SELLC wrote:

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So... The Democrats want to say things are getting better under their Administration!?

HA!

Here are some shocking facts,

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#1 During fiscal year 2011, the U.S. government spent 3.7 trillion dollars but it only brought in 2.4 trillion dollars.

Sounds about right, but now that we're out of Iraq and we're going to let the Bush tax cuts for the rich expire, I see a major correction of this trend coming.

#2 When Ronald Reagan took office, the U.S. national debt was less than 1 trillion dollars.  Today, the U.S. national debt is over 15.2 trillion dollars.

And how much of that was Reagan?

#3 During 2011, U.S. debt surpassed 100 percent of GDP for the first time ever.

It happened during WW2 also.  At least we're not Japan which is leveraged over 200% of their GDP.

#4 According to Wikipedia, the monetary base consists of coins, paper money (both as bank vault cash and as currency circulating in the public), and commercial banks reserves with the central bank.  Currently the U.S. monetary base is sitting somewhere around 2.7 trillion dollars.  So if you went out and gathered all of that money up it would only make a small dent in our national debt.  But afterwards there would be no currency for anyone to use.

Yup, that sounds correct.

#5 The U.S. government spent over 454 billion dollars just on interest on the national debt during fiscal 2011.

Sucks doesn't it?

#6 The U.S. government has total assets of 2.7 trillion dollars and has total liabilities of 17.5 trillion dollars.  The liabilities do not even count 4.7 trillion dollars of intragovernmental debt that is currently outstanding.

The US government is worth a lot more than 2.7 Trillion bucks.  Hell, if we were really in a financial pinch, we could just sell Michigan to Iran.

#7 During the Obama administration, the U.S. government has accumulated more debt than it did from the time that George Washington took office to the time that Bill Clinton took office.

So did George W, and the reason it's also true for Obama is because George's policies were still in place, and some still are.

#8 It is being projected that the U.S. national debt will surpass 23 trillion dollars in 2015.

Only if we stayed in Iraq and extended the Bush tax cuts on the rich again - which isn't gonna happen.

#9 According to the GAO, the U.S. government is facing 34 trillion dollars in unfunded liabilities for social insurance programs such as Social Security and Medicare.  These are obligations that we have already committed ourselves to but that we do not have any money for.

Then we had better raise taxes on the rich eh?

#10 Others estimate that the unfunded liabilities of the U.S. government now total over 117 trillion dollars.

That's just hogwash.

#11 According to the GAO, the ratio of debt held by the public to GDP is projected to reach 287 percent of GDP by 2086.

2086 is a long way off, we can put in place small policy changes to prevent that from happening.

#12 Others are much less optimistic.  A recently revised IMF policy paper entitled An Analysis of U.S. Fiscal and Generational Imbalances: Who Will Pay and How? projects that U.S. government debt will rise to about 400 percent of GDP by the year 2050.

If we keep the George W policies sure, but we're not going to do that.

#13 The United States government is responsible for more than a third of all the government debt in the entire world.

Sounds about right.  This goes back to Reagan though.  Before him we were the worlds largest creditor, he made us the worlds largest debtor.

#14 If you divide up the national debt equally among all U.S. taxpayers, each taxpayer would owe approximately $134,685.

Yeah, to live in this great country one should expect to pay about that much over their lifetime to cover the costs associated with being part of this nation.

#15 Mandatory federal spending surpassed total federal revenue for the first time ever in fiscal 2011.  That was not supposed to happen until 50 years from now.

Off budget wars and tax cuts that aren't offset will do things like that.

#16 Between 2007 and 2010, U.S. GDP grew by only 4.26%, but the U.S. national debt soared by 61% during that same time period.

If you can name the specific policies that lead to this, and the specific president whom signed them in to law, you will have an understanding as to why that is.  Example: Cash for clunkers - Obama...  2 unfunded wars and a huge tax cut for the wealthy - Bush.  Now tell me which president is the most to blame for this.

#17 During Barack Obamas first two years in office, the U.S. government added more to the U.S. national debt than the first 100 U.S. Congresses combined.

