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View Full Version : Wow! I recall someone here predicting this (10 trillion deficit)!


revefsreleets
03-21-2009, 07:03 AM
Hmmmmmm....I have to admit, I kind of just pulled the number out of my ass after hearing abot all the things Obama was planning to do with absolutely no possible way of ever actually paying for them. Now, here we are, just a few months into his term, and what do we see? A projected (and unsustainable) 9.3 TRILLION dollar projected deficit.

Unsustainable. That means the government cannot function give the enormous burden of debt. This is serious, serious business. Obama's response? "We will not cut". That's not very responsible.

This is why we MUST see a shift to a more fiscally conservative congress in the mid-terms. Someone has got to put a stop to this madness.

Notice too, that it's going to take serious cash to pay back this ridiculously stupid $400 tax credit. $8 a week per person may be the biggest waste of money EVER by the US government. It will have ZERO impact on the economy other than to put the US far deeper in debt.

http://www.ohio.com/news/nation/41615687.html

Obama's budget could produce $9.3 trillion deficit Analysts worry ratio of debt to GDP is not sustainable over time
By Andrew Taylor
Associated Press

Published on Saturday, Mar 21, 2009
WASHINGTON: President Barack Obama's budget would produce $9.3 trillion in deficits over the next decade, more than four times the deficits of Republican George W. Bush's presidency, congressional auditors said Friday.

The new Congressional Budget Office figures offered a far more dire outlook for Obama's budget than the new administration predicted just last month — a deficit $2.3 trillion worse. It's a prospect even the president's budget director called unsustainable.

In his White House run, Obama assailed the economic policies of his predecessor, but the eye-popping deficit numbers threaten to swamp his ambitious agenda of overhauling health care, exploring energy sources and enacting scores of domestic programs.
The dismal deficit figures, if they prove to be accurate, inevitably raise the prospect that Obama and his Democratic allies controlling Congress would have to consider raising taxes after the recession ends or else pare back his agenda.

By the Congressional Budget Office's calculation, Obama's budget would generate deficits averaging almost $1 trillion a year of red ink over 2010-2019.
Worst of all, the budget office says the deficit under Obama's policies would never go below 4 percent of the size of the economy, figures that economists agree are unsustainable. By the end of the decade, the deficit would exceed 5 percent of gross domestic product, a dangerously high level.

White House budget chief Peter Orszag said the budget office's long-range economic projections are more pessimistic than those of the White House, private economists and the Federal Reserve and that he remained confident that Obama's budget, if enacted, would produce smaller deficits.

Even so, Orszag acknowledged that if the budget office's projections prove accurate, Obama's budget would produce deficits that could not be sustained.
''Deficits in the, let's say, 5 percent of GDP range would lead to rising debt-to-GDP ratios that would ultimately not be sustainable,'' Orszag told reporters.

Deficits so big put upward pressure on interest rates as the government offers more attractive interest rates to attract borrowers.
''I think deficits of 5 percent (of GDP) are unsupportable,'' said economist Mark Zandi, chief economist at Moody's Economy.com.
Republicans immediately piled on.

''This report should serve as the wake-up call this administration needs,'' said House Minority Leader John Boehner, R-West Chester. ''We simply cannot continue to mortgage our children and grandchildren's future to pay for bigger and more costly government.''
But Obama insisted Friday that his agenda is still on track.
''What we will not cut are investments that will lead to real growth and prosperity over the long term,'' Obama said. ''That's why our budget makes a historic commitment to comprehensive health-care reform. That's why it enhances America's competitiveness by reducing our dependence on foreign oil and building a clean energy economy.''

Obama's $3.6 trillion budget for the 2010 fiscal year beginning Oct. 1 contains ambitious programs to overhaul the U.S. health care system and initiate new ''cap-and-trade'' rules to combat global warming.
Both initiatives involve raising federal revenues sharply higher, but those dollars wouldn't be used to defray the burgeoning deficit and would instead help pay for Obama's health plan and implement Obama's $400 tax credit for most workers and $800 for couples.

lilyoder6
03-21-2009, 09:27 AM
oh dear effing god...

this is rly sad

Dino 6 Rings
03-21-2009, 10:01 AM
Its cool though, he's going to cut the deficit in half....right...so by the time he's done it'll only be a 5 trillion dollar deficit. Right...that's what he said.

stlrtruck
03-21-2009, 01:33 PM
Bring on ARMAGEDDON!!!

