What is the “Deficit?”  Some kids at school take Deficit to help their attention, is it like that?  Nope.  In the news it’s about grownups who don’t pay attention to their money.  That is, OUR money.  Uncle Jay explains The Deficit!

 Podcast Video [3:02m]: Download
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32 Responses to “Uncle Jay Explains: May 18, 2009”

1. Neil Russell Says:
   May 17th, 2009 at 8:57 pm

   Thanks once again Uncle Jay for getting all the news and an explanation into a 3 minute block.
   I wonder how many years it will be before the fatty clot called Baby Boomers finally squeezes its way through the arterial system of the US?

2. Little Jimmy Says:
   May 17th, 2009 at 9:03 pm

   Dear Uncle Jay,

   Wow. Thanks for explaining DEFICIT. I’d be in BIG trouble with my Dad if I tried to DEFICIT somebody. How can we get our government to stop DEFICITING all over us everywhere? How can we ever get out of all that DEBT?

   Thank you,

   Little Jimmy

3. Robert O Says:
   May 17th, 2009 at 9:23 pm

   Hi Oncle J:
   In some ways. deficit spending in a capitalist country is good. It allows us to share the American dream with other, less fortunate countries; and it may convince countries, like China to adopt a similar financial strategy and abandon the evils of communism.
   Sincerely,
   Comrade Robert

4. Melba Sibrel Says:
   May 18th, 2009 at 8:45 am

   Enlightening and depressing all at once. How do you do that? lol!

5. Jeremy Says:
   May 18th, 2009 at 9:29 am

   Another great week Uncle Jay. For reference, the number above a trillion is a quadrillion. I’m sure you’ll be hearing about this number soon because a quadrillion dollars, (plus or minus a few trillion between friends) is how much exposure to derivatives – and as such, potential loss – the banking industry has.
   Three cheers for banking solvency!

6. Janet Says:
   May 18th, 2009 at 9:51 am

   Aye-aye-aye. Thanks for ’splaining dat to me, Lucy…I mean, Uncle Jay.
   Seriously, from this Boomer, we are sorry we screwed up your world so much. But this new regime (I mean: administration) is punishment enough!

7. Goldie Says:
   May 18th, 2009 at 11:05 am

   This democratic baby boomer will not apologize! When GW took over, he had $0.00 national debt. The republican boomers, gen-x ers, gen-y ers and all the other idiots who voted GW in for a 2nd term bear the responsibility. We did what a could to keep GW out in 2004 & nobody listened.
   Now President Obama is trying to clean up GW & the republican’s mess.

8. Mike Says:
   May 18th, 2009 at 1:20 pm

   I’m sorry did you say we had a zero national debt before GW took over? By GW I assume you mean George Bush not George Washington. There is only one time in our entire history that the national debt was paid off and that was in 1836 by President Jackson. I hope Obama succeeds even though I wanted McCain. If Obama fails I will have some comfort standing in bread lines giving hardcore liberals the middle finger and saying “I told you so.”

   Then again I don’t think either side knows what they’re doing.

9. Jim S. Says:
   May 18th, 2009 at 1:27 pm

   Great Discussion Uncle J. It seems though that some of class has the idea that our problems are all everyone else’s fault. They fail to remember that even President Obama said, when accused of being too far left, that he voted with GW 80% of the time. They also fail to remember that great deal of our spending has been for increased social spending. Something I would have thought Goldie there would have appreciated. And last, failing to remember who won most of the elections of 2006, more than two years ago. So Goldie and her commrads are simply trying to clean up our mess by increasing our debt by 400%. If 100% of the last 8-years was a bad thing, how can multiplying it by 4 be a good thing?

10. Mywebskip Says:
    May 18th, 2009 at 2:22 pm

    They don’t make “circle a words” like they did in the 80’s
    but at least I can look forward to dinner and Uncle Jay.

11. kevin Says:
    May 18th, 2009 at 2:24 pm

    Hey! Can’t we as the kids just pass the debt paying to our kids so that we don’t have to suffer?

12. Greg Says:
    May 18th, 2009 at 3:34 pm

    My baby-boomer Dad once told me that “you can’t take it with you” of course meaning saved money. Ergo, is it not also true that you can’t take it with you regarding debt? I think I am going to buy that new home theater system from China for my neighborhood tonite!!
    PS Goldie: I thought in the new world order we cannot hold people accountable or hurt their feelings? Don’t you want to help build GW’s (and other young republicans’) self-esteem?

13. TrueCardinal Says:
    May 18th, 2009 at 3:53 pm

    Well thank you government for passing all of the debt to us. So now us kids can get to experience the Depression. THANKS!!!

