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The federal debt is worse than you think (210 Trillion)
Brookings Institute ^
| 04/08/2015
| Ron Haskins
Posted on 04/09/2015 4:31:35 PM PDT by Kid Shelleen
Debt figures tell part of the story. When the Great Recession hit, the federal debt was equal to about 40 percent of GDP. But to fight the recession, Congress enacted an $800 billion dollar stimulus bill. Stimulus spending, combined with already enacted spending and tax policy, resulted in four years of trillion dollar deficits. As a result, the debt ballooned to 78 percent of GDP in 2013, almost twice the pre-recession level. --snip-- What's the word for our fiscal situation? Stunning? Shocking? Desperate? In recent testimony before the Senate Budget Committee, Boston University Economics Professor Laurence Kotlikoff, in effect, told the Committee that all of these terms are pathetically inadequate to describe our true fiscal situation.
(Excerpt) Read more at brookings.edu ...
TOPICS: News/Current Events
KEYWORDS: debt; kotlikoff; laurencekotlikoff
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Hat tip to Mark Levin for addressing this issue.
To: Kid Shelleen
2
posted on
04/09/2015 4:34:28 PM PDT
by
EagleUSA
(Liberalism removes the significance of everything.)
To: Kid Shelleen
The f@ck if I am paying it.
3
posted on
04/09/2015 4:40:12 PM PDT
by
Secret Agent Man
(Gone Galt; Not averse to Going Bronson.)
To: EagleUSA
4
posted on
04/09/2015 4:40:28 PM PDT
by
al baby
(Hi Mom)
To: Kid Shelleen
So who gives a shi! anyway. America will be finished by the end of King Obama’s term. And even if we get control in 2016 it will take 20 years to repair the damage and if in the meantime we are not nuked.
To: Kid Shelleen
210 Trillion A trillion here, a trillion there ... pretty soon, you're talking real money.
6
posted on
04/09/2015 4:46:01 PM PDT
by
ClearCase_guy
("Victim" -- some people eagerly take on the label because of the many advantages that come with it.)
To: Kid Shelleen
The assumption is that the government will not cut benefits in future, which is not a good assumption. The government is not obliged to honor them.
To: Kid Shelleen
We should all vote for Hillary!
She has the perfect answer to all these horrible problems...
“What damned difference do they make anymore, anyway!?)”
(Creditors - go suck a pickle. We ain’t ever repaying you. If you INSIST on repayment, we will just print up another $210 Trillion of worthless paper and mail it to you. Problem solved.)
Yes, Hillary’s The One for 2017!
:)
8
posted on
04/09/2015 4:47:09 PM PDT
by
faithhopecharity
(A brilliantly intelligent comment sent thru an amazingly stupid spell checker)
To: EagleUSA
Buy guns along with lots of food and water.
9
posted on
04/09/2015 4:47:31 PM PDT
by
A CA Guy
( God Bless America, God Bless and keep safe our fighting men and women.)
To: Kid Shelleen
Can’t we just write it off?
To: ClearCase_guy
Getting close to that ‘quarter of a quadrillion dollar’ mark.
11
posted on
04/09/2015 4:54:02 PM PDT
by
fhayek
To: Kid Shelleen
Big Gubamint is a Ponzi scheme..
12
posted on
04/09/2015 5:02:42 PM PDT
by
NormsRevenge
(Semper Fi - Revolution is a'brewin!!!)
210 TRILLION??
13
posted on
04/09/2015 5:04:12 PM PDT
by
NormsRevenge
(Semper Fi - Revolution is a'brewin!!!)
Did I do that?
14
posted on
04/09/2015 5:05:17 PM PDT
by
NormsRevenge
(Semper Fi - Revolution is a'brewin!!!)
To: Kid Shelleen
But, but, but....we elected a black president!
Stand proud America.
15
posted on
04/09/2015 5:16:10 PM PDT
by
hadaclueonce
(It is not heaven, it is Iowa. Everyone gets a "Corn Check")
To: ClearCase_guy
“210 Trillion
A trillion here, a trillion there ... pretty soon, you’re talking real money.”
:-))
16
posted on
04/09/2015 5:17:36 PM PDT
by
Wiz-Nerd
To: EagleUSA
Buy gold and silver.That is for after a collapse with an assumption the society and civilization will move on. What we are talking about is in the order of magnitude that you won't be around to trade it back in later for a usable currency. Gold and Silver won't feed you. Lead and beans will because it is going to be a looooooong haul before anything remotely "civil" will come around again.
17
posted on
04/09/2015 5:17:45 PM PDT
by
Ghost of SVR4
(So many are so hopelessly dependent on the government that they will fight to protect it.)
To: al baby
buy brass lead and MRE’sMuh freeper...
18
posted on
04/09/2015 5:18:21 PM PDT
by
Ghost of SVR4
(So many are so hopelessly dependent on the government that they will fight to protect it.)
To: ClearCase_guy
A trillion here, a trillion there ... pretty soon, you're talking real money. Nope...still just inflated fiat.
19
posted on
04/09/2015 5:54:07 PM PDT
by
Repeat Offender
(While the wicked stand confounded, call me with Thy saints surrounded.)
To: Extremely Extreme Extremist
Send a BILL to congress, the President and don’t forget the IRS. They made the mess let them pay for it.
20
posted on
04/09/2015 6:26:57 PM PDT
by
hapnHal
(hapnHal)
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