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2 lessons

2 lessons

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by: FoFa Active Indicator LED Icon 17 OP 
~ 11 years ago   Sep 29, '12 9:44am  
Lesson # 1:* U.S. Tax revenue: $2,170,000,000,000* Fed budget: $3,820,000,000,000* New debt: $ 1,650,000,000,000* National debt: $14,271,000,000,000* Recent budget cuts: $ 38,500,000,000Let's now remove 8 zeros and pretend it's a household budget:* Annual family income: $21,700* Money the family spent: $38,200* New debt on the credit card: $16,500* Outstanding balance on the credit card: $142,710* Total budget cuts so far: $3.85Got It ?????OK now Lesson # 2: Here's another way to look at the Debt Ceiling:Let's say, You come home from work and find there has been a sewerbackup in your neighborhood....and your home has sewage all the way upto your ceilings.What do you think you should do ......Raise the ceilings, or pump out the crap?Your choice is coming Nov. 2012. 4951
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squirtismyboy Active Indicator LED Icon 16
~ 11 years ago   Sep 29, '12 10:59am  
technically, those aren't lessons 4951
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bellalady Active Indicator LED Icon 1
~ 11 years ago   Sep 29, '12 11:08am  
Makes sense to me. 4951
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fcabanski Active Indicator LED Icon 16
~ 11 years ago   Sep 30, '12 2:13am  
That makes good sense. 4951
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ruk72 Active Indicator LED Icon 17
~ 11 years ago   Sep 30, '12 5:07am  
4951
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ruk72 Active Indicator LED Icon 17
~ 11 years ago   Sep 30, '12 5:09am  
4951
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topcat Active Indicator LED Icon 12
~ 11 years ago   Sep 30, '12 3:01pm  
@FoFa I love your post! Perfect illustration for my kids. Thanks! 4951
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kpdad Active Indicator LED Icon 5
~ 11 years ago   Sep 30, '12 6:24pm  
I want to believe you FoFa, but remind me about the last presidential administration that managed to balance the budget or shave a single penny off the debt.  Every electoral cycle somebody says "I" will be the one to do the impossible and every electoral cycle the winner fails. 4951
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FoFa Active Indicator LED Icon 17 OP 
~ 11 years ago   Oct 1, '12 8:02am  
remind me about the last presidential administration that managed to balance the budget
 
@kpdad: Depends on who you ask. But I don't recall that in my lifetime.
And that is the kind of stuff I always forgot and missed on my History tests.But sometimes you need to just understand the problem better, and politicians use over blown things to just baffle our minds so we just throw our hands up and say "whatever". 4951
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Fallon Active Indicator LED Icon 18
~ 11 years ago   Oct 1, '12 1:19pm  
Removed By Request 4951
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fcabanski Active Indicator LED Icon 16
~ 11 years ago   Oct 1, '12 1:23pm  
"I
want to believe you FoFa, but remind me about the last presidential
administration that managed to balance the budget or shave a single
penny off the debt.  Every electoral cycle somebody says "I" will be the
one to do the impossible and every electoral cycle the winner fails."Only the people can balance the budget.  They do it by holding the politicians accountable.  Most people pay no attention to politics.  They never get involved.  They don't call their representatives. 4951
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kpdad Active Indicator LED Icon 5
~ 11 years ago   Oct 1, '12 1:23pm  
Hey, no disputing that.  I'm just saying let's be realistic because every time we have high hopes guess what--we get let down.  There are two different things happening here:1/ Do we believe Romney is better than Obama?  YES2/ Do we think Romney will be the first president in 40 years to balance the budget?NO'Nuff said. 4951
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kpdad Active Indicator LED Icon 5
~ 11 years ago   Oct 1, '12 1:27pm  
"I
want to believe you FoFa, but remind me about the last presidential
administration that managed to balance the budget or shave a single
penny off the debt.  Every electoral cycle somebody says "I" will be the
one to do the impossible and every electoral cycle the winner fails."Only the people can balance the budget.  They do it by holding the politicians accountable.  Most people pay no attention to politics.  They never get involved.  They don't call their representatives.
 