    Still love you Uncle Jay.

14. Right Wing Nutjob Says:
    May 18th, 2009 at 3:58 pm

    Hi Uncle Jay! Thanks again for a hillarious episode where you finally explained that it was neither the Republicans nor the Democrats who were truly responsible for this mess but the Baby Boomers as a whole! However, I feel I should point out Mike’s earlier comment regarded someone mentioning GW and the national debt being zero, he wasn’t trying (terribly if that was the case) to quote you, he was quoting the comment above his! We know you would never claim that Bill Clinton left us with 0% National Debt, after all, Clinton was a baby boomer! lol

15. DedicatedStudent Says:
    May 18th, 2009 at 9:05 pm

    I think republicans and democrats (and independents and teenagers) have a tendency to spend what they don’t have. Maybe I’m naive, but isn’t this not so much a partisan issue than a common sense issue? Uncle Jay is right, if I spent my allowance on a home theater system, I’d be screwed. I’m sure glad that the generations who taught me this are also the one’s who are letting me help pay off our national debt.

16. Tiny Tim Says:
    May 19th, 2009 at 11:28 am

    Hi Uncle Jay,
    I think that some big people have snuck into class because they were talking all serious and using big words and arguing. Someone was even talking about what happened in 1836. They must be really really old! God bless!

17. Danny Graham Says:
    May 19th, 2009 at 12:19 pm

    Hi Uncle Jay:

    Now, I’m 66, I don’t think I’m going to live long enough have to worry about the national debt, however, my poor children and grandchildren, wow…

18. Dr. T Says:
    May 21st, 2009 at 12:28 am

    Goldie, Dearly Beloved:

    FYI the National Debt handed to GW Bush by Clinton was approximately $5.7 Trillion. It hasn’t really seemed to matter whether Dems or Repubs are running the big show (either presidential or congressional); the results seem to always come out the same: You and I owe more when they leave than we did when they arrived. The temptation to try to buy votes by giving people more services than we have money to pay seems to afflict whichever brand of creature is in power.
    For a chart of the National Debt by presidential term, visit: http://www.skymachines.com/US-National-Debt-Per-Capita-Percent-of-GDP-and-by-Presidental-Term.htm

19. RayRu Says:
    May 21st, 2009 at 1:13 pm

    All those big numbers mean nothing to children. After all, they have been taught math in a government school. And I doubt even China makes a calculator with enough digits to figure the annual interest on the debt.

20. OMS Doc Says:
    May 23rd, 2009 at 1:09 pm

    In Fiscal Year 2001 – Oct 1, 2000 thru Sep 30, 2001 (12 mos),the National Debt i-n-c-r-e-a-s-e-d $133.3 Billion Dollars. That’s FOUR MONTHS left of Clinton’s term and BS!

    In each and every H-O-U-R in fiscal 2001, U.S. taxpayers shelled-out $41,039,726 for Interest on the Debt. Wow! $41+ Million every H-O-U-R? Yep, you got it!

    (NOTE: In FY 2000, it also was $41+ Million per H-O-U-R! Ouch!)

21. RayBo Says:
    May 26th, 2009 at 10:37 am

    Here’s a short history lesson. Who was the last President to pay off the national debt?….It was Andrew Jackson, our 7th president (Almost 200 years ago). Our problem is that the federal govt. has gotten involved into too many things it doesn’t belong in. As long as Special Intersts and all of their money are allowed to walk the halls of Congress, the debt is destined to remain unpaid for quite some time. OH, and BTW, we also keep sending people to Congress that never learned to say…NO!

22. Castlelady Says:
    May 26th, 2009 at 10:42 am

    This is great!! I just wish our politicians would watch this and get it, they all seem to be living in la la land or something. Unfortunately our government has lost sight of doing what’s best for the people and the country as a whole. A parent would never teach their children to waste money like the government does. No one would survive long living with that kind of debt . . . . you’d end up bankrupt . . . but then again that may be where America is headed.

23. Qbeans Says:
    May 26th, 2009 at 11:17 am

    First, since Goldie thinks that the $ amount of the National Debt that Clinton left was nothing, let her pay it off. And as for putting the blame on Geo. W…if Clinton had acted correctly when he was in office, we wouldn’t have faced the horror of 9/11. Second, to Castlelady…it wouldn’t matter to the politicians to watch Uncle Jay’s videos. The politicians don’t care what they do to us. They have pensions that give them their full salary and benefits for life. They’re protected. And, as for a parent would never teach their children to waste money and live like that…have you not heard of the career welfare lifestyle? We have 3rd and 4th generation welfare leeches. That’s what their parents and grandparents, and with all the teenagers with babies, their great-grandparents taught them, too. Irresponsibility is the lifestyle

24. jayne miner Says:
    May 26th, 2009 at 1:01 pm

    Hello, This baby boomer was taught by her parents to never borrow money; save up till you can pay cash(except for a mortgage, although my husband and I built our house without taking out a mortgage). My family did not contribute to the national debt, and if everyone in congress would adhere to my parents’and grandparents’ financial advice, we’d not have the mess we’re in.

25. Just Ginia Says:
    May 26th, 2009 at 2:54 pm

    I don’t know, I think I am considered a Gen-Xer. I just have to say that I thank the Good Lord above nearly every day that I was raised by my hard-working, never asked for anything, always lended a hand, honest, and debt free farming grandparents. I have kept the lifestyle alive and pray I pass it on to the next in my family. Get involved, people…grumble to your elected officials every chance you get. AND GET RID OF YOUR PERSONAL DEBTS!!!!!

26. Ree Fungorio Says:
    May 26th, 2009 at 9:52 pm

    Why have an opinion? It’s all gonna be OK if you just ask forgiveness. Hopefully my court-appointed law[person] can explain that I have been a victim of circumstance; I had no way of knowing what might happen (all the better excuse. Aye, Fate?).

    When the waterfalls and creek-cuts start talking, it will be a matter of a simplitude of dim executive decisions before we start fighting over cellars. A dark hole here, a depression there…”this one has a roof and a door”, “this one is down-looking”, “this one sucks but has a 12″ Therapy? single”.

    I ask: Why fight it?

27. PB Says:
    May 27th, 2009 at 2:10 am

    All those big numbers mean nothing to children. After all, they have been taught math in a government school. And I doubt even China makes a calculator with enough digits to figure the annual interest on the debt.

28. JSH Says:
    May 27th, 2009 at 2:42 pm

    It’s not the fault of baby boomers. Most of us are just as angry as anyone else. Anytime there is power to be had, wicked men (and women) want it, and will lie, cheat, and steal to get it. A big part of our problems goes back to 1913 when the income tax was begun. Always remember, there is no such thing as a “temporary” tax or government program. Once government begins something, it never ends. Big government means more taxation, and it’s rapidly moving to the point that we won’t be able to make a living for all the taxes we have to pay. It has been said that the big problem with “socialism” is that eventually you run out of other people’s money. So where does that put us? Obama has never done anything productive in his life. All he has ever done is skim his salary off the top of charitable donations, so he thinks that the government coffers are never-ending. Of course, he has more lofty goals than just the presidency.

29. ricky Says:
    May 28th, 2009 at 4:36 am

    The gold standard use to work.Why don’t we go to the granite, or limestone standard? We’d all be rich, and pay the debt off by the train load. Just give China a mountain worth of rocks. Problem solved, now let’s move on….ricky

30. Roberto Says:
    June 1st, 2009 at 8:15 pm

    Uncle Jay,
    How come our president dropped his middle name? I think it was Hussian or Insane or something like that, but since I’m only a pee-on I’m not sure, could you help me understand? How come he keeps letting North Korea shoot those big rockets into the air because Al Gore knows they cause air pollution. How come my mommy and daddy don’t have a job now and how come they can’t get money from the banks who have guadrillions of dollars to give out now? How come President Osama wants to start building cars now? I guess I will just stay confused Uncle Jay unless you help us little kids understand.

31. Logan Says:
    June 16th, 2009 at 4:56 pm

    Wasn’t the whole reason that we didn’t force the Communists out of North Korea because the Communist Chinese overwhelmed the U.N. forces with millions of their bodies? Will the U.N. ever do it’s job and do somethink that will get rid of a threat to the whole world? Maybe if the leaders of nations would take responsibility for their actions we wouldn’t be in debt like this.

32. Billy Says:
    July 25th, 2009 at 10:18 pm

    I don’t understand how people can vote for Obama with the promise of “change” when all he has done is repeat the mistakes of the Bush administration 10 fold. When Bush passed a stimulus package it was a huge mistake. When Obama signed a 800 BILLION dollar stimulus package, he was a hero. Then, when it didn’t work, he said it was Bush’s fault. Now don’t get me wrong, Bush was an idiot. He spent way too much money, and got us into the Iraq conflict. Oh wait, didn’t Obama just drag us back into Afghanistan? If the government were to run a surplus of 100 billion dollars, it would take 1,100 YEARS to pay off the national debt. And as we spend more and tax less (except for those lazy rich people, we can take 70% of their income) the debt will never be paid off. Besides, we’re quickly running out of “rich” people.

Discuss!