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

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

I think it will be higher, but not as high if Romney wins as it will be if Obama wins.

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.

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.

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

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

Too bad Aaron Burr wasn't a year or so quicker on the trigger.

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 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?

It's always good budgeting practice to pay down your credit card debt ......... by taking out a mortgage.

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.

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!

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.

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/

The last guy that tried that ended up with his brains splattered across Dealey Plaza.

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.