Quote:
Originally Posted by Air&Road
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Larry, you really need to work out how the national debt works.
Constantly, you blame trillions of dollars of debt on Obama, as if the guy alone is off buying diamond encrusted castles built on captured hopes and dreams, and painted with the blood of patriots. In fact, blaming the massive debt on the current president is a constant conservative calling card, as if they suddenly woke up 5-6 years ago and realized that it existed.
Time to wake up. The national debt is a monster 30-40 years in the making at its current size. Obama is actually one of the most cost saving presidents we've had, and there is literally nothing he alone can do to keep it from growing on INTEREST ALONE ON THE CURRENT BALANCE. Same with Bush. I blame Bush for adding a couple trillion to debt in a fecklessly incompetent fashion, but he only added to it, he didn't create it.
Do you really need to be told how interest works? Do you really need to be told that there is a point where interest on the debt will exceed our GDP? Forget a balanced budget, what we need is a heavily imbalanced budget, one that generates enormous profit so we can pay down some principle and get this monster off our shoulder. That is nearly impossible.
How did we get into this position you may ask? 30-40 years of violating the most basic financial principle on earth.
1. Don't spend more that you earn, don't live beyond your means.
Why did we do that?
Whats the most popular political cause?
-you can get more and pay less for it.
The day this country starting slipping down the drain was the day that Politicians started to seriously sell this view to the American public in a complete violation of common sense, and to our shame, an entire generation of people grew up with the idea that violating this basic principle was not only possible, but an entitlement of being an American.
Shame on us, and shame on you for dumping the entire responsibility of this fiasco on whatever president currently holds office, because unless we have 20 presidents who all have the same economic goal, the problem will never resolve itself.
Right now Obama is saddled with debt incurred under 10 presidents, and still there are people who don't understand the basic principle of monster interest on a staggering debt. Remember Operation Desert storm? thats floating around in that monster debt, still not paid for these 20 years. If he fired every federal employee in the country including congress and himself, the debt would still grow based on interest.