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  #1  
Old 07-27-2008, 01:16 PM
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Default US's National debt crosses Ten Trillion! :D

Article from New York Times

Also, please don't say "Debt clock says something else", they are fairly inaccurate.

WASHINGTON — Hoping to stretch a safety net under the nation’s tumbling housing market, the Senate on Saturday overwhelmingly approved a huge package of legislation that includes a program to save hundreds of thousands of families from losing their homes to foreclosure.

The bill grants the Treasury Department broad authority to safeguard the nation’s two mortgage finance giants, Fannie Mae and Freddie Mac, potentially by spending tens of billions of dollars in federal money to prevent the collapse of the companies, which own or guarantee nearly half of the nation’s $12 trillion in mortgages.

To accommodate the rescue plan for the mortgage companies, the bill raises the national debt ceiling to $10.6 trillion, an increase of $800 billion and the first time that the limit on the government’s credit card has grown to 14 digits.

This is a double edged move...XP Who knows what's gonna happen from here on in.
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Old 07-27-2008, 05:35 PM
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Default Re: US's National debt crosses Ten Trillion! :D

It's ridiculous, isn't it? And you know, most of that money we're spending (and borrowing), going to the Department of Defense. Like, two thirds of the budget. And not only is that borrowed money that's being spent, but tax money too. Anyone supporting Iraq now?
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Old 07-27-2008, 06:02 PM
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Default Re: US's National debt crosses Ten Trillion! :D

Quote:
Originally Posted by Eeveeking929 View Post
It's ridiculous, isn't it? And you know, most of that money we're spending (and borrowing), going to the Department of Defense. Like, two thirds of the budget. And not only is that borrowed money that's being spent, but tax money too. Anyone supporting Iraq now?
As much as you'd like it to be, the war isn't the source of all our problems.

I find these stimulus checks to be a total joke. We're supposed to fix the economy by handing out free money? lol!
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Old 07-27-2008, 06:02 PM
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Default Re: US's National debt crosses Ten Trillion! :D

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Originally Posted by Eeveeking929 View Post
It's ridiculous, isn't it? And you know, most of that money we're spending (and borrowing), going to the Department of Defense. Like, two thirds of the budget. And not only is that borrowed money that's being spent, but tax money too. Anyone supporting Iraq now?
With a debt like this... we'd probably need a strong defense...

This should have been paid and resolved off a long, long time ago, but instead the government just lets it get worse and worse. Hate to say it, but I'd WAY rather see it resolved ASAP rather than allow it to come crashing down on our heads.

Unfortunately, when it comes to things like these, its the general public that suffers the most...
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Old 07-27-2008, 08:31 PM
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Default Re: US's National debt crosses Ten Trillion! :D

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Originally Posted by Wunschkind View Post
As much as you'd like it to be, the war isn't the source of all our problems.

I find these stimulus checks to be a total joke. We're supposed to fix the economy by handing out free money? lol!
When literally the majority of the money we spend is on the war, then yes, yes it is. And the idea behind the stimulus checks is actually brilliant, the idea is that if they give out money to people then they'll spend it, giving businesses more money allowing them to lower prices which in turn will let people buy things more and then it snowballs. The problem was that the government couldn't afford to send out enough to make a big enough impact.
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Old 07-27-2008, 08:42 PM
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Default Re: US's National debt crosses Ten Trillion! :D

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Originally Posted by Wunschkind View Post
As much as you'd like it to be, the war isn't the source of all our problems.

I find these stimulus checks to be a total joke. We're supposed to fix the economy by handing out free money? lol!
And yet it is, lolfail. We spend several billion a day on the war. I don't know about you, but I'd rather it be going to socialized medicine, eh?

You seem to not understand the point of the stimulus checks. You're supposed to go out and spend them, in order to add more money to the economy to make the economy run smoothly again. Sadly, people paid bills with them instead.
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Old 07-28-2008, 02:54 PM
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Default Re: US's National debt crosses Ten Trillion! :D

Quote:
Originally Posted by Wunschkind View Post
As much as you'd like it to be, the war isn't the source of all our problems.

