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Archive for Monday, April 15, 2013

Letter: Ticking debt

April 15, 2013

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To the editor:

I keep hearing news lately that our national debt is getting pretty high, now $17 trillion and rising. We need an analogy to help grasp that number. Let’s use clocks and timepieces for reference. My old manual watch ticks five beats per second or oscillates at 2.5 Hz. Quartz watches have replaced the old mechanical watch, as most everyone has them, so we can all relate to these electronic timepieces. Quartz electronic watches oscillate at 32,768 cycles per second, quite a bit faster and more accurate.

If I let each cycle of the quartz oscillator in my watch represent $1, it will have run up $1,966,080 in a minute or over $2 billion in a single day. At this rate, it takes about a full year of quartz watch oscillations to spend $1.034 trillion. To illustrate the magnitude of this $17 trillion debt, it would require purchasing a brand new car every second for 17 years to run up this debt.

Any bets that our leaders who belong to the most elite and expensive clubs in the world will change their ways and balance the federal budget so they can purchase the cars with cash instead of borrowing and paying interest? This debt is unconscionable. I would not bet a single tick from my old watch that the national debt will EVER be paid off. Am I wrong? Or are WE enabling and eventuating a national bankruptcy that our children and grandchildren will have to deal with?

Comments

Richard Heckler 1 year ago

ANYBODY HAD ENOUGH OF GOP STONEWALLING YET? Stonewalling generally is a way to kill the economy. How many more Reagan/Bush and Bush/Cheney home loan frauds does America need? NO MORE OF COURSE!

Why let these irresponsible Supply Siders control the show?

Let’s cut corporate welfare to the wealthy across the board tomorrow…. Absolutely.

Social Security does not add to the debt and the USA has 20 years to make adjustments. Why is the GOP stonewalling?

--- Killing Social Security Insurance Is Not An Option. This would add billions to the debt a put the economy at yet a larger risk. http://www.dollarsandsense.org/archives/2010/0111orr.html

--- SSI Not Going Broke. That's right nothing but political rhetoric. http://www.truthdig.com/eartotheground/item/david_cay_johnston_social_security_is_not_going_broke_20120504/

--- Killing Medicare Insurance is simply not an option. Users are paying. http://www.thenation.com/article/159769/paul-ryans-plan-destroy-medicare

--- INSTEAD we improve medicare insurance to reduce the cost of government. Bingo! Physicians for a National Health Program http://www.pnhp.org/facts/single-payer-resources http://www.healthcare-now.org

President Obama and the Democrats have many more options in which to bring this economy around and put the GOP stonewalling out of business.

First off Uncle Sam needs to employ as many workers as necessary to rehab our nations federal highways and bridges that are 70 years old. Even if millions of workers are required. Our taxpayers owned resources do not deserve neglect.

Second the president should fill all the regulation enforcement vacancies that guard our food,pharmaceuticals,home loans and insurance industries. Fill the IRS vacancies as well.

We do this Robin Hood tax.....ABSOLUTELY! http://www.robinhoodtax.org

Let’s use 10 easy ways to fund what we need to do. Fiscally responsible indeed. http://www.motherjones.com/politics/2012/11/10-easy-ways-avoid-fiscal-cliff

Time to put GOP stonewalling out of business. This GOP has gone dumb.

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WristTwister 1 year ago

There's no doubt that a healthy economy would help us pay down the debt. But this administration's game plan to tackle the economy is not working. The increasing scope of expansive monetery policy has created a stock market environment that offers short-term profits and long-term peril. TARP I, TARP II, QE1, QE2, Operation Twist, and now QE3 has failed to stimulate the economy and bring down unemployment. These programs have injected more than $3 trillion of newly printed money into the economy so far with nothing to show for it. The banks' reserves have swolllen to more than $1.6 trillion that cannot be accessed by the un and underemployed, and even those who can qualify for loans choose to not borrow due to economic uncertainty. Other than a rising stock market which surged due to the fed's monetary policy, there is very little else to be excited about in this economy. Katy bar the door when the fed decides to shut down the printing presses. It ain't gonna' be pretty.

