Sep 12 - The U.S. is now over $20 trillion in debt — here’s how it got there

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 2 weeks ago '15        #1
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BrotherMan 160 heat pts160
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Sep 12 - The U.S. is now over $20 trillion in debt — here’s how it got there
 

 
f!ghting wars, big tax cuts and economic stimulus packages have all added to the debt burden


1.

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The U.S. has exceeded $20 trillion in national debt — the nation was a cool $20.16 trillion in the red as of Friday — and now that it’s crossed that mark, get ready for some finger pointing over who’s to blame.

If history shows anything, it’s that both parties share responsibility for boosting the debt. f!ghting wars, big tax cuts and economic stimulus packages have all added to the burden over the years.

Here, we’ll take a look at some key moments in the debt’s trajectory until now, and also where it is going.

2.

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In August 1981, with the U.S. at the beginning of a recession, President Ronald Reagan signed major tax cuts into law. While Reagan’s supporters credit the cuts in tax rates with juicing the stock market and the U.S. economy, the downside was obvious: less money flowing into the government’s coffers. A U.S. Treasury paper shows the 1981 act reduced federal revenue by an average of $118 billion a year (in today’s dollars) during the first four years.

3.

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President George W. Bush also signed tax-cut packages into law in 2001 and 2003. Individual-income tax rates were cut, as were taxes on capital gains and dividends. This table shows where the Bush tax cuts fall in size compared to other major bills. President Barack Obama extended the cuts for two years in 2010, and made most of them permanent in 2012. Kathy Ruffing, a consultant to the Center on Budget and Policy Priorities, has estimated that the cuts originally enacted during the Bush years will account for $5 trillion of debt outstanding through fiscal 2017. That includes interest.

4.

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The U.S. spent heavily on the wars in Afghanistan — which the U.S. invaded after the Sept. 11, 2001 terrorist attacks — and Iraq. According to consultant Kathy Ruffing, the two wars account for about $2 trillion of the debt, including interest.

5.

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The year-and-a-half long Great Recession began in December 2007, brought on by the collapse of the U.S. housing market. The downturn spanned the Bush and Obama presidencies, and heralded the ballooning of budget deficits as the government responded with huge bank bailout and stimulus programs. In fiscal years 2009-2012, deficits exceeded $1 trillion.

6.

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With the U.S. still reeling from the Great Recession, President Barack Obama signed the American Recovery and Reinvestment Act in February 2009. In addition to tax cuts, Obama’s stimulus bill spent billions of dollars on unemployment benefits and infrastructure projects. Obama said the plan would be “a major milestone on our road to recovery,” but Republicans trashed the measure as a waste of government money. Originally scored at $787 billion, the Congressional Budget Office in 2015 put its price tag higher, at $836 billion. Including interest payments, it added $1 trillion to the debt through fiscal 2016, according to the Committee for a Responsible Federal Budget.

7.

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The debt is projected to keep growing as the U.S. spends more on programs for its aging population. Last spring, the Congressional Budget Office estimated that if current laws remain the same — that is, if President Donald Trump and the Republican Congress were to do nothing — debt held by the public would rise to 150% of the total economy in 2047 from the 77% it’s at now. Trump has vowed a few polices that could have a big impact on the debt, including major tax cuts and a military buildup. What’s more, he pledged to leave programs including Medicare and Social Security unchanged. A tax plan Trump proposed during the campaign would add about $7.2 trillion to the debt over a decade, the Tax Policy Center estimated.

On Friday, Trump signed a bill to suspend the debt limit through Dec. 8, enabling the Treasury to borrow more money. The president also said last week he saw “a lot of good reasons” to eliminate the debt ceiling, though that plan would likely meet stiff resistance in the Republican-controlled Congress.

visit this link http://www.marketwatch.co .. 7-03-30?page=3

visit this link http://www.usdebtclock.org/






Last edited by BrotherMan; 09-12-2017 at 03:29 PM..
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52 comments for "Sep 12 - The U.S. is now over $20 trillion in debt — here’s how it got there"

 2 weeks ago '04        #2
deziking 71 heat pts71
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 2 weeks ago '13        #3
Xavi619 102 heat pts102
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who owe $20 trillion ?



n*gga i owe sprint $50
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 2 weeks ago '17        #4
ddy807 
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a forensic accountant in the military found that the pentagon lost 2tln. iirc.
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 2 weeks ago '07        #5
Bighempin of QM 13 heat pts13
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So we should lay this at the feet of the republican party
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 2 weeks ago '15        #6
D34THW15H 12 heat pts12
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Financial system is a scam anyway
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 2 weeks ago '17        #7
Tom Herman 34 heat pts34
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Obama is easily one of the 5 worst presidents ever
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 2 weeks ago '09        #8
WasabiTuna 19 heat pts19
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 Tom Herman said:
Obama is easily one of the 5 worst presidents ever
How so?

All things considered he wasn't bad at all. He wasn't good but I don't think there has been a good president since like Eisenhower.
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 2 weeks ago '17        #9
Tom Herman 34 heat pts34
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 WasabiTuna said:
How so?

All things considered he wasn't bad at all. He wasn't good but I don't think there has been a good president since like Eisenhower.
-Expanded the wars in Iraq and Afghanistan. Iraq in particular was supposed to end in 2009. There are still bases there
-Benghazi
-Signed NDAA
-Tried to get SOPA passed
-Mishandled the Syrian Crisis.
-Made Extensions to the Patriot Act-Forever keeping the surveillance state alive
-Added more debt than any other president ever combined



This is just off the top without mentioning any partisan issues that will cause me to think he's horrible.
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 2 weeks ago '09        #10
WasabiTuna 19 heat pts19
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 Tom Herman said:
-Expanded the wars in Iraq and Afghanistan. Iraq in particular was supposed to end in 2009. There are still bases there
-Benghazi
-Signed NDAA
-Tried to get SOPA passed
-Mishandled the Syrian Crisis.
-Made Extensions to the Patriot Act-Forever keeping the surveillance state alive
-Added more debt than any other president ever combined



This is just off the top without mentioning any partisan issues that will cause me to think he's horrible.
Yea I'm pretty every president did things comparable to your list if not worse.

