Who or what is causing the mountain of debt USA is sitting on.
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16 Answers to "Who or what is causing the mountain of debt USA is sitting on."
Posted by guidospeedo69 May 6th, 2012 at 6:24PM
40 years of excessive government spending coupled with an entitlement mentality of the American people
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Reply by guidospeedo69 May 6th, 2012 at 6:32PM
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Reply by drdrizzle May 6th, 2012 at 6:36PM
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Posted by FlowersNButterflies May 6th, 2012 at 6:26PM
I watched a Netflix movie about that topic. They say Wall Street. Intentionally. To create massive income for a handful of financiers. Started by Reagan, who deregulated the banking industry, and it has been building speed even now, creating a disparate society.
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Reply by ray1961 Feb 28th, 2013 at 1:20PM
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Reply by FlowersNButterflies Feb 28th, 2013 at 3:18PM
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Posted by stankadiddlehopper May 6th, 2012 at 6:24PM
Wall Street and corporate America
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Reply by DarknessCalls May 6th, 2012 at 6:26PM
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Reply by stankadiddlehopper May 6th, 2012 at 6:29PM
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Posted by shyle38 May 6th, 2012 at 9:26PM
I'll give you 4 serious answers, because this is kind of a big complicated subject.
#1. Entitlements for retirees. Medicare, Social Security, and an aging population that's living longer than expected mean we're handing out more checks to senior citizens than we ever imagined. This will really get bad when the baby boomers all retire. Social Security is a pyramid scheme where, by 2035, there won't be enough taxpayers to pay for all the old people collecting SSI.
#2. The current depression we're in is hurting tax revenue. See the acclaimed documentary "Inside Job" to learn why it happened.
#3. Lack of incentives control costs in the medical industry leads to healthcare costs rising 10% a year, creating huge hikes for Medicare and Medicaid.
#4. The antitobacco agenda. The CATO institute published a study proving that smokers actually consume fewer healthcare dollars in total than the nonsmokers who live an average of 10 years longer. That's an extra 10 years of post-retirement upkeep paid for by Medicare, plus 10 years of SSI checks. This is a big part of the problem in #1 above.
5. Last and least, the GOP taxbreaks have hurt government revenues, especially in the last 12 years. The Bush tax cuts were allegedly intended to grow the economy, but we got lousy growth, compared to the 50's and 60's when taxes were way higher. Reaganomics doesn't work, and Republicans whining about high taxes right when taxes fall to a 50 year low prove their fiscal ideology is broken. But really, this only accounts for 2 or 3 trillion. Solving this problem still wouldn't solve the deficit problem permenently, due to #1, #3, and #4 above. It merely advances our doom by a couple years unless we cut all those entitlements for old people.
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Reply by drdrizzle May 6th, 2012 at 9:33PM
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Posted by revrndale May 6th, 2012 at 7:28PM
Foreign Aid to every Tom , ****, and Harry in the world except Americans ..... Paying for education benefits and welfare programs for ILLEGALS in America ..... Allowing the Oil Cartels to dictate oil prices which affect our Gasoline Prices .....
WE allow members of Congress to continue to draw salaries even after they leave office , with EACH one getting over $125,000 per YEAR salary ....
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Reply by drdrizzle May 6th, 2012 at 7:35PM
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Reply by revrndale May 6th, 2012 at 7:39PM
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Posted by wayswin May 6th, 2012 at 6:27PM
Congress's fear of not being re-elected....se makes.... set the tax rate to pay off the debt... and STOP giving subsidies to corporations that donate to your re-election funds.
It's math.... They know how much the debt it, they know how much income the tax ba
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Posted by jamesmethod May 6th, 2012 at 6:26PM
In a Word GREED!
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Posted by deltadon May 6th, 2012 at 6:26PM
i can't prove it?!......but i'm pretty sure the Canadians are behind it
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Reply by drdrizzle May 6th, 2012 at 6:33PM
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Posted by MadamsLee May 6th, 2012 at 6:25PM
hmm..U.S government?? actions without proper reasons...
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Posted by Durion23 May 6th, 2012 at 6:24PM
Mostly Bush and Obama
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Reply by DarknessCalls May 6th, 2012 at 6:25PM
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Reply by drdrizzle May 6th, 2012 at 6:34PM
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Posted by MtnMig May 7th, 2012 at 12:47AM
Bill Clinton transformed the first Bush's deficit into the largest surplus in American history.
The second Bush's tax cuts to the top 5% cost $1,034,424,338,581
(the nonpartisan Tax Policy Center).
The Iraq war has cost thus far $803,342,428,600 and counting.
The Afghanistan was has cost thus $526,259,800,900 and counting.
In total the wars have cost thus far around $4 trillion on top of the Bush tax cuts which were the first in American history during a war.
Ok, now how do you blame a $1.101 trillion deficit on the annual 400-700 billion spent on welfare after looking at the costs of bungled wars and tax cuts for the rich?
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Posted by maple10 May 6th, 2012 at 8:12PM
An administration that thinks it can borrow and spend it's way out of debt.
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Posted by sharpTresHombre May 6th, 2012 at 6:48PM
Bankers
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Reply by drdrizzle May 6th, 2012 at 6:51PM
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Reply by sharpTresHombre May 6th, 2012 at 6:57PM
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Posted by CVizion May 6th, 2012 at 6:44PM
The government is representative of the populace..... for the last 20 years American citizens have over leveraged themselves and thought nothing of it... Some of those people work in government... and their personal philosophy extends to their job.
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Posted by ScotsSphynx May 6th, 2012 at 6:38PM
The Jew
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Reply by puck61 May 7th, 2012 at 10:35AM
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Reply by ScotsSphynx May 7th, 2012 at 10:57AM
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Posted by OblivionsCreation May 6th, 2012 at 6:31PM
****** management of fiscal policy, governments need to think twice on how much they'll spend for the sake of maintaining economic growth -_-
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