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Politics : Politics of Energy -- Ignore unavailable to you. Want to Upgrade?

To: TimF who wrote (2352)	9/11/2008 8:02:38 PM
From: RetiredNow	Read Replies (2) \| Respond to of 86356

Tim, your facts are wrong. Our national debt has risen $670B in the last 12 months. treasurydirect.gov There are a lot of ways to obscure our deficits, but I'm a CPA and have a Masters in Accounting. So I'll tell you the facts about debt. If you spend more than you take in, then that adds directly to your debt. We call that deficit spending. So regardless of what the government numbers may show to obscure the deficits, the fact is that our debt has increased by $670B in one year. $670B debt increase / $3 trillion budget = 23.5% of our budget is new borrowing to support our budget expenditures. Those are the facts. In July 2008, as I posted in my last post, the trade deficit to China was $24B. Annualized that is $288B. That's almost half of our new debt being borrowed from China every year. Those are the facts. Let's please at least not dispute the facts. Let's argue about the impact, but don't denigrate yourself by denying the facts. So far, I have respected your ability to debate the merits of an opinion or conclusion. So let's stick to that.