US Debt Growing at $10 Million a Minute
ST
Tags:
(Human, 14,409
Points)
on 8/15/12 at 10:14am
If this doesn't make you reach for the Pepto Bismol, nothing will. Not only is the runaway train of US government debt accelerating at a staggering $10 million each minute, neither Presidential candidate has a viable plan to stop it. For those of us planning to live another 20-30 years (which I have to believe is most of you reading this) this is scary, scary stuff:





Comments
"The fact that we are here
"The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies."
Senator Barack Obama
Senate Floor Speech on Public Debt
March 16, 2006
http://i.imgur.com/UKz51.jpg
You have to feel bad for him though. If he gets re-elected, look at the mess he will inherit.
Here is a pretty good infographic of the problem: http://demonocracy.info/infographics/usa/us_debt/u...
You're born, you take shit. You get out in the world, you take more shit. You climb a little higher, you take less shit. Till one day you're up in the rarefied atmosphere and you've forgotten what shit even looks like. Welcome to the layer cake, son.
Nefarious-: (Obama) If he
(Obama) If he gets re-elected, look at the mess he will inherit.
I'm actually looking forward to seeing how he deals with it.
YOU JUST GOT TROLLED
http://www.troll.me/images/red-foreman322/dont-you...
so when the government says
so when the government says that they are planning 100 billion in deficit reduction by 2020, do they realize that they are talking about flattening out about 17 hours worth of deficit growth? Or do they just not care because 100 billion in reduction to someone watching a presidential conference sounds like a big number.
UFOinsider: Nefarious-:
(Obama) If he gets re-elected, look at the mess he will inherit.
I'm actually looking forward to seeing how he deals with it.
He won't, he is too busy going to fundraisers with George Clooney and taking his daughters to ride bumper cars.
You're born, you take shit. You get out in the world, you take more shit. You climb a little higher, you take less shit. Till one day you're up in the rarefied atmosphere and you've forgotten what shit even looks like. Welcome to the layer cake, son.
If you focus on the factors
If you focus on the factors that can "give way", if you're a state employed retiree, then you should be really worried right about now. A crazy amount of first world debt is to pension obligations, pass a law that reduces these and boom.
My sympathy is limited. If you picked a job because of the comfy state pension that it comes with, and there wouldnt be a crazy influx of people doing the same thing making the system unsustainable (and you're planning for what, 50 years time?) then its the price for being naive.
Inflation and the above will bring the debt down to manageable levels for the US. You still create a lot of businesses, import the talent your failing state education system doesn't provide (because its not economical when you can buy it - and im NOT talking about your universities), in a business sense you still generate a lot of cash, so I think this debt thing, while serious, will not destroy the US.
T
Nefarious-: UFOinsider: N
(Obama) If he gets re-elected, look at the mess he will inherit.
I'm actually looking forward to seeing how he deals with it.
He won't, he is too busy going to fundraisers with George Clooney and taking his daughters to ride bumper cars.
As opposed to what? Mitt travelling to Israel for $1MM campaign donations, watching his wife's horse dancing, and hanging out with Bruce Willis? I can do this all day long, but there's no point, neither of us is going to change their mind.
I'm serious: I want to see what progress he makes compared to every president since the 60's. Not a single one has actually balanced the budget, despite the talk talk talk. This guy is an outlier, I'll give him a shot.
YOU JUST GOT TROLLED
http://www.troll.me/images/red-foreman322/dont-you...
UFOinsider: Nefarious-: U
(Obama) If he gets re-elected, look at the mess he will inherit.
I'm actually looking forward to seeing how he deals with it.
He won't, he is too busy going to fundraisers with George Clooney and taking his daughters to ride bumper cars.
As opposed to what? Mitt travelling to Israel for $1MM campaign donations, watching his wife's horse dancing, and hanging out with Bruce Willis? I can do this all day long, but there's no point, neither of us is going to change their mind.
I'm serious: I want to see what progress he makes compared to every president since the 60's. Not a single one has actually balanced the budget, despite the talk talk talk. This guy is an outlier, I'll give him a shot.
Who the fuck said anything about Mitt? Since you brought him up, I would much rather have him, an ex executive at Bain, who has made a career out of being business and finance focused, be in charge of running the country with its current economic situation.
You're born, you take shit. You get out in the world, you take more shit. You climb a little higher, you take less shit. Till one day you're up in the rarefied atmosphere and you've forgotten what shit even looks like. Welcome to the layer cake, son.
