Posted by Bret4207 on January 13, 2015 at 05:04:04 from (64.19.90.196):
In Reply to: 140 acres posted by MarkB_MI on January 12, 2015 at 16:40:12:
MarkB_MI said: (quoted from post at 21:40:12 01/12/15) >The fact is that the deficit is dropping because he's borrowing money to pay for it.
Bret, that's a bizarre statement.
Borrowing money increases the deficit. Or to be more correct, if you are running a deficit you can either borrow more money to cover your bills or you can stiff your creditors. We've seen what happens when Congress decides to welsh on its loans, so that's not an acceptable option, no matter what the tea partiers say. Which means the government has to borrow money until it can balance its books.
You are mistaken that we have to stop spending in order to balance the budget. Anybody who has ever worked for a living knows you can either reduce spending or increase revenue. It happens that for the past few years the government has been doing BOTH. The sequester has significantly reduced spending, particularly for the military. Meanwhile some, but not all, of the Bush tax cuts have expired. Also, the improved economy has increased tax revenue.
The DEFICIT is the difference between revenue and spending. Right now spending is more than $3.5T and revenue is at $3.1T. We are still in a deficit situation. Our National Debt has increased drastically over the same time period the deficit has started falling. Why? Because we are borrowing money, printing money and devaluing our own currency, to pay for things we cannot pay for from current revenue. We run at least 2 sets of books to cover costs and no one else can do that. How anyone can seriously say we aren't borrowing is beyond me. We ARE borrowing and at astounding rates. They don't like to count that borrowing into the official deficit figures, but I don't see how you can honestly separate the 2. The only way we can do this is by running 2 sets of books behind a screen of smoke and mirrors. And only the gov't can borrow from itself, can call an increase in spending a cut in spending or can call a negative revenue stream a positive revenue stream.
Go to www.debtclock.org and use the real time figures. Federal spending is up 108% since 2000, revenue is up 69% over the same period. Explain to me how we can continue on like this.
This post was edited by Bret4207 at 05:06:30 01/13/15.
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