National Debt $16,217,000,000,000+

[Hilarious Clinton 452]

Time to wake up and pay attention.

http://www.brillig.com/debt_clock/

dicuss

[Penny Lane 8,159]

It is time to wake up - to another four years of Obama. Enjoy!

[one...two...tree 2,762]

John discusses the US national debt, the federal budget deficit, plans for shrinking or eliminating the deficit, and tries to provide some context to the political rhetoric and statistics that are constantly thrown around in an election season. Along the way, I hope you'll understand why the United States' sovereign debt hasn't led us to an economic crisis, but also why budget deficits need to shrink in order to ensure that credit remains inexpensive and the US continues to enjoy the trust of the world economy. (Friendly reminder: Educational videos, by extensive precedent, are allowed to be longer than

.)


Here's why I think the gold standard is a bad idea:

1. By restricting money supply to the supply of gold, you risk shrinking the money supply just because of a shock leading to a disruption in supply from mining. This creates a lot of volatility in the money supply for no reason.
2. The gold standard limits a government's ability to respond to changes in the market, which can (and has) led to unescapable deflationary spirals.
3. Far from inspiring investor confidence, its implementation would crush it:http://www.ocregiste...dard-money.html

[mawilson 2,133]

Time to wake up and pay attention.

http://www.brillig.com/debt_clock/

It's too late, we're past the point of no return now. Ryan was our last chance.

All we can do is prepare for the inevitable collapse and have an exit strategy.

[Mr. Big Dog 10,747]

It's too late, we're past the point of no return now. Ryan was our last chance.

All we can do is prepare for the inevitable collapse and have an exit strategy.

If Ryan was the last chance, then we never had a chance. Ryan was going to blow the deficit up big time. He never even tried to balance the budget until 2040 or so.

[I AM NOT THAT GUY 5,715]

We don't have to worry about the 2016 election. Obama will have bankrupt the country before then. The fed already devalued the dollar by 50% during his first term. Can anybody say $10/gallon for fuel without getting a foul taste?

[JohnR! 5,495]

It's too late, we're past the point of no return now. Ryan was our last chance.

Has Ryan not been in DC for a while now? One might think he has been working, but you seem to suggest otherwise...

[Mr. Big Dog 10,747]

Has Ryan not been in DC for a while now? One might think he has been working, but you seem to suggest otherwise...

Ryan voted in favor of all the things that blew the budget. And he presented a plan that would blow it even further.

[one...two...tree 2,762]

We don't have to worry about the 2016 election. Obama will have bankrupt the country before then. The fed already devalued the dollar by 50% during his first term. Can anybody say $10/gallon for fuel without getting a foul taste?

more Right Wing lies....

[Mr. Big Dog 10,747]

more Right Wing lies....

It's all they have.

[JohnR! 5,495]

Ryan voted in favor of all the things that blew the budget. And he presented a plan that would blow it even further.

That is my impression also but the other poster suggested that Ryan would only be interested in getting things accomplished and work for the American people were he to be elected VP...

I thought he had already been elected by We The People to work for us...

[웃 910]

Republicans haven't balanced a budget in forever.

JFK was a Senator and I doubt anyone knew who he was at the time.

The last time Republicans balanced a budget gasoline was 24 cents, my dad was 4 years old (he is turning 60 in a few months), average house cost $2300.

The hula hoop and the barbie doll did not even exist.

[I AM NOT THAT GUY 5,715]

more Right Wing lies....

Which part? The devalued dollar, or the prospect of $10/gallon for fuel?

[scotinmass 588]

Which part? The devalued dollar, or the prospect of $10/gallon for fuel?

Why just $10/gallon? It could be $20 or $30. We're doomed! Why didn't you fools vote for Romney the savior when you had the chance?

[one...two...tree 2,762]

Which part? The devalued dollar, or the prospect of $10/gallon for fuel?

Implicating the stimulus spending as driving us towards economic bankruptcy.

Even traditional conservative publications don't spew that BS. From Forbes...

Who Is The Smallest Government Spender Since Eisenhower? Would You Believe It's Barack Obama?

It's enough to make even the most ardent Obama cynic scratch his head in confusion.

Amidst all the cries of Barack Obama being the most prolific big government spender the nation has ever suffered, Marketwatch is reporting that our president has actually been tighter with a buck than any United States president since Dwight D. Eisenhower.

Who knew?

So, how have the Republicans managed to persuade Americans to buy into the whole "Obama as big spender" narrative?

It might have something to do with the first year of the Obama presidency where the federal budget increased a whopping 17.9% —going from $2.98 trillion to $3.52 trillion. I'll bet you think that this is the result of the Obama sponsored stimulus plan that is so frequently vilified by the conservatives…but you would be wrong.

The first year of any incoming president term is saddled—for better or for worse—with the budget set by the president whom immediately precedes the new occupant of the White House. Indeed, not only was the 2009 budget the property of George W. Bush—and passed by the 2008 Congress—it was in effect four months before Barack Obama took the oath of office.

Accordingly, the first budget that can be blamed on our current president began in 2010 with the budgets running through and including including fiscal year 2013 standing as charges on the Obama account, even if a President Willard M. Romney takes over the office on January 20^, 2013.

So, how do the actual Obama annual budgets look?

Courtesy of Marketwatch-

• In fiscal 2010 (the first Obama budget) spending fell 1.8% to $3.46 trillion.
• In fiscal 2011, spending rose 4.3% to $3.60 trillion.
• In fiscal 2012, spending is set to rise 0.7% to $3.63 trillion, according to the Congressional Budget Office's estimate of the budget that was agreed to last August.
• Finally in fiscal 2013 — the final budget of Obama's term — spending is scheduled to fall 1.3% to $3.58 trillion. Read the CBO's latest budget outlook.

No doubt, many will wish to give the credit to the efforts of the GOP controlled House of Representatives. That's fine if that's what works for you.

However, you don't get to have it both ways. Credit whom you will, but if you are truly interested in a fair analysis of the Obama years to date—at least when it comes to spending—you're going to have to acknowledge that under the Obama watch, even President Reagan would have to give our current president a thumbs up when it comes to his record for stretching a dollar.

http://www.forbes.co...s-barack-obama/