Reply #48: I see it differently and correctly..... [View All]

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suston96 (1000+ posts)

Sun Jul-05-09 02:49 PM
Response to Original message

48. I see it differently and correctly.....

Yes, that is a huge liability, but....

In Accounting 101 we learn that you compare Liabilities with Assets. If each person is saddled with this debt, then the Assets of the United States should also be allocated to each person.

Anyone know what this country is worth? All the public land and the public buildings and the public treasures in places like the Smithsonian and the like?

Think about it and please quit looking at and talking about only one side of the balance sheet.

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Am I the only one freaking out over the $37,000 each US citizen owes (even a baby!)	dkf	Jul-04-09 03:50 PM	#0
WE all are guilty	Duckhunter935	Jul-04-09 03:55 PM	#1
Bingo!	MercutioATC	Jul-04-09 04:04 PM	#3
I didn't want Bush or his policies or wars. But I agree with your point. n/t	lindisfarne	Jul-04-09 04:08 PM	#6
The babies too?	varelse	Jul-04-09 04:13 PM	#12
ESPECIALLY the babies	qazplm	Jul-04-09 04:49 PM	#21
Very true	Yupster	Jul-04-09 06:04 PM	#30
If that's who's benefiting the most from our system...	CANDO	Jul-05-09 01:45 PM	#44
Remember though that with those Reagan tax cuts	Yupster	Jul-05-09 08:34 PM	#50
Well, then eliminate the loop holes!	CANDO	Jul-05-09 11:03 PM	#65
The loopholes were eliminated in 1986	Yupster	Jul-05-09 11:05 PM	#66
Wow are you insane? Reagan eliminated tax loopholes and deductions?	ContinentalOp	Jul-06-09 02:31 AM	#85
Give the credit to Tip O'Neill if you want	Yupster	Jul-06-09 11:21 AM	#105
Bull fucking shit.	walldude	Jul-06-09 02:02 PM	#112
I think I still owe $$$ from the	Suich	Jul-04-09 03:57 PM	#2
Its worse than ages old credit card debt!	dkf	Jul-04-09 04:07 PM	#5
But Neil Bush isn't worried about his debt in that one	havocmom	Jul-04-09 04:12 PM	#11
Yes WE do! nt	snappyturtle	Jul-05-09 08:50 PM	#59
Well, according to Obama, just rescinding the Bush tax cuts	JeanGrey	Jul-04-09 04:05 PM	#4
You need to do some research. I don't think Obama ever claimed the national debt could be	lindisfarne	Jul-04-09 04:09 PM	#7
I was answering the other poster in regards to health care.	JeanGrey	Jul-04-09 04:11 PM	#9
Rescinding the Bush tax cuts while paying for health care keeps us even.	dkf	Jul-04-09 04:09 PM	#8
It never does, does it?	JeanGrey	Jul-04-09 04:12 PM	#10
Obama's plans used to make sense, but things are so different	dkf	Jul-04-09 04:16 PM	#13
As I said, it seems to always be that way, doesn't it?	JeanGrey	Jul-04-09 04:23 PM	#15
So Write Yourself a $37,000 Check and Feel Better...	KharmaTrain	Jul-04-09 04:18 PM	#14
If you gave Joe Blow a tax break years ago, you can't make him	dkf	Jul-04-09 04:33 PM	#18
Capital Gains Is A Bitch...	KharmaTrain	Jul-04-09 06:07 PM	#31
No I'm talking about pre-tax IRAs and Deferred Comp.	dkf	Jul-04-09 06:25 PM	#32
The rich and the smart predominantly use Roth IRA and Roth 401K	Statistical	Jul-06-09 08:52 AM	#93
Or put your taxable $ in munis.	dkf	Jul-06-09 09:29 AM	#97
Yeah if I was rich I would.	Statistical	Jul-06-09 09:31 AM	#98
Roth and Roth 401K for the win....	Statistical	Jul-06-09 08:51 AM	#92
Here is another way to look at it.	theoldman	Jul-04-09 04:25 PM	#16
Babies aren't so innocent	Oregone	Jul-04-09 04:27 PM	#17
It really does matter how you spend it	ThoughtCriminal	Jul-04-09 04:35 PM	#19
So would putting yourself $65000 in debt over medical bills	dkf	Jul-04-09 05:48 PM	#28
the only concern i have is there is`t an economic policy to pay the debt	madrchsod	Jul-04-09 04:42 PM	#20
Agree! Where is the long term strategy and plan? nt	ItNerd4life	Jul-06-09 01:59 PM	#110
You're not alone- this is a huge thing to me. n/t	Poll_Blind	Jul-04-09 04:50 PM	#22
Yep, I reckon the Democratic position is that poor people will just have to die	kenny blankenship	Jul-04-09 05:19 PM	#23
Please correct me if I'm wrong, but the debt to GDP ratio has been higher in the past	Telly Savalas	Jul-04-09 05:25 PM	#24
I agree to that... for now...	Deja Q	Jul-04-09 05:31 PM	#26
