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By Matthew

Nov 4, 2011 2:32pm

Jaffe

U.S. Approaches $15 Trillion Debt Limit

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Image credit: Jewel Samad/AFP/Getty Images

It will be the latest sobering economic milestone that few were hoping to see: The U.S. national debt any day now will soar above the $15 trillion mark. As of this writing, the total debt is $14.97 trillion, so moving beyond the symbolic $15 trillion is a foregone conclusion. When the unwelcome milestone is reached, it will come at a volatile time both in this country and abroad. Across the Atlantic, President Obama is in Cannes, France, for the G-20 summit that takes place as Europe is trying to finalize a bailout for debtridden Greece. Back on the home front, Obama is preparing for a difficult re-election fight next year. Republican candidates from Mitt Romney to Herman Cain have pounced on the countrys economic woes in their bids to win the GOP nomination and the chance to oppose Obama. Meanwhile, the Occupy Wall Street protests directed at the nations financial inequalities continue to rage across the country. InWashington,apolarizedCongresshasgroundtoahaltinthedisputeon how to jumpstart the economy and reduce the countrys deficits. Only a few months ago, the acrimonious debate on Capitol Hill about raising the debt ceiling a debate that almost caused the Treasury Department to default on its debts illustrated the enormous partisan divide that still shows no signs of improving. The approaching $15 trillion debt milestone is not even the only piece of bad economic news for the country. The jobs report for October released this morning showedthatU.S.employersaddedanestimated80,000jobsto their payrolls last month, worse than economists expected. The unemployment rate decreased to 9.0 percent, down from 9.1 percent a month earlier, small consolation for a nation still struggling to recover from a

severe recession.
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USER COMMENTS

$5 Trillion of it belongs to Obama! And it only took him less than 3 years to add that huge amount to the debt!

POSTED BY: RADIOMAN77 | NOVEMBER 4, 2011, 2:49 PM 2:49 PM

I doubt Obama will settle for only a $15T debt. Not as long as theres at least one last breath of life left in this economy.

POSTED BY: TEXBORK | NOVEMBER 4, 2011, 3:15 PM 3:15 PM

I have $15 trillion ladys and gentlemen. Do I hear $16? Whats another trillion people? Do I have $16 trillion?

POSTED BY: NEWCOUNTRYMAN | NOVEMBER 4, 2011, 3:18 PM 3:18 PM

If FDR and the Congress would have spent all their time worrying about spending in the middle of the great depression they would have been thrown out in their first terms. At the end of the great depression we had a 40 trillion dollar (in todays terms as a percent of GDP) debt. This 15 trillion dollar debt limit means nothing. This Congress and this President need to spend whatever it takes to get us out of this recession. The republicans have painted our country into a corner; cutting spending in the middle of a recession is pure insanity. They are playing into Americas fears when as Roosevelt said The only thing we have to fear is fear itself

POSTED BY: TMFERRETTI | NOVEMBER 4, 2011, 3:38 PM 3:38 PM

Obama needs more money, give it to him. How do you expect the man to campaign, throw elaborate parties, vacation and play golf. Come on now.

POSTED BY: SPECIALTY57 | NOVEMBER 4, 2011, 3:43 PM 3:43 PM

We can expect Obama to reach his new debt ceiling, far in advance of the election, as he really is, a complete and total spendthrift.

POSTED BY: RICK MCDANIEL | NOVEMBER 4, 2011, 4:01 PM 4:01 PM

Tmferretti; Google Laffer Curve.

POSTED BY: NEWCOUNTRYMAN | NOVEMBER 4, 2011, 4:02 PM 4:02 PM

What does not make sense is that a massive portion probably $500 billion of the stimulus package (American Recovery and Reinvestment Act) has not been spent yet. The president has authority to spend it, but has not been able to use it due to mismanagement, I guess shovelready was not shovel-ready after alland giving the funds to the Solyndras of this world.

POSTED BY: OLD_BOY_NTWK | NOVEMBER 4, 2011, 4:06 PM 4:06 PM

NEWCOUNTRYMAN

I knew Id get a reaction. The sad thing is what I said is true

POSTED BY: TMFERRETTI | NOVEMBER 4, 2011, 4:12 PM 4:12 PM

S.I.D.N. Shut It Down NOW!

POSTED BY: JEFF M | NOVEMBER 4, 2011, 4:14 PM 4:14 PM

Its called, figuring out a way to fix this debt problem. Whatever we are doing now obviously isnt working.

POSTED BY: JEFF | NOVEMBER 4, 2011, 4:18 PM 4:18 PM

Its called, figuring out a way to fix this debt problem. Whatever we are doing now obviously isnt working.

POSTED BY: JEFFY55 | NOVEMBER 4, 2011, 4:19 PM 4:19 PM

Fiscal Year President Party of President Federal Spending Federal Debt Gross Domestic Product Inflation Adjustor [15] Billions[16] Adjusted[17] Increase Billions[18] Adjusted[19] Percentage Increase Billions[20] Adjusted[21] Increase 1978-2005 Democratic 9.9% 4.2% 12.6% 1978-2005 Republican 12.1% 36.4% 10.7% 2002 Bush Republican $2,011 $1,929 6.0% $6,198 $5,945 5.5% $10,377 $9,954 1.3% 1.04 2003 Bush Republican $2,160 $2,018 4.6% $6,760 $6,316 6.2% $10,809 $10,099 1.4% 1.07 2004 Bush Republican $2,293 $2,082 3.2% $7,354 $6,677 5.7% $11,500 $10,441 3.4% 1.10 2005 Bush Republican $2,472 $2,165 4.0% $7,905 $6,923 3.7% $12,238 $10,717 2.6% 1.14 2006 Bush Republican $2,655 $2,249 3.9% $8,451 $7,158 3.4% $13,016 $11,024 2.9% 1.18 2007 Bush Republican $2,730 $2,263 0.6% $8,951 $7,419 3.6% $13,668 $11,329 2.8% 1.21 2008* Bush Republican $2,931 $2,366 4.6% $9,654 $7,793 5.0% $14,312 $11,553 0% 1.24 2009 Bush Republican $3,107 $2,452 3.6% $10,413 $8,218 5.5% $14,097 $11,529 2.6% 1.27 2010* Obama Democratic $3,091 $2,392 -2.4% $11,875 $9,247 12.5% $14,508 $11,297 -2.0% 1.29

POSTED BY: READ | NOVEMBER 4, 2011, 4:20 PM 4:20 PM

Obama wont settle until he has completely destroyed this country. He acts as if he is running for the first time in office. What the hell has he been doing for the past 3 years??partying and vacationing and now he declares he has awoken??? I am so ashamed of him as our POTUS

POSTED BY: KELLIE | NOVEMBER 4, 2011, 4:20 PM 4:20 PM

I no longer care if the debt goes to 15 quadrillion dollarsper citizen. Its not my debt and I wont be paying. Try and make me and Ill move overseas and renounce citizenship. Let it collapse and burn because nothing important changes until it does.

POSTED BY: BOBBY SANDS 1981 AGED 27 | NOVEMBER 4, 2011, 4:24 PM 4:24 PM

The thing not mentioned about FDR was that his debt was not in entitlements as he had just started the ball rolling. WWII helped him out too. The current stimuluswas not doled to the ordinary middle class person but to favored groups (unions) that had sent the administration wads of cash. The latest jobs billBHO is touting is more of the same. We have dug ourselves into a hole and digging deeper isnt addressing the problem.

POSTED BY: SVEDE | NOVEMBER 4, 2011, 4:27 PM 4:27 PM

If any one of you republicans can tell me a way were going to get out of this recession without someone spending money youd have a lot more credibility. Someone, the public, government or business is going to have to give it up and it doesnt matter who.

POSTED BY: TMFERRETTI | NOVEMBER 4, 2011, 4:28 PM 4:28 PM

SVEDE It doesnt matter, if the spending was for FDRs alphabet soup of jobs programs or WWII , the fact is the spending got us out of the disaster that was the great depression.

