Obama’s $8.6 trillion in deficits: Only a low-ball estimate

ajc ^ | March 8, 2010 | Kyle Wingfield

[george76]

review the latest report from the Congressional Budget Office.

In its recent budget report, the White House forecast budget deficits totaling $8.6 trillion over the next decade...

CBO, however, says even that mind-boggling projection is too low. In fact, the nonpartisan budget crunchers estimate, the cumulative deficit from 2010-2020 will be $9.8 trillion.

$9.8 trillion: The cumulative budget deficits from 2010-2020 given Obama’s plans, according to CBO. In other words, we will average a $1 trillion deficit over the next 10 years.

90 percent: The public debt as a share of the total economy by 2020 given Obama’s plans, according to CBO. The current figure is 53 percent.

And all of this assumes that there will be no national emergencies over the next 10 years: No terrorist attacks or natural disasters that require extra spending. And it assumes that we will have a decade of uninterrupted economic growth; history suggests that’s unlikely.

We are talking about an expansion of government, the deficit and debt that is an order of magnitude greater than anything we’ve seen before

[ClearCase_guy]

Mr. Cloward? Ms. Piven? Please call your office.

[OB1kNOb]

Any cost estimate the government comes up with should be doubled to make it closer to reality.

[avacado]

"In its recent budget report, the White House forecast budget deficits totaling $8.6 trillion over the next decade..."

Well, the O'Asshat is already racking up $1.5 trillion dollar budget deficits and FY2011 is supposed to be some $1.8 trillion deficit. So I see in just 8 years the O'Asshat racking up an easy $12 - $15 trillion dollar budget deficit.

Those are my numbers and I'm sticking to them.

[OB1kNOb]

To put it in perspective, light speed travels 5.866 trillion miles in a year. With our current national debt at $12.5 trillion (not counting the $50-75 trillion in unfunded debt) our government has already spent us into debt by 2.1 lightyears. Adding the lowball $8.8 trillion stimate to be added this decade and by 2020 they will have spent us into debt by 3.6 lightyears. If you added in the unfunded debt burden estimates to this, then the government will have spent us into debt somewhere in the neighborhood of 13 to 16 lightyears.

Does anyone honestly think we are going to survive this scenario with things going back to normal?

[griswold3]

The President proposes
The Congress disposes...

Don’t blame Ceasar, blame Rome!

[TheDailyChange]

Let me guess, only a man of color who graduated from Harvard and worked as an attorney could make such an astute observation, eh?