I have to believe that every
I have to believe that every generation has thought that shit was awful and only getting worse. That said, I feel like shit is awful and only getting worse.
If I had asked people what they wanted, they would have said faster horses - Henry Ford
Nefarious-: OMG WAAAA WAAA
OMG WAAAA WAAA WAAA SOMEONE DISAGREES WITH ME
Ugh, whatever, enough threads on WSO have had the air sucked out of every other line of thought over political arguments that go like this "blah blah blah, blah, Blah bla, you don't agree with me because you're stupid, blah blah blah, I'm always right, blah .....blah". You're not going to convince me or anyone else to see things your way, it's too late for that. Jeez, calm down and BREATHE dude, and let people speak their minds without jumping all over it with stupidity.
Moving along
I don't see Romney winning, but if he does, I'm inclined to think he'll run up the debt just like Bush did: I used to be a republican but realistically, no republican in my lifetime has ever reduced the deficit, so I'm just not convinced this guy will. He sounds like every other rebpublican I've ever seen, and I've worked in politics for most of my life in one capacity or another. If Obama wins, I'd be curious to see how his plans play out. If he fails, the GOP will win in 2016, simple as that. If he actually makes progress....what's not to like?? I'm just curious to see a different approach. React however you want to that.
YOU JUST GOT TROLLED
http://www.troll.me/images/red-foreman322/dont-you...
This is why I don't
This is why I don't understand the "No big deal, nothing to see here" response to Peter Schiff the other day.
UFO - I'm not in Camp Mitt or Camp Barack when i say this, but I don't remember seeing another president run for his second term saying "I'm gonna keep trying" and pointing to his predecessor for blame instead of taking credit for all the great stuff he thinks he accomplished in his first term.
I think Obama:Economy in 2012 as Bush:Wars in 2004. No, I haven't done a good job, but stay the course, the other guy's worse!
And to the original topic, we're just fucked. I'm buying bullets and getting ready for some Mad Max beyond the Thunderdome type shit when this goes down.
This is a problem throughout
This is a problem throughout the developed Western world with the US and UK epitomising it perfectly. The debt simply cannot keep growing as it is, one of three things HAS to happen:
The rate at which government debt is growing would require a large degree of inflation, certainly far more than we are used to in order to reduce it and this would really hurt consumers. Paying it down is not a realistic option. Defaulting, inflating or kicking the can are the only paths, and kicking the can is only viable for so long.
I do believe that in our lifetimes the US, UK, Japan and others are going to have a serious problem with this debt and things are going to have to change. Many aspects of the welfare state and social security are just laughable including the level of public pensions, state-benefits and the subsidising of under-performing industries. They cannot continue forever.
See my other WSO blog posts>
Scott Irish: And to the
And to the original topic, we're just fucked. I'm buying bullets and getting ready for some Mad Max beyond the Thunderdome type shit when this goes down.
Yeah, have had that shit ready since 1985, no joke. I think we have at least another decade before things get like Europe, but honestly it's the only major issue I think hasn't been dealt with head on yet. I personally don't care who fixes it, or really how, as long as people start looking at it now.
YOU JUST GOT TROLLED
http://www.troll.me/images/red-foreman322/dont-you...
UFOinsider: Nefarious-: OMG
OMG WAAAA WAAA WAAA SOMEONE DISAGREES WITH ME
Ugh, whatever, enough threads on WSO have had the air sucked out of every other line of thought over political arguments that go like this "blah blah blah, blah, Blah bla, you don't agree with me because you're stupid, blah blah blah, I'm always right, blah .....blah". You're not going to convince me or anyone else to see things your way, it's too late for that. Jeez, calm down and BREATHE dude, and let people speak their minds without jumping all over it with stupidity.
Moving along
I don't see Romney winning, but if he does, I'm inclined to think he'll run up the debt just like Bush did: I used to be a republican but realistically, no republican in my lifetime has ever reduced the deficit, so I'm just not convinced this guy will. He sounds like every other rebpublican I've ever seen, and I've worked in politics for most of my life in one capacity or another. If Obama wins, I'd be curious to see how his plans play out. If he fails, the GOP will win in 2016, simple as that. If he actually makes progress....what's not to like?? I'm just curious to see a different approach. React however you want to that.
I am not even entirely convinced you are even employed.
You're born, you take shit. You get out in the world, you take more shit. You climb a little higher, you take less shit. Till one day you're up in the rarefied atmosphere and you've forgotten what shit even looks like. Welcome to the layer cake, son.
