Iraq, Afghan War Cost: $1 Trillion

[Tim]

Here is an article I just came across that deals with the national debt...

November 18, 2007 · While politicians in Washington, D.C., get their dukes up over spending bills, some policy analysts are taking the long view on the federal budget, and hoping you will, too.
According to the Government Accountability Office, the national debt — plus the obligations the federal government has promised to pay out in the future — equals $50 trillion.
To drive home how large that amount of money is, policy analysts packed up their PowerPoint presentations and hit the road, visiting lecture halls across the country to explain the breakdown of the federal budget. It's the Fiscal Wake-Up Tour, featuring policy experts from across the political spectrum.
The opening act is Robert Bixby of the financially conservative Concord Coalition. Also on board: Stuart Butler of the conservative Heritage Foundation; Douglas Elmendorf, from the left-leaning Brookings Institution; and David Walker, the Comptroller general of the United States.
The alarm the tour has spread across dozens of states in the past two years is this: If the federal Government continues its current course in the coming years the country will go deep into the red.
What's the biggest problem? Among these experts, it's Medicare, Medicaid and Social Security — the promised future benefits for retirees and the poor and sick.
Controller David Walker says the government is spending every penny it takes in right now in Social Security taxes, and not saving the surplus to pay for actual benefits later. The rapid rise in health care costs is an even bigger problem, shooting up by more than 6 percent a year.
The Fiscal Wake-Up Tour is long on problems and short on solutions. That's by design. These budget experts have different ideas and opinions about how to solve the problem. But they agree that it is more important at this point to raise the alarm than it is to champion any one fix.
The Fiscal Wake-Up Tour is ramping up its schedule in the coming months, trying to crowbar budget issues into the agendas of the presidential candidates. If they can get regular Americans to think about the budget, and start asking politicians for a solution, these budget experts will be satisfied.

source...

 

[IntruderLS1]

Makes perfect sense.

I am not arguing that debt is somehow a good thing. I think I may be giving that impression somehow. I think debt is a terrible thing to be burdened with. My point here is that it isn't the end of the world that some would have us believe it is.

I think it's interesting that the three biggest problems lined out by the members in your article do not include war. They are Medicare, Medicaid, and Social Security. The three biggest liberal government love children there are.

Now we're in a situation where necessary war funds are going to put us further in a pinch, and the ever-so-angry at the conservatives crowd wants to blame us for a problem that has been long in the coming, and has been preached against by conservatives for years.

It sounds a lot like political misdirection to me.

Who doesn't love the commercials with the sad fire / police men saying the proposed budget cut is going to be the 3% that is dedicated specifically to them? haha.

People buy it though, so I guess that's life. :shrug:

 

[Tim]

To be fair.. I don't think you feel that debt is good in any way... on the same hand, I don't think it's the end of the world either. It just something to be aware of... something that is getting out of hand, something that does need to be dealt with sooner than latter. Debt isn't something to leave to the next generation.

The people in the article aren't blaming anyone for the debt, not even Medicare, Medicaid, and Social Security. What they are trying to tell us that by going into the red, we won't be able to live up to the promises made by Medicare, Medicaid, and Social Security.


Do you think that these programs should cease to exist???

 

[Tim]

Here is the complete report if you find the time to read it... It's definitely a good read.

A FISCAL WAKE UP CALL

 

[IntruderLS1]

To be fair.. I don't think you feel that debt is good in any way... on the same hand, I don't think it's the end of the world either. It just something to be aware of... something that is getting out of hand, something that does need to be dealt with sooner than latter. Debt isn't something to leave to the next generation.

The people in the article aren't blaming anyone for the debt, not even Medicare, Medicaid, and Social Security. What they are trying to tell us that by going into the red, we won't be able to live up to the promises made by Medicare, Medicaid, and Social Security.


Do you think that these programs should cease to exist???

I'm glad. We've talked on and off for several years, and 99% of the time (historically, though not recently) we're on the same page on most things economy.

I look at debt as a bad thing in personal finances, and I don't think there is any reason to feel its any better for government. The problem is not borrowing money so much as it is the payback cost being so much higher than that borrowed. I bought my house for $330K, but if I stick to the 30 year fixed, it'll probably cost me close to a million dollars!! I like my house, but you would have to be crazy to pay that for it. :smiley24: (no comment)

Using cash, or building credit with cash on reserve is always best. In some situations, borrowing is the only way to get things done. My house for example.

As far as the three programs you're talking about, I honestly don't put much thought into them. We're such a young family; I don't get all excited about it. I was only making an observation.

As a brief overview of them, I would say they can probably be fixed (mostly) with stricter management. When they built the matrixes for them, they didn't take into account population spikes, and my understanding is there is a lot of waste.

I DEFINATLEY don't think the programs should leave people hanging who are already enrolled (unless they don't belong there [different rant entirely])

I personally plan on not needing the government to take care of me or my family when retirement comes. I don't even really care if I'm throwing my money away like many (Right Wing Zelots) would have me believe. I look at it as taxes / part of my civil service. I could care less. :shrug:

If forced into a Conservative / Liberal debate on the subject, I would use them as an example of how big government fails.

 

[IntruderLS1]

Here is the complete report if you find the time to read it... It's definitely a good read.

A FISCAL WAKE UP CALL

I didn't go through the whole thing (yet), but the site itself is very impressive. I plan on wasting away many hours in there this weekend.

Good find Tim!! :clap: