US deep in debt and still digging »
Posted By engineer 1 year, 6 months ago in Business & FinanceYou're paying for the nation's debt addiction through both direct and indirect taxes. And unfortunately, Uncle Sam is going to need more money.
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engineer
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My background is Biomedical engineering with an MBA As you know from all my comments where I almost stand politically. I have loads of ...
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engineer1 year, 6 months ago
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The taxes you paid on your recently filed 1040 included roughly $4,300 to cover your household's annual share of the interest payments on the $9.4 trillion in public debt owed by the U.S. government.
That $9.4 trillion is just part of what we as a nation owe collectively. There's also the $700 billion trade deficit we ran up in 2007 as a result of importing more than we exported.
And then there's what we owe individually. Like the $950 billion in credit card debt we owed as of the end of March. And the $1.6 trillion in auto loans and other nonrevolving debt.
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quackpot1 year, 6 months ago
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Most of the national debt results from the fiscal policies of the Republican administrations of Regan, Bush I and Bush II.
Democratic administrations (Kennedy, LBJ, Carter and Clinton) decreased the national debt
National debt expressed as a percentage of the GDP: http://zfacts.com/p/318.html
----Democrats: tax and spend
----Republicans: borrow from our children, print money, and SPEND SPEND SPEND
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Charlson1 year, 6 months ago
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The democrats may tax and spend but they don't add to the debt like the republicans. The republicans want their children and children's children to pay so they can have their cake now. This is why our country is in such a fiscal hole. And this is why I say the republicans are greedy and unempathetic towards future generations. They rape our environment and will leave it in ruins; and they spend, spend, spend and will leave America in debt that we may never recover from.
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wildman65571 year, 6 months ago
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This is why Bush's tax cuts are fake. You have to pay a debt eventually. If you cut taxes (or I should say cut intake, since cutting taxes doesn't always cut intake -- but in the case of Bush it did), and increase spending, all you are doing is pushing the taxes on someone else.
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bubba21 year, 6 months ago
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Yes, the tax burden is being shoved off on our children and grandchildren and great-grandchildren.
Bush and Cheney and their rich cronies don't care about ANY of that. They only care about the agenda they have forced on this country for the last 8 years - an agenda that has made them, and their big corporate buddies, rich.
Bush and Cheney and their rich cronies don't care that more and more Americans are living in poverty as more and more jobs are sent offshore - they are too greedy and self-absorbed to give a dam*.
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joeblowe1 year, 6 months ago
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The only way I see that we can reverse this trend is to elect Ron Paul - and many like-minded Senators and Representatives - and STOP the runaway spending of the federal government. It is OBVIOUS that not Hillary, nor Barry, nor John are going to do Jack Shi'ite to stop the madness. In fact, if you can believe the campaign "rhetoric", they will MAKE IT WORSE. Probably MUCH WORSE.
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saneman1 year, 6 months ago
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Yeah, but according to ding dong Bush, its all being done in the name of freedom, freedom, freedom ..... and in fighting terrorism, terrorism, terrorism .....
"We need to fight them over there so that we don't fight them over here." Apparently, a large number of people actually believe that. Also, don't forget the trickle down effect of giving the wealthy the big tax breaks, because they will create jobs, jobs, and jobs, but the only problem is that they are being created overseas not here.
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nikkibabe1 year, 6 months ago
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The US and its people have gotten bankrupt with 7 years of Bush & Cheney. If the Treasury has to borrow $150 billion from China to make hand outs to people who cannot afford gas & food and loaded with credit card debt & losing their homes, it is really a bankrupt economy.
While the millions are waiting for their handouts from China, India launched 10 satellites in one shot using PSLV technology and set a world record.
Auto makers and consumer products industries are booming there with every other Indian buying a car.
Is it a surprise that there are millions here who still want to vote for John McCain!!!!...
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AZs_Geri1 year, 4 months ago
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