When do you think the US Debt will hit 20 trillion dollars?

With debt running about $500 billion a year now, if that rate continues it should happen in about four years (likely about 2018). The Forbes article predicting 2016 was written in 2012 when deficits were larger than they are today.

A president can propose a budget but by Constitution, the House of Repesentatives writes it and the Senate must concur at which point it is sent to the president to either sign or veto it.
 
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Zippyjuan said:
A president can propose a budget but by Constitution, the House of Repesentatives writes it and the Senate must concur at which point it is sent to the president to either sign or veto it.
Click to expand...


That is textbook versus real world. We've had that discussion ad naseum.

You seem to forget these discussions. How many people actually log into your account and do this job?
 
Zippyjuan said:
With debt running about $500 billion a year now, if that rate continues it should happen in about four years (likely about 2018). The Forbes article predicting 2016 was written in 2012 when deficits were larger than they are today.

A president can propose a budget but by Constitution, the House of Repesentatives writes it and the Senate must concur at which point it is sent to the president to either sign or veto it.
Click to expand...

But we can grow our way out of it, right, so it's not a concern.
 
I have never said the debt was not a concern. It is. What I have criticized on it is those who pretend they want to do something about it but don't really. Such as calling for a Balanced Budget Amendment while not submitting a balanced budget or even beginning to cut anything.
 
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Seems like just yesterday when the debt was measured in billions and radio jock conservatives were in righteous indignation over it.
 
Id say it hit a LONG TIME AGO. When all of the Entitlements and Unfunded Liabilities are counted we hit that mark decades ago, because when we do factor in all the Entitlement stuff, we are closer to something like 200 trillion, not 20 trillion. The thing is that these numbers are so absolutely retardedly insane they barely even matter any more.

STIFF THE FED.

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Lets try this for anyone that doesnt understand our entire financial system is a Ponzi Scheme.



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http://www.zerohedge.com/news/2015-02-07/sweet-or-sour-dreams-america
(link required by TOS for img hotlinking policy, yeah, I actually read that shit)
20150207_sweet.jpg
 
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Zippyjuan said:
With debt running about $500 billion a year now, if that rate continues it should happen in about four years (likely about 2018). The Forbes article predicting 2016 was written in 2012 when deficits were larger than they are today.
Click to expand...

Total debt is rising by closer to a trillion a year. You're thinking about the deficit.

My guess is that as the wealth effect from QE winds down the debt is going to increase faster. End of 2016 is my guess for 20 trillion.
 
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Whose total debt is $1 trillion a year? Federal Government is currently adding about $500 billion- not $1 trillion a year. Yes, that could change in the future. The "debt" being discussed is that of the US government- and that is the sum of all of the annual deficits.

You're thinking about the deficit.
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Yes- we are.
 
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Zippyjuan said:
Whose total debt is $1 trillion a year? Federal Government is currently adding about $500 billion- not $1 trillion a year. Yes, that could change in the future. The "debt" being discussed is that of the US government- and that is the sum of all of the annual deficits.
Click to expand...

Total US Govt Debt as of:

1/1/2010 = 12.3 T
1/1/2011 = 14 T
1/1/2012 = 15.2 T
1/1/2013 = 16.4 T
1/1/2014 = 17.3 T
1/1/2015 = 18 T

It sure looks like it's averaging more than 500 billion a year.
 
You are right- it WAS averaging over $1 trillion during the economic crisis but spending has been pretty flat and revenues have been increasing so the deficit has been falling (and your figures show that). For this fiscal year (which started in October) it is forecast to be about $500 billion.
 
Zippyjuan said:
You are right- it WAS averaging over $1 trillion during the economic crisis but spending has been pretty flat and revenues have been increasing so the deficit has been falling (and your figures show that). For this fiscal year (which started in October) it is forecast to be about $500 billion.
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You're missing the point. The point is that the deficit does not equal the delta in the total debt. Look it up.
 
Yes- the deficit is how much additional money the government had to borrow this year. That gets added to what was already borrowed and that makes the total debt.
 
Zippyjuan said:
You are right- it WAS averaging over $1 trillion during the economic crisis but spending has been pretty flat and revenues have been increasing so the deficit has been falling (and your figures show that). For this fiscal year (which started in October) it is forecast to be about $500 billion.
Click to expand...

Hasn't the deficit been projected to be half of what it actually ended up, for something like 8 of the last 8 years?
 
It doesnt matter when. 20 trillion is not a "magical" or significant number. The real problem is that the continuation of money printing which is enabled by the Federal Reserve Bank has to crash eventually. There is no way out of it, unless we STIFF THE FED.
 
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