Who thinks the national debt will be lower 4 years from now?

Forum rules
As the title "Thoughtful and Intelligent Debates" implies we want quality discussion in this forum. If you're going to post a new topic or reply to one here please make sure it fits the following guidelines.

  • Clear and descriptive title for your topic.
  • You don't need to write a book but please have a reasonable amount of material to support or dispute what you are discussing.
  • Outside references to material to support or dispute your argument can be used but they should not wholly make up your argument. If for example you reference a news article please explain exactly what you are referencing and why.
  • Stay on topic, while topics will wander in the general forums we want to keep them strictly on topic in this forum. Flaming will not be tolerated at all.

Do you believe the national debt will be lower in 2016 than it is right now?

Yes, our national debt will be lower if Romney wins
2
8%
Yes, our national debt will be lower if Obama wins
1
4%
No, regardless of who wins our national debt will continue to rise
22
88%
 
Total votes : 25

Who thinks the national debt will be lower 4 years from now?

PostBy: lsayre On: Thu Oct 04, 2012 8:33 pm

Do you believe the national debt will be lower in 2016 than it is right now?
lsayre
 
Stoker Coal Boiler: AHS S130 Coal Gun
Coal Size/Type: Anthracite Pea
Other Heating: Resistance Boiler (It has been fixed!)

Re: Who thinks the national debt will be lower 4 years from now?

PostBy: franco b On: Thu Oct 04, 2012 10:53 pm

I think it will be higher, but not as high if Romney wins as it will be if Obama wins.
franco b
 
Hand Fed Coal Stove: V ermont Castings 2310, Franco Belge 262
Baseburners & Antiques: Glenwood Modern Oak 114
Coal Size/Type: nut and pea

Re: Who thinks the national debt will be lower 4 years from now?

PostBy: jpete On: Thu Oct 04, 2012 11:40 pm

The question is, does it matter?

We have around $200 trillion in unfunded mandates. We were bankrupt a long time ago and when the Chinese get their (Peking?) ducks in a row, we'll make Greece look like paradise.
jpete
 
Hand Fed Coal Stove: Harman Mk II
Coal Size/Type: Stove, Nut, Pea
Other Heating: Dino juice


Re: Who thinks the national debt will be lower 4 years from now?

PostBy: Richard S. On: Thu Oct 04, 2012 11:47 pm

The debt will not be lower because that would assume you have eliminated the deficit. Neither Obama or Romney will be able to lower the debt in four years without some massive cuts and layoffs because the deficit is so high.

The deficit for this year is estimated at 1.3 Trillion according the WH figures, it's the first link:
http://www.whitehouse.gov/omb/budget/Historicals

---------------- Receipts ..... Outlays ..... Deficit (in millions of dollars)
2007..............2,567,985 2,728,686 -160,701
2008..............2,523,991 2,982,544 -458,553
2009..............2,104,989 3,517,677 -1,412,688
2010..............2,162,724 3,456,213 -1,293,489
2011..............2,303,466 3,603,061 -1,299,595
2012 estimate...2,468,599 3,795,547 -1,326,948
2013 estimate...2,901,956 3,803,364 -901,408
2014 estimate...3,215,293 3,883,095 -667,802
2015 estimate...3,450,153 4,059,866 -609,713
2016 estimate...3,680,085 4,328,840 -648,755
2017 estimate...3,919,275 4,531,723 -612,448

FYI when you hear Obama has lowered the deficit it's because they are using 2009 as a baseline and to be honest that is fair to some degree however they are still spending like it's 2009. The other thing to note is while the estimates for deficit in the years 2013 to 2017 drop that assumes nearly 1.5 trillion more revenue.
Richard S.
 
Stoker Coal Boiler: Van Wert VA1200
Coal Size/Type: Buckwheat/Anthracite

Re: Who thinks the national debt will be lower 4 years from now?

PostBy: Dann757 On: Mon Oct 08, 2012 7:20 pm

Alexander Hamilton started the U.S. Treasury with nothing, and that was the closest our country has ever been to being even.
Will Rogers

:D
Dann757
 

Re: Who thinks the national debt will be lower 4 years from now?

PostBy: jpete On: Mon Oct 08, 2012 9:09 pm

Dann757 wrote:Alexander Hamilton started the U.S. Treasury with nothing, and that was the closest our country has ever been to being even.
Will Rogers

:D


Too bad Aaron Burr wasn't a year or so quicker on the trigger. :)
jpete
 
Hand Fed Coal Stove: Harman Mk II
Coal Size/Type: Stove, Nut, Pea
Other Heating: Dino juice

Re: Who thinks the national debt will be lower 4 years from now?

PostBy: samhill On: Mon Oct 08, 2012 9:21 pm

We are probably well over a decade before we even hope to start paying down the debt, we had the chance to be on our way & blew it.
samhill
 
Hot Air Coal Stoker Furnace: keystoker 160
Hand Fed Coal Stove: hitzer 75 in garage
Stove/Furnace Make: keystoker/hitzer
Stove/Furnace Model: koker 160/ hitzer 75

Re: Who thinks the national debt will be lower 4 years from now?