POSTED BY: TMFERRETTI | NOVEMBER 4, 2011, 4:35 PM 4:35 PM

If any one of you republicans can tell me a way were going to get out of this recession without someone spending money youd have a lot more credibility. Someone, the public, government or business is going to have to give it up and it doesnt matter who. Lets start with John Corzine and George Kaiser.

POSTED BY: LLOYD | NOVEMBER 4, 2011, 4:35 PM 4:35 PM

It doesnt matter, if the spending was for FDRs alphabet soup of jobs programs or WWII , the fact is the spending got us out of the disaster that was the great depression. Exactly. It worked for me!

POSTED BY: PETER ORSZAG | NOVEMBER 4, 2011, 4:38 PM 4:38 PM

LLOYD What the hell does Corzine or Kaiser have to do with spending, sorry I just dont get it

POSTED BY: TMFERRETTI | NOVEMBER 4, 2011, 4:43 PM 4:43 PM

Spending did not end the Great Depressionspending turned a depression into a Great one. What ended the Great Depression was, a) a manufacturing base that was increased during the warthe US was selling planes, tanks, guns, food, clothing to other countries. b) the dollar being the only currency in the world that was worth anything after the war, which led the world to adopt it as the world reserve currency. c) the world buying pretty much everything it needed from the USwhich we were able to do because of our increased manufacturing capabilities and our strong currency. d) during the war, what money people did makethey saved!

POSTED BY: BILLTUCKERTON | NOVEMBER 4, 2011, 4:52 PM 4:52 PM

What the hell does Corzine or Kaiser have to do with spending, sorry I just dont get it Keep it that way.

POSTED BY: PLOUFFE | NOVEMBER 4, 2011, 4:53 PM 4:53 PM

Ok republicans heres the problem The public cant pump trillions into the economy, they dont have it. Business wont pump money into the economy because the public has no money to by their products and services. The only entity left is the government who youve hamstrung because of this idiotic deficit BS. Were doomed.

POSTED BY: TMFERRETTI | NOVEMBER 4, 2011, 4:54 PM 4:54 PM

If Congress was a Board of Directors, theyd all lose their positions. Unless, of course, they bought off politicians to save the company they ran into the ground. American citizens deserve better than that circus of selfish clowns in DC.

POSTED BY: LAGUNATRIMOM | NOVEMBER 4, 2011, 4:56 PM 4:56 PM

TMFERRETTI it was not spending that got us out of the Great Depression, it was WW2. If you look more closely at the Great Depression youll actually find that it was two separate depressions brought about by uncertainty in the country because of all of the regulatory changes that FDR was trying to push through. Of course, these regulations were more about power than anything, but still. Obama and the Democrats are causing the same exact problem right now. For example, who is going to hire someone when we still dont know what the stupid healthcare bill is going to do? How much is it going to cost a company (large or small) per worker? I have a friend who used to be extremely liberal and then he opened his own business. You should hear how his tune has changed. He actually pulled me aside recently and told me how much he didnt understand. Maybe I should send him your way so that you could learn a bit about what its like to actually have a business.

POSTED BY: JOLIVER | NOVEMBER 4, 2011, 4:57 PM 4:57 PM

The president has authority to spend it, but has not been able to use it due to mismanagement, I guess shovelready was not shovel-ready after alland giving the funds to the Solyndras of this world. All we need is another $500 million and inexpensive solar energy will benefit each of us.

POSTED BY: GEORGE | NOVEMBER 4, 2011, 4:58 PM 4:58 PM

TMFERRETTI the government does not have trillions either, wake up! We borrow 40 cents of every dollar we spend. The interest is only going to grow to be more of a crushing factor in our budget. I feel bad that you only care about yourself and not future generations. I hope you dont have any kids.

POSTED BY: JOLIVER | NOVEMBER 4, 2011, 4:59 PM 4:59 PM

The current debt limit is $15.194 trillion, not $15 trillion, so there.

