Woo Hoo, Another Milestone for Barack Obama!!!

[StanH]

The guy who told us George W. Bush running up $4 trillion in debt was unpatriotic (but ran up more debt in less time) has reached another milestone- our debt is now more than our GDP.

Heckuva job, Baracky!

==================================

US Closes 2011 With Record $15.22 Trillion In Debt, Officially At 100.3% Debt/GDP, $14 Billion From Breaching Debt Ceiling

Submitted by Tyler Durden on 01/03/2012 16:49 -0500

While not news to Zero Hedge readers who knew about the final debt settlement of US debt about 10 days ahead of schedule, it is now official: according to the US Treasury, America has closed the books on 2011 with debt at an all time record $15,222,940,045,451.09. And, as was observed here first in all of the press, US debt to GDP is now officially over 100%, or 100.3% to be specific, a fact which the US government decided to delay exposing until the very end of the calendar year. We wonder, rhetorically, just how prominent of a talking point this historic event will be in any upcoming GOP primary debates. And yes, technically this number is greater than the debt ceiling but it excludes various accounting gimmicks. When accounting for those, the US has a debt ceiling buffer of... $14 billion, or one third the size of a typical bond auction.

http://www.zerohedge.com/news/us-closes-2011-record-1522-trillion-debt-officially-1003-debtgdp

But hey, I suppose we're supposed to be grateful that the Treasury has monetized over a billion dollars in debt, eh libs?

 

[OldGaffer]

Yeah, we need to cut defense 50% and raise taxes on millionaires and billionaires, and do it now.

 

[StanH]

Good luck cutting defense by 50%. Only the kookiest of kook politicians are even proposing such a thing. It simply will not happen.

And raising taxes on "the rich"? It'll barely put a dent in the deficit. In fact, could tax them 100% and still not come close.

So what's your next "solution"?

Yeah, we need to cut defense 50% and raise taxes on millionaires and billionaires, and do it now.

 

[Saladin2]

More Obama hate...More useless babble

 

[StanH]

Compelling, as usual. Ahem....

More Obama hate...More useless babble

 

[Spamature]

The guy who told us George W. Bush running up $4 trillion in debt was unpatriotic (but ran up more debt in less time) has reached another milestone- our debt is now more than our GDP.

Heckuva job, Baracky!

==================================

US Closes 2011 With Record $15.22 Trillion In Debt, Officially At 100.3% Debt/GDP, $14 Billion From Breaching Debt Ceiling

Submitted by Tyler Durden on 01/03/2012 16:49 -0500

While not news to Zero Hedge readers who knew about the final debt settlement of US debt about 10 days ahead of schedule, it is now official: according to the US Treasury, America has closed the books on 2011 with debt at an all time record $15,222,940,045,451.09. And, as was observed here first in all of the press, US debt to GDP is now officially over 100%, or 100.3% to be specific, a fact which the US government decided to delay exposing until the very end of the calendar year. We wonder, rhetorically, just how prominent of a talking point this historic event will be in any upcoming GOP primary debates. And yes, technically this number is greater than the debt ceiling but it excludes various accounting gimmicks. When accounting for those, the US has a debt ceiling buffer of... $14 billion, or one third the size of a typical bond auction.

http://www.zerohedge.com/news/us-closes-2011-record-1522-trillion-debt-officially-1003-debtgdp

But hey, I suppose we're supposed to be grateful that the Treasury has monetized over a billion dollars in debt, eh libs?

I think you mean the Tea Party hit a milestone. Remember the Republican congress has been in charge of spending for the last year now.

 

[Saladin2]

Most Americans have tuned out the Obama hate.....

 

[OldGaffer]

Good luck cutting defense by 50%. Only the kookiest of kook politicians are even proposing such a thing. It simply will not happen.

And raising taxes on "the rich"? It'll barely put a dent in the deficit. In fact, could tax them 100% and still not come close.

So what's your next "solution"?

That is the solution, we can cut defense over 10 years, and raise taxes today. Oh, and put the inheritance tax at 100% over 100 million dollars. With the proceeds going toward the national debt.