Obama is worst for expanding the war, who started it?

And how many people died in Benghazi, like 8? 3000 people died on 9/11. Who was that under again?

If you really think Obama is one of the worst presidents maybe you should research presidents.

And percentage wise he added to the debt less than bush and Reagan.

Like I said he wasn't a particularly good president but he was no way top 5 worst.
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 2 weeks ago '17        #11
Tom Herman 34 heat pts34
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 WasabiTuna said:
Yea I'm pretty every president did things comparable to your list if not worse.

Obama is worst for expanding the war, who started it?

And how many people died in Benghazi, like 8? 3000 people died on 9/11. Who was that under again?

If you really think Obama is one of the worst presidents maybe you should research presidents.

And percentage wise he added to the debt less than bush and Reagan.

Like I said he wasn't a particularly good president but he was no way top 5 worst.
Prove it.


Obama is worse for expanding wars he promised to end. I put more blame on a hypocritical "anti-war" senator who ran for the highest seat in the U.S. under that pretext and then decided to do exactly what his predecessor did, while also criticizing him. Obama also dropped more bombs and got us involved in Libya.

You really compared Benghazi to 9/11?

Percentage wise he added less debt than Bush and Reagan? Really? That's your argument.

You think I should do more research on presidents? You sound like someone who just started following politics because of Trump. You really tried to compare 9/11 to Benghazi
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 2 weeks ago '17        #12
ddy807 
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 2 weeks ago '11        #13
GravityEraser52 
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 2 weeks ago '10        #14
AmazinJay 2 heat pts
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 Ren Hoek said:
When people speak of debt owed they don't realize the vast majority of citizens through loans like mortgages, cay payments, student loans, etc. Citizens hold $12-15 trillion of the debt. It means that more people are buying houses and stimulating the economy but when the market crashes its gonna be worse than this past great recession.

You're right to a certain degree. Publicly held debt refers to not only individuals like you and me, but foreign investors including governments such as China and Japan. Just like you and I buy bonds such as Municipal bonds, the government finances everything primarily through selling bonds by issuing IOUs the public. This is how they raise money to pay for programs other than raising taxes(raising cash basically). However, they also issue these same bonds to the Federal Reserve. In order to stave off heavy hikes to inflation, the government then sales off this currency to other foreign nations to hold our bonds as reserves. Its like a credit card. This country has a bond rating like you an I have a credit rating. Actually government liabilities is actually lower. Something like 10 trillion dollars. We just allow investors to finance the rest. People don't understand this concept of debt. Every country has debt but they all finance their debt through a circulation system managed by central banks. They then all report to the IMF as well.
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 2 weeks ago '12        #15
Di Warlord 8 heat pts
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They better do something about this sh*t soon, or its about to get ugly


...or at least that's what I learned in macroeconomics

Cut off social security for those who make a sh*t ton. Cats like warren buffet and Bill Gates don't need it

stop giving aid to Israel for one

We shoulda make Afghanistan and Iraq colonies to help with that debt.. especially since we've been there for so long

Legalize weed on a national level, lettuce all get stoned and pay down the debt
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 2 weeks ago '17        #16
TheE 5 heat pts
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325 million people controlled by 545 people . World War 3 coming soon
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 2 weeks ago '08        #17
Future 44 heat pts44
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 wasabituna said:
how so?

All things considered he wasn't bad at all. He wasn't good but i don't think there has been a good president since like eisenhower.
jfk..
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 2 weeks ago '04        #18
skillahmang 2 heat pts
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 2 weeks ago '17        #19
Tom Herman 34 heat pts34
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 Ramen said:
I came in here to say "obviously." The debt problem will probably never be resolved. I don't even know why people talk about it anymore. But then I saw this post. How do you figure Obama expanded the Iraq and Afghanistan wars? There was a fraction of the troops in afghanistan and iraq by the end of Obama's first term. Look at the number of troops and the amount of money we were spending on the wars compared to when Obama came in and when he left office. And Benghazi wasn't really on him, that's just a talking point. And Obama k!lled SOPA. Where do you get your facts from? I'm not gonna say Obama was the best president but he was definitely one of the better presidents we've had. If you're going to point out his mistakes at least point out real things, not made up sh*t and talking points.
Obama expanded the wars by sending more troops in and continuing the wars. If he stayed true to what he was supposed to do, the war at least in Iraq was supposed to end by 2009. As for Benghazi not being on him? Wow but whenever other presidents have scandals or problems, it's their fault. It's your administration and your secretary of state. It's absolutely your fault. Obama didn't k!ll initially. He backtracked. The same way he backtracked on Syria and pretended to take a more diplomatic stance. You don't know what you are talking about. If you think Obama was a good president, more power to you. But don't act like people can't call him a horrible president without valid critiques. Everything I said was a valid critique of the president. Not to mention the fact that he increased the number of bombs dropped on the middle east and single handededly destabilized Libya. Yalls responses are more like excuses "well he did that but look what x person did"
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 2 weeks ago '10        #20
ElevateOne 58 heat pts58
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In 4 years Trump can probably run it up to 25 trillion.

Do you think he can pocket a cool trillion before leaving office and become the first Trillionaire!


before he gets impeached or arrested or has to defect to Russia that is...
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