I find these stimulus checks to be a total joke. We're supposed to fix the economy by handing out free money? lol!
I could be wrong, but...war is what's keeping the economy intact, so far. Banks are funding rebuilding and stuff, because America's crashing, and if they don't make money here, we are goners. Again, I could be mistaken here too: The profits earned through war are...buffers.
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Originally Posted by Neo Pikachu View Post
With a debt like this... we'd probably need a strong defense...

This should have been paid and resolved off a long, long time ago, but instead the government just lets it get worse and worse. Hate to say it, but I'd WAY rather see it resolved ASAP rather than allow it to come crashing down on our heads.

Unfortunately, when it comes to things like these, its the general public that suffers the most...
True, in fact, you won't believe what the Government says.

The Federal Reserve Bank of Philadelphia says: "A large and growing number of analysts, on the other hand, now regard the national debt as something useful, if not an actual blessing. [They believe] the national debt need not be reduced at all." The Federal Reserve Bank of Chicago adds: "Debt--public and private-- is here to stay. It plays an essential role in economic processes. What is required is not the abolition of debt, but its prudent use and intelligent management." o_O
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Originally Posted by Eeveeking929 View Post
When literally the majority of the money we spend is on the war, then yes, yes it is. And the idea behind the stimulus checks is actually brilliant, the idea is that if they give out money to people then they'll spend it, giving businesses more money allowing them to lower prices which in turn will let people buy things more and then it snowballs. The problem was that the government couldn't afford to send out enough to make a big enough impact.
No no, you have got it slightly incorrect.

What the government is doing is saving the Corporates.

Lets say that a house that was mortgaged for 100,000$ is now half its value, i.e., 50,000$, due to the recession. And what are they doing? Refunding the Corporates whatever they have lost, at the cost of rising prices- Especially Gas. All these things actually benefit the Corporate Class, not the...Middle Class, as what some people think.
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And yet it is, lolfail. We spend several billion a day on the war. I don't know about you, but I'd rather it be going to socialized medicine, eh?
If, in addition, unfunded Medicaid, Social Security, Medicare, etc. promises are added, this figure rises to a total of $59.1 trillion.

http://en.wikipedia.org/wiki/United_States_public_debt

I'd seriously like the government trying to do that. >:3

But yeah, seriously speaking, debt is okay...but Ten Trillion is waaay too much. -.-

EDIT: Finally, buried deep within the bill, and not mentioned in any MSM source that I am aware of, is the provision that every credit card transaction will now be reported to the IRS.

http://www.nolanchart.com/article4326.html
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  #8  
Old 07-29-2008, 01:05 AM
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Default Re: US's National debt crosses Ten Trillion! :D

May, when you go to college, major in Finance (or Economics, but Finance seems to hold more promise). I'm almost shocked about how much you know at so young an age.

But yeah, you're definitely right about the government being corporate focused rather than middle class focused. Heck, I think Eminent Domain proved that without a doubt.

I find it pretty disheartening though, since if this country were to fall into serious trouble, most American citizens would probably pick up and leave and head to another country (most likely Canada) rather than remain patriots and help defend their country from trouble. I just feel that if the government continues to take from its citizens and not give anything back, they're going to lose what makes the country to begin with.

It would be nice if greed wasn't such a motivator when it came to governmental policy..
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Old 07-29-2008, 01:14 AM
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Default Re: US's National debt crosses Ten Trillion! :D

Quote:
Originally Posted by May Norman View Post
Article from New York Times
To accommodate the rescue plan for the mortgage companies, the bill raises the national debt ceiling to $10.6 trillion, an increase of $800 billion and the first time that the limit on the government’s credit card has grown to 14 digits.
If this is supposed to be suprising, I don't see how.
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Old 07-29-2008, 01:14 AM
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Default Re: US's National debt crosses Ten Trillion! :D

We're gonna end up like Mexico?

I was born there and it ain't pretty.
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Old 07-29-2008, 01:22 AM
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Default Re: US's National debt crosses Ten Trillion! :D

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Originally Posted by CHIMCHAR13 View Post
We're gonna end up like Mexico?

