Skip to comments.Estimated Budget Totals for 2008-2010 Show Government Debt Increase of 63 Percent
Posted on 02/26/2009 1:17:05 PM PST by Red in Blue PA
If passed, President Obama's spending and tax blueprint for 2010 will mean the U.S. government's debt will increase 63 percent in two years.
The publicly held debt -- money that is owed by the government to foreign and domestic creditors -- was 40.8 percent of gross domestic product in 2008. That increased to 58.7 percent based on projections for the fiscal year that began on Oct. 1, and will rise again to 64.6 percent in 2010 under Obama's proposed budget.
(Excerpt) Read more at foxnews.com ...
I never want to hear a liberal say anything ever again about Bush/Reagan spending.
Hey, did you guys realize that every month we let this stimulus package go unpassed America will lose 500 million jobs?! Really! Its true! Nancy Pelosi told us so! What a joke. My God This administration has, in a few short weeks, become Ringling Bros. and the Obama and Biden Three-ring Circus! Ladies and Gentlemen! Boys and Girls! Please direct your attention to the center ring! Watch as Barack The D.C. Clown attempts to pull a cabinet nominee out of his hat! Youll be amazed! Youll squeal with joy and laughter as each nominee bursts into flames the second the public spotlight hits them! Watch as his dizzy assistant Nancy attempts whats never been done before! Thats right, folks! Keep your eyes on the stack of one trillion dollars! Watch as Nancy makes it disappear into thin air! Stare in awe as Barack singlehandedly feeds the state of Israel to the man-eating tigers. Cover your childrens eyes as their homeland is attacked and our heroes hands and feet are tied and bound. Their eyes and ears covered and closed, they are placed on the boxcars headed to the sea! The time for choice is over, folks! Youve bought your ticket, now you have to watch the horror show! Enjoy!
It will be blamed on Bush of course.
If ever this nation needed an effective conservative minority party it’s NOW!
When they start to monitize (print money) the debt, which is most assurdly going to happen, gold will go thru the roof. That will signal the beginning of the end. Be ready to buy gold at a moments notice.
Look at the bright side. Historians will now write that GWB was the last great American President and a frugal one at that. ;-)
But he said he would cut the debt in half.
Yes, yes he did.. If the debt this year is say.. 2 trillion.. and he only spends a trillion next year.. he can claim he cut the debt in half.. That is Liberal Logic 101.. He’s good with “words”, ain’t he?
I love it when Barry says PayGo...pay as you go.
I don’t suppose he would consider putting this ‘Pay’ on a contingency basis, subject to his revenues coming in? Then, he can hit that GO button.
The Fed chairman acknowledged that at some point economic growth would begin to take up the economy's slack, and said that would mean reversing policy to prevent the enormous increase in the U.S. money supply from creating inflation. "It is very important for us, once the economy begins to recover -- as usual, the Fed would have to begin to tighten policy -- it is very important for us to begin then to unwind our monetary expansion," he told lawmakers. Critics worry it will be very hard for the Fed to abandon major programs to prop up the market for mortgages and consumer loans, which have ballooned the size of its balance sheet to almost $2 trillion, and that a troubling inflation will be the eventual result. Bernanke acknowledged the risks, but said that many of the emergency measures taken by the Fed to boost credit markets would expire with time, and stressed that there was more than one way to tighten monetary policy to curb inflation.
Mr. Ear Mark driving us in to deep do do.