollar deficit spending program—in the name of economic stimulus to cushion the impact of the 2008 financial meltdown—as fiscally ruinous, potentially turning America into a second-rate power.

http://www.thedailybeast.com/blogs-...s-support-of-nations-elite/?cid=hp:mainpromo3
 
Nigel Dungheaps arguments during Obamas term reminds me of Dixies when Bush was president. It's like how can that person be serious?
 
What you are proposing is severely cutting demand by reducing government spending by one third in the midst of a struggling recovery. That's fucking brain-dead.

LMAO... it is 'braindead' to cut wasteful spending? THAT is the problem with liberals.

Tell me genius... WHERE does that extra money that they save go?

Take the money they save and make the tax cuts permanent.... spending then goes from government waste to consumer spending.

Instead you want to increase tax rates and burden future generations with even higher debt which will DECREASE growth for the economy.
 
LMAO... it is 'braindead' to cut wasteful spending? THAT is the problem with liberals.

Tell me genius... WHERE does that extra money that they save go?

Take the money they save and make the tax cuts permanent.... spending then goes from government waste to consumer spending.

Instead you want to increase tax rates and burden future generations with even higher debt which will DECREASE growth for the economy.


Cutting wasteful spending right now is brain-dead. You would remove a lot of money from the economy.

The best course of action would be to increase spending now while providing for cuts in the future when the economy is strong.
 
Nigel Dungheaps arguments during Obamas term reminds me of Dixies when Bush was president. It's like how can that person be serious?


Perhaps you could explain to me how cutting government spending by a third right now would be a good idea with overall demand where it is. I just don't see the merit in that argument. It would help balance the government's books, but it would cripple the economy.
 
The solution to this economy doesn't take a Harvard business degree. What the feds need to do is cut all programs that aren't authorized by the Constitution, then cut the corporate tax rate to make it competitive. After the debt is payed down then they should cut tax rates further to balance the new budget.
 
Why, every time Keynesian spending is tried, it fails and the excuse every time is "they need to spend more". We are in a debt crises and a spending crises, adding more is like printing more money during inflation, it makes no freaking sense. The only way the economy will get going again is cut the debt and spending, it may sting in the short run but the long term benefits will be a healthy economy not prolonged stagnation. When Volcker whipped inflation by driving interest rates to 20+% it caused short term negatives but the long term was 30 years of growth, the ONLY way to get a 30 year growth period again will be getting debt and spending under control we need the balls to do it.
 
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