Oh yeah --- I'm not saying our level of debt is a good thing.	Telly Savalas	Jul-04-09 07:47 PM	#41
I bet they underestimated the cost of the health care plan	dkf	Jul-05-09 01:35 PM	#43
They are for sure underestimating the cost of health care	Yupster	Jul-05-09 08:38 PM	#52
It was higher during World War II	Yupster	Jul-04-09 06:03 PM	#29
World War II ended.	dkf	Jul-04-09 06:30 PM	#34
And where is it written in stone that health care costs must be paid by issuing debt?	Telly Savalas	Jul-04-09 07:43 PM	#39
We could pay for health care	Yupster	Jul-04-09 09:37 PM	#42
However at those points in time there was a plan to get back.	Statistical	Jul-06-09 08:55 AM	#95
I thought the President's promise	Yupster	Jul-06-09 01:50 PM	#109
Wait, republicans otherwise say we're not a society and it's about individual freedom, blah blah	Deja Q	Jul-04-09 05:30 PM	#25
Do you really want the Repubs to pick where we should cut	dkf	Jul-04-09 05:45 PM	#27
But..but..the masterminded bankers and politicians say it's for our own good!	Tierra_y_Libertad	Jul-04-09 06:29 PM	#33
That is all money gone and spent.	dkf	Jul-04-09 06:32 PM	#35
The answer is in the OP. We're in debt up to our armpits and we can't pay it back.	Tierra_y_Libertad	Jul-04-09 06:43 PM	#36
Pay your bills!	ellisonz	Jul-04-09 07:08 PM	#37
The deficit doesn't matter until the recession is over	notwist	Jul-04-09 07:17 PM	#38
Agreed however our Congress today is spineless.	Statistical	Jul-06-09 09:36 AM	#100
Lotto tickets	heppcatt	Jul-04-09 07:44 PM	#40
Its alot, but that is going to be cut in half before the end of the 1st term	yodoobo	Jul-05-09 02:00 PM	#45
I thought he is going to cut half the yearly deficit, not half	dkf	Jul-05-09 08:41 PM	#53
No.	Statistical	Jul-06-09 02:42 PM	#115
Re 43% don't pay federal tax	SOS	Jul-05-09 02:39 PM	#46
That assumes no credits or deductions outside the standard deduction	Statistical	Jul-06-09 10:42 AM	#104
and yet there are still people banging on the doors to become a citizen of this country	adamuu	Jul-05-09 02:47 PM	#47
Do you know that people take great risk to life in order to reach the	Bluenorthwest	Jul-06-09 10:13 AM	#102
I see it differently and correctly.....	suston96	Jul-05-09 02:49 PM	#48
Well I'm looking at my assets and that is what freaks me out.	dkf	Jul-05-09 08:43 PM	#54
One more time.......!	suston96	Jul-05-09 10:53 PM	#63
Once the economy is back up, tax revenues will increase.	johnaries	Jul-05-09 03:15 PM	#49
Tax cuts on the rich will get us back to even if he passes health care.	dkf	Jul-05-09 08:44 PM	#55
I don't think people realize the scale of the deficit	Yupster	Jul-05-09 08:46 PM	#56
For perspective you have to compare it to the GDP.	johnaries	Jul-05-09 11:34 PM	#71
Good chart	Yupster	Jul-06-09 12:23 AM	#75
I think it's very comforting, when you consider the course Obama	johnaries	Jul-06-09 12:35 AM	#78
CBO shows defecits totally $9.27 T for next 10 years based on budget projections.	Statistical	Jul-06-09 03:52 PM	#121
My point is that you cannot use those same figures for projections	johnaries	Jul-06-09 05:14 PM	#123
Why?	Statistical	Jul-06-09 05:34 PM	#124
Look at the history of such "projections". They have been	johnaries	Jul-06-09 10:52 PM	#130
Well history shows otherwise.	Statistical	Jul-07-09 01:08 AM	#135
Whoa, don't put words in my mouth. And the fact is we are constantly	johnaries	Jul-07-09 02:07 AM	#136
paying on the debt is not paying down the debt	Statistical	Jul-07-09 08:04 AM	#139
If it means the Republicans won't be able to afford to start any more stupid wars its a bargain	NNN0LHI	Jul-05-09 08:37 PM	#51
We ARE in a stupid war.	dkf	Jul-05-09 08:46 PM	#57
We are in 2 stupid wars that no one knows what our mission is	NNN0LHI	Jul-05-09 08:51 PM	#60
Not all debt is bad	taught_me_patience	Jul-05-09 08:46 PM	#58
Our projected deficit is $1T this year.	dkf	Jul-05-09 08:55 PM	#62
Our projected deficit this year is $ 1.8 trillion.	Yupster	Jul-05-09 11:07 PM	#67
$1.8T? When did that happen?	dkf	Jul-06-09 12:13 AM	#74
When congress passed the President's budget	Yupster	Jul-06-09 12:27 AM	#76
I don't know how they think only people making $250k can take care	dkf	Jul-06-09 12:42 AM	#80
good post	taught_me_patience	Jul-06-09 02:27 AM	#82
Agreed but you will find no support from the "tax the rich" head in the sand crowd n/t	Statistical	Jul-06-09 09:32 AM	#99
In four years	taught_me_patience	Jul-06-09 02:28 AM	#83
Even if the economy does grow we are in trouble	Statistical	Jul-06-09 02:47 PM	#116
So true	taught_me_patience	Jul-06-09 03:40 PM	#120
And the run-up in debt in 1942 was equivalent to $10T today.	johnaries	Jul-05-09 11:41 PM	#73
Not even close	taught_me_patience	Jul-06-09 02:32 AM	#86
The government is bankrupt; that debt will never be paid.	keep_it_real	Jul-05-09 08:52 PM	#61
How'd you like to be the countries we owe money to?	Generic Brad	Jul-05-09 10:58 PM	#64
Or the teacher pension funds	Yupster	Jul-05-09 11:09 PM	#68
Good luck collecting.	ohheckyeah	Jul-05-09 11:19 PM	#69
The full extent of what Bush has done is truly disasterous. Massive debt that bought us NOTHING	HughMoran	Jul-05-09 11:21 PM	#70
What Obama is doing isn't much better	DatManFromNawlins	Jul-06-09 02:55 PM	#118
That's the Republican sprit!	HughMoran	Jul-06-09 09:16 PM	#128
Time to go back on your meds, Hugh	DatManFromNawlins	Jul-06-09 11:07 PM	#131
I read your fucking nonsense - get some meds yourself	HughMoran	Jul-06-09 11:21 PM	#134
The answer is: we will not get out from under for 20 years plus	Jennicut	Jul-05-09 11:40 PM	#72
I'd like to reevaluate government	Yupster	Jul-06-09 12:31 AM	#77
We need bigger savings then that though I am sure that could help	Jennicut	Jul-06-09 12:39 AM	#79
My business gets overnight packages every day, but	Yupster	Jul-06-09 02:18 AM	#81
That is what is known as 'job elimination' and that is	Bluenorthwest	Jul-06-09 10:16 AM	#103
Can't we do it through attrition?	Yupster	Jul-06-09 11:25 AM	#106
That would suck for people who have Netflix	JonLP24	Jul-07-09 03:10 AM	#138
Don't you think there'd be other solutions?	Yupster	Jul-07-09 11:01 AM	#140
I can't get a DVD in my e-mail	JonLP24	Jul-07-09 12:10 PM	#142
Is this a joke?	FrenchieCat	Jul-06-09 02:29 AM	#84
I've never swallowed the line that deficits were no big deal.	dkf	Jul-06-09 07:00 AM	#88
maybe the Gates Foundation and the other groups will step in more in this country to help	tomm2thumbs	Jul-06-09 02:43 AM	#87
each citizen doesn't owe $37K. that distorts the case.	Hannah Bell	Jul-06-09 07:06 AM	#89
I guess for most here, people making over $250k a year owe the whole	dkf	Jul-06-09 08:36 AM	#91
Even worse than that. Another $7T coming	Statistical	Jul-06-09 09:07 AM	#96
you misunderstand. much of the us debt is internal. e.g. social security =	Hannah Bell	Jul-06-09 02:34 PM	#114
Unless you are willing to "forgive" the SS debt the govt owes you it is still debt owed.	Statistical	Jul-06-09 02:50 PM	#117
1. "the govt" doesn't pay for SS - workers do. 2. If mom owes dad $20 & dad owes mom $10 & mom	Hannah Bell	Jul-06-09 02:58 PM	#119
We have massive long term debt precisely because the rich refuse to pay their share.	Romulox	Jul-07-09 11:31 AM	#141
I have an idea, cut the bloated military budget!	B Calm	Jul-06-09 08:16 AM	#90
The entire military budget is about $613 billion.	dkf	Jul-06-09 08:53 AM	#94
How many billion per month we spending just in Iraq and Afghanistan?	B Calm	Jul-06-09 01:33 PM	#108
The majority of countries spend less than $1 billion a year on defense.	B Calm	Jul-06-09 06:09 PM	#127
The fun part: Every person pays $850 a year just to service that debt. nt	RUMMYisFROSTED	Jul-06-09 09:49 AM	#101
Wish I could rec this thread.	earth mom	Jul-06-09 11:30 AM	#107
It's why China laughed at us and our fiscal policy.	ItNerd4life	Jul-06-09 02:02 PM	#111
I don't owe those bastards shit.	Sebastian Doyle	Jul-06-09 02:16 PM	#113
What I want to know is why no one was concerned about this when	Cleita	Jul-06-09 03:56 PM	#122
It's always has been the way the cons operate. First they	B Calm	Jul-06-09 05:45 PM	#126
Lop off three zeros and it's only $37.	hunter	Jul-06-09 05:43 PM	#125
Somebody remind me what site I am on.	Laelth	Jul-06-09 09:42 PM	#129
I may cough up the money, but they'll never take our baby. LOL	subcomhd	Jul-06-09 11:15 PM	#132
Vote Republican and God will forgive your debt	jpak	Jul-06-09 11:16 PM	#133
I'm an athiest	dkf	Jul-07-09 02:33 AM	#137

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