http://www.njspotlight.com/stories/14/12/11/budget-cuts-hurt-low-income-residents-who-need-housing-vouchers/

http://www.opednews.com/articles/Predictions-Based-on-the-2-by-Lawrence-Davidson-Bipartisan_Budget-Cuts_Budget-Wars-On-The-Middle-Class_Democracy-141227-841.html

As most of us know, the future for the US budget seems to be shaky at this point, the news articles above tell how and what the US federal budget crisis are and how they could affect you.

Personally in my opinion, I think in order for the United States to solve its budget problem, I would say eliminate welfare, get rid of income tax and completely change the way education is taught in our country.

I just want to make clear before any debating begins that the United States does not owe $17 Trillion to China. That's retarded and doesn't make any sense. The United States owes less than $1 Trillion of it's debt to China. So please for the love of Jesus Christ the savior, don't say that the US owes $17 Trillion to China. It's completely ignorant.

I just want to make clear before any debating begins that the United States does not owe $17 Trillion to China. That's retarded and doesn't make any sense. The United States owes less than $1 Trillion of it's debt to China. So please for the love of Jesus Christ the savior, don't say that the US owes $17 Trillion to China. It's completely ignorant.

But, the US has an amazingly large amount of debt.

 

I am not sure how big it is though.

But, the US has an amazingly large amount of debt.

 

I am not sure how big it is though.

$17 Trillion, in which most of it is owed to the American people.

$17 Trillion, in which most of it is owed to the American people.

The US government really should stop spending that much money.

Something I found online: Washington owes the American people a responsible, balanced budget. This is a plan to balance the budget in ten years and create jobs. This budget will achieve the following:

Expand opportunity by growing the economy.

Provide our troops the training, compensation, and support they need.

Repeal Obamacare to clear the way for patient-centered reform.

Provide families with a fair, simple tax code to boost wages and create jobs.

Secure seniors’ retirement by strengthening Medicare and other vital programs.

Strengthen the safety net and help people get back on their feet.

Restore fairness by cutting spending and combatting cronyism.

Also to Norwegiancop, it's easier said than done. And um quick question, does anyone here use Obamacare?

When you're 17 TRILLION DOLLARS IN DEBT, why would you even try to pay that back?! What's another 2 billion here, or 200 million here? 

 

On a good note, PAY RAISE FOR ME!!

When you're 17 TRILLION DOLLARS IN DEBT, why would you even try to pay that back?! What's another 2 billion here, or 200 million here? 

 

On a good note, PAY RAISE FOR ME!!

FUCK YEAA!!!!!! MURICA!!!!

 

On a more serious note, this debt isn't an international issue, really.

When you're 17 TRILLION DOLLARS IN DEBT, why would you even try to pay that back?! What's another 2 billion here, or 200 million here?

On a good note, PAY RAISE FOR ME!!

Honestly I'm not even sure how the US let itself get into that much debt, corruption and incompetence of the government my friend. Also why do people say that if the US collapses on its economy that there will be another world war, that has got the mots exaggerated term I have ever heard.

I never understood why the Government, whether it be Canada or U.S didn't print their own money so they can actually spend the money they do on Military budgets and/or pass the expensive bills they try to pass at tax payers cost, that stuff we don't get a say in, same with healthcare, would only make sense for them to print their own money so they could balance the economy & have better healthcare all around & giving the Military or even bail outs at tax payers cost, anything a tax payer has a say in, would make sense for them to pay for.

 

I'm not a racist by any means, but I'm not up for giving up my hard earned money to ANY immigration or even welfare..

Let's face it, healthcare sucks & I've waited at the emergency dept for up to 14 hours..

 http://www.usdebtclock.org/

 

 

Something I found online: Washington owes the American people a responsible, balanced budget. This is a plan to balance the budget in ten years and create jobs. This budget will achieve the following:

Expand opportunity by growing the economy.

