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eg8r
08-03-2011, 07:33 AM
Well, yesterday Obama to a chance to make fun of the uneducated populace. Knowing full well that they are the target of the majority of the Dem socialism he laid it on real thick. At a press conference to announce the fact that a deal has been made so that we could take on MORE debt Obama said this was, "an important first step for ensuring that as a nation we live within our means."

LOL, all those public education weenies that are sucking at the Government teet were just gloating about this I am sure. Wow, the US is finally going to start living within its means. Can you believe it!!! What a crock. The definition of "living within our means" does not include borrowing millions/billions/trillions of dollars.

eg8r

Soflasnapper
08-03-2011, 11:31 AM
Living within our means probably includes that kind of extra borrowing. It's the trillion dollar stuff that's not living within our means.

From the peak of the debt after WW II, at 125% of gdp, most years we ran small deficits, sometimes coming in with a balanced budget, but never any large surplus. So the debt continued to increase every year.

However, it went from 125% of gdp at its peak of 'unaffordability' to around 30% of gdp, even as the debt total kept going up. Actually, when it was nominally higher, later, it was more affordable, and we were more living within our means, than when it was quite a bit lower, but the gdp was far lower.

If we constantly ran deficits of 1 to 2% gdp, that's also living within our means.

Most industrial companies have debt, as a way of leveraging current assets to provide the most purchasing power for longer term projects. That is a legitimate purpose for national debt as well. It's how the states balance their budgets, separating out capital budget expenditures from current account monies.

eg8r
08-03-2011, 11:53 AM
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">Living within our means probably includes that kind of extra borrowing.</div></div>Well I guess so considering he changed the definition to fit his hell hole. LOL, this is he sort of thing you have been harping on lww for doing yet giving Obama a pass. What gives?

Any time you have to borrow money to pay debts you are not living within your means. Living within your means is described as spending less than you are bringing in.

eg8r