What happens when the 'puke budget deficit sheet hits the fan?

[FormerRepublican]

That's the question no one in Washington wants to answer. But since I'm not a politician, I'm a citizen who actually cares about this country, I want an answer.

BushCo has been running HUGE budget deficits since the day they got in office. Not for stuff that actually helps Americans - no! They spent money supporting their political cronies, like the incompetent Drownie and the terrorist lover Skeletor. They've WASTED billions in tax dollars on themselves and left America holding the bag. Iraq, the $200 Billion nightmare, is nothing but a profit vehicle created for Halliburton (and thus Cheney, who's currently busy stuffing his private sacks with conflict of interest laden cash).

I want to know what will happen when the bill comes due and America has to pay for Bush's money wasting ways!

Will we sink into a depression? Will the economy tank? Will pols put it off years and years until the interest is more than the debt and our children become slaves to the tax man, or worse, the Chinese?

What do you think will happen? Why aren't people more outraged that Congress voted themselves another raise in the midst of this scandal, even while cutting benefits for the poor?

[49jim]

1. I think nothing can be

done until 2008 when the Dems take over 3 branches of gov't. It will be a mess that can't be fixed w/o drastic changes to many programs. Of course the RW will blame the new president and Bill Clinton for putting us in such a fiscal dilemma.

[salin]

2. I would like to know how much of the budget goes to paying interest on the

debt (we know we aren't paying the debt down - just servicing "interest.") - and how much we were paying in January of 2001. How much has that increased in real outlays - and future obligations?

When the GOP talks about balancing spending (or tax cuts) with spending cuts - they don't talk about how small the budget allocations are for the programs they slash compared to the obligations for social security (funded by a seperate income stream - so in theory off limits for cuts), the pentagon, and the interest on the debt. Those are the three biggest budget expenditures. Are they going to cut defense spending when they have increased these costs exponentially? Or are they going to cut our payments on the debt (re: DEFAULT... re: ARGENTINA CRASH) ?? That, my friend, is the real elephant in the room.

[FormerRepublican]

5. That's the problem with running a deficit.

A balanced budget doesn't pay off the debt or get rid of any of the interest obligations. A balanced budget merely prevents taking on MORE debt. Clinton got closer to a balanced budget than anyone in past memory. The Republicans are busy running a deficit, taking on MORE debt, incurring MORE interest obligations, and basically destroying the financial future of our children. For what? That's the thing that pisses me off the most - they're putting us in debt for NOTHING! The only thing they're doing is looting the treasury for their own personal gain. It's the equivalent of me stealing your credit card and drawing a cash advance to put in MY pocket, while ensuring the credit card company forces YOU to pay.

Enron in the Whitehouse. I guess it's no coincidence that Bush and Ken Lay were good pals. You know what happened to Enron! That's the future the United States is looking at, and it ain't pretty. And rather than cut all the cash advances lining the pockets of Republican cronies to reduce the deficit, they're cutting benefits for the poor and elderly.

I'm so disgusted by their fiscal mismanagement that I want to puke.

[salin]

8. and the legacy they leave us with includes the Bankruptcy Bill

that makes no exceptions for catastrophic medical emergencies/costs. Yet bush and congress claim their debts (and thus "breaking the lock box on ss) are due to 911. Why can't they be held to the standards they have enacted upon other American citizens. If a company goes bankrupt it goes into reorganization - if that doesn't work - it closes (or gets bought up by someone else who wants the assets); If a person goes bankrupt - now they will have five years to pay off all debt with no relief (living in penury) regardless of the cause of the bankruptcy; but if Congress and the Admin run deficits that far exceed bankruptcy levels... NOTHING HAPPENS to them - just to us, our children, our grandchildren, and their grandchildren.

[msongs]

3. interest on the national debt in 2005 =

according to federalbudget.com (first link on a google search),


'In Fiscal Year 2005, the U. S. Government spent $352 Billion of your money on interest payments* to the holders of the National Debt."

This site claims that the interest on the debt is the THIRD BIGGEST
expense of the US budget.

other google sites seemed to claim similar numbers.

Msongs
www.msongs.com/liberaltshirts.htm

[FormerRepublican]

10. Here's some handy graphs to illustrate:

A graph comparing the Clinton years to the Bush years:

http://www.kowaldesign.com/budget/

Here's a national debt clock showing YOUR share of the national debt (which has increased $1000 since I looked at it about a month ago):

http://brillig.com/debt_clock/

On the budget and Social Security:

http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/02-19-2005/0003041459&EDATE=

This is somewhat misleading since there is an investment obligation by the US to the SS fund, but it gives you an idea of why they're trying to kill SS without giving you your money back.

I looked for a non-political version of how the budget is spent, but couldn't find one. Basically, one side says we spend all our money on entitlements like Social Security and Welfare, and the other side says we spend all our money on the military. It would be nice if someone would put together a budget breakdown that's just the facts with no spin. For those of thus who'd like to keep both sides of the aisle accountable, a non-partisan breakdown is a better tool.

I do think the following story from Janes Defense Weekly is telling WRT how our tax money is spent:

http://www.janes.com/defence/news/jdi/jdi050504_1_n.shtml

[salin]

11. more than 27,000 per person

I could swear that when I check before the election (sometime in 2004) it was around 22,000 (maybe 24,000). This needs to be pulled into campaigns - the annual increase of debt obligation per person... as it is a future TAX INCREASE - not sure that folks want to have an additional $5,000 a year (and climbing) to pay for bushco's policies (and tax cuts for the wealthy.)

[barb162]

4. I think there will be a depression from which we never recover

[Davis_X_Machina]

6. Jesus is coming before the T-bills fall due. n/t

[FormerRepublican]

14. Too bad all the 'pukes will still be here after the Rapture!

After all, they're so close to :evilfrown: that they can't bear to part from him.

[PDJane]

7. Of discretionary spending.......

That is, the money not allocated to servicing the debt and other fixed expenditures,52% is spent on the military. The Pentagon receives 500 billion USD per year. Minimum. That doesn't count the special appropriations for things like the Iraq war.

The US spends more on the military than the rest of the world combined; this seems to reflect a rather nihilistic view of the world.

[Doctor_J]

9. The Dem who's president then gets blamed

Probably Wes Clark or Obama. Luckily, by that time we will have patched up most of our foreign relations so we'll probably survive.

[DBoon]

12. A collapse in the value of the dollar

and runaway inflation.

Think Wiemar in the early 1920's

I will take a wheelbarrow full of money to buy groceries. Enroute to the store, you will be mugged and the wheelbarrow taken because it has real value unlike the dollars it is carrying.

[salin]

13. or more recently "Don't Cry for me Argentina..."

and the collapse of their currency which I believe was due to defaulting on debt.