Island Dog and ParaTed2K
The major reason we are runnuing these deficits is because the Bush supporters wanted to have their taxes cut even though we can not afford the loss in revenue. When Bush started with his tax cuts, Bill Gates and Warren Buffet, the two wealthiest man in the world, wrote the president and said please don't cut taxes on the wealthy. We don't need the money and the country has more pressing demands then tax cuts to the wealthy. Bush ignored them, and he ignored his secretary of the treasury and the Federal Reserve chairman who told him that tax cut should be tied to available surpluses. Both of these men warned Bush about returning to annual budget deficits and tax cuts were fine so long as there was a surplus to pay for them. The reason why the wealthy should pay when we can no longer ignore the defict is because they are receiving a huge windfall that is the major reason for the problen and they are the group that should be required to fix it! Also tax increases on the wealthy will have less impact on consumer demand then tax increases on the middle income workers.

When Bush started with his tax cuts, Bill Gates and Warren Buffet, the two wealthiest man in the world, wrote the president and said please don't cut taxes on the wealthy.

Bill Gates is not an elected official. Just because he's one of the richest men in the world doesn't give him the authority to dictate policy to the President. If you want to raise taxes, raise taxes on everybody including the poor. That is only fair. This is the typical class warfare arguement that successful people must pay for everybody else just becaue "they can afford it".

IslandDog

It has nothing to do with authority but sound advice. What about what the Sec of the Treasury and Fed Chairman who told Bush to tie the tax cuts to available surplus and not to return to annual budget deficits? They are the highest officials charged with financial and tax matters.

The reason you do not increase taxes on the poor or middle income workers is that has a negative impact on consumer spending (Demand) and these are the groups that can least afford higher taxes. That is not the case with the top 5% or so. Higher taxes will not impact their life style or ability to pay for the necessities of life.

When you see the interest that will be required to be paid on the debt, tell me about % of GDP. You are all nuts. The day is comming when this country will be unable to function.If other countries get to the point where they will not lend us more money, the s*it will hit the fan! I hope at that point the liberals take control and tax the hell out of the top 5%. They will deserve it!

What % of the budget is currently used to pay interest on the debt? What was the % in 1996, the year Clinton was elected?

Here's the answer:

(all figures in $billions)	Bush FY '05 Proposal	Clinton First Term Last Fiscal Year 1997
Net Interest on the Debt in constant $2004	$ 175	$ 278
Net Interest on the Debt as % Budget	7.4%	15.2%
Debt Held by the Public	$ 4,792	$ 3,772
Debt Held by the Public as % GDP	39.8%	46.1%

In short, the interest on the debt is only 7.4% today. It was 15.2% at the same time during Clinton's presidency.

The debt, as a % of GDP is 39.8% now.  It was 46.1% during the same time in Clinton's presidency.

In other words, things are MUCH better now than they were 10 years ago. The interest on thd debt payments are literlaly HALF of what they were.

So your entire argument is utterly specious and just mindlessly partisan.

I did notice how My selective comments were totally ignored..... when america starts to do things selectively to any group of people, be it rich, poor, black, mexicans whites stupid, tall short, fat thin, america has started down a DANGEROUS PATH.

Thank you Bush for attempting to stop any investigation into the supposed terrorist operation on 911. Thank you Bush for not allowing photos of dead Americans coming home in coffins. Thank you Bush for bringing the wounded home under cover of darkness. Thank you Bush for editing thousands of pages from Iraq's 10,000 page report on their non-existent WMD programs. Thank you Bush for not testifying to the 911 commission. Thank you Bush for saying you don't really know Ken Lay at all, while memo's and common knowledge hear you calling him "Kenny boy". Thanks Bush for doing not all you can to save Terry Shiavo's life, especially after your stint as Texas Governor, where you sent more to their deaths by execution. Thank you Bush for going against democracy and detaining humans with no chance for legal counsel. Thank you Bush for making a joke of free press by creating good news by paying people to promote fake good news. Thank you Bush for scaring congress in a 'secret meeting' about Iraqi drones that are capable of hitting the US eastern coast....all the way from Iraq. Thank you Bush for promoting yes promoting those negligent by 'missing' evidence of a 911 yet to come. Thank you Bush for being the worst environmental president at the most vital time in our planet's environmental history. Thank you Bush for declaring mission accomplished at the same time as American men were being killed by Iraqi nationalists...

thats all you can say because the only thing bush supports is social sec! he lowered terror funding 9/11 and still you like him!make a better decision!

thats all you can say because the only thing bush supports is social sec! he lowered terror funding 9/11 and still you like him!make a better decision!

