Government redirection: Ignore vast overspending problem, look at this super committee problem

Just a comment, but I was watching the news focus on the super committee. Government has vastly overspent on banks and buddies with TARP, fake stimulus plans, bailouts, and spending on massive militarization of police.

Of course that's not the problem, they're asking us all to look at the super committee who has to figure out how to pay for it all.

Then the guy in charge says he'll veto any undermining of the automatic budget cuts. What a farce!

that finger pointing sh#t will happen over and over until someone with cahones mans up and makes a hard decision. congress and senate always put their internal and personal bickering ahead of what the people they are supposed to represent really want.

the media has almost NEVER addressed the federal government's addiction to spending, and they're not going to start now. they'll use anything to distract us from that most important issue - including molestation scandals and celebrity drama.

actively support ron paul and then something will get done!

I cannot wait for the day that these people are held accountable for their actions, or inaction in this case.

Looking in as an outsider, one of the most noticeable things to other countries seems to be not just the overspending, but the interest on the debt. The interest is just going to grow and grow and grow, and I haven't heard anyone talking about the ability to pay it down.

They also talk about how the super committee is only trying to address the problem of overspending, and that the debt in 10 years is still going to be 10 trillion more than it is now, at least. That's with the projected spending cuts, which is also ridiculous, because the spending cuts are only going to be spending slightly less, but still spending way too much.

I wonder what the daily interest is on 25 trillion dollars

All this "super committee" did was show the world that the US political system is more broken than the US realizes.

reply to post by snowspirit

I wonder what the daily interest is on 25 trillion dollars

Im coing up with $50,000,000 a day in interest at 6%. lol

Simplified:- (hopefully, so that more may understand)

Amercia's debt is close to 100% of 1 year's GDP - $15 trillion.

Annual Debt interest as on 2010 - $414 billion.

US tax revenues collected 2010 - $2.16 trillion (18.3% of GDP)

US budget 2010 - $3 trillion.

From the data, you will see that:-

1. The annual debt interest is not as killing as believed, as the tax revenues will be more than able to cover those debts.

2. However, looking at the budget, USA spent more than it collected from tax revenue, but that's because of wars, bailing out banks as well as not taxing the rich, thanks to republicans and the moron Bush.

3. Once wars are ended, taxes increased, spending rationalized and more fine tuned, and economy for tuned for tech innovation and productivity, that debt interest will not be an issue.

4. The entire $15 trillion debt is NOT due tomorrow or the next day. It is only payable when it matures, and most certainly the entire sum will not mature at the same time, which can be rollover with new debts when it comes, for USA has a wealth of not only mineral resources, but innovative human capital as well.

Thus, the panic is not over the debt, which will see it dropping once the economy is humming again. The panic lays with NOT spending, for if there is no spending, there will be no growth, and with no growth, there will be NO tax revenue, and with no tax revenue, there will be spending and NO money to pay interest on debts, let alone the debt itself.

Originally posted by SeekerofTruth101
Simplified:- (hopefully, so that more may understand)

Amercia's debt is close to 100% of 1 year's GDP - $15 trillion.

Annual Debt interest as on 2010 - $414 billion.

US tax revenues collected 2010 - $2.16 trillion (18.3% of GDP)

US budget 2010 - $3 trillion.

From the data, you will see that:-

1. The annual debt interest is not as killing as believed, as the tax revenues will be more than able to cover those debts.

2. However, looking at the budget, USA spent more than it collected from tax revenue, but that's because of wars, bailing out banks as well as not taxing the rich, thanks to republicans and the moron Bush.

3. Once wars are ended, taxes increased, spending rationalized and more fine tuned, and economy for tuned for tech innovation and productivity, that debt interest will not be an issue.

4. The entire $15 trillion debt is NOT due tomorrow or the next day. It is only payable when it matures, and most certainly the entire sum will not mature at the same time, which can be rollover with new debts when it comes, for USA has a wealth of not only mineral resources, but innovative human capital as well.

Thus, the panic is not over the debt, which will see it dropping once the economy is humming again. The panic lays with NOT spending, for if there is no spending, there will be no growth, and with no growth, there will be NO tax revenue, and with no tax revenue, there will be spending and NO money to pay interest on debts, let alone the debt itself.

What about Italy, Spain, and Greece? They tax the rich, they don’t have wars and have all the handouts and entitlements you could imagine. How’s that working out? Did you know if you liquidated all of the nations assets, 78 Trillion dollars worth, you still would not cover the unfunded liabilities and national debt. So answer my one thing, how is taxing the rich going to fix this if by confiscating all there wealth would not even cover all costs? You need to cut spending and entitlements.

A liberals worst enemy is the truth.

Originally posted by camaro68ss
collected 2010 - $2.16 trillion (18.3% of GDP)


What about Italy, Spain, and Greece? They tax the rich, they don’t have wars and have all the handouts and entitlements you could imagine. How’s that working out? Did you know if you liquidated all of the nations assets, 78 Trillion dollars worth, you still would not cover the unfunded liabilities and national debt. So answer my one thing, how is taxing the rich going to fix this if by confiscating all there wealth would not even cover all costs? You need to cut spending and entitlements.

A liberals worst enemy is the truth.

1. You are quick to label and judge others who speaks only the truth. If truth is their worst enemy, then what would yours be? Do you seek for the truth, painful as it may be, or for the delusions of wilful ignorance?

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2. Why are we comparing USA with spain or greece? Do they have a supercommittee too?
Each nation is different. The corrupt and inept greek leaders run a game of their own, so too the spain, and already many threads had devoted in depth to the chronic tax avoidance for decades and thus their mess today. No one size solution can solve every different problems.

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3. USA is an entirely different nation, with different needs and wants. The rich, holding 40% of all wealh, had got away LEGALLY paying almost no taxes, thanks to the congress and ex-president moron Bush. Those funds would have been better used if it had been channelled into social expenditure to help the poor and squeezed middle classes, through healthcare and better education to make them productive citizens with opportunities.

Govs make mistakes. It is only natural, for all mortals are only flawed beings. But we have the capacity to recognize results of wrong spending or policies, and to correct them. We can afford to make mistake once, but fools make them all the time. Look towards the grand and imposing citadel that the Congress building is. Grand exterior but stuffed by fools today.

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4. It would be best if a nation does not rely on debts to fund its progress, cos debts are a double edge sword. In the hands of the wise, it can propel a nation to greater heights, and use its largely untapped and awaited resources - both mineral and human capital potential, to pay off those debts over time.

But in the wrong hands, or in the hands of fools such as the moron Bush, it will be only squandered, through corruption or ill conceived wars. Today's results and cause for the debt speaks for itself.

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5. We can no longer change the past. BUT we can still change today and the future, and that's to acknowledge mistakes made and correct them now, before worse doom befalls upon us and the innocent next generations. May the morons in Congress wake up.