Provide our troops the training, compensation, and support they need.

Repeal Obamacare to clear the way for patient-centered reform.

Provide families with a fair, simple tax code to boost wages and create jobs.

Secure seniors’ retirement by strengthening Medicare and other vital programs.

Strengthen the safety net and help people get back on their feet.

Restore fairness by cutting spending and combatting cronyism.

Also to Norwegiancop, it's easier said than done. And um quick question, does anyone here use Obamacare?

"Expand opportunity by growing the economy" is quite possibly the most repeated, and most empty, piece of political rhetoric I've ever heard.

 

If anything, the military budget needs to be cut, big time. Perhaps not buying expensive hardware the military doesn't even want (http://www.military.com/daily-news/2014/12/18/congress-again-buys-abrams-tanks-the-army-doesnt-want.html)and investing that money into medical and psychological care for veterans would produce a few positive outcomes. Especially considering suicide is the leading cause of death for US. soldiers. 

 

While I do think repealing the PPACA is the right move, I don't see too many viable solutions. Medical expenses are one of the, if not the leading causes of bankruptcy in the US. The PPACA was terrible legislation. While some people may have been able to get coverage, premiums have skyrocketed for others. The real winners from this legislation are the insurance companies.

 

I do agree that the tax code needs to be changed, although a perfect system is pretty much impossible to find. While I love the concept of a flat tax, it is highly regressive. Wealth distribution is more disproportionate now than ever before. 

 

So above you said you want to completely eliminate welfare, but here you cite some random online posting that says strengthen the social safety nets designed to help the unemployed. Medicare is also a from of welfare.

 

 

I never understood why the Government, whether it be Canada or U.S didn't print their own money so they can actually spend the money they do on Military budgets and/or pass the expensive bills they try to pass at tax payers cost, that stuff we don't get a say in, same with healthcare, would only make sense for them to print their own money so they could balance the economy & have better healthcare all around & giving the Military or even bail outs at tax payers cost, anything a tax payer has a say in, would make sense for them to pay for.

 

I'm not a racist by any means, but I'm not up for giving up my hard earned money to ANY immigration or even welfare..

Let's face it, healthcare sucks & I've waited at the emergency dept for up to 14 hours..

That's exactly what the Federal Reserve does. They print as much money as they like. Our currency is fiat, meaning the only value it has is the value given to it. It has no intrinsic or backing value. The Fed has been doing this for years. The more they print, the more worthless the dollar becomes.

Edited December 28, 201411 yr by SIR_Sergeant

"Expand opportunity by growing the economy" is quite possibly the most repeated, and most empty, piece of political rhetoric I've ever heard.

If anything, the military budget needs to be cut, big time. Perhaps not buying expensive hardware the military doesn't even want (http://www.military.com/daily-news/2014/12/18/congress-again-buys-abrams-tanks-the-army-doesnt-want.html)and investing that money into medical and psychological care for veterans would produce a few positive outcomes. Especially considering suicide is the leading cause of death for US. soldiers.

While I do think repealing the PPACA is the right move, I don't see too many viable solutions. Medical expenses are one of the, if not the leading causes of bankruptcy in the US. The PPACA was terrible legislation. While some people may have been able to get coverage, premiums have skyrocketed for others. The real winners from this legislation are the insurance companies.

I do agree that the tax code needs to be changed, although a perfect system is pretty much impossible to find. While I love the concept of a flat tax, it is highly regressive. Wealth distribution is more disproportionate now than ever before.

So above you said you want to completely eliminate welfare, but here you cite some random online posting that says strengthen the social safety nets designed to help the unemployed. Medicare is also a from of welfare.

Hey I didn't say I agreed with the website that I got it from, I was just posting to see if anyone was interested in it. With that said I still stand by my stance that we should get rid of welfare completely. Also I'm confused, could you explain to me what you by Medicare is a part of welfare.

