Actually... Wrote:
> The word "unsustainable" is a worthless,
> mealy-mouthed theatrical prop for economics
> goobers. Why don't you try to back up the claim.
> Keeping in mind of course that debt as a percent
> og GDP was at about 120% after WWII.
http://www.marketwatch.com/story/cbo-issues-fresh-long-term-debt-warning-2013-09-17
a
> So you don't actually KNOW what it is or how to
> find put.
No, I didn't have it memorized.
I didn't realize I needed to for a conversation on FU.
http://www.tradingeconomics.com/united-states/government-debt-to-gdp
> No, it was after the war. You fail yet again.
/eyeroll. Feel free to argue that the 1946 numbers don't include anything from the war or its aftermath.
> LOL! US debt (i.e., Treasury securities) is the
> yardstick against which everything else is
> measured. The theatrics of the 2010 S&P downgrade
> were intended as a cold slap in the face to
> asinine TEA Party Republicans for threatening to
> disrupt the global financial order again. Rates
> on US debt FUCKING DECLINED in the days after the
> downgrade. Once again, you come up entirely
> clueless here.
First you say this was a slap in the face, then you say it doesn't matter.
Which is it?
> Servicing the public debt is a given. Too bad
> yahoos and goobers confuse that with paying it
> off. All scheduled payments of principal and
> interest will in fact continue to be made. You
> can bank of that, and could have since the
> republic was first founded. Of course, there is
> no appropriation of funds to be used to redeem
> public debt securities that mature each months, as
> billions and billions worth of them do. Treasury
> is expected to and in fact does pay all those off
> by selling new notes to the same or a different
> borrower. Gross interest payments on the debt
> have meanwhile been fairly flat -- $416 billion in
> 2013 versus $406 billion in 2006, for instance
> (not adjusted for inflation).
>
> You are again looking like a babbling fact-free
> clown here.
http://www.treasurydirect.gov/govt/reports/ir/ir_expense.htm
Gross interest payments have remained flat because interest rates on government securities are almost non-existent. That's not going to be the case forever.
Even President Obama acknowledges that the debt and deficit must be addressed:
"Here’s why. Even after our economy recovers, our government will still be on track to spend more money than it takes in throughout this decade and beyond. That means we’ll have to keep borrowing more from countries like China. And that means more of your tax dollars will go toward paying off the interest on all the loans we keep taking out. By the end of this decade, the interest we owe on our debt could rise to nearly $1 trillion. Just the interest payments.
Then, as the Baby Boomers start to retire and health care costs continue to rise, the situation will get even worse. By 2025, the amount of taxes we currently pay will only be enough to finance our health care programs, Social Security, and the interest we owe on our debt. That’s it. Every other national priority – education, transportation, even national security – will have to be paid for with borrowed money.
Ultimately, all this rising debt will cost us jobs and damage our economy. It will prevent us from making the investments we need to win the future. We won’t be able to afford good schools, new research, or the repair of roads and bridges – all the things that will create new jobs and businesses here in America. Businesses will be less likely to invest and open up shop in a country that seems unwilling or unable to balance its books. And if our creditors start worrying that we may be unable to pay back our debts, it could drive up interest rates for everyone who borrows money – making it harder for businesses to expand and hire, or families to take out a mortgage."
http://blogs.wsj.com/washwire/2011/04/13/text-of-obama-speech-on-the-deficit/
Is he a babbling fact-free clown, too?