@fcabanski: I disagree.  The President and Congress set the budget and impose spending priorities.  Who holds power is immensely important.Nobody denies Romney is better than Obama, but I'm tired of the argument that he will balance the budget and rescue our government.  No, he won't, not even Reagan cut the debt.  He will merely damage it less than Obama.  Why that can't be reason enough boggles my mind. 
4951
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TheDude Active Indicator LED Icon  New Member
~ 11 years ago   Oct 5, '12 4:00pm  
This has been posted on here before and I'll say the same thing I did last time.  This is an inaccurate comparison. The US economy is not the same as the finances of an individual.   As I'm sure you know, the US government is in control of its own currency, we print that.  You, personally, cannot print your own money (and have it accepted).  The US government can print their own money and have it accepted almost anywhwere.  We can (but shouldn't) print all the money we needed to pay off all US public debt today (well not print, but create with a computer, the current state of 90% of all currency).  However, that's not a good idea.  What is a good idea?  Keep spending more.  Even Mitt Romney has said he wouldn't balance the budget in his first few years because it would shrink GDP by up to 5%.  We need somebody to spend enough money so that the economy starts working like it is supposed to.  Suppose the government contracts some firm to do something.  That firm pays out some bonuses for whatever reason.  The employees go spend that money at some other business.  Now that business has more income.  Perhaps if enough people come to the store they hire a new employee.  Now there's new capital to be had because this person now has new income.  And the cycle repeats.  We need massive spending programs to pull the US out of the hole that it's currently in. This is what we did during the Great Depression.  FDR created countless programs to hire people and to do jobs.  He created programs that weren't necessary, but helped and gave people much needed jobs.  I know, that the New Deal isn't what ended that Great Depression.  However, it did help.  FDR cut the New Deal back in 1932, and GDP shrank and unemployment grew.  The next year after adding more funding to the program, GDP grew and unemployment shrank.  What did end the Great Depression was WWII, which in case you didn't know, was a massive amount of government spending. Austerity cuts aren't going to help, they're going to make the current situation far worse.  There's going to be fewer jobs and the economy will continue to get worse.  That's not to say it won't rebound in the long run of its own accords....but in the long run, we're all dead.Also, that's not what the debt ceiling is. The debt ceiling is the legal limit to how much money congress can borrow.  That's not the same as how much money congress is spending (that's in the budget) what we're talking about here is not being able to pay for the things you've already bought. Raising the debt ceiling does not have any direct impact on the budget deficit.  Had the debt ceiling not been raised, the United States would have defaulted on its debts and there would have been a global economic catastrophe.  Also, in the past, raising the debt ceiling wasn't something that was opposed so much.  The people in charge generally understood what was going on and what debt ceiling meant, which is apparently not true anymore.  The debt ceiling was raised over 100 times since it had been made when this nonsense happened.  In short, neither of your analogies makes any sense, and what they're proposing is potentially very harmful to the US economy and all Americans.   4951
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FoFa Active Indicator LED Icon 17 OP 
~ 11 years ago   Oct 5, '12 4:16pm  
We need somebody to spend enough money so that the economy starts working like it is supposed to.  Suppose the government contracts some firm to do something.  That firm pays out some bonuses for whatever reason.  The employees go spend that money at some other business.  Now that business has more income.  Perhaps if enough people come to the store they hire a new employee.  Now there's new capital to be had because this person now has new income.  And the cycle repeats.  
 
@TheDude: Sounds sort of like trickle down.
4951
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TheDude Active Indicator LED Icon  New Member
~ 11 years ago   Oct 5, '12 5:28pm  
Sounds sort of like trickle down.
 
@FoFa: And yet it's not. Trickle down is what Mitt Romney wants to do: give tax breaks to those at the top in hopes that they'll use that money to boost the economy.  We should absolutely not do that.  Suppose your'e a business that's doing pretty well.  Suddenly you get a tax break from the government.  Why on earth would you hire more employees?  There's no incentive.  The demand isn't high enough that you're needing more employees.  I"m saying we should be working to boost aggregate demand.  It's more Keynesian than it is supply side.
4951
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