POSTED BY: 1695814 | NOVEMBER 4, 2011, 4:59 PM 4:59 PM

We are spending more money than we have ever spent before, and it does not work. I want to see this country prosperous. I want to see people get a job. I want to see people get enough to eat. We have never made good on our promises. I say after eight years of this administration we have just as much unemployment as when we started and an enormous debt, to boot. Henry Morgenthau, Treasury Secretary under FDR, 1939

POSTED BY: GB8898 | NOVEMBER 4, 2011, 5:00 PM 5:00 PM

Dont raise the darn debt ceiling. Lets snap out of the battered taxpayer syndrome and stand up to the reckless, punishing, brutal borrowing and spending of this President. FDRs reckless, wasteful, and tyrannical spending didnt get us out of the Great Depression. That falacy is just plain dumb. The War caused a change in character of the American people at the threat of conquer. The War changed American work ethic and the threshold for work/pay. FDR extended the Depression with his idiotic socialization of both the economy and individual responsibility. If youll also recall, the American industrial complex was the only one left untouchedy, meaning our competors were wiped out. Now our competitors are wiping us out because our President is more interested in retribution for slavery than in accomplishing his Constitutional duties.

POSTED BY: OBAMAISGODAWFUL | NOVEMBER 4, 2011, 5:12 PM 5:12 PM

Hopefully this time well try the Tea Part solution of actual real cut rathe than just slowing the rate of growth. Obama got the UScredit rating downgraded last time with his refusal to make cuts.

POSTED BY: MIKE | NOVEMBER 4, 2011, 5:14 PM 5:14 PM

No one mentions the millions that died as a factor bringing us out of the great depression, but it was!

POSTED BY: RIANG | NOVEMBER 4, 2011, 5:14 PM 5:14 PM

Dont tell Obama what comes after a trillion I love how the media can report this as horrible news, and yet every time the Tea Party says we need to cut spending and balance the budget, were portrayed as toothless hillbillies attending a nazi rally. Thats all we ask, people: Fiscal responsibility and less government spending.

POSTED BY: JOHN | NOVEMBER 4, 2011, 5:18 PM 5:18 PM

There is 15 trillion reasons to force the Federal government to live within the restrictions as written in the Constitution and reiterated in the 10th Amendment and hold all those Pols as traitors to the Oaths of Office they swore, to uphold the Constitution of the United States of America if they vote for any measure which violates the 10th Amendment.

POSTED BY: SPARKY222 | NOVEMBER 4, 2011, 5:20 PM 5:20 PM

TMFERRETTI Obama must be a huge failure in your eyes. He hasnt printed 10 to 20 trillion dollars to get us out of the problem we are in. Who are you going to vote for in 2012? I really wish he would print some more money so that the money I am holding in my bank accounts really becomes worthless. You are a tool. Maybe something like a hammer or a shovel. Maybe you are just an animal trained to push the button next to the name with a (D) next to it. Everytime you push the button a treat (government hand-out) comes out of the magic door. Haha.

POSTED BY: T I | NOVEMBER 4, 2011, 5:26 PM 5:26 PM

If we bomb Germany, Japan and China back to the stone age and destroy the manufacturing base of those countries we will recover just like we did after WW2! Have A Clue it was not spending that restored the American Economy after the war it was being the ONLY ONE left that could manufacture anything (other than the soviets who couldnt compete because they were communists) I am SO SICK of people being to DUMB to understand this!!!

POSTED BY: DNUG | NOVEMBER 4, 2011, 5:32 PM 5:32 PM

Obama keeps breaking records over and over. Failed leadershipcomes to mind about the debt limit increases. taxes, taxes and more taxes. Spend, spend and spend give to the libs, I mean the poor. All this talk about taxes and if spending was under control, if money wasnt wasted on things we dont need, want or desire. If the govt would be respectful of the positions they hold, respected the Constitution, respected the people of the United States we wouldnt be in the trouble we are now.When you vote remember long before Obama put the pedal to the medal Pelosi and Reid controlled the House and Senate. They need to be on that chopping block as well.

