US Debt Limit Explained!

The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.



Senator Barack Obama
Senate Floor Speech on Public Debt
March 16, 2006
 
Outstanding video! Every Congressman and Senator and every member of the Obama Administration should be required to watch it!

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"Wait! You have kids?"

Excellent! Classic! When Centralized National Socialism has failed so utterly that parables begin springing up to fight it, fiscal sanity is imminent.
 
Funny video. guy is what 140k in debt, he spends 38k a year, and he makes 21k a year. He can certainly make some cuts but he is not going to come close to cutting into that debt without raising his revenue. Just saying. And that was even the banker's first suggestion. The second was to borrow more money from the guy's kid.
 
It's the analogy to our Fed govt. over the last 30+ years, that's the point. Until substantial cuts are made, the country is in for a long and troubled ride.
 
A key point is that there is no entity outside the federal gov't that can discretionarily increase their revenue. Who of us can say "damn, too many expenses...I guess I'll just raise my income?" So we are faced with true fiscal decisions to cut expenses and live within our means. The people running our government our completely out of touch with this concept.
 
He who owns the gold (paper gold in this case, LOL!) makes the rules. You are correct about the folks that have run the US govt. for years now are so out of touch with reality on both sides of the political spectrum.
 
Well there's Government spending and then there's Obama ran Government spending. Although both are bad, there is a huge difference in the two.
 
Deez, I couldn't find the current numbers but in 2009 it was estimated of about 146,743,000 people were employed. The average income at that time was $50K per person. This is about 7.3 trillion per year for total income. If you remove the neg outlays we are spending 4.4 trillion per year. Fast forward 2 years and at the rate we are spending plus more people are unemployeed it comes out to an estimated 75% spending of our total income. No way of knowing if that is 100% accurate but is more of an istimate if those numbers are somewhat accurate.
 
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