Life and Debt

Jake – I love your reporting, but (and I mentioned this on twitter) the interest payments on the debt have equaled > the GDP of those three countries often – I looked at 1999 and 1989 quickly and they both held true (and eyeballing it, it looks like almost all, or at least most, other years).
A better way for your viewers to look at the interest payments is to compare it to either total GDP (a % of GDP) and compared to US and then other country historical figures, AND look at interest payment debt as a percentage of federal expected revenue.
Looking at it the way you did was a bit misleading and didn’t clarify anything. The GDP of three countries sound huge! But, well, it really isn’t. Basically, from an eye ball perspective, the last 8 years erased the prior 12 years of deficit reduction. But, the way it is presented here it sounds like it is off the wall, unprecedented, and out of control!
We need better context from reporters and you usually do it. But not this time.

Ah, Jake, I hate to burst your bubble, but the current federal debt is only 40% of GDP, while at the end of the 12 years of Reagan/Poppy Bush in 1992 it had reached 49% of GDP. Of course, just six short years later in 1998, the federal budget was in surplus and the previous federal debt was being paid down (Thankyou President Clinton).
Don’t have a cow man.

In April the White House projected a surplus of $281 billion for this fiscal year and $3.4 trillion for the next 10 years…
Ooops, that would be April of 2001. Heckuva a job on all those tax cuts for the rich, Republicans. They really did have a huge impact on creating jobs and paying down the national debt (just not the direction promised…)! With such a great track record, I can’t wait to hear Republicans economic advice now.

WRITE YOUR CONGRESSMAN AND TELL THEM THAT FOR CHANGE WE CAN REALLY BELIVE IN TO SUPPORT PROPOSED SENATE CONSTITUTIONAL AMENDMENT COE09E33. You can Google COE09E33 to read the simple TWO page bill which is written in simple to understand plain English.

of the $9 trillion in deficits projected over the coming decade, nearly $5 trillion comes as a result of the Bush Administration’s failure to find revenue sources for just two policies — tax cuts and the Medicare prescription drug benefit.
___________________________________
Oh yes, those wonderful Bush tax cuts that benefited the country so much . … well at least until the entire economy crashed on his watch.

Katie Couric hammers Obama tonight.. I was really surprised.. wait till you see the numbers on the stimulus
http://www.cbsnews.com/video/watch/?id=5752656n&tag=cbsnewsSectionContent.0

jwh accidentally makes an important point: government estimates of future deficits tend to be low. Going on past history, the 2019 deficit won’t be a worst-ever $700 billion, it will be much worse.
As to job creation, the unemployment rate saw a 4-year decline under a Republican Congress and White House, even if they did spend too much. The unemployment rate has doubled since the Democrats took over Congress in Jan 07. Whose advice should we avoid?

In April the White House projected a surplus of $281 billion for this fiscal year and $3.4 trillion for the next 10 years…
Ooops, that would be April of 2001. Heckuva a job on all those tax cuts for the rich, Republicans. They really did have a huge impact on creating jobs and paying down the national debt (just not the direction promised…)! With such a great track record, I can’t wait to hear Republicans economic advice now.
______________________________________
The Republicans are the worst hypocrites going.

Please, this is not Obama’s doing, nor is it easily undone. Obama could also cancel all money to the military tomorrow if he didn’t “lack the courage to do so”.
tierra | Nov 23, 2009 10:14:39 PM
It is fair to attack Obama for not rescinding the irresponsible Republican tax cuts or actively cutting down our military. Don’t be too dismissive on the rare occasions the right winger stumble onto a reasonable argument. Obama certainly could veto anything that extended the Bush tax cuts, and he could do the same to trim pork off the military. He’d be a one term president and if Congress could find the smallest excuse, they’d try to impeach – but it would be a noble way to go.

Such a sad, early failure:
Remember the “reset” button promises abroad? Do we have a safer, saner relationship with Putin? Is Iran closer to disarmament? North Korea quieter? Did George Mitchell transform the Middle East? Is the “good” war still good, the “bad” one still bad? Do the Brits feel the special relationship is stronger? Maybe Sarkozy is more impressed now with America, or are the Poles and Czechs?

