HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » General Discussion (Forum) » We Should Be Paying Off O...

Tue Dec 19, 2017, 11:13 AM

 

We Should Be Paying Off Our Debt Now - Economy Doing Great They Say - Stock Market!

If unemployment is so low, and the stock market is at record highs, why are we not paying down our debt?

There is already 50 trillion in the tax havens. Now more will be hoarded there?

Why are we creating bigger deficits when we are doing so well?

All so the wealthier get wealthier, while us working slobs get crumbs.

8 replies, 451 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 8 replies Author Time Post
Reply We Should Be Paying Off Our Debt Now - Economy Doing Great They Say - Stock Market! (Original post)
SeaDoo77 Dec 2017 OP
SHRED Dec 2017 #1
exboyfil Dec 2017 #2
Doodley Dec 2017 #3
Abouttime Dec 2017 #7
lapfog_1 Dec 2017 #4
SeaDoo77 Dec 2017 #5
lapfog_1 Dec 2017 #6
Cosmocat Dec 2017 #8

Response to SeaDoo77 (Original post)

Tue Dec 19, 2017, 11:17 AM

1. Borrowing money is and has been at record lows

 

Why aren't we investing in rebuilding this country's infrastructure with requirements that put American labor first with union scale wages?

Reply to this post

Back to top Alert abuse Link here Permalink


Response to SeaDoo77 (Original post)

Tue Dec 19, 2017, 11:21 AM

2. Great point

A little talked about number is Federal Revenue to GDP. We are sitting at 17.5% after coming off a trough that went as low as 14.5% and 15.3% (both attributable to Bush II - curse his name). Clinton was at 17.6% or higher for most of his Presidency.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to SeaDoo77 (Original post)

Tue Dec 19, 2017, 11:25 AM

3. Exactly - Pay off debts when times are good - a basic rule of financial management.

This bill only makes sense if the priority for Republican lawmakers is to abuse their power and to enrich themselves and their wealthy friends. In Trump's case, I think it is about ingratiating himself among other billionaires.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Doodley (Reply #3)

Tue Dec 19, 2017, 12:17 PM

7. President Obama cut deficits

 

Reagan and both Bushes exploded the national debt and it took Clinton and Obama to straighten out the economic chaos they were left.
President Obama should have won another Nobel Prize for Economics considering his performance as President. So far trump is looking to be another repuke disaster.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to SeaDoo77 (Original post)

Tue Dec 19, 2017, 11:31 AM

4. The current debt is around $63,000 for every person

in the US. Every person. Family of 4 owes $252,000

That's if we spread it out evenly.

But even if we took ALL the money from the top 1000 richest people... it wouldn't change this math significantly (it would take 10 Jeff Bezos type wealth to get to 5% of the total debt).

The amazing thing is that the world (China, Europe, and the US) keeps lending us more money because we DO pay the interest on the debt.

Yes, we should pay down the debt to something like 8 trillion or so (from the current 20). Over the next 40 years... assuming no more recessions.

The Democrats are accused of being tax and spend... the repukes are spend and spend more and cut revenues.

That is because they really want to bankrupt the Federal government so they can finally achieve their multi-generational dream of eliminating Social Security and Medicare/Medicaid.

The only time in the last 40 years that the federal government ran a surplus was in the last years of the Clinton administration. And it wasn't much of a surplus... and immediately we let Bush steal the election and he instituted a tax cut. The 2008 financial crises really sealed the deal on the debt.

I think that when we are facing a recession, the government (at all levels) should borrow money (a deficit) and spend like crazy on things like infrastructure... and when the economy is cooking along and doing well, the government should reduce spending and pay down the debt. That is what would smooth out the economic cycles instituted by herd mentality of capitalism. That is what we did in the 1930s... through the early 1960s. But somewhere along the way we lost that discipline.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to lapfog_1 (Reply #4)

Tue Dec 19, 2017, 11:34 AM

5. 21 to 31 Trillion Offshore In 2012

 

Forbes article.

https://www.forbes.com/sites/frederickallen/2012/07/23/super-rich-hide-21-trillion-offshore-study-says/#27c86adc6ba6

The jet set is much broader than 1,000 rich people. They can pay more to balance the budget, and begin paying down the debt, and fix infrastructure at the same time.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to SeaDoo77 (Reply #5)

Tue Dec 19, 2017, 11:48 AM

6. Yes but I have a fairness issue

these assets are held by multi-national corporations and a significant part of those assets were created by foreign employees and represent revenue (and profits) also earned by selling products to Europe, China, South America.

I don't think we should lay claim to those assets (or a portion thereof by taxation) just because the multi-national does business in the US.

That said I think we should sponsor a UN initiative to eliminate offshore tax havens

Reply to this post

Back to top Alert abuse Link here Permalink


Response to SeaDoo77 (Original post)

Tue Dec 19, 2017, 12:27 PM

8. The culprit is US ... The people

who have indulged right wing fuck wittery for my entire adult life - four decades.

They let them play their games - to scream DEFICIT when a D is POTUS, then pull this shit when they get an R in office.

They let them lie us into Iraq, gave them a four year TO, then gave them an overwhelming mid term win over them going ape shit over a D passing THEIR FUCKING VERISION of health care reform, and putting complete loons charge in congress.

THEN ... Rebuking a decent, honorable, highly competent candidate to elect the biggest POS to ever run for POTUS.

The sad truth, the PEOPLE are pissing away a democracy.

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread