quote:

Less than a year ago, the House of Representatives passed a budget that took on our generation’s greatest domestic challenge: reforming and modernizing government to prevent an explosion of debt from crippling our nation and robbing our children of their future.

Absent reform, government programs designed in the middle of the 20th century cannot fulfill their promises in the 21st century. It is a mathematical and demographic impossibility. And we said so...

As shown in the nearby chart, our budget tackles this crisis head-on by cutting debt as a share of the economy by roughly 15% over the next decade, putting the nation’s finances on a path to balance, and paying off the debt. By contrast, the president’s budget pushes debt as a share of the economy even higher.

quote:

RYAN: Well, first off, ours does get to balance. If you have better economic growth, ours gets to balance pretty quickly. But if you look at the chart, to put it in perspective, for the last 40 years in America, the federal government has taken 20 cents out of every dollar made in America to run the federal government.

What this path that we are right now on, that the president is proposing says, by the time my kids are my age, let's take 40 cents out of every dollar made in America to pay for the federal government.

Then by the time my grandkids are raising their grandkids, we are taking 80 cents out of every dollar just to pay for this federal government at that time. No new programs, the current promises that that the government's currently making.

That's what it will cost because of the explosion of these entitlement programs. We are showing the country the path we are on today, doubles and then doubles again, over the course of our kids' and grandkids' lifetimes and our lifetimes. This is unsustainable.

http://paulryan.house.gov/news/documentsingle.aspx?DocumentID=287508#sthash.Vy9K5cX3.dpuf

quote:

ORIGINAL: Lucylastic

Treasury head: US economy better now than when Obama took office


http://thehill.com/policy/finance/264205-treasury-head-us-economy-better-now-than-when-obama-took-office

The U.S. economy is in better shape now than it was when President Obama took office, Treasury Secretary Jack Lew said Wednesday.

Seven years ago, the unemployment rate and deficits were higher, but "where we are now, we're seeing steady growth, we've seen enormous job creation over this period of time, we're seeing the unemployment rate around 5 percent, and we're seeing that growth in spite of the fact that there's a lot of headwinds from a slower global economy," he told Fox Business Network.

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Lew said the U.S. still has challenges, such as income inequality and deficits. But he said the country is in a good position to tackle its domestic and international challenges. One issue the Treasury secretary said he would like to work on business tax reform.

"We have a broken business tax code, and I think that's something that we have recognized for years and proposed tax reform, and Republicans have recognized for years," he said.

"I hope we can sit down and work together in a bipartisan basis to deal with this."

He said the corporate tax code has so many loopholes that the statutory rate is among the highest in the world. As a result, companies are undertaking maneuvers such as "inversions," in which companies move their legal addresses overseas.

Lew stressed that while Treasury has put out guidance to slow the pace of inversions, only legislation can stop them.

Lew said that "people shouldn't panic about Social Security" because it's 75 percent funded under the worst scenarios.

But he added that Social Security was never intended to be people's sole source of retirement income. He encouraged people to look into Treasury's myRA retirement savings program.

Speaker Paul Ryan (R-Wis.) has committed to considering legislation providing relief to Puerto Rico by March 31. Lew called for Puerto Rico's roughly $70 billion of debt to be restructured.

"Puerto Rico needs to sit down, it needs to work with all of the stakeholders to come up with a viable path forward so there can be an economic plan for the future," he said.


Also at http://www.foxbusiness.com/politics/2015/12/24/jack-lew-us-ending-year-well-positioned.html

quote:

ORIGINAL: AtUrCervix

quote:

ORIGINAL: Lucylastic

Treasury head: US economy better now than when Obama took office


http://thehill.com/policy/finance/264205-treasury-head-us-economy-better-now-than-when-obama-took-office

The U.S. economy is in better shape now than it was when President Obama took office, Treasury Secretary Jack Lew said Wednesday.

Seven years ago, the unemployment rate and deficits were higher, but "where we are now, we're seeing steady growth, we've seen enormous job creation over this period of time, we're seeing the unemployment rate around 5 percent, and we're seeing that growth in spite of the fact that there's a lot of headwinds from a slower global economy," he told Fox Business Network.

ADVERTISEMENT

Lew said the U.S. still has challenges, such as income inequality and deficits. But he said the country is in a good position to tackle its domestic and international challenges. One issue the Treasury secretary said he would like to work on business tax reform.

"We have a broken business tax code, and I think that's something that we have recognized for years and proposed tax reform, and Republicans have recognized for years," he said.

"I hope we can sit down and work together in a bipartisan basis to deal with this."

He said the corporate tax code has so many loopholes that the statutory rate is among the highest in the world. As a result, companies are undertaking maneuvers such as "inversions," in which companies move their legal addresses overseas.

Lew stressed that while Treasury has put out guidance to slow the pace of inversions, only legislation can stop them.

Lew said that "people shouldn't panic about Social Security" because it's 75 percent funded under the worst scenarios.

But he added that Social Security was never intended to be people's sole source of retirement income. He encouraged people to look into Treasury's myRA retirement savings program.