What % of the budget is currently used to pay interest on the debt? What was the % in 1996, the year Clinton was elected? Here's the answer: (all figures in $billions)Bush FY '05 ProposalClinton First Term Last Fiscal Year 1997 Net Interest on the Debt in constant $2004$ 175 $ 278 Net Interest on the Debt as % Budget7.4%15.2% Debt Held by the Public $ 4,792 $ 3,772 Debt Held by the Public as % GDP39.8%46.1% In short, the interest on the debt is only 7.4% today. It was 15.2% at the same time during Clinton's presidency. The debt, as a % of GDP is 39.8% now. It was 46.1% during the same time in Clinton's presidency. In other words, things are MUCH better now than they were 10 years ago. The interest on thd debt payments are literlaly HALF of what they were. So your entire argument is utterly specious and just mindlessly partisan.

Well COL..... got answer to this?

Draginol

Net interest is not the amount Americans are paying. the actual interest is more then twice that amount. The trick is they deduct the interest on the bonds held by SS and medicare. It is like the unified budget which adds the surplus from SS and Medicate to the Ferderal deficit to make it look smaller. We are heading to an annual interest of $500 billion because of higher interest rates and the increase in the national debt!

drmiler

Interest on the debt is the result of two factors. First is the interest rates the Treasury must pay. The historic rate is 5.1%. During the past five years the interest rates have been very low in fact they are at a 46 year low. That has reduced the total interest even though the amount of the debt is higher. The second factor is how big is the debt. In 1997 we had a national debt of 5.4 trillion and the interest that year was $356 billion. In 2004, we hed a national debt of 7.4 Trillion and paid only $322.5 Billion. That is because of the much lower interest rates.

Now comes the problem with allowing the total debt to move toward $10 Trillion by 2008. Interest rates are increasing and when they return to the historic average of about 5%, the interest will be $500 billion per year. That is why the Bush fiscal policy is a disaster!

It has nothing to do with authority but sound advice. What about what the Sec of the Treasury and Fed Chairman who told Bush to tie the tax cuts to available surplus and not to return to annual budget deficits? They are the highest officials charged with financial and tax matters.

Nobody has to take advice from Bill Gates. The President did the right thing with the tax cuts. Just get over it. And yes you should tax everybody and not just the rich. Class warfare isn't fair to everybody is it?

Thank you Bush for attempting to stop any investigation into the supposed terrorist operation on 911. Thank you Bush for not allowing photos of dead Americans coming home in coffins. Thank you Bush for bringing the wounded home under cover of darkness. Thank you Bush for editing thousands of pages from Iraq's 10,000 page report on their non-existent WMD programs. Thank you Bush for not testifying to the 911 commission. Thank you Bush for saying you don't really know Ken Lay at all, while memo's and common knowledge hear you calling him "Kenny boy". Thanks Bush for doing not all you can to save Terry Shiavo's life, especially after your stint as Texas Governor, where you sent more to their deaths by execution. Thank you Bush for going against democracy and detaining humans with no chance for legal counsel. Thank you Bush for making a joke of free press by creating good news by paying people to promote fake good news. Thank you Bush for scaring congress in a 'secret meeting' about Iraqi drones that are capable of hitting the US eastern coast....all the way from Iraq. Thank you Bush for promoting yes promoting those negligent by 'missing' evidence of a 911 yet to come. Thank you Bush for being the worst environmental president at the most vital time in our planet's environmental history. Thank you Bush for declaring mission accomplished at the same time as American men were being killed by Iraqi nationalists..

So many lies in one post.

Island Dog

you are full of BS! You have no understanding of basic financial management or what the long tern results of the Charge and Spend policy of Bush will be on this country!

Island Dog lies? Lmao. Sure. Please make an example of a lie. Where did I lie? You can't call me a liar without saying what you say I'm lying about. Be a man and not a dog. Explain.

Island Dog lies? Lmao. Sure. Please make an example of a lie. Where did I lie? You can't call me a liar without saying what you say I'm lying about. Be a man and not a dog. Explain.