phoenix80
Banned
A very interesting report from the Treasury Department shows that the deficit is down by almost 33% compared to last year
US Deficit Drops By a Third
Gator
U of B and B Alumnus
Where as I heard there is going to be a record DoD supplemental sent to the US Congress for operations in Iraq, over 100 billion, which is going on the National Debt, and that the 2007 total will be higher than last year's deficit of $248.2 billion.
But please, don't let me rain on your parade.
YaY! the National Debt is only $8,677,549,742,886.75
http://www.brillig.com/debt_clock/
But please, don't let me rain on your parade.
YaY! the National Debt is only $8,677,549,742,886.75
http://www.brillig.com/debt_clock/
Donkey
Active member
What I don't get is that if our GDP is higher how exactly is it a deficit???
Then let's start running the numbers on average income taxation, this tax that tax and the other by X number of workers/consumers and look hard at these numbers and wonder what is going on.......
Then let's start running the numbers on average income taxation, this tax that tax and the other by X number of workers/consumers and look hard at these numbers and wonder what is going on.......
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Gator
U of B and B Alumnus
US Government spending has gone totally out of friggin control.
The DoD gets well over 500 billion for 2007, add to that the next supplemental, which is due before Oct 07, of 100 billion and thats well over 600 billion dollars, still with shortfalls for equipment and repair of equipment.
The Department of Veterans Affairs gets some 70 billion dollars on top of that, and well, that's nearly 700 billion dollars a year on things that have to do with the Military and Military Veterans alone.
The DoD gets well over 500 billion for 2007, add to that the next supplemental, which is due before Oct 07, of 100 billion and thats well over 600 billion dollars, still with shortfalls for equipment and repair of equipment.
The Department of Veterans Affairs gets some 70 billion dollars on top of that, and well, that's nearly 700 billion dollars a year on things that have to do with the Military and Military Veterans alone.
Donkey
Active member
Most economists will tell you the deficit number really is erroneous....
But that is not what the media wants you to think they make everything balance on this number.....
http://www.foreignaffairs.org/20050701faresponse84415/brad-setser/how-scary-is-the-deficit.html
What really starts hacking away at us is the fact we are not on a level playing field....
Go ask a carpenter in china what he gets paid and what his union is doing about it....
A lot of countries still work on slave labor....
Then let's look at currency exchanges and how some companies are getting around that by having shops in the US therefore negating any impact on the exchange rate....
You really cant let everything hinder on such an imaginary number, some of you may argue with that statement go right ahead....
Basically it is a lot more deep and complex then just one number.....
I wonder when it will come time (like in 1985 with the US and the G5) to drive down other grossly overvalued currencies....
Check out what Forbes has to say
http://www.forbes.com/business/2006/03/30/us-deficit-concern-cx_0331oxford.html
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CABAL
Active member
The reason many Economists say the number is different is because the methods of calculating debt are different depending of what the Economist view as a form of debt. If you include Homeland Security, Tax Relief, and other forms of legislations, which should all be included as debt, of course the Deficit is still enormous. If you exclude other expenditures, the debt is still hovering around the trillion. Add other expenditures, you receive a debt that has either tripled, doubled, or quadrupled.
China on the other hand can't keep financing America's debt burden. They have their own social problems that requires their money to be spent. However should they divest a large portion of their holdings, could create a negative impact.
China on the other hand can't keep financing America's debt burden. They have their own social problems that requires their money to be spent. However should they divest a large portion of their holdings, could create a negative impact.
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Gator
U of B and B Alumnus
Americans, like the Federal Government, are also deep in debt.
Debt Maintenance is sucking up more and more monies which would otherwise be put back into the economy.
Donkey
Active member
Oh yeah it is only a matter of time before it happens everywhere....
http://www.chinadaily.com.cn/english/doc/2005-02/22/content_418101.htm
average income in Beijing was 1,900 USD per year.....
What I am trying to say is you cant judge a country on this and that to much as many would like to deny and stop a world economy is very real...
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This is interesting
http://www.finfacts.ie/biz10/globalworldincomepercapita.htm
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