Speaker Paul Ryan (R-Wis.) has committed to considering legislation providing relief to Puerto Rico by March 31. Lew called for Puerto Rico's roughly $70 billion of debt to be restructured.

"Puerto Rico needs to sit down, it needs to work with all of the stakeholders to come up with a viable path forward so there can be an economic plan for the future," he said.


Also at http://www.foxbusiness.com/politics/2015/12/24/jack-lew-us-ending-year-well-positioned.html

Read (something other than the interweb).

quote:

ORIGINAL: bounty44

Obama called what George w. bush did concerning the debt/deficit, "unpatriotic."

quote:

ORIGINAL: Lucylastic

quote:

ORIGINAL: bounty44

Obama called what George w. bush did concerning the debt/deficit, "unpatriotic."

What bush did was treasonous, not just unpatriotic, and not just regarding the debt, or the deficit....
Butoooh Im sorry, bush is a saint...
What was the jobless rate in jan 2009????
WHat is it today
Even using U^ figures its less than half what it was.
Recovery is slow, especially with the christofascists on the right

quote:

ORIGINAL: MasterBrentC

It's amazing how the government gets so worked up over Puerto Rico ' s 70 billion dollar debt but no one gives a flying fuck about our 19 trillion dollar debt.

quote:

ORIGINAL: bounty44

you may be speaking in this particular instance, but in general, paul ryan spent years on the house budget committee continually railing about the debt and the deficit and was much castigated for people who apparently don't quite get math.

quote:

Less than a year ago, the House of Representatives passed a budget that took on our generation’s greatest domestic challenge: reforming and modernizing government to prevent an explosion of debt from crippling our nation and robbing our children of their future.

Absent reform, government programs designed in the middle of the 20th century cannot fulfill their promises in the 21st century. It is a mathematical and demographic impossibility. And we said so...

As shown in the nearby chart, our budget tackles this crisis head-on by cutting debt as a share of the economy by roughly 15% over the next decade, putting the nation’s finances on a path to balance, and paying off the debt. By contrast, the president’s budget pushes debt as a share of the economy even higher.

http://thenationaldebtclock.com/paul-ryan/

quote:

ORIGINAL: joether

quote:

ORIGINAL: bounty44

you may be speaking in this particular instance, but in general, paul ryan spent years on the house budget committee continually railing about the debt and the deficit and was much castigated for people who apparently don't quite get math.

quote:

Less than a year ago, the House of Representatives passed a budget that took on our generation’s greatest domestic challenge: reforming and modernizing government to prevent an explosion of debt from crippling our nation and robbing our children of their future.

Absent reform, government programs designed in the middle of the 20th century cannot fulfill their promises in the 21st century. It is a mathematical and demographic impossibility. And we said so...

As shown in the nearby chart, our budget tackles this crisis head-on by cutting debt as a share of the economy by roughly 15% over the next decade, putting the nation’s finances on a path to balance, and paying off the debt. By contrast, the president’s budget pushes debt as a share of the economy even higher.

http://thenationaldebtclock.com/paul-ryan/

Yes the Republican 'budget' is to reduce spending and reduce taxes; thereby the debt will magically be reduced thanks to millions of conservative 'christians' praying to the God of Capitalism and Greed.

Hasn't worked yet.....

Mr. Ryan is not an idiot. He knows the only way to deal with that issue is to raise taxes. The money that is raised, applies only to burning down the debt. The bill to create this process would have to be structured as to prevent future sessions of Congress from tampering with it, or diverting the funds to other projects. It would also require Congress not to add to that debt, regardless of political presence in either the White House or Congress. Yet, Mr. Ryan will not pursue this course of sensible action because the people whom elected him to office do not care about the whole of the United States; just themselves (were being selfish is a virtue to them!).

Him, nor any Republican/Tea Party flunky would be able to take the required steps to deal with the debt. It'll take a Democratically controlled Congress and White House to place the nation on the right direction. Since their voters are often more intelligent, educated, and liberal minded to understand the 'pros' and 'cons' of taking action and not taking action.

quote:

ORIGINAL: MasterBrentC

Considering it's more than doubled in the past 7 years since fuck face Obama was sworn in, you might want to blame him and not Ryan. Oh wait, that would require a dumbocrat to actually think. My bad.

quote:

ORIGINAL: Phydeaux

quote:

ORIGINAL: Lucylastic

quote:

ORIGINAL: bounty44

Obama called what George w. bush did concerning the debt/deficit, "unpatriotic."

What bush did was treasonous, not just unpatriotic, and not just regarding the debt, or the deficit....
Butoooh Im sorry, bush is a saint...
What was the jobless rate in jan 2009????
WHat is it today
Even using U^ figures its less than half what it was.
Recovery is slow, especially with the christofascists on the right

Bush's largest deficit was 489 billion. Obamas largest deficit was 1.2 trillion.

You claim the economy is great - and yet our labor force participation rate is the lowest its been in 40 years. GDP growth was .7% and it will be restated downward. Wage inequality is the greatest its ever been. ...