Hey I didn't say I agreed with the website that I got it from, I was just posting to see if anyone was interested in it. With that said I still stand by my stance that we should get rid of welfare completely. Also I'm confused, could you explain to me what you by Medicare is a part of welfare.

Medicare provides health insurance to the elderly and disabled who could not otherwise afford it. That is a form of welfare. Welfare isn't just food programs like WIC or SNAP or public housing. 

Medicare provides health insurance to the elderly and disabled who could not otherwise afford it. That is a form of welfare. Welfare isn't just food programs like WIC or SNAP or public housing.

Well I understand it a little better now, also I agree with your previous statement about the military, yes I do agree that we should protect our country, but honestly do we really need all that expensive military hardware, why can't we just stick to what we have now? I swear the United States spends way too much time trying to improve the technology of our military, how about focusing on increasing the size of our military.

Well I understand it a little better now, also I agree with your previous statement about the military, yes I do agree that we should protect our country, but honestly do we really need all that expensive military hardware, why can't we just stick to what we have now? I swear the United States spends way too much time trying to improve the technology of our military, how about focusing on increasing the size of our military.

You've got things entirely backwards. The size is the problem. The US military is massive, with no reason for being so. The US spends more money on its military than the next eight countries combined.

Medicare and Social Security (both welfare programs) are the two largest spending categories in the federal budget. Defense is third. However, the first two don't have to be renewed every year, unlike defense spending.

SIR_Sergeant, you might want to note that every country uses fiat currency, because the alternative is (to use a technical term) "stupid." Fiat currency is printed to achieve inflation and economic goals; the government *could* print money to pay debts, but it results in hyperinflation (that's what happened to the German mark in the early 1920s). To make that harder, the Treasury was removed from the process, and actual economists who have a measure of independence set US monetary policy.

Sovereign debt is not like household debt. It doesn't have to be entirely repaid; a country can sustainably run a balance of debt. It's not an issue at all to have high levels of debt unless interest rates are going up or interest payments are a problem. High principal isn't a problem because a country does not get dissolved if it can't pay its debt -- it can print money (which is not good, but will clear the debt) or can default, and it cannot be forced to pay anything (a private party can have its stuff confiscated, a country cannot). The effects of debt are to increase outlays every year to pay interest, and (if investors are worried it won't be paid back) to increase interest rates, making it more expensive to borrow money in the future. The US can borrow money at one of the lowest interest rates of any entity in the world, because Treasury bonds get paid back on time, period. So, it's actually not really a problem for US debt to be at the level it's at. Countries often run a debt, and they aren't expected to ultimately pay everything off.

As to how the US got in debt - The United States had no debt for around a year in 1835 and 1836. It has continuously been in debt since then, and was in debt before then. For comparison, the UK has been in debt since 1700 with no interruptions. Debt isn't a problem. Debt that investors think can't be repaid, making it more expensive to borrow money in the future, is a problem.

Medicare and Social Security (both welfare programs) are the two largest spending categories in the federal budget. Defense is third. However, the first two don't have to be renewed every year, unlike defense spending.

SIR_Sergeant, you might want to note that every country uses fiat currency, because the alternative is (to use a technical term) "stupid." Fiat currency is printed to achieve inflation and economic goals; the government *could* print money to pay debts, but it results in hyperinflation (that's what happened to the German mark in the early 1920s). To make that harder, the Treasury was removed from the process, and actual economists who have a measure of independence set US monetary policy.

Sovereign debt is not like household debt. It doesn't have to be entirely repaid; a country can sustainably run a balance of debt. It's not an issue at all to have high levels of debt unless interest rates are going up or interest payments are a problem. High principal isn't a problem because a country does not get dissolved if it can't pay its debt -- it can print money (which is not good, but will clear the debt) or can default, and it cannot be forced to pay anything (a private party can have its stuff confiscated, a country cannot). The effects of debt are to increase outlays every year to pay interest, and (if investors are worried it won't be paid back) to increase interest rates, making it more expensive to borrow money in the future. The US can borrow money at one of the lowest interest rates of any entity in the world, because Treasury bonds get paid back on time, period. So, it's actually not really a problem for US debt to be at the level it's at. Countries often run a debt, and they aren't expected to ultimately pay everything off.

