COL Gene

WHY is the Increasing National Debt So Important?

WHY is the Increasing National Debt So Important?



I have spent a lot of my time documenting the consequences of the Fiscal policy we have been following. The reason is that in the world today without financial resources NOTHING can be accomplished. It takes resources to increase the military by 100,000. It takes money to hire the 10,000 border guards needed to help secure our border. It will take money to pay the Social Security and Medicare to the Baby Boomers as promised.

Our fiscal policy is pledging FUTURE tax revenues to pay the increasing interest on the skyrocketing National Debt. That means money we will need to pay our troops, border guards and to keep our promises to the retired will be paid to those that have purchased our debt. 40% of the interest on the publicly held debt is paid to foreign debt holders and that money leaves our economy. Interest on the debt will be an element of the budget that can not be cut and if the total debt continues to increase, the interest will go higher.

If a CEO were to manage the fiscal affairs of the company he headed the same as Bush is managing the fiscal affairs of the United States, they would be FIRED! Year after year we plan to spend more then we plan to tax. In addition, all other debt has a plan for repayment. There is no such plan to pay down the National Debt. When treasury obligations come due, we immediately sell new debt to repay the old debt. In addition, the continued annual budget deficit adds more every day to the amount we owe and the interest we MUST pay.

You can go to the Web and see how the national debt increases every second of every day. Go to: www.brillig.com/debt_clock/
37,797 views 135 replies
Reply #51 Top
That is cutting the benefits from what was promised.


You misrepresent the facts again.

If you reduce the COLA you reduce the benefits to future recipients as inflation continues.


COLA was never part of social security it was an add on. the promise was money witheld from your pay given to you after you stopped working. Because of the tax increases of the democrats people can't make ends meet. To make ends meet the democrats came up with a briliant idea. how about taxing social security payments. Yes rich people on social security. but wait, the democrats have already eliminated rich people from collecting social security even though the rich paid into it all their lives. so the democrats stole money from rich people and used that extra to give bonus payments to poor people. but eventually even poor prople on social security are rich so they began taxing the retirement payments. so now your plan is to tax people even more. We have taken fully one third of the nation off the tax rolls. of the two thirds that are left the top 50% pay 95.68% of the tax burden. Think about this col political hack, of the top two thirds of the population the top half of that pay the majority of the tax bill. The conservatives want to reduce the tax burden on the rich because they are the only ones paying taxes. The bottom third, the poor, pay no taxes at all. the middle class is in the bottom half of the top two thirds so they pay taxes but not all that much maybe six or eight thousand dollars a year.
Reply #52 Top
IslandDog

Bush has already lost the Iraq War and that was because he did not listen to the generals about sending 500,000 troops not the 150,000 he sent which could not establish and maintain control over the sectarian violence.
Without COLA the payments would NOT keep pace with inflation? The COLA has been a factor for longer then I can remember and is needed for people to live. In fact the items in the COLA should be adjusted since some of the items included have nothing to do with inflation as it affects the retired.

"The bottom third, the poor, pay no taxes at all." All people working legally, including the bottom third paid Social Security and Medicare taxes. You are WRONG again! The bottom 20% do not pay income taxes.
Reply #53 Top

You do not get military protection without paying for it. You might like to but it does not work that way.

Tell that to Canada.



Your position is clear-- The Hell with what the majority need so long as you can keep you wealth. As I said this is a democracy and I BET the VAST majority will opt to increase your taxes before giving up Social Security, Medicare, Medicaid, National Defense, Homeland Security, education, etc. You will just have to be unhappy or go live in some other country!!!!

The vast majority will choose to have neither tax increases nor spending cuts and hence have deficit spending. I think that should be pretty clear by now.

Since I'm okay with that solution, it's you that will just have to be unhappy and go live in another country.

 

Reply #54 Top
"The bottom third, the poor, pay no taxes at all." All people working legally, including the bottom third paid Social Security and Medicare taxes. You are WRONG again! The bottom 20% do not pay income taxes.


This proves you are a member of the mega rich and have no idea how the rest of the world lives. If you are not making enough money to pay taxes you can fill out your W-4 and not have any money withheld, you would know that if you filed taxes, or had a job. You don’t care about the poor you just use them to make your point. Also keep in mind that you can file a tax return and get a refund if you have not paid taxes. Yes, if you are a poor person you can stop withholding and still get a refund of money you did not pay. Seeing as I did taxes for my clients I had to know those silly little tax laws.
Reply #55 Top
Bush has already lost the Iraq War and that was because he did not listen to the generals about sending 500,000 troops not the 150,000 he sent which could not establish and maintain control over the sectarian violence.