POSTED BY: DJW663 | NOVEMBER 4, 2011, 5:35 PM 5:35 PM

Hey Bama! Do you think you could come up with some significant spending cuts and slow this baby down?

POSTED BY: NOZ | NOVEMBER 4, 2011, 5:39 PM 5:39 PM

The only entity left is the government who youve hamstrung because of this idiotic deficit BS. Were doomed. tmferretti Dont be so doom and gloom Timmy. The Tea Party and Conservatives are coming this 2012 election so theres still hope for fiscal sanity!

POSTED BY: NOZ | NOVEMBER 4, 2011, 5:43 PM 5:43 PM

To all you dems saying that spending is the only thing that will get us out of this recession, you forget that the spending is done on credit, and our creditors are restless. Most republicans will give you that we need to rebuild some interstates and the like but what ires us is the lefts refusal to recognize that only private business will get us back to where we were and beyond. They stifle business with regulations and taxation (unless you are big enough to shelter earnings offshore ala GE Google etc.) and then berate said businesses for not providing them with enough jobs. Business leaders are screaming out solutions, but the Administration gives them a deaf ear unless they happen to support tax increases.

POSTED BY: JEFF | NOVEMBER 4, 2011, 5:48 PM 5:48 PM

The sad truth is that America has ONE political party who refuses to do ANYTHING about the mounting debt, except make it worse! GTFO . Coming in 2012 !!!

POSTED BY: PAUL BEGALA | NOVEMBER 4, 2011, 5:49 PM 5:49 PM

Gee who saw THIS coming? Evidently not the Democratsthey thought they had it all solved. The real solution is to elect Republicans again so they can fix the mess Pelosi, Reid and Obama left behind. In 8 years things will going good again, and well get more Democrats who will screw it up, etc.. the cycle continues.

POSTED BY: LABILYBOY | NOVEMBER 4, 2011, 5:50 PM 5:50 PM

Do you think you could come up with some significant spending cuts and slow this baby down? Noz Is a few Billion significant enough?

POSTED BY: PREZ O'BAMA | NOVEMBER 4, 2011, 5:51 PM 5:51 PM

This country will just continue to get more in debt, nothing will stop it at this point. The US population is too stupid to vote in anyone that would actually stop wasting all of the fiat money.

POSTED BY: MIKE ALRIGHT | NOVEMBER 4, 2011, 5:57 PM 5:57 PM

If we only re-elect Obama, just think how fast we can collapse the Country! Obama be praised! 5 Trillion is spare change. Ill bet he can spend another 10 Trillion in 4 years. Double the debt Obama! Woo Hoo!

POSTED BY: JAG | NOVEMBER 4, 2011, 6:09 PM 6:09 PM

pssstnobody tell B.O. what comes after a trillion.

POSTED BY: BILLSBOWL | NOVEMBER 4, 2011, 6:12 PM 6:12 PM

Few people can comprehend a $15 trillion dollar debt. It means that each American, each infant, each ancient one, owes roughly $50,000 to mostly foreigners; the average family owes more than $150,000. This exceeds the net worth of most Americans, which means everything each head of household has ever saved, acquired, or inherited, has been spent by politicians. There are only two solutions to this near term problem: either we hit full employment and produce real value, at break neck speeds, for more than a generation, or our dollar will become worthless. It now is worth about one cent on the dollar compared to its 1900 value. It is going the way of the Confederate dollar, a wheel barrow of the paper would not buy a loaf of bread. This level of national debt is a direct threat to our survival. The governments recent attempt to prime the pump, inject stimulus money into a frozen economy has largely failed. The money has gone to political beneficiaries, not to productive efforts. We can double down on our bet, but every guy at the track knows what happens when you repeatedly bet on the wrong horse. His family sinks into poverty. I never conceived that our public officials would let this happen.

POSTED BY: R. L. HAILS SR. P. E. | NOVEMBER 4, 2011, 6:12 PM 6:12 PM

Hate Bush, hate bush, hate bush . stfu you ridiculous libkooks! Bush doesnt work here anymore! Time to recognize the libkook agenda for the hateful, dangerous and disgusting movement it actually is. We want our oncegreat nation back looks like were gonna have to take it by force.