Posted by: Visualize Whirled Peas | Nov 23, 2009 10:43:29 PM
The unemployment rate was 4.2% in January of 2009 when George Bush took office. (United States Department of Labor)
As I stated the unemployment rates climbed steadily under Bush during his first 3 years in office. He never did get the unemployment rate down to the levels he inherited in 2001.

Tierra: “The Republicans are the worst hypocrites going.”
———————————–
“The American people voted to restore integrity and honesty in Washington, D.C., and the Democrats intend to lead the most honest, most open and most ethical Congress in history.” – Nancy Pelosi, November 2006

Posted by: Visualize Whirled Peas | Nov 23, 2009 10:53:08 PM
Seriously, you demonstrate again a reading comprehension problem . ..
My apologies. I am honored to be mere fodder to feed your massive ego, which I have determined to be about the size of Canada. However, month by month, Bush had a much better record in the unemployment rate than you elude to – keeping it below 6% about 85% of his two terms. But I’m not surprised that you would cherry-pick the numbers to suit your cause.

Bush had a much better record in the unemployment rate than you elude to
______________________________________
Bush had exactly the record I eluded to . .. whereas your information was wrong – or poorly researched. This isn’t the first time.
People can take some pride in being confident the material they post is accurate and correct – I don’t see you being able to do that.

Bush had exactly the record I eluded to
Posted by: tierra | Nov 24, 2009 12:51:13 AM
The unemployment rates climbed steadily under Obama during his first 10 months in office. He has never gotten the unemployment rate down to the 7.6% level he inherited in January.
__________________________________
Absolutely, although Bush did not inherit an economy in virtual free-fall collapse.
On the other hand, he did leave an economy in virtual free-fall collapse.

Bush had exactly the record I eluded to
Posted by: tierra | Nov 24, 2009 12:51:13 AM
The unemployment rates climbed steadily under Obama during his first 10 months in office. He has never gotten the unemployment rate down to the 7.6% level he inherited in January.
__________________________________
Absolutely, although Bush did not inherit an economy in virtual free-fall collapse.
On the other hand, he did leave an economy in virtual free-fall collapse.

So what d’ya think? Think the main stream media’s getting a little impatient with Obama? They seem to be reporting a little more negatively lately. Is it all falling apart so soon? To be honest, I thought he would cruise through this year and into the next.

To be honest, I thought he would cruise through this year and into the next.
_____________________________________
Reagan’s approval ratings fell BELOW 40% and the economy he was dealing with was not nearly as severe.
So no, I’m not surprised at all.
I’m surprised the honeymoon period every President goes through lasted this long.
You’ll recall George Bush Jr. fell below 50% approval in early September of his first year – and he had basically nothing to deal with (so he thought).

They seem to be reporting a little more negatively lately.
Posted by: Visualize Whirled Peas
careful, positive innuendo about the ‘leftist, librul’ press will get you arrested, and you will be given the republican purity test before being called unholy by the the tea partiers.

“To be honest, I thought he would cruise through this year and into the next.”
I meant with the media. Forget the data and the percentages and stuff. Let’s have a real conversation for a change. Do ya think their turning on him a little? I mean he seems to be taking on an awful lot in the first 10 months and doesn’t really seem to be getting very far. The media seems kind of impatient and Gibbsy doesn’t seem to be helping. He just seems like the irritating kid in class we never liked. As I said, I thought the media would go along to get along at least until next spring.

The media seems kind of impatient and Gibbsy doesn’t seem to be helping. He just seems like the irritating kid in class we never liked.
_______________________________
No I don’t think the media is getting impatient. And yes, I do think Gibbs might be a bit of a problem.
And yes, Obama has taken on a tremendous amount – I’m very impressed with his stamina. It’s almost superhuman what he’s done.

thought the media would go along to get along at least until next spring.
Posted by: Visualize Whirled Peas
you really thought that the press, which is a business after all, dependent on ratings and advertising would shy away from reporting on the economy, 2 wars etc. just because he is a Dem….
re: taking on a lot
the real question, should be why legislation that benefits all americans can’t be passed by people we hire for the job, exactly why do we feel any kind of loyalty to any congressmen or senator regardless of party if they can’t do their job and get things done