PostBy: jpete On: Mon Oct 08, 2012 9:23 pm

samhill wrote:We are probably well over a decade before we even hope to start paying down the debt, we had the chance to be on our way & blew it.


How do you pay down the debt when you have to borrow the money to pay the debt?
jpete
 
Hand Fed Coal Stove: Harman Mk II
Coal Size/Type: Stove, Nut, Pea
Other Heating: Dino juice

Re: Who thinks the national debt will be lower 4 years from now?

PostBy: SMITTY On: Mon Oct 08, 2012 9:24 pm

It's always good budgeting practice to pay down your credit card debt ......... by taking out a mortgage. :lol:
SMITTY
 
Stoker Coal Boiler: Patriot Coal - custom built by Jim Dorsey
Hand Fed Coal Stove: Harman Mark III (not currently in use)
Coal Size/Type: Rice / Blaschak anthracite
Other Heating: Oil fired Burnham boiler

Re: Who thinks the national debt will be lower 4 years from now?

PostBy: samhill On: Mon Oct 08, 2012 9:25 pm

You don't that's why it's going to take a long time, don't forget most of the debt is owed to ourselves.
samhill
 
Hot Air Coal Stoker Furnace: keystoker 160
Hand Fed Coal Stove: hitzer 75 in garage
Stove/Furnace Make: keystoker/hitzer
Stove/Furnace Model: koker 160/ hitzer 75

Re: Who thinks the national debt will be lower 4 years from now?

PostBy: Duengeon master On: Mon Oct 08, 2012 9:29 pm

Congressional Reform Act of 2012

1. No Tenure / No Pension.

A Congressman/woman collects a salary while in office and receives no
pay when they're out of office.

2. Congress (past, present & future) participates in Social
Security.

All funds in the Congressional retirement fund move to the
Social Security system immediately. All future funds flow into
the Social Security system, and Congress participates with the
American people. It may not be used for any other purpose.

3. Congress can purchase their own retirement plan, just as all
Americans do.

4. Congress will no longer vote themselves a pay raise.
Congressional pay will rise by the lower of CPI or 3%.

5. Congress loses their current health care system and
participates in the same health care system as the American people.

6. Congress must equally abide by all laws they impose on the
American people.

7. All contracts with past and present Congressmen/women are void
effective 12/1/12. The American people did not make this
contract with Congressmen/women.


Congress made all these contracts for themselves. Serving in
Congress is an honor, not a career. The Founding Fathers
envisioned citizen legislators, so ours should serve their
term(s), then go home and back to work.

If each person contacts a minimum of twenty people then it will
only take three days for most people (in the U.S.) to receive
the message. Don't you think it's time?

THIS IS HOW YOU FIX CONGRESS!
Duengeon master
 
Hand Fed Coal Stove: Harmon Mark III
Coal Size/Type: Anthracite pea and nut mix. Bituminous lump

Re: Who thinks the national debt will be lower 4 years from now?

PostBy: jpete On: Mon Oct 08, 2012 9:42 pm

samhill wrote: don't forget most of the debt is owed to ourselves.


IT IS?!?! Who told you that?!

Last I checked, the Federal Reserve owns all those coupons in your pocket. Or under your mattress, or where ever you keep it. ;)
jpete
 
Hand Fed Coal Stove: Harman Mk II
Coal Size/Type: Stove, Nut, Pea
Other Heating: Dino juice

Re: Who thinks the national debt will be lower 4 years from now?

PostBy: samhill On: Tue Oct 09, 2012 9:04 am

In reality Jpete what can the Fed do if the Gov. says we are no longer going to need you & allthe bonds you hold are useless? http://www.ritholtz.com/blog/2011/03/wh ... -money-to/
samhill
 
Hot Air Coal Stoker Furnace: keystoker 160
Hand Fed Coal Stove: hitzer 75 in garage
Stove/Furnace Make: keystoker/hitzer
Stove/Furnace Model: koker 160/ hitzer 75

Re: Who thinks the national debt will be lower 4 years from now?

PostBy: jpete On: Wed Oct 10, 2012 7:20 am

The last guy that tried that ended up with his brains splattered across Dealey Plaza.
jpete
 
Hand Fed Coal Stove: Harman Mk II
Coal Size/Type: Stove, Nut, Pea
Other Heating: Dino juice

Re: Who thinks the national debt will be lower 4 years from now?

PostBy: samhill On: Wed Oct 10, 2012 8:22 am

Your right on there Jpete but if he wasn't surrounded by a bunch of roaches it most likely would not have happened & if it still had the policy would have lived on after him.
samhill
 
Hot Air Coal Stoker Furnace: keystoker 160
Hand Fed Coal Stove: hitzer 75 in garage
Stove/Furnace Make: keystoker/hitzer
Stove/Furnace Model: koker 160/ hitzer 75