UFOinsider: Nefarious-: OMG
OMG WAAAA WAAA WAAA SOMEONE DISAGREES WITH ME
Ugh, whatever, enough threads on WSO have had the air sucked out of every other line of thought over political arguments that go like this "blah blah blah, blah, Blah bla, you don't agree with me because you're stupid, blah blah blah, I'm always right, blah .....blah". You're not going to convince me or anyone else to see things your way, it's too late for that. Jeez, calm down and BREATHE dude, and let people speak their minds without jumping all over it with stupidity.
Moving along
I don't see Romney winning, but if he does, I'm inclined to think he'll run up the debt just like Bush did: I used to be a republican but realistically, no republican in my lifetime has ever reduced the deficit, so I'm just not convinced this guy will. He sounds like every other rebpublican I've ever seen, and I've worked in politics for most of my life in one capacity or another. If Obama wins, I'd be curious to see how his plans play out. If he fails, the GOP will win in 2016, simple as that. If he actually makes progress....what's not to like?? I'm just curious to see a different approach. React however you want to that.
BTW, you should read this article:
http://townhall.com/columnists/johnhawkins/2012/05...
Obama will go down in history as the worst president ever. Ripping the title from Jimmy Carter's iron grip. At least Carter made homebrewing legal.
You're born, you take shit. You get out in the world, you take more shit. You climb a little higher, you take less shit. Till one day you're up in the rarefied atmosphere and you've forgotten what shit even looks like. Welcome to the layer cake, son.
Is there a way to short
Is there a way to short American debt instruments? I don't know anything about the bond business, can I short a gov't issue?
YOU JUST GOT TROLLED
http://www.troll.me/images/red-foreman322/dont-you...
UFOinsider: Nefarious-: U
To the starving man, beans are caviar
UFOinsider: Is there a way to
Contact: [email protected]
See my other blog posts
Obama won't be the worst, but
MSF Website
MACC Website
MSF Twitter
The US is rich in natural
Gun Control Discussion
TNA: Obama won't be the
Nefarious-: UFOinsider: N
To the starving man, beans are caviar
Romney gave an interview to
Check out my WSO Blog
UFOinsider: Is there a way to
philosophizingphilosoraptor:
MSF Website
MACC Website
MSF Twitter
philosophizingphilosoraptor:
YOU JUST GOT TROLLED
http://www.troll.me/images/red-foreman322/dont-you...
TheKing: Romney gave an
MSF Website
MACC Website
MSF Twitter
philosophizingphilosoraptor:
Contact: [email protected]
See my other blog posts
Nefarious-: UFOinsider: N
I was taught that the human brain was the crowning glory of evolution so far, but I think it's a very poor scheme for survival.
Sometimes too much focus is
Cola Coca: Sometimes too much
I was taught that the human brain was the crowning glory of evolution so far, but I think it's a very poor scheme for survival.
I don't know, I think this is
MSF Website
MACC Website
MSF Twitter
UFOinsider: philosophizingp
You're born, you take shit. You get out in the world, you take more shit. You climb a little higher, you take less shit. Till one day you're up in the rarefied atmosphere and you've forgotten what shit even looks like. Welcome to the layer cake, son.
Tolland15: Cola
To the starving man, beans are caviar
A few things: 1) It's
TNA: I don't know, I think
Check out my WSO Blog
TheKing: TNA: I don't know,
MSF Website
MACC Website
MSF Twitter
Scott Irish: A few things: 1)
Check out my WSO Blog
Nefarious-: I am completely
YOU JUST GOT TROLLED
http://www.troll.me/images/red-foreman322/dont-you...
I think this thread is
See my other WSO blog posts>
ANT - I agree with you on the
Check out my WSO Blog
Let the Humble bragging
The answer to your question is 1) network 2) get involved 3) beef up your resume 4) repeat -happypantsmcgee
WSO is not your personal search function.
TheKing: ANT - I agree with
MSF Website
MACC Website
MSF Twitter
TNA: TheKing: ANT - I agree
The answer to your question is 1) network 2) get involved 3) beef up your resume 4) repeat -happypantsmcgee
WSO is not your personal search function.
TheKing: ANT - I agree with
I was taught that the human brain was the crowning glory of evolution so far, but I think it's a very poor scheme for survival.
TNA: I don't know, I think
UFOinsider: Nefarious-: I
philosophizingphilosoraptor:
Bene qui latuit, bene vixit- Ovid
To all creditors out there,
TNA: TheKing: ANT - I agree
Check out my WSO Blog
TNA: I don't know, I think