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Funding Government By The Minute: Uh Oh

The US government runs out of money at midnight on July 31. After that, it`s all on the credit card.

submitted by: AntEconomist
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Funding Government By The Minute: Uh Oh. The US government runs out of money at midnight on July 31. After that, it`s all on the credit card.
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Hits: 8689 | Favorites: 1 | Emailed: 4 | Rating: 2.8 | Category: News & Politics | Date: 04/01/2012
 
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MountainBord
Female, 18-29, Eastern US
 1898 Posts
Wednesday, April 4, 2012 2:44:48 PM
that was a year ago get with the program.

mcboozerilla
Male, 30-39, Europe
 649 Posts
Tuesday, April 3, 2012 12:57:40 PM
This is the biggest crock of poo I've ever seen here. 7 months of Federal spending for Social Security, Medicare, Medicaid and debt interest? Who is stupid enough to believe this except the far-right loons who only watch Fux News?

Social security spending is completely covered by SS taxes. Medicare was find until 2008 when expenditures outweighed costs. Debt interest would account for about a month or a little over if I remember correctly.

This is just another attack against "social programs" or "entitlements".

The Top 10 largest government contractors by revenue are "defense" companies. They get almost $400 BILLION a year, and that`s more than half the Pentagon`s annual budget, which, by the way, is still way more than all the other departments` and agencies` budgets COMBINED.

You want to save this country? Stop wasting so much money on the military and asinine wars, and tax the wealthy as they should be taxed.

SilverThread
Male, 30-39, Western US
 3363 Posts
Monday, April 2, 2012 9:16:43 PM
McGuffin;
Actually since you can’t start withdrawing Social Security until you are in your mid sixties in the United States, unless you are disabled, it wouldn't make a great deal of difference who we sent off to war regarding saving to Social Security.

The trick here is that you send off people whom are already collecting a benefit, so it doesn`t matter if they are further disabled in war. In addition if they end up dead it is a net gain because that becomes a benefit that must no longer be paid.

The model you cited indicates that young people are already on a government payroll, Greece recently demonstrated for the world how bad an idea that is.

Keeping our young and vital members at home would ensure a stronger work force and conscripting the elderly would ensure that executive level positions are vacated regularly within an organization precluding what we refer to as a Geriocracy. Rule of the masses by the old and decrepit.

5Cats
Male, 50-59, Canada
 21870 Posts
Monday, April 2, 2012 2:17:06 PM
Debt isn't bad.

True enough, but I`ve seen families go into debt to buy "luxury items" and end up with more payments per month than income! Something`s gotta give!
The USA now spends 1.5 TRILLION DOLLARS MORE (apx) than it takes in! Every year the INTREST paid is more than the Iraq war cost! (per year)
Soon, if rates go up, and the deficit rises like it is, intrest payments will be #1! MORE than any other program, more than HALF the USA`s budget! Oh sure that`s 10-20 years "down the road" which is where Obama likes to "kick the can" to.

The best way to stop a total government meltdown? Balance the budget TODAY! Not 5 years from now.

5Cats
Male, 50-59, Canada
 21870 Posts
Monday, April 2, 2012 2:10:27 PM
5Cats... if thats true, I can't wait when a republican is in office so I can watch them NOT borrow money and help get us out of debt.

@HalfPintRoo: I hope to see that too! However I`m not holding my breath or anything. Cutting is HARD! Borrowing is EASY. Hummm, which road does a politician prefer... And Bush did more than his share of borrowing too.

[quote]such as varying the amount of tax on fuel[/quote]
No actually, they cannot! It takes an act of Congress to change a Federal Tax, it`s not a yo-yo.
[quote]That you need to balance any one year`s budget within that one year[/quote]
Um, yes actually! If you have money `left over` it`s a surplus, and if you spend more than you take in it`s a `deficit`. ipso facto!
Taking the average daily (or hourly) spending is perfectly valid. Who cares if it`s July 31 OR July 29? Fact is: too much spending!

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