The debt is now equal to the GNP. But the deficit is the current year account balance.Think of these numbers to conceptualize the size of Obama’s yearly deficit.
If we took the top 1% of earners and not just taxed them at 30% or 40% or 50% but instead confiscated 100% of all their earnings for the year 2011. So they would not have one penny left.
That would not cover 1/2 of the Obama 2011 deficit. Think about that again. Not even 1/2 of the projected deficit. Of course this would not do anything at all about the debt, just the 2011 deficit.
Then stop and think of the actions these people would do the next year. Would you work at all if Obama confiscated 100% of your earnings? So the 2012 budget would be almost totally unfinanced.
Libertarian1 said, about 1 hour ago“The debt is now equal to the GNP. But the deficit is the current year account balance.”……-thank you for your post.another FACT….Obama gets the credit for leading Congress (the constitutional source of spending) to set a total of annual Deficits for 2009, 2010 & 2011 at $4.5 Trillion….at least 40% or more BORROWED with interest due. Bush is guilty of signing congress’ spending much more than was politically wise or MORAL and leaving a budget debt total of $10 trillion that Obama signed up to MORE THAN $15 Trillion and all the time the Dems blame Bush!!!! Hypocrites. it took D and R in Congress plus a R and D president to get America into the unpayable debt mess we are now in, with Obama demanding congress spend MORE, MORE, MORE!
p.s. when US debt is equal to GDP (and rising fast) then the US is BANKRUPT.
wilb44 over 12 years ago
Pay the piper
Libertarian1 over 12 years ago
The debt is now equal to the GNP. But the deficit is the current year account balance.Think of these numbers to conceptualize the size of Obama’s yearly deficit.
If we took the top 1% of earners and not just taxed them at 30% or 40% or 50% but instead confiscated 100% of all their earnings for the year 2011. So they would not have one penny left.
That would not cover 1/2 of the Obama 2011 deficit. Think about that again. Not even 1/2 of the projected deficit. Of course this would not do anything at all about the debt, just the 2011 deficit.
Then stop and think of the actions these people would do the next year. Would you work at all if Obama confiscated 100% of your earnings? So the 2012 budget would be almost totally unfinanced.
disgustedtaxpayer over 12 years ago
Libertarian1 said, about 1 hour ago“The debt is now equal to the GNP. But the deficit is the current year account balance.”……-thank you for your post.another FACT….Obama gets the credit for leading Congress (the constitutional source of spending) to set a total of annual Deficits for 2009, 2010 & 2011 at $4.5 Trillion….at least 40% or more BORROWED with interest due. Bush is guilty of signing congress’ spending much more than was politically wise or MORAL and leaving a budget debt total of $10 trillion that Obama signed up to MORE THAN $15 Trillion and all the time the Dems blame Bush!!!! Hypocrites. it took D and R in Congress plus a R and D president to get America into the unpayable debt mess we are now in, with Obama demanding congress spend MORE, MORE, MORE!
p.s. when US debt is equal to GDP (and rising fast) then the US is BANKRUPT.
Dtroutma over 12 years ago
And they aren’t even noticing the “brew” the right wing has put in those mugs? Don’t know about you, but can’t they even SMELL IT?
Dtroutma over 12 years ago
Zit: you might reflect on what “biased mind” reflects on your own insane defense of Republicans, and especially “W”.
grayhares01 over 12 years ago
And Eryx still hasn’t figure out that Obama has increased it more than all the other presidents before him COMBINED.
.
But then if liberals were any good at math, they wouldn’t be liberals…