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Old 04-26-2020, 04:38 PM
  #11  
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Originally Posted by Fieldmouse View Post
By my calculations (just quick ones) Trump will officially pass Obama in piling on more debt than Obama. It only took less than 4 years and he isn't done yet. We have trillions more getting ready to be passed in Congress. That's a feat I figured he would beat but to do it in under four years? He truly is the king of debt. He is also a sucker who got rolled by Nancy and Chuckie.
Obama doubled the debt and added about 11 or 12 trillion in debt. And he didn't have the worst pandemic in the past century as an excuse.

There is only ONE country to blame for this. And that is China.
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Old 04-26-2020, 05:43 PM
  #12  
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Originally Posted by Valorius View Post
Obama doubled the debt and added about 11 or 12 trillion in debt. And he didn't have the worst pandemic in the past century as an excuse.

There is only ONE country to blame for this. And that is China.
China for the Wuhan Red Death but our government for being bent over a barrel taking to the abusement park. How much credit card debt can you have before you go bankrupt? I don't know but you will know when it happens. It's going to get ugly.
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Old 04-26-2020, 08:17 PM
  #13  
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The US uses a fiat currency which is the global benchmark. I really don't know where the bottom of the well is. Or if there even is one?

These are definitely unprecedented times and things are going to be, uh, messy.
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Old 04-26-2020, 09:01 PM
  #14  
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Originally Posted by Valorius View Post
Obama doubled the debt and added about 11 or 12 trillion in debt. And he didn't have the worst pandemic in the past century as an excuse.

There is only ONE country to blame for this. And that is China.
Actually Obama and the Libs added ALOT more than that . You just dont hear about the rest . Everyone always focuses on the reported National Debt figure.
What Obama really added to the debt was close to 18 trillion in 8 years. And some of the annual debt is ongoing because of policies he put into law during his presidency, like Obamacare that rings up a 60+ billion dollar bill annually. Combined between all the Libby programs put into law there is a debt obligation of 115- 135 billion annually . Other programs that this includes are assistance to the DACA ( Dreamers ) program which costs 3 billion a year. But that doesn't count the FREE college tuition money. The Libs slid that line into a different category to hide the real costs.
When Obama took office the National Debt was between 8.5 and 9 trillion . When he left it was 20 trillion which means that he added a little over 11 trillion . But this number doesn't count the other 7.4 trillion of debt that was hidden in the Federal Reserve and Treasury. This consisted of junk debt that was bought by the Treasury from the banks, Fannie Mae , Freddie Mac , and bond companies like AIG , GM stock , and tons of bad commercial paper at full value . Before Bernanke left his position they did manage to sell off about 1.7 trillion of the debt but only got pennies on the dollar for it. Guess who bought alot of those foreclosed on properties or homes with bad mortgages at pennies on the dollar from the Feds. Nancy Pelosi's husband's investment Private Equity group bought over 4000 properties and mortgages and Maxine Waters husband's investment group bought at least 1,500 . Not only did they buy these properties and mortgages for pennies on the dollar , the Fed Reserve even financed them .
So Obama actually racked up between 17 and 18 trillion in 8 years

Last edited by SportsmanNH; 04-26-2020 at 09:03 PM.
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Old 04-26-2020, 09:14 PM
  #15  
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Originally Posted by SportsmanNH View Post
I am not a drinker or was a sailor. But I do have to honor and salute this post !
Never been a drunken sailor, but have been drunk with a few. as far as spending other peoples money it depends on who has the right Challenge Coin.
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Old 04-27-2020, 02:44 AM
  #16  
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Originally Posted by Fieldmouse View Post
China for the Wuhan Red Death but our government for being bent over a barrel taking to the abusement park. How much credit card debt can you have before you go bankrupt? I don't know but you will know when it happens. It's going to get ugly.
I have a question. I suppose the correct answer to that really depends on the payments and how much payments you can "afford" to make.

I always hear about the debt numbers, but I've never seen anything on what we PAY towards that monthly/yearly. Is there debt just adding up continually with no payments being made towards it?

-Jake
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Old 04-27-2020, 06:43 AM
  #17  
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Originally Posted by Bocajnala View Post
I have a question. I suppose the correct answer to that really depends on the payments and how much payments you can "afford" to make.

I always hear about the debt numbers, but I've never seen anything on what we PAY towards that monthly/yearly. Is there debt just adding up continually with no payments being made towards it?

-Jake
we make payments and if my memory serves me correctly, we now spend more each year to service the debt than we spend on our military.
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Old 04-27-2020, 06:50 AM
  #18  
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The government is now becoming the pay master for the country is putting a huge debt on the backs of those not yet born for many decades!

Last edited by Oldtimr; 04-27-2020 at 07:45 AM.
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Old 04-27-2020, 07:00 AM
  #19  
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A lot of state governments want payouts too. Just print more money !!
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Old 04-27-2020, 08:32 AM
  #20  
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Originally Posted by Fieldmouse View Post
we make payments and if my memory serves me correctly, we now spend more each year to service the debt than we spend on our military.
The debt payments for 2019 were $393 billion. The payments for 2020 are projected to be $479 billion due to the stimulus spending on the pandemic.

https://www.thebalance.com/interest-...l-debt-4119024

https://www.thebalance.com/the-u-s-d...so-big-3305778
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