The war will only be lost if democrats have their way.  You have something else in common with democrats, you both have already surrendered to defeat.


Reply #56 Top

Social Security and Medicare taxes do not require filing anything. They are taken out of your wages as you earn the money. The statement that the bottom 1/3 pays no taxes is not correct.

You have also not answered the point that Bush has lied about the national debt. He has been telling us he cutting the deficit. Several people on this Blog site have said the same thing. In 2005 we had a deficit of 554 Billion; in 2006 we had a deficit of 574 Billion. For the first 5 months this year we had a $262 Billion dollar deficit. How the Hell is that cutting the deficit as Bush tells us is happening? How did we have an annual deficit in 2006 of $574 Billion and the President tell us the deficit was $248 Billion. LIES, LIES LIES.


Updated: 9:10 p.m. ET July 11, 2006
WASHINGTON - President Bush touted new deficit figures Tuesday showing considerable improvement upon earlier administration predictions, saying it shows the wisdom of his tax cuts.
Bush himself announced the figures — a task that for the most part has been left to lower-ranking administration officials in the past. The new figures show the deficit for the budget year ending Sept. 30 will be $296 billion.*

*Last month Bush reported the actual deficit for 2006 was $248 Billion. The Treasury reported the 2006 deficit was $574 Billion!!!!!!! Bush is a lier
Reply #57 Top
Social Security and Medicare taxes do not require filing anything.


Yes, you are correct they are sort of taxes at leaset they are called taxes. I was talking about income taxes and social security and medicare are not part of the income tax. so you would not use a W-4
Reply #58 Top
The bottom third, the poor, pay no taxes at all." All people working legally, including the bottom third paid Social Security and Medicare taxes. You are WRONG again! The bottom 20% do not pay income taxes.


What a crock!!! I was and am now again in that lower 20% and we DO pay taxes!!! We get "some" back, but not all.

Give it up col. You have no idea what goes on the "lower" tax brackets!
Reply #59 Top
You have also not answered the point that Bush has lied about the national debt. He has been telling us he cutting the deficit. Several people on this Blog site have said the same thing. In 2005 we had a deficit of 554 Billion; in 2006 we had a deficit of 574 Billion. For the first 5 months this year we had a $262 Billion dollar deficit. How the Hell is that cutting the deficit as Bush tells us is happening? How did we have an annual deficit in 2006 of $574 Billion and the President tell us the deficit was $248 Billion. LIES, LIES LIES.


That was NOT the point! The point was at the time taxes. And as per usual when losing on a subject, you change the point!
Reply #60 Top
drmiler

If you are truly making about $30,000 per year you are not paying any in Federal Income Taxes. You get a Standard deduction of $10,300 plus two exemptions at $6,600 = $16,900 giving you a taxable income of $13,100 . There is NO tax up to 15,100 of taxable income. If you make more then $30,000 you are not in the bottom 20%.
Reply #61 Top
drmiler

If you are truly making about $30,000 per year you are not paying any in Federal Income Taxes. You get a Standard deduction of $10,300 plus two exemptions at $6,600 = $16,900 giving you a taxable income of $13,100 . There is NO tax up to 15,100 of taxable income. If you make more then $30,000 you are not in the bottom 20%.


See, now when you think of something else you come back to what you "were" talking about. Paladin77 is correct...you are a political hack. All you know how to do is find fault with EVERYTHING GW does. No blame ANYWHERE else. Right?
Reply #62 Top
drmiler

No I answered your statements which were not correct. If you have as little income as you claim, your support of Bush and his policies shows just how stupid you are. He is not interested in doing anything that will benefit you. People are poor according to Bush and his wealthy supporters because they want to be poor! Anyone in the bottom 20% as you claimed are not being helped by anything Bush has done!
Reply #63 Top
There is NO tax up to 15,100 of taxable income. If you make more then $30,000 you are not in the bottom 20%.


Very good. So if you make 30k you pay no taxes and if you make 50K the democrats call that rich and want to double the taxes on people making 50k and up. So according to Speaker Pelosi 50K a year is rich that Mr. Bush is making weaalthy while screwing the poor.
Reply #64 Top
Paladin77

Show me where anyone Democrat said making $50K is rich? You are so full of BS!

I am talking about people making $250,000 - $300,000 or more per year. Those are the people I want to pay more tax to help balance the budget.


What is the answer to my questions as to an excuse for Bush lying about the deficit?

He told us it is coming DOWN. According to the Treasury Dept, in 2005 the deficit was $554 Billion. In 2006 it was $574 Billion and for the first 5 months this year $262 Billion. That is not going DOWN it is going UP.

Bush said the deficit for 2006 was $248 Billion and the Treasury reported the 2006 deficit at $574 Billion.

How can you defend the liar we have in the White House? I guess those that voted for him just can not admit they made a mistake. They are just like Bush who never admits he made mistakes even when they are in his face every day.
Reply #65 Top
Show me where anyone Democrat said making $50K is rich?


Nancy Pelosi said it.

i am talking about people making $250,000 - $300,000 or more per year. Those are the people I want to pay more tax to help balance the budget.


That may be whom you are talkign about but the Democrats in Congress want to start raising taxes on people at the 50K mark, because they are rich too. Remember that congresspeople make about 100K a year and they live in million dollar homes and have limos drive them around.

What is the answer to my questions as to an excuse for Bush lying about the deficit?


I have not seen the data and you have lied so much I won't take your word for it. So until I find the time to do the research myself you won't get an answer from me.

Reply #66 Top
Show me the post from Pelosi.

I bet you that the Democrats DO NOT incerease taxes on people making anything close to $50K. Time will prove who is correct!

This is the web site for the debt. You can obtain the debt between any periods of time. This is a Dept of the Treasury site no third party site.

http://www.treasurydirect.gov/NP/BPDLogin?application=np

Bush lied about Iraq and he is doing the same thing today about the deficit.
Reply #67 Top
Bush lied about Iraq and he is doing the same thing today about the deficit.


LOL.  How many times are you going to make this factless claim?


Reply #68 Top
Bush lied about Iraq and he is doing the same thing today about the deficit.


You see it is this statement that makes me distrust your views and articles. This statement has been disproved by me, and others that are far smarter than I yet months later you still cling to them as if you were never shown, informed, and proven that what you claim is a lie. With that track record it is easier to ignore you and not bother to look it up. The chance that you are telling the truth for a change is so remote it is not worth the calculation. This is what I meant when I said you were loosing credibility. You are now relegated to the boy who cried wolf. You could be right and have a letter notarized by God attesting to your truthfulness but no one would believe it because you spent so much time as a political hack no one expects you to tell the truth any more.
Reply #69 Top
IslandDog

Either the information posted by the U.S. Treasury dept is a lie or Bush has lied. Both can not be correct since there is a difference of $ 226 Billion dollars as to our deficit for 2006.
Reply #70 Top
Paladin77

I have just posted what the Treasury has on its official Web site and what Bush has said. How do you explain that the Treasury says the deficit was $574 Billion and Bush has said it is $248 Billion?

That is a very straight forward question—What is your answer?
Reply #71 Top

I care about the impact on our country and the majority of people that will be stuck paying the higher interest caused by the fact we refuse to balance the budget. If you are among the top 20% of the income level, you can afford slightly higher taxes to help balance the budget without suffering from the higher taxes. Yes you may not have as much invested but you and your family will not suffer from paying a little more. It is time we let the MAJORITY be heard in this country! Passing the added debt to our children is WRONG!

Here's the issue, Gene: I don't see how "who can afford" having to do with anything.

It is not my responsibility to pay for other people. We're a country of individuals. We should live within our individual means.

The "majority" don't want higher taxes nor do they want to cut spending.

Reply #72 Top
Frogboy

Ability to pay MUST be part of the taxing system to be fair. If we increase taxes for people that do not have the money without placing them into financial difficulty we solve one issue (Added Taxes to fund our spending) and create hardship to low and middle income workers. We also impact spending by these groups which can have a negative impact on the overall economy. If we increase taxes to those that will pay the added tax from their SURPLUS, we do not create problems for those people and their families and we will not have the negative impact on spending and the economy.

Thus there are TWO good reasons to increase taxes on the upper income:Does not harm the families. Does not harm spending.
The majority do not want tax increases on the middle income taxpayers. The majority will not oppose tax increases on the wealthy. The majority would NOT support the things that would need to be cut to balance the budget with JUST spending Cuts!


Reply #73 Top
What Americans want:

Most Support U.S. Guarantee of Health Care



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Reply #74 Top
That is a very straight forward question—What is your answer?


That I have not had time to look it up myself so until I do I will assume you are misquoting the facts as you have done in the past. You see your track record with me has been noted and taken into account. I no longer take your word at face value.
Reply #75 Top
What Americans want:


Actually it's what the majority of 1281 Americans want.  Don't confuse a media poll from the most biased newspaper in America fool you.