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Originally posted by Rockpuck
Thus debt isnt an issue.... Welfare and war is..
Originally posted by Rockpuck
US GDP : 15.03 trillion
US debt : 14.726 trillion
Total debt to GDP ratio : 97.97%
But note that Debt to GDP doesn't actually mean ... anything..
US Debt: 14.726 trillion.
US Tax Receipts (2010): 2.162 trillion.
US Average Yearly Debt Expenditure (including principle):
2008: 550 billion
2009: 725 billion
2010: 440 billion
(We are technically paying less on debt today, with a much higher deficit, than we were in 2005 and 2006 .. because of lower interest rates)
2010 expenditures on interest: $197 billion. or 6% of the budget
DEBT is not our problem .. it's what Congresscritters and the MSM tell us the problem is. In fact, even at 14 trillion dollars, the USA Debt is very, very manageable. Year over Year we can put huge dents into what we owe ..
The REAL problem, that no Congresscritter wants to discuss.. is that Social Security expenditures are increasing on average 10% a year
For instance..
2006: USA pays $570 billion for SS expenses.
2010: USA pays $750 billion for SS expenses.
Compound this, take it out another decade.. what do you get?
Screwed
In 2010 Social Security assumed 20% of the entire budget.
It gets worse..
In 2006 the USA payed $530 billion on Medicaid and Medicare, as well as all other health services expenses.
In 2010 the USA payed $860 billion
If we average 75 billion in growth a year for the next 10 years (a very conservative estimate) we will be paying 1.6 TRILLION by 2021
To all you anti-war Obama lovers..
In 2006 (Under Bush, in the height of the wars) the USA spent $530 billion on defense.
In 2010 (Under Obama, supposedly ending the wars) the USA spent $720 billion on defense.
In fact the largest ever recorded expense on defense spending was in 2009 at just under $800 billion.
And somehow under Obama we managed to spend $50 billion in 2006 on the Labor Dept and $150 billion in 2010.
The point is DEBT is not the issue ..
Social Services and Defense spending is.. out of control Government spending ..
But no one is talking about what REALLY needs cutting, the 3 largest expenses SS, Healthcare, and Military consume the vast majority of our budget, and all 3 are exempt from spending cuts .. in fact Healthcare expenses are going to shoot up dramatically in the next few years under Obamacare.. The REAL fear is that compounding the growth of our social welfare system over the next 2 decades, we will consume so much debt just to pay for those services that the entire economy would soon implode.
www.federalbudget.com...
en.wikipedia.org...
www.gpoaccess.gov...
www.whitehouse.gov...
The point is DEBT is not the issue ..
Social Services and Defense spending is.. out of control Government spending
insurance companies
see, my point is that the social service expendature of 'Social Security' payments comes from a seperate tax for that program alone.... social security & medicare are funded by seperate tax collections...not taxes from sales or VAT or from income taxes which are considered the general revenue of the nation.