Remember back in the day when Clinton was president and we actually took steps, as a nation, towards balancing the budget and getting us towards a situation where we might possibly someday be able to NOT owe trillions of dollars?
Well, Congress just upped our credit line AGAIN, this time to $9.815 trillion, which according to Reuters is the fifth time the Bush administration has raised the limit. You know what the debt was when he took office? $5.6 trillion. Jesus fucking Christ. He's almost doubled the national debt in the six and some years he's been in office. Will the insanity never end? Fox pundits were just bitching recently that NASA is spending $500 million on an 8-year trip to space. Now, I agree that NASA spending could possibly be used better elsewhere, but according to 2006 reports, the war in Iraq costs nearly $2 BILLION a WEEK. I mean, come the fuck on. Let's get the hell out of Iraq and we could spend billions and billions on developing warp drives and finding sexy alien races to mate with, and we'd STILL be saving money.
Apparently, though, there's some good news to the equation that I stumbled upon while reading sites about national debt. According to this guy over at The Skeptical Optimist, the national debt is growing at a slower rate than our national GDP, which means that percentage of the GDP that our debt represents (it currently hovers around 64%, ranking us at like number 20 out of all nations for the highest debt) is, in fact, dropping. I guess this is good news overall, though it doesn't so much change my opinion of the Bush administration wasting money willy-nilly on war and stupid abstinence programs, but hey, I'm no economist, so maybe I should butt out of the debate over how much money we owe.
Heck, take Japan from that list of countries by their public (a.k.a. national) debt! They owe 175.5% of their GDP! Guess it sucks to be Japan right now.
Anyway, this website is wicked financial and Republican, but the kind of Republican that makes a lot of sense and is hard to argue. If only Bill-O and Sean Hannity weren't raving lunatic racists and could manage to spout off something mildly intriguing every once and a while. So I get all this guy's arguments about the economy, but still side more with democrats because I don't think a ragingly good economy logically leads to States providing social programs for their residents like they would have us believe. But maybe it'd get that way if we were all rich and happy; we might develop love for our neighbors? I dunno. I kinda lost my point here.
Oh right, I hate Bush and he's wasting my moneys in some desert in Iraq killing people. I'd much rather he spent the same amount feeding starving children or something socially responsible. But I guess I'll just get back to dreaming.
Friday, September 28, 2007
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4 comments:
The worst thing about the national debt is that almost all of it is owed to China. That's right, a nation that we could conceivably go to war with owns our country. Awesome.
I'd argue that Bush isn't just "wasting money in some desert killing people." I think ... and I could be wrong ... that countries don't wage war just to get their bodycount fix. They watch Friday the 13th movies for that.
But otherwise, yes, bleak, grim. Christ. Love your anger in this one. Gone are the sunshiny days of Light, Bright, and Sparkling!
Joshua: Well, according to the dude from that website, and I don't really know much about economics, but he laid it out like this:
If you or I were to go to the bank and buy a US Bond, we would be lending money to the government in exchange for a return on it at a later date, thus we are the lender and they are the borrower. However, if China, as a lender (by owning a portion of our debt) were to sell it, they'd be shooting themselves in the foot financially speaking. I really have no idea if that's right or not, it's just what he said to debunk the theories that China owns our souls.
Also, according to the US Treasury, the country holding the most of our debt is Japan. No real fear of them attacking us, and besides, as I said above, their debt is equal to 175% of their GDP.
The second-most IS held by China, but it's only $420.2 billion.
We also have to keep in mind that Foreign ownership of the debt only applies to the portion of the National Debt that is Held by the Public. The amount held by the public is roughly...56% of the total debt. Now, if we look at how much of that amount is foreign owned, it was 44% in 2006, but it's prolly like 46% now.
I'm bad at math, but given that in July, China owned $407.8 billion out of a grand total of $2,190.6 billion in foreign holdings of US Debt, that amounts to a mere 19% of JUST the foreign debt.
Estimating the current dept to $9,000 billion, and China owning $420 billion, that means they own 4.6% of the debt. So, in conclusion, China doesn't own all that much.
Ugh, I just wrote that comment that I deleted under a fake e-mail address I use to go to porn websites! how embarrassing. That's why I erased it because it's not even a blogger thing -- it's a gmail address alone! I hate America. Can you really delete for me so I don't have to feel dirty everytime I come to this sight?
As I was saying above:
Eventually China wants their money back. So when they come knocking and say "bitch where's my money" it wont' be as hot as it seems in gay pornos!
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