 

[middleview]

Bush ran up the national debt to finance tax cuts that went primarily to the wealthy. Obama is fighting to turn the economy around from the worst recession since Reagan in 1981 to 1986. Do you see the difference?

 

[StanH]

So the Tea Party wanted to spend more, but Obama stopped them? Good luck selling that chunk of rotten baloney.

I think you mean the Tea Party hit a milestone. Remember the Republican congress has been in charge of spending for the last year now.

 

[StanH]

And you still won't get there. Apparently, it's common for liberals to think we can tax the rich out of this financial mess. And we already know your plan for the military won't happen. Bottom line, your "solution" isn't going to work.

But I bet none of your other "solutions" involve YOU paying more taxes, right?

That is the solution, we can cut defense over 10 years, and raise taxes today. Oh, and put the inheritance tax at 100% over 100 million dollars. With the proceeds going toward the national debt.

 

[Yuri Zhivago]

Bush ran up the national debt to finance tax cuts that went primarily to the wealthy. Obama is fighting to turn the economy around from the worst recession since Reagan in 1981 to 1986. Do you see the difference?

if he could see the difference would you see his top post?

 

[StanH]

Uh huh, there you go. Discussing Obama's handling of one of the biggest issues of our time is just "Obama hate".

Very compelling... ahem.

Most Americans have tuned out the Obama hate.....

 

[StanH]

I guess I'm having trouble seeing the difference, given how Obama has extended those evil tax cuts. But the fact remains, Obama said Bush running up $4 trillion in debt was unpatriotic. He ran on cutting the deficit in half in four years. He has no chance whatsoever of fulfilling that promise.

You got nothing but air. But keep swinging.

Bush ran up the national debt to finance tax cuts that went primarily to the wealthy. Obama is fighting to turn the economy around from the worst recession since Reagan in 1981 to 1986. Do you see the difference?

 

[Spamature]

So the Tea Party wanted to spend more, but Obama stopped them? Good luck selling that chunk of rotten baloney.

They increased the debt to these levels regardless of how you frame it. They did it. Obama does not spend nor does he tax. That is the job of congress. The House of Representatives in particular. Which is CONTROLLED by the non job producing as they promise Tea Party.

Live with it

 

[OldGaffer]

And you still won't get there. Apparently, it's common for liberals to think we can tax the rich out of this financial mess. And we already know your plan for the military won't happen. Bottom line, your "solution" isn't going to work.

But I bet none of your other "solutions" involve YOU paying more taxes, right?

Yes, it would.

 

[Yuri Zhivago]

Bush ran up the national debt to finance tax cuts that went primarily to the wealthy. Obama is fighting to turn the economy around from the worst recession since Reagan in 1981 to 1986. Do you see the difference?

and Stan just admitted in answer to you that indeed he does not see the difference.
Case closed

 

[StanH]

First off, your attempt to seize inheritances over $100 million will fail. It's easy to get around that with a living trust.

Secondly, the numbers on raising taxes on the rich won't get you there.

But hey, I'm a reasonable person. Let's look your evidence over and find out for sure.

tick tock tick tock tick tock tick tock tick tock tick tock tick tock tick tock tick tock tick tock

Yes, it would.

 

[Bo-4]

Bla Bla.. and 3/4 of that belongs to Repugnant Presidents.

Need a link? ;-)

 

[StanH]

"They" cannot spend a dime without Barack Obama's signature. Nice try, but even a grade schooler with even a rudimentary understanding of how our government knows that. Then of course, there's the fact that Democrats had complete control of DC for two years.

Furthermore, Barack Obama couldn't even get ONE SINGLE DEMOCRAT to vote for his silly budget. It was voted down 97-0 in early 2010.

For your next attempt, can you put up something that's not so easily debunked?

They increased the debt to these levels regardless of how you frame it. They did it. Obama does not spend nor does he tax. That is the job of congress. The House of Representatives in particular. Which is CONTROLLED by the non job producing as they promise Tea Party.

Live with it