May God have mercy on our souls!!!

Dino 6 Rings
03-22-2009, 05:13 PM
Actually...the deficit may be worse than B.O's people want us to think...

Senate's Conrad sees $1.6 trillion in extra deficit

WASHINGTON (Reuters) - U.S. Senate Budget Committee Chairman Kent Conrad said on Thursday he expects federal deficit spending will be about $1.6 trillion greater over the next ten years than President Barack Obama's budget plan forecasts.

Obama submitted his budget outline to Congress last month which forecast almost $7 trillion in deficits through 2019, however a worsening economic picture is expected to make the budget outlook darker.

Conrad told reporters that the additional $1.6 trillion over the next decade was based on projections of the Democratic majority's budget committee staff.

http://www.reuters.com/article/politicsNews/idUSTRE52I81G20090320?feedType=RSS&feedName=politicsNews

BrandonCarr39
03-23-2009, 05:55 PM
If you include notes on our Medicare and Social Security, the national debt actually comes out to $65.5t(!).

revefsreleets
03-23-2009, 06:57 PM
Well, that's some good news (sticking gun in mouth)!

Dino 6 Rings
03-23-2009, 08:50 PM
Well, that's some good news (sticking gun in mouth)!

REVS NO!

There is a legitimate shortage of bullets in this country...jump off a roof or something and send me your ammo!

I mean...don't kill yourself Revs...(but still send me your ammo!)

tony hipchest
03-23-2009, 11:28 PM
If you include notes on our Medicare and Social Security, the national debt actually comes out to $65.5t(!).exactly. this isnt new news.

despite arbitrary numbers of 5 or 10, or 20 trillion dollars being thrown out there everybody shouldve known were in a world of hurt once the baby boomers of the 50's and 60's come to cash in on medical coverage and social security benefits. we have been overextended for years and the only ones who can be blamed is those who have ignored it (and are most likely dead) as opposed to addressing it head on.

ive said all along we are going to hell in a handbasket and that basket is weaved of debt and worthless paper notes. barack nor mccain can/couldve stopped it.

all we can do is keep pushing the debt further into the future and hope we invent the next automoblie, oil, PC, cure for cancer, whatever it may be.

with the way education is in this country, im not holding my breath.

Preacher
03-24-2009, 05:12 PM
exactly. this isnt new news.

despite arbitrary numbers of 5 or 10, or 20 trillion dollars being thrown out there everybody shouldve known were in a world of hurt once the baby boomers of the 50's and 60's come to cash in on medical coverage and social security benefits. we have been overextended for years and the only ones who can be blamed is those who have ignored it (and are most likely dead) as opposed to addressing it head on.

ive said all along we are going to hell in a handbasket and that basket is weaved of debt and worthless paper notes. barack nor mccain can/couldve stopped it.

all we can do is keep pushing the debt further into the future and hope we invent the next automoblie, oil, PC, cure for cancer, whatever it may be.

with the way education is in this country, im not holding my breath.

Throwing more money into the debt does not help it. Doubling the spending debt doesn't help it.

We have been spending like drunk sailors for decades now. NO PRESIDENT has produced a positive balance... but this is outrageous.

revefsreleets
03-25-2009, 09:26 AM
Yeah, these entitlement programs (Social Security, Medicare, Medicaid, etc) are NOT the major culprit here.

Here is what's new (and bad) about this budget that will end up spiraling the deficit out of control:

-ANOTHER 700 billion to the banks. This is NOT toxic asset relief, but throwing more money after bad.
-634 billion for his socialized medicine plan. This should NOT be a priority now.
-His awful "tax cut" that is so miniscule it doesn't make a blip for the end user, but still costs the government a fortune.
-Huge cost increases for education. I'm not against that per se, but FIX THE ECONOMY FIRST!
-Finally, this POS "cap and spend" energy program, which is actually nothing more than a regressive tax that affects everyone, and will cost families WAY more then the puny "middle class tax cut" saves them.

This is too ambitious. Stop, fix the economy, then work on your socialist agenda, Mr President. Asking a bankrupt country to pay for EVERYTHING all at once is not wise or prudent.