And now tell me what that money was spent on, and you will realize it wasn't Obama policies for the most part, but Bush's.

#18 When you add up all spending by the federal government, state governments and local governments, it comes to 46.6% of GDP.

Then we had better not cut government because almost half of our GDP depends on government spending.

#19 Our nation is more addicted to government checks than ever before.  In 1980, government transfer payments accounted for just 11.7% of all income.  Today, government transfer payments account for 18.4% of all income.

So?

#20 U.S. households are now actually receiving more money directly from the U.S. government than they are paying to the government in taxes.

Then we had better raise taxes.

#21 A staggering 48.5% of all Americans live in a household that receives some form of government benefits.  Back in 1983, that number was below 30 percent.

That's because we have baby boomers now drawing Social Security checks.

#22 Back in 1965, only one out of every 50 Americans was on Medicaid.  Today, one out of every 6 Americans is on Medicaid.

It's a good thing that Obama passed some healthcare reforms then.

#23 In 1950, each retirees Social Security benefit was paid for by 16 U.S. workers.  According to new data from the U.S. Bureau of Labor Statistics, there are now only 1.75 full-time private sector workers for each person that is receiving Social Security benefits in the United States.

Yup, that's because your grandparents got a little too hump happy after WW2 and created a 1 generation population explosion.  This isn't a partisan thing.

#24 The U.S. government now says that the Medicare trust fund will run out five years faster than they were projecting just last year.

Then we had better do more to fix healthcare.

#25 Right now, spending by the federal government accounts for about 24 percent of GDP.  Back in 2001, it accounted for just 18 percent.

That's because the private sector fell off a cliff for a while, it's coming back though under Obama's stewardship.

#26 If the U.S. government was forced to use GAAP accounting principles (like all publicly-traded corporations must), the U.S. government budget deficit would be somewhere in the neighborhood of $4 trillion to $5 trillion each and every year.

Luckily the government gets to make it's own rules.

#27 If you were alive when Christ was born and you spent one million dollars every single day since that point, you still would not have spent one trillion dollars by now.  But this year alone the U.S. government is going to add more than a trillion dollars to the national debt.

Yup - Bush policies

#28 If right this moment you went out and started spending one dollar every single second, it would take you more than 31,000 years to spend one trillion dollars.

Interesting piece of trivia there Rex!

#29 A trillion $10 bills, if they were taped end to end, would wrap around the globe more than 380 times.  That amount of money would still not be enough to pay off the U.S. national debt.

Yup, more trivia.

#30 If the federal government began right at this moment to repay the U.S. national debt at a rate of one dollar per second, it would take over 470,000 years to pay off the national debt.

Interesting.

#31 If Bill Gates gave every penny of his fortune to the U.S. government, it would only cover the U.S. budget deficit for 15 days.

Bill better make more money then, we need it.

#32 According to Professor Laurence J. Kotlikoff, the U.S. is facing a fiscal gap of over 200 trillion dollars in the future.  The following is a brief excerpt from a recent article that he did for CNN.

The governments total indebtedness its fiscal gap now stands at $211 trillion, by my arithmetic. The fiscal gap is the difference, measured in present value, between all projected future spending obligations including our huge defense expenditures and massive entitlement programs, as well as making interest and principal payments on the official debt and all projected future taxes.

Assuming we don't do anything whatsoever to change our policies.

#33 If you add up all forms of debt in the United States (government, business and consumer), it comes to more than 56 trillion dollars.  That is more than $683,000 per family.  Unfortunately, the average amount of savings per family in the U.S. is only about $4,735.

I'm sure that's Obama's fault too right?

#3

B...B...But Obama made the national debt a big deal when he ran in 2008!

Look PowerStroker.... I just don't think you get it.

You claim Americans should pay $134,000 over their lifetimes in taxes to live in this nation, yet you and your ilk don't mind letting illegal immigrants stay here and feed off the teat for free? It's that kind of thinking that prevents me from getting behind Democrats.

Many of your answers above are contrary to what you and your party preach. By the way, Bush has been out of office for 3 years.