POSTED BY: LIBS'R'KOOKS | NOVEMBER 4, 2011, 6:14 PM 6:14 PM

ITS THE SPENDING, STUPID!

POSTED BY: STEVE | NOVEMBER 4, 2011, 6:20 PM 6:20 PM

Its amazing how everyone bickers with each other using incorrect data and completely fails to recognize the underlying reality of the situation. For one, World War II did not get us out of the Great Depression. Wars do not create economic growth. They divert resources from productive industries towards the government. Any employment that results is at the expense of productive industries and consumers. During World War II, resources that would have otherwise been used to produce consumer goods were used to manufacture bombs, fighter planes, etc., and it wasnt until after the war ended, when spending was dramatically cut, that the American economy began growing again. Second, this problem is unfixable at this point. Due to the nature of our monetary system, every dollar that exists today was borrowed into existence. As a result, debt levels exceed the total supply of money by trillions. This is a simple fact, and more money creation will only create more borrowings on top of an already overly-leveraged society. People must come to terms with reality: America is broke!

POSTED BY: BROOKS | NOVEMBER 4, 2011, 6:27 PM 6:27 PM

Is a few Billion significant enough? Prez OBama Nope

POSTED BY: NOZ | NOVEMBER 4, 2011, 6:35 PM 6:35 PM

STOP THE SPENDING!

POSTED BY: BROOKIE | NOVEMBER 4, 2011, 6:53 PM 6:53 PM

At this pace we can expect the nation to pile another $15 trillion of debt by the next decade making it a total of $30 TRILLION, an amount that makes the Lehman moment look like a tea party. This is only the funded debt. Add in the unfunded debts from Social Security, Medicare and Medicaid of another estimated $100 TRILLION and its hard to see that the USA is insolvent. Its time to Occupy Congress and throw out all the bums.

POSTED BY: KENT | NOVEMBER 4, 2011, 6:56 PM 6:56 PM

Such a simple solution to this debacle has been publicly available in writing for the last 20 centuries or so. Put in the vernacular it says, IF YOU WANT TO EAT, THEN YOU HAVE TO WORKWorkis not outsourcingyour resources, materials, tools, equipment, and intelligence to some foreigner who will do what YOU are supposed to be doing to make a living for BOTH of you. All the OUTSOURCING, MANIPULATING, DEMONSTRATING, WHINING, OCCUPYING, STATEMENT MAKING, ETC. you may do will not in the end result in your well being, nor will it result in any HONOR for you or your country.

POSTED BY: CLEARHEAD | NOVEMBER 4, 2011, 7:13 PM 7:13 PM

Unemployment was 4.4% on December 31, 2006 and the federal debt was $8.4T. Three days later, Dems took total control of Congress. Havent Dems done a FABULOUS job?

POSTED BY: SPANKY | NOVEMBER 4, 2011, 7:29 PM 7:29 PM

this article is nothing more than fluff.

POSTED BY: SIDEEFX | NOVEMBER 4, 2011, 7:29 PM 7:29 PM

Cut the spending! I believe the federal government spending can be cut 2/3 (leaving 1/3) while still upholding the US Constitution. Cut the big, cut the small. Separation of government and speech. Separation of government and business. Separation of government and education. Repeal ObamaCare. (I could say more, but I need to return to being productive.)

POSTED BY: LAW2001 | NOVEMBER 4, 2011, 7:29 PM 7:29 PM

Good Lord! King Obama is spending it faster than ever! If hes going for the record, hes got it!

POSTED BY: JSMITH | NOVEMBER 4, 2011, 7:30 PM 7:30 PM

Obama has destroyed the future of the country and our childrens life in it.

POSTED BY: ATLASOBJECTIVIST | NOVEMBER 4, 2011, 7:42 PM 7:42 PM

Folks, Obama is doing the best he can vote conservative in 2012!

