President Bush's Radio Address!

[TaintedRogue]

In his weekly radio address President Bush said, "As the world's economic powers gather for the G8, the American economy remains the envy of the world. And this week we received even more positive news about our economy. On Tuesday, my administration's Office of Management and Budget released its annual update on the budget outlook. This year's report is very encouraging: Because our economy continues to enjoy strong growth, federal tax revenues are growing, and we are cutting the federal deficit faster than expected."

What more can we ask for!! Everything is coming up roses baby!! Nothing to worry about on this side of the ocean! We've got the guy that knows how to make things ROCK!

[ShakeZula06]

glad to see your happy about it

[BillUCF]

More proof that cutting taxes to a reasonable level spurs economic growth and increases tax revenue at all levels of government. Presidents Kennedy and Reagon also cut taxes and increased the tax dollars. Now if we can just keep congress from spending it all.

[hmkpoker]

Cutting taxes doesn't mean [censored] when you're printing lots of money to pay for big government programs. The goal should be to say screw the programs and stop the taxation and the inflation.

[ShakeZula06]

[ QUOTE ]
More proof that cutting taxes to a reasonable level spurs economic growth and increases tax revenue at all levels of government. Presidents Kennedy and Reagon also cut taxes and increased the tax dollars. Now if we can just keep congress from spending it all.

[/ QUOTE ]

Yeah if only the president had some type of veto power or something.....

[TaintedRogue]

[ QUOTE ]
More proof that cutting taxes to a reasonable level spurs economic growth and increases tax revenue at all levels of government. Presidents Kennedy and Reagon also cut taxes and increased the tax dollars. Now if we can just keep congress from spending it all.

[/ QUOTE ]

I just watched the national debt increase by 5.1 million dollars over the last 240 seconds.
http://zfacts.com/p/461.html

The 01 & 03 tax cuts accounts for 300 billion of this years deficit. If you give a taxpayer back $1.00 in taxes, you are not going to get 100% of it back in taxes. You might be lucky to see 20% of it. So, maybe 60 billion in tax revenue was created by giving back 300 billion, leaving a deficit of 240 billion. At 5%, that's 12 billion per yr in interest.

We've paid over 15 TRILLION dollars in interest on our national debt since 1960. With our national debt at 8.4 TRILLION and rising, that's 84 billion in interest we have to pay, per year, for every 1% in which the rate on that debt is. If the average rate we are paying is 5%, that is 420 billion dollars in interest....per year.

That's 1.15 billion per day
That's 47,916,666.67 per hour
That's 798,611.11 per minute.
That's 13,310.19 per second.

A person making $15.00 pr hr, makes 31,200.00 per year, so it takes 2.34 seconds for the interest on our national debt to equal that of American making 31.2k per year.

Every year that we increase the national debt by 300 billion, we increase the interest paid over 10 years (at 5%)
by 75 billion.
So next year we pay an extra 15 billion, run up another 300 billion in debt and the following year pay 30 billion in interest. In the 3rd year, we run up another 300 billion in debt and pay 45 billion in interest in the 4th yr while running up another 300 billion in interest and pay 60 billion in interest while running up another 300 billion in debt and in the six year we are paying 75 billion in interest...........and that's only if we can come up with the 15 billion in new revenue each year to pay the interest on the 300 billion we borrowed the year before.

Now let's say we balance the budget in five years, but can't pay any of the debt down for five years.

We borrowed 300b for 5 years: 1.5 trillion
Interest for next 5 years @5% = 75b * 5yrs = 375 billion +
plus the 150 billion in interest we paid during the 1st 5 years = 525 billion in interest and we haven't even started paying it down yet. Since it was the most recently accumulated debt, we will have to pay down the other 8.4 trillion first before we start paying down this 1.5 trillion.

It's kind of like having a 150 year mortgage.

Yes sir! Barney Five can figure out that's a bad deal.

[TomCollins]

I may have to pay hundreds of thousands of dollars of interest on my house as well. Uh oh!

[ACPlayer]

[ QUOTE ]
I may have to pay hundreds of thousands of dollars of interest on my house as well. Uh oh!

[/ QUOTE ]

An excellent point.

I think it was Steve Forbes who once argued in his column that the feds amortize capital expenses, at least for calculating the deficit.

As it is we dont know if the deficit is because of wise long term investments or being squandered in middle east adventures.