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jafs 1 year ago

bozo,

So you just want us to cut certain spending and raise certain taxes - you don't disagree that's necessary in order to balance the budget, right?

0

tomatogrower 1 year ago

End the debt by ending the Bush tax cuts. It's simple.

2

Armstrong 1 year ago

It's painful to be part of a country experiencing a slow death via leadership, or lack thereof.

0

NoSpin 1 year ago

Blah, blah, Bush. Blah, blah. Why has the deficit increased more over the past four years than total over the all the presidencies combined? Oh, right, Bush. We wonder why people never take responsibility for their actions these days? Starts at the top. Please come up with a better idea than to tax the middle and upper class and take away their retirements. Hasn't worked yet. Next idea will be to take the original rules of basketball away from KU and take them to Columbia, MO to be fair because they have such a bad program and can't have the rules. April 15th...... now let's talk fairness.

3

Gotland 1 year ago

Our "debt problem" is the fault of the Federal Reserve system. Not Regan, not Bush, not Obama. It is our federal reserve bank doing what it was designed to do, create a nation of debt slaves.

0

just_another_bozo_on_this_bus 1 year ago

The debt can be fixed with a few simple (although not necessarily easy) ways.

Bring true reform to the healthcare system that brings us in line with the rest of the world in terms of % of GDP spent on it, by implementing some form of single-payer, medicare-for-all system.

Eliminate imperial war spending, and create a true defense department.

Implement a financial transaction tax on Wall Street, return the top income tax rate to 50%, and tax capital gains at the same rate as all other income.

And, finally, remake the economy to dramatically reduce the use of fossil fuels, which would create millions of jobs while preserving the inhabitability of the planet for humans.

Here's a plan that could virtually eliminate the need for fossil fuels within a couple of decades.

http://news.yahoo.com/power-world-without-fossil-fuels-110000240.html

5

jhawkinsf 1 year ago

So let me get this straight. If during one administration an economic bubble comes into being, whether it's cause is the result of that administration's policies or not, we give praise to that administration. Then, when the bubble bursts during the next president's tenure, we blame him, whether or not his policies had anything to do with the bubble or it's bursting. Got it!

1

Steven Gaudreau 1 year ago

John Brown, how does blaming Reagan for the current deficit work when Clinton fixed the deficit? Also, Obama has halved the deficit? Then why was the debt ceiling raised? Did you mean he halved surplus spending? Here's an idea, lets stop the blame game and fix the problems. Repubs and Demos would argue on a sinking ship about whose fault it was rather then grabbing a bucket and saving themselves.

1

IKU57 1 year ago

What deficit.? Obama is printing 85 billion a month to give to his central banker friends. Does he need to print more for the rest of us? No problem. Tell Bernanke to print more.

I wonder why the word deficit is used in the language? Now that Roberts sided with Obama, rewriting his Obamacare calling it a tax, I wonder why Obama has to take money from us to pay for the millions and millions of people added to his Obamacare? He can print all the money he wants.

There is no deficit. Deficit is a manufactured, impossible anomaly, manifested by people with out hope and change, to attack Obama's magnificent work..

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Bruce Bertsch 1 year ago

One must also look at to whom the debt is owed. Over 70% is owed to ourselves. The balance to various foreign governments. Offsetting the 30% is that the US owns foreign assets worth more than that amount. We do not have a short or medium term debt problem, what we have is an unemployment problem. If we could stimulate the economy and put people back to work the deficits and debt would take care of themselves. We are still a demand based economy (no apologies to Arthur Laffer).

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JohnBrown 1 year ago

If you want to be mad at the people who created the debt, then be mad at Ronald Reagan--who doubled the debt during his time as president,and blame George W. Bush,who doubled it again. W's policies had the double whammy effect of also ruining the economy, so when O'Bama took office the deficit was still in free fall. Since O'Bama has taken office (and with no help from the Republicans in congress --who wanted him to fail so they could keep him to one term), O'Bama has managed to halve the deficit -- each year the deficit under O'Bama has declined.

Also look back to Bill Clinton's tenure as president. His policies, including his tax policies, provided the government with surpluses, which is what is needed to begin paying off the debt.

JohnBrown

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