POSTED BY: FOR AMERICA | NOVEMBER 4, 2011, 7:48 PM 7:48 PM

Europe and the US are in trouble right now any chance we can start doing business with each other in a bigger way? In the OLD DAYSyou did business with those that did business with you seems like that may be coming around again out of necessity. Our trade imbalances with Asian coutries (caused somewhat by currency valuation fixing, no balanced trade agreements and import tariffs for our goods in their countries and little to no tariffs on their goods coming here) are simply not good for America (they are good for lining the pockets of corporations with lttile to no patriotic interests, thats it). Time for Eurpoe and the U.S. (and Canada and Australia and ____) to huddle together.

POSTED BY: WALLY | NOVEMBER 4, 2011, 7:49 PM 7:49 PM

We will NEVER get out from this level of debt ever. The interest fees alone are more than we can handle. When will the federal level start being responsible with taxpayer dollars and the debt?

POSTED BY: TRE | NOVEMBER 4, 2011, 8:01 PM 8:01 PM

Wow! That was quick. We will blow by the next ceiling even faster. Well, you all wanted us to be more like Europe. Hang on; its going to get bumpy.

POSTED BY: NOWYOUKNOW | NOVEMBER 4, 2011, 8:06 PM 8:06 PM

Free trade with low-wage countries exported all our manufacturing jobs. Illegal aliens have lowered the wages paid for service jobs that cannot be exported. NEITHER PARTY is promising to do ANYTHING about this. We are doomed.

POSTED BY: DAVID FROM SAN DIEGO | NOVEMBER 4, 2011, 8:20 PM 8:20 PM

Thanks to all the RINOs and boehner!

POSTED BY: VIETVET68 | NOVEMBER 4, 2011, 8:22 PM 8:22 PM

Is anyone the least bit worried we could be following in Greeces footsteps? I know it is fun to be a partisan and blindly support all your party does, but this is getting beyond serious. We need to really cut spending, in a big way. Yes, that means that the possibility exists that many on the public payroll will be unemployed. Im sorry. Now is not a time to be selfish. Ask not what your country can do for you, instead, ask what can you do for your country.

POSTED BY: MIKE | NOVEMBER 4, 2011, 8:30 PM 8:30 PM

If any one of you republicans can tell me a way were going to get out of this recession without someone spending money youd have a lot more credibility. Well, its blatantly obvious that frittering money away like the world is ending tomorrow hasnt done anything to fix things. If it did, wed be in great shape right now, because Obama just cant seem to spend it fast enough. Feel to explain how spending money we havent had for decades is going to do anything other than make matters worse. The country waits with baited breath, because you seem to have all the answers. Typical political fanboy. Youre totally asleep at the wheel, but even then you still have the energy to yell Go team!! Take a look at whats happening in Greece. Were next.

POSTED BY: AMERICATHEPITIFUL | NOVEMBER 4, 2011, 9:03 PM 9:03 PM

Thanks RINOs!

POSTED BY: VIETVET68 | NOVEMBER 4, 2011, 9:16 PM 9:16 PM

I see everyone referencing the Great Depression. Just how many of you intellectuals with all the answers were around for the Great DepressionNot many i suspect. Yammering about the tough times we went through doesnt cut it. Today in these Occupy gangs, we have people whining about their tough lives. Well, let me tell you, you dont know what Tough Times are. What a bunch of idiots. When you can tell me you have been through the Depression, Then I will listen to your stupid complaints. Not too many Depression babies around anymore. I was one and My Mom and Dad had it really tough, but they made it through without Whining and Protesting!!!

POSTED BY: RUTH | NOVEMBER 4, 2011, 9:28 PM 9:28 PM

Soon the USD will e pretty much worthless. Weimar Republic anyone?

POSTED BY: ILLOGICBUSTER | NOVEMBER 4, 2011, 9:36 PM 9:36 PM

Not to worry! The messiah was elected.