I was born there and it ain't pretty.
I think the worst thing that would happen is America becoming a purely blue collar, working class nation. Either that, or another country completely buys us out. What would happen then, I have no idea. That would all depend on what country pulls out the cash.

Rising oil prices are actually becoming a blessing in disguise though. Its costing corporations too much money to transport goods made in foreign countries such as China back to here. Because of that, they're reopening factories on American soil, which means more new jobs.

I can't help but say... sometimes it feels like I better start learning to speak Spanish soon. Its becoming rampant in the USA...
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Old 07-29-2008, 01:24 AM
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Default Re: US's National debt crosses Ten Trillion! :D

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Originally Posted by Neo Pikachu View Post
I think the worst thing that would happen is America becoming a purely blue collar, working class nation. Either that, or another country completely buys us out. What would happen then, I have no idea. That would all depend on what country pulls out the cash.

Rising oil prices are actually becoming a blessing in disguise though. Its costing corporations too much money to transport goods made in foreign countries such as China back to here. Because of that, they're reopening factories on American soil, which means more new jobs.

I can't help but say... sometimes it feels like I better start learning to speak Spanish soon. Its becoming rampant in the USA...
I know Spanish and I live in Atlanta
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Old 07-29-2008, 10:35 AM
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Default Re: US's National debt crosses Ten Trillion! :D

All I know is that if the country keeps going the way it does, it is very concievable that I'll be moving to Japan (better learn Japanese then).
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Old 07-29-2008, 11:58 AM
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Default Re: US's National debt crosses Ten Trillion! :D

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Originally Posted by rust View Post
And yet it is, lolfail. We spend several billion a day on the war. I don't know about you, but I'd rather it be going to socialized medicine, eh?

You seem to not understand the point of the stimulus checks. You're supposed to go out and spend them, in order to add more money to the economy to make the economy run smoothly again. Sadly, people paid bills with them instead.
The war is the only thing keeping us up. Remember the Great Depression? War is was brought us out of it.

Socialized medicine... have you heard about the problems Canada is facing? Just... no.
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Old 07-29-2008, 04:50 PM
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Default Re: US's National debt crosses Ten Trillion! :D

Quote:
Originally Posted by Neo Pikachu View Post
May, when you go to college, major in Finance (or Economics, but Finance seems to hold more promise). I'm almost shocked about how much you know at so young an age.

But yeah, you're definitely right about the government being corporate focused rather than middle class focused. Heck, I think Eminent Domain proved that without a doubt.

I find it pretty disheartening though, since if this country were to fall into serious trouble, most American citizens would probably pick up and leave and head to another country (most likely Canada) rather than remain patriots and help defend their country from trouble. I just feel that if the government continues to take from its citizens and not give anything back, they're going to lose what makes the country to begin with.

It would be nice if greed wasn't such a motivator when it came to governmental policy..
Yeah, I'm going into Finance.

But yeah, most of the Congressmen seem to think that the middle class are doomed or something...most of the economic policies are gicing tax cuts to the corporates because "They are the hardest hit by recession". I just fail to see how that can help revive the economy...

The Congress should try and regain control of the Federal reserve. I mean, can you believe that the Federal reserve's in the hands of a corporate? Yeah, it's as private as..whatever, Merill Lynch or anything. Government doesn't have any control over the Fed..and even if this bill hadn't been passed, they would have passed it with their own autonomy.
Quote:
Originally Posted by Neo Pikachu View Post
Rising oil prices are actually becoming a blessing in disguise though. Its costing corporations too much money to transport goods made in foreign countries such as China back to here. Because of that, they're reopening factories on American soil, which means more new jobs.
They're also kind opf shifting base over there, instead of having it shipped over there. @_@
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Originally Posted by Wunschkind View Post
The war is the only thing keeping us up. Remember the Great Depression? War is was brought us out of it.

Socialized medicine... have you heard about the problems Canada is facing? Just... no.
Probably not, but compared to the US...lol.

I don't know, compared to the Great Depression, which was a controlled recession by the Federal Reserve to slow down the overheating economy...this one seems slightly out of control.
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