And what d’ya think about that Reverend Wright situation?
Posted by: Visualize Whirled Peas
meaningless, superficial nonsense….
I would be more worried about the crazy christians who think they’re gods army and it’s OK to shoot doctors or gays

oops . . . TRILLIONs always TRILLIONS

It’s getting late. I’m sure we’ll chat again.
By the way, here’s your proof that ARRA is NOT a four year plan – from superman himself:
“The American Recovery and Reinvestment Act was not expected to restore the economy to full health on its own but to provide the boost necessary to stop the free fall. So far, it has done that. It was, from the start, a two-year program, and it will steadily save and create jobs as it ramps up over this summer and fall. We must let it work the way it’s supposed to, with the understanding that in any recession, unemployment tends to recover more slowly than other measures of economic activity.” -Washington Post, Barack Obama, 7/12/09

Posted by: @Octavia | Nov 24, 2009 2:24:50 AM
Thank you for the post Octavia. I surely tend to agree – 24-hour news cycle style of reporting is very trashy and does not serve our society well.
I will check out this fellow Fallows.

It’s surprising how many people think Reverend Wright – or just his name – is some kind of evil spell; and they’ve NEVER listened to his sermons in full. Only the sound bites.
That is in part the result of trashy 24-hour news cycle journalism; but also people’s willingness to participate in knee-jerk belief systems where they buy into something without bothering to research it to find out for themselves.

The long and the short of it is that we are in HOT Water! I learned a long time ago that whenever something is done you need to take resposiblility for it! This not only includes our past presidents actions, or lack there of, but OUR CURRENT Presidents need to try to pay the blame game.
Obama new what he was getting into when he ran for office! If he didn’t want to take the responsibility for the country’s future, HE SHOULDN’T HAVE RAN!
I don’t care about the past, but only to learn from it. I care about now and the future, for my son’s sake! If you can’t handle the heat, get out of the kitchen. don’t blame the previous cook for having the oven on to hot before you got into it.
Deal with what you have AND MAKE IT BETTER! IF YOU DON’T HAVE A SURE FIRE SOLUTION DON’T SPEND MY MONEY ON GUESSES AND IDEAL’S! I don’t invest unless I know what I’m getting first! Should we expect any less OF OUR COUNTRY AND OUR PRESIDENT!!! I don’t think so…
Saying one thing, than doing the other. Just the same old song and dance from BOTH PARTIES! Let’s just cut all the stuff and operate our country like a successful business would.
1. Let innovation take it’s place. Don’t just let the company with the most power and most money take over.
2. Do what is best for your customers and stock holders! If the customers are happy they will buy more which in turn makes the stock holders more money so they are happy. Don’t just take a corporate stance or hard-line under the false pretense that this is really the best decision for you, you just don’t know it yet…. seriously… Mr. Uncle Sam, that is what your trying to pull. Not all of us are stupid.
3. Finally the BEST COMPANY should get the job. If your past is riddled with poor performance and continual losses, DO YOU REALLY THINK YOU SHOULD GET THE JOB!!!!
I’m not trying to take a party stance, although you may assume so? I’m concerned about my families future and the world that my son will be growing up in.
We still have time to let the real majority voice be heard! Not the party, not the government, you and me. Agree or not I think we can all see that something needs to be done! I personally think that throwing more money at an unsolved problem is not using the best of intelligence.

Fascist Hyena,
A Nobel Prize winning economist disagrees with you, so the “dope” you were referring to was the one looking back at you in the mirror.

It is easy to wonder where all of this spending is going. The debt keeps piling up and the engines in the private sector are churning but not creating jobs. We are hearing words like ‘jobless recovery’ as if this is suppose to give the unemployed in Indiana and Ohio some comfort.
Small business is nervous – what used to be a solid pipeline of business has turned into month to month. They fear a wave of new taxes coming that may force them out of business if revenues stay flat and the pipeline stays short.
Now the President and his economic advisers are seriously considering a second stimulus plan. The first one was marketed as a necessity to keep us from the brink – turns out, that was a little bit of an overstatement. TARP kept us from the brink not the Stimulus Bill. In fact, the results of the Stimulus Bill are so dismal that the WH has (felt like they had to) lie about the how many jobs the Stimulus created or saved.
There is just no tangible end game here. There are so many undercurrents, side deals, hidden agendas, double talk and back room agreements it is hard to see where the WH & Company are taking us. This is not change we can believe in – this is change that no one understands.
Transparency is a pipe dream with this President but it is not too much to ask for some straight talk about his vision.