POSTED BY: SB36695 | NOVEMBER 4, 2011, 9:57 PM 9:57 PM

Check out how the debt has increased over the last decade. Bush increased the debt from 5.77 Trillion in Q1 2001 to 11.13 Trillion in Q1 2009. An increase of 5.36 Trillion over 8 years. Obama has increased the debt from 11.14 Trillion in Q1 2009 to 15 Trillion in Q4 2011. An increase of 3.87 Trillion in 2-3/4 years. So Bush increased at a rate of $0.67 Trillion per year. Obama has increased at a rate of $1.40 Trillion per year. If hes re-elected and that pace continues he will have increased the debt by $11.25 Trillion.

POSTED BY: ADAM WICKMAN | NOVEMBER 4, 2011, 9:57 PM 9:57 PM

In other words, thats a $48,000 debt per US citizen, thats increasing by the day, with no end in sight and accruing interest until paid. Very shortly, each newborn child will begin his or her life with a $50,000 debt (and interest) which will continue to increase, for as long as the government wrecklessly operates outside its constitutional limits.

POSTED BY: JIM | NOVEMBER 4, 2011, 10:35 PM 10:35 PM

Interest rate is near zero today. Just wait until it jumps up. The cost to borrow money (bonds) will absolutely DESTROY this country.

POSTED BY: LORD_LIGONIER | NOVEMBER 4, 2011, 11:16 PM 11:16 PM

What we really need is more studies of shrimp on treadmills!

POSTED BY: MACK | NOVEMBER 4, 2011, 11:19 PM 11:19 PM

The Democrats believe that the road to salvation is paved with tax dollars. They believe we can solve any economic crisis by simply spending more. They believe that taxes are too low. Conservatives believe that taxes are too HIGH. Who is right? One way to examine the question is to take the two idea to their extremes. Democrats want higher tax rates. If we raised the tax rates to 100% and confiscated every penny made by any company or individual how much MONEY would the government take in ? Answer: ZERO. Every business would be closed, and every individual unemployed and bankrupt. Obviously. Taken to the other extreme: If the tax rates were ZERO, how much money would the government take in? Zero, of course. There exists a sweet spotsomewhere between the two extremes. A tax rate that maximizes tax REVENUES, which is obviously the goal. Governments dont spend rates. They spend REVENUES. Democrats believe that tax rates are below that sweet spot. Conservatives believe they are above the sweet spot. Who is correct? I dont know, but I can say that a quick look at history shows that every post-war tax cut on the socalled richhas been followed by a deep and sustained expansion of the economy, and every tax increase on the richhas been followed by recession and stagnation. Thats just a fact. People talk about the days of Camelot under Kennedy, and the countrys overall booming economy and the rise of the middle class. Its viewed as a golden age. What most people do NOT realize is that Camelotfollowed by far the largest TAX CUT for the top 10% of earners in U.S. history. A cut that was promoted by and singed into law by John F. Kennedy.

No poor person has ever signed one of my paychecks, and no rich person CAN sign if the government confiscates all his money. No matter how jealous I may be of his big house and fancy cars, and now matter how insufferable a tool he may be as a human being, I sill have an obvious interest in his remaining RICH and, in fact, in his becoming RICHER. I dont CARE about the gapbetween his wealth and my own as long as mine is growing. The boss can buy the Moon and build a solid gold palace in a crater for all I care as long as Im making progress. Bankrupt my boss and give me all his money and all you do is guarantee that he and I will both be broke in a few years.

POSTED BY: ERIC | NOVEMBER 4, 2011, 11:21 PM 11:21 PM

Obama to congress: What do you mean we are out of money!!!! I still have more checks!!!!

POSTED BY: PROF | NOVEMBER 4, 2011, 11:32 PM 11:32 PM

What this country needs is a good old 5 cent cigar!

POSTED BY: SMOKIN JOE | NOVEMBER 4, 2011, 11:57 PM 11:57 PM

What deficit, what debt? Its al counerfeit. Its just smoke and mirrors to keep the mechanism of controling the transfer of wealth.

POSTED BY: TITUS | NOVEMBER 5, 2011, 12:05 AM 12:05 AM

Greece is just the beginning.

POSTED BY: JOHN | NOVEMBER 5, 2011, 12:18 AM 12:18 AM

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