Obama: Too much debt could fuel double-dip recession

noob_trad3r · Nov 19, 2009

No president except clinton shrinked our deficit.

Why did Bush Jr increase the deficit instead of shrinking it?

I thought Republicans were for smaller government less spending

Misthos · Nov 19, 2009

Obama said that to placate the Chinese.

I'm no fan of huge government deficits, but let's be honest with ourselves. The way the monetary system works, the more deficit spending done by government, the more money is in the private sector, the more the economy "grows."

If government were to radically shrink the debt and cut spending, our economy would contract significantly. I'm not saying that's good or bad, I'm just describing how a fiat monetary system works.

Redneck · Nov 19, 2009

For once Iâm going to allow my personal views be known

I liked Reaganâs administration, and I could tolerate Clintonâs until the âwhat is isâ fiasco surfaced

I didnât like the former administration

I donât like the current one

I didnât fancy voting for McCain

With regard to the national debt/ economy â my wife and I are screwed â my kidâs are screwed â and most likely my grand kids and great grand kids are as well

I am a conservative

I am so isolated /disenfranchised/ separated from what I believe â and the way this country is headed â it is not even funny

If I thought about it too much â I would cry

A hell of a lot of good people have given, and are giving â their lives for this country â and for what

I am so pissed - and I want to cry - at the same time

RN

noob_trad3r · Nov 19, 2009

Americans did this to themselves. They wanted cheap stuff from china, they voted with their wallets and they borrowed and lived beyond their means recklessly.

And the mortgaged their grandchildren's future.

The guilty party is the person in the mirror.

dewton · Nov 19, 2009

Quote from noob_trad3r:

Americans did this to themselves. They wanted cheap stuff from china, they voted with their wallets and they borrowed and lived beyond their means recklessly.

And the mortgaged their grandchildren's future.

The guilty party is the person in the mirror.

well the irony is, if Americans had NOT borrowed recklessly and mortgaged their grandchildren's future, the US economy would have been in shambles. in the US, economic growth doesn't happen without borrowing. either way we're screwed eventually because debt levels have nowhere to go but up. our monetary system is fundamentally flawed. big banks own everyone. for a precise description of what the problem actually is, visit www.perfecteconomy.com

Misthos · Nov 19, 2009

Quote from dewton:

well the irony is, if Americans had NOT borrowed recklessly and mortgaged their grandchildren's future, the US economy would have been in shambles. in the US, economic growth doesn't happen without borrowing. either way we're screwed eventually because debt levels have nowhere to go but up. our monetary system is fundamentally flawed. big banks own everyone. for a precise description of what the problem actually is, visit www.perfecteconomy.com

Good point. We are just witnessing the uncontrollable evolution of a fiat monetary system.

gastropod · Nov 19, 2009

And now for the preposterously obvious...

You can only have too much debt, if had too much credit or you abused the credit you had.

-gastropod

Mnphats · Nov 19, 2009

Quote from noob_trad3r:

No president except clinton shrinked our deficit.

Why did Bush Jr increase the deficit instead of shrinking it?

I thought Republicans were for smaller government less spending

Bush should have cut spending as well but did not and ran up huge deficits. Can't cut taxes with out cutting spending. Do you also the remember of all the democrats whining and screaming about the massive spending? Now look at what the democrats have already spent and the crazy expensive social programs. Not to mention what cap and trade will do to the poor. Ironic? Hypocritical?

BO makes Bush's deficits look like childs play and we have only seen the beginning.

Scataphagos · Nov 19, 2009

Quote from noob_trad3r:

"... The guilty party is the person in the mirror.

If somebody offers you a plate of delicacies... and urges you to "take some... it's good.... it's free"

And you do... and then die of a coronary.. who's to blame?

More than just the weak-willed taker, don't you think?

MKTrader · Nov 19, 2009

Quote from noob_trad3r:

No president except clinton shrinked our deficit.

Why did Bush Jr increase the deficit instead of shrinking it?

I thought Republicans were for smaller government less spending

The deficit was already on its way down before Slick Willie took office, and some of it was due to accounting tricks. That said, I'd still take him over Obama any day.

http://www.heritage.org/Research/budget/FYI92.cfm