U.S. National Debt Approaches $17 Trillion

[Jack Hays]

U.S. national debt now stands over $16.9T. That means $17T is easily in sight. President Obama already is responsible for more debt than any preceding POTUS. At this rate he'll be responsible, on 20 January 2017, for more debt than all previous Presidents combined. How long can this go on? Do you think he'll break $20T before he's done?

 

[pbrauer]

Reagan tripled the debt, GWB doubled it.

 

[ecofarm]

Reagan tripled the debt, GWB doubled it.

Isn't that the previous presidents' fault?

 

[pbrauer]

Isn't that the previous presidents' fault?

Was it Clinton's fault for the Bush tax cuts; Iraq & Afghanistan and Medicare parts C and D?

 

[Linc]

U.S. national debt now stands over $16.9T. That means $17T is easily in sight. President Obama already is responsible for more debt than any preceding POTUS. At this rate he'll be responsible, on 20 January 2017, for more debt than all previous Presidents combined. How long can this go on? Do you think he'll break $20T before he's done?

This again? It's everyone's fault, Jack. Now will we ever get out of it or will we just keep on blaming each other?

 

[Slyfox696]

U.S. national debt now stands over $16.9T. That means $17T is easily in sight. President Obama already is responsible for more debt than any preceding POTUS. At this rate he'll be responsible, on 20 January 2017, for more debt than all previous Presidents combined.

Not according to the latest CBO projection's. Quite a bit of debt under Obama? Yes. But not more than the rest combined.

CBO | Budget Projections

 

[Jack Hays]

This again? It's everyone's fault, Jack. Now will we ever get out of it or will we just keep on blaming each other?

It's not everyone's fault.

 

[Jack Hays]

Not according to the latest CBO projection's. Quite a bit of debt under Obama? Yes. But not more than the rest combined.

CBO | Budget Projections

He's already the all time leader. If he hits $20T then he'll surpass the combined total of all the others.:mrgreen:

 

[pbrauer]

He's already the all time leader. If he hits $20T then he'll surpass the combined total of all the others.:mrgreen:

Are you saying '80s dollars are the same as today's dollars?

 

[Jack Hays]

Are you saying '80s dollars are the same as today's dollars?

Don't know and don't care. I just add up the numbers.

 

[CanadaJohn]

If only this $17 trillion was the extent of the US debt - the hidden debt, those obligations the US government has that are not included, make getting your house in order seem virtually impossible.

 

[pbrauer]

Don't know and don't care. I just add up the numbers.

I know. It's not a valid comparison.

 

[Slyfox696]

He's already the all time leader. If he hits $20T then he'll surpass the combined total of all the others.:mrgreen:

First of all, that's false as well. When Obama came into office, our debt was roughly $10.6 trillion, so the debt would have to hit roughly $21.2 trillion to surpass the combined total of others.

Second of all, we're currently not projected to hit that mark until 2019, which would be long after Obama left office.


Again...a lot of debt occurring while Obama is President? Yes. But don't get too excited just yet, because the way things stand now, you're likely to be disappointed.

 

[Linc]

It's not everyone's fault.

And you know this thread is about blame not solve. Your response says that. So did your House's response to a responsible plan from Sen. Coburn in July of 2011, just before the Republican TEAparty House downgrade.

 

[Linc]

Six of Obama's last eight years will have a budget started by a House that increased Defense with back-home and unnecessary priorities that undermine those of the Joint Chiefs.

 

[polgara]

If only this $17 trillion was the extent of the US debt - the hidden debt, those obligations the US government has that are not included, make getting your house in order seem virtually impossible.

Good evening, CJ. :2wave:

I checked the US debt clock just now, and our unfunded debt currently stands at $124 plus trillion! and ticking merrily away! Yes, it is virtually impossible to imagine such an amount, let alone pay same.

 

[Slyfox696]

Six of Obama's last eight years will have a budget started by a House that increased Defense with back-home and unnecessary priorities that undermine those of the Joint Chiefs.

And almost all of Obama's budgets have had a decrease in deficit spending. The Recession sucked. People are going to have to realize that at some point.

 

[AlabamaPaul]

Good evening, CJ. :2wave:

I checked the US debt clock just now, and our unfunded debt currently stands at $124 plus trillion! and ticking merrily away! Yes, it is virtually impossible to imagine such an amount, let alone pay same.

Just to keep things in perspective, what is an unfunded debt? Is a future mortgage payment unfunded because you might have the ability to pay the balance immediately?

Only a question to think about...

 

[Linc]

Zero Republican candidates for the POTUSA would bite on a 10-for-1 swap on cuts to revenues. Most irresponsible, as shown by Sen. Coburn. We've wasted two years since he showed us his simple plan. Now, jobs continue to grow and the deficit per year drops anyway.

 

[Linc]

And nowhere in this discussion will you see the anti-Obama folks discuss the imbedded interest on total accumulated debt and that it increases every year. Only Sen. Coburn was responsible enough to do that. Did he have to wait until after his 2010 election, which he said would be his last?

 

[polgara]

Just to keep things in perspective, what is an unfunded debt? Is a future mortgage payment unfunded because you might have no ability to pay the balance immediately?

Only a question to think about...

In your example, $17 trillion seems like such a small amount to owe, doesn't it? It's fortunate that math is not my strong suit, or I'd probably be stressed over those numbers. :lamo:

 

[AlabamaPaul]

In your example, $17 trillion seems like such a small amount to owe, doesn't it? It's fortunate that math is not my strong suit, or I'd probably be stressed over those numbers. :lamo:

It's by no means a small amount pg, but it does need to be placed into some perspective. We need to be more concerned over the reasons behind our debt accumulation...

 

[Jack Hays]

I know. It's not a valid comparison.

All those dollars are worth the same today, regardless of when they were thrown on the pile.:mrgreen:

 

[Jack Hays]

First of all, that's false as well. When Obama came into office, our debt was roughly $10.6 trillion, so the debt would have to hit roughly $21.2 trillion to surpass the combined total of others.

Second of all, we're currently not projected to hit that mark until 2019, which would be long after Obama left office.


Again...a lot of debt occurring while Obama is President? Yes. But don't get too excited just yet, because the way things stand now, you're likely to be disappointed.

I'll be disappointed if he gets there. I'm hoping he'll show some budget spine. And your math is correct. My apologies.

 

[Jack Hays]

And you know this thread is about blame not solve. Your response says that. So did your House's response to a responsible plan from Sen. Coburn in July of 2011, just before the Republican TEAparty House downgrade.

The downgrade belongs to BHO, but that's a separate topic.