US Federal debt surpasses 7 Trillion dollars.

[jwcomer]

According to the debt clock the US federal debt has today surpassed 7 trillion dollars. The treasury department keeps a daily accounting of the public debt reconciled to the penny. The amount was last reconciled on Thursday and agreed with the debt clock. It is safe to conclude then that today the debt has indeed rolled over the 7 trillion dollar mark.

I just want to say from the generation that is getting stuck with the bill to the generation that is handing it to us, "I hope you enjoy your 'retirements'." Maybe its time to stop talking about class warfare and consider the problem of generational warfare; as that is what is being waged here.

[StClone]

1. Political Power, Wealth and Hereafter

Observations lead me to conclude that a paranoid group of highly affluent people believe the world is ending. They either hide or ease their dark obsession through pseudo-religiosity and political power. They are accumulating all they can for the next world like modern day Pharaohs. How else can they explain the unlimited wealth they need if not for their needs in eternal afterlife?

[wuushew]

2. There is no god but Raygun

Builders expect the Reagan Pyramid to be ready in time for the Great Communicator's mummification and ascension into the Afterworld upon death. Among the items to be entombed with Reagan are 2,500 MX missiles, a golden chalice of jelly beans and his beloved servant, George Bush.

http://www.theonion.com/onion3002/reagan.html

[NashVegas]

5. I Believe You're Right

Otherwise, I can see no reason why they would allow this.

[Malva Zebrina]

10. what is "pseudo religiousity"?

I am puzzled. Is it something that is not "mainstream" or is not your religiousity?

[Military Brat]

3. Generational warfare?

You must be kidding. If you've visited DU often enough, you would surely know by now that the most vehement anti-bush** posts come from those who have lived a lot longer than you.

It isn't a "generation" which is handing you the bill. It's the top 1 percent of income earners in the U.S. which are benefitting from bush's tax cuts, as well as the corporate profiteers from his agenda of perpetual war.

I cannot believe you said what you said, but welcome to DU anyway.

[jwcomer]

6. 7TT is not coming from one party or the other

<You must be kidding.>
I'm not.

<If you've visited DU often enough>
I have.

<you would surely know by now that the most vehement anti-bush** posts come from those who have lived a lot longer than you.>
So what?

<It isn't a "generation" which is handing you the bill. It's the top 1 percent of income earners in the U.S. which are benefiting from bush's tax cuts, as well as the corporate profiteers from his agenda of perpetual war.>
That's simply not true. How we ended up in this mess requires going back at least to the early 80's when we had a mere 2TT in debt. Reagan (R) wanted to lower taxes and lower spending. Congress (D) wanted to keep spending but was not comfortable with increasing the debt ceiling. Enter Baker (R) then treasury secretary, who suggest just writing out IOU's to the Social Security and other 'trust' funds as an 'emergency' measure to be paid back after the emergency subsided. The rest is history, the debt ballooned because it was easy to be irresponsible. We have had democratic and republican administrations and congresses; about the only constant has been increasing debt. And don't bother trying to tell me that the debt decreased during the end of Clinton's tenure because that is a myth (only the privately held portion decreased, the IOU's and aggregate debt increased.) The Federal debt has increased every single year.

This IS generational warfare. It may be unintentional but nevertheless my generation is getting stuck with your generations largess. You can blame whomever you wish within your generation, but you are simply passing responsibility on to someone else. Something your generation does very well.

<I cannot believe you said what you said, but welcome to DU anyway.>
Thank you. I enjoy DU greatly. I hope you aren't offended by my strong opinion on this issue.

cheers,
Walton

[Iverson]

7. logical errors

Causality cannot be inferred from a correlational study.

Assigning blame to a generation correlates, but to cast blame upon members of a group is facile. Not everyone makes decisions with equal power. Generation after generation, the wealthy and powerful determine economic direction far more than the majority do.

Hold on to your opinion and wait 20 years for the generation that follows to pull the same number on you.

[jwcomer]

8. show me where.

<Causality cannot be inferred from a correlational study.

Assigning blame to a generation correlates, but to cast blame upon members of a group is facile.>
So you agree, one cannot blame Bush and his band of merry men. You have to lay blame with the entire generation in power.

<Not everyone makes decisions with equal power. Generation after generation, the wealthy and powerful determine economic direction far more than the majority do.>
So you can blame Bush? Which is it?

<Hold on to your opinion and wait 20 years for the generation that follows to pull the same number on you.>
If my generation adds to the debt and passes it on, then the next generation should blame mine. I'm fully prepared to accept that. I suspect my generation is going to get off 'easy' on this and just default on all that debt. It will be our big FU to your generation as you try to retire on the receipts from the debt. In which case, you better be nice to your kids and really work on building strong relations with them, because the government isn't going to be paying for your retirement. And your kids will have to take care of you the old fashioned way, by bringing you into their homes.

You may write my prognosis off as youthful naivety, but I think it is far more naive to believe that this level debt is sustainable and in particular that the Social Security system is sustainable.

[Iverson]

9. another try

"So you agree, one cannot blame Bush and his band of merry men. You have to lay blame with the entire generation in power."

Incorrect. You can indeed blame decision makers such as the right wing cabal. You cannot blame Military Brat who supplied note #3 or any other target of convenience merely because it is convenient.

"So you can blame Bush? Which is it?"
It was as I consistently asserted.

"If my generation adds to the debt and passes it on, then the next generation should blame mine...."

No, the next generation should blame those who had the power to enforce their decisions. Also, be careful about assuming that you know my age or whether other posters are in the same generation. Arrogant presumption will get you in the end, and it does not rehabilitate weak arguments well.

Generational warfare is a distraction and an efficient way to squander allies.

[jwcomer]

11. semantics?

<You cannot blame Military Brat who supplied note #3 or any other target of convenience merely because it is convenient.>
Agreed. I don't believe I have done that. I do not blame Military Brat or any other individual and furthermore I apologize if it appeared that I had. That is not a position I hold.

The position I hold is that those who have power within the government were given that power via democratic processes. Thus I believe that it is fare and 'logical' to say that the responsibility for the actions of those who are in power is shared by those who put them there, and/or allow them to remain. Some people will disagree with that statement; it, and its variations, have been argued for thousands of years. I was hoping to frame the debate around generations and their mutual responsibilities to one another and leave individuals out of it entirely.

<Generational warfare is a distraction and an efficient way to squander allies.>
What is your preferred semantic?

[flaminbats]

13. I agree...

And the generation left with the higher debt will pay higher taxes for fewer government services. Ultimately every generation deserves some blame for not ending this cycle, but the generations which deserve the most blame are the ones who discover that record surpluses are possible, but conclude that record deficits are less of a burden.

[SpiralHawk]

4. Another check mark for the Bush resume

"This is another fine mess you've gotten us into, Chimpy."

- Laurel and Hardy

[flaminbats]

12. Never fear...

just some more tax cuts shall make it all disappear!

We always hear promises of more cuts in taxes, but never promises of more sacrifice. Politicians always promise there shall be "no new taxes", but never promise there will be no new tax cuts. We are always delighted that there will be more cuts in government spending, but are not nearly as delighted when such spending cuts hurt the disabled, education, or result in job losses.

No matter how many elections are won, how many tax cuts are passed, or how much deficit spending increases..we can never defeat the law of cause and effect.