As to how the US got in debt - The United States had no debt for around a year in 1835 and 1836. It has continuously been in debt since then, and was in debt before then. For comparison, the UK has been in debt since 1700 with no interruptions. Debt isn't a problem. Debt that investors think can't be repaid, making it more expensive to borrow money in the future, is a problem.

I'm aware that fiat is how all modern currency works and that the alternative isn't really feasible. That doesn't make it infallible, as you've described.

 

While I disagree with you about the acceptability of publicly held debt, you're right that the problems that debt creates are amplified when interest rates go up, which now that QE is over, the Fed will likely begin doing. This is my problem with central banking and Keynesian monetary policy. While the alternative has problems as well, central banking like the kind practiced to prevent financial crises also creates them. The next bubbles to burst will be credit card and student loan debt when the Fed begins raising interest rates. 

I'm aware that fiat is how all modern currency works and that the alternative isn't really feasible. That doesn't make it infallible, as you've described.

While I disagree with you about the acceptability of publicly held debt, you're right that the problems that debt creates are amplified when interest rates go up, which now that QE is over, the Fed will likely begin doing. This is my problem with central banking and Keynesian monetary policy. While the alternative has problems as well, central banking like the kind practiced to prevent financial crises also creates them. The next bubbles to burst will be credit card and student loan debt when the Fed begins raising interest rates.

I've just searched up what fiat currency is, looks like a complete failure if you ask me, why would the government decide to make money based off their own regulations. While I do agree that the US has always been in debt, it should have never been risen to the rate it's at now, I find it a bit careless that the U.S. Government let it get this way. Also to people who are saying that the United States will collapse on its economy due to its gargantuan amount of debt, while that theory is not too far fetched, you have to consider the domino theory that will fall into effect, China will too suffer greatly from this, because let's be honest here, when's the last you seen the Chinese 'invent' something, they get almost all of their technology from other countries, primarily the U.S.

I've just searched up what fiat currency is, looks like a complete failure if you ask me, why would the government decide to make money based off their own regulations.

Two things: First, money has *always* been something based on government regulations, just like weights and measures are traditionally regulated, and for the same reason: it is a massive waste of effort to have to directly verify amounts of everything, and standardization is a natural task for a government. Nowadays, it's starting to become possible for standardization to happen without a government, which is why Bitcoin can work.

Second, Money has value because people will give you stuff for it. There are no exceptions to this rule. Attempts to peg money to a particular physical item means that inflation is determined by the exchange rate between two goods; that's not ideal, because that means the value of people's investments is defined by how much people want such-and-such commodity. As it turns out, that is about as good an idea as price controls (i.e. a terrible one for economic efficiency).

While I do agree that the US has always been in debt, it should have never been risen to the rate it's at now, I find it a bit careless that the U.S. Government let it get this way. Also to people who are saying that the United States will collapse on its economy due to its gargantuan amount of debt, while that theory is not too far fetched, you have to consider the domino theory that will fall into effect, China will too suffer greatly from this, because let's be honest here, when's the last you seen the Chinese 'invent' something, they get almost all of their technology from other countries, primarily the U.S.

China will suffer from it, but not because they lack inventiveness. The thing about China is that the US is their second-largest trading partner (behind the EU, which is a common market but not actually a country), and the relationship is hugely beneficial to both. The US collapsing would cause major issues in the world economy, but there really isn't a reason to think the US is particularly close to having a serious debt problem (again, the US can borrow money extremely cheaply, and that's what defines a serious debt problem -- people are less willing to lend you *more*).