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CBO: Trillion dollar deficits for the next decade
American Thinker ^ | 03/06/10 | Rick Moran

Posted on 03/06/2010 12:25:07 PM PST by American Dream 246

The wolf is at the door and we've got Little Red Riding Hood as president:

President Obama's proposed budget would add more than $9.7 trillion to the national debt over the next decade, congressional budget analysts said Friday. Proposed tax cuts for the middle class account for nearly a third of that shortfall. The 10-year outlook released by the nonpartisan Congressional Budget Office is somewhat gloomier than White House projections, which found that Obama's budget request would produce deficits that would add about $8.5 trillion to the national debt by 2020.

What's $1.2 trillion between friends, right Barry?

The CBO and the White House are in relative agreement about the short-term budget picture, with both predicting a deficit of about $1.5 trillion this year -- a post-World War II record at 10.3 percent of the overall economy -- and $1.3 trillion in 2011. But the CBO is considerably less optimistic about future years, predicting that deficits would never fall below 4 percent of the economy under Obama's policies and would begin to grow rapidly after 2015. Deficits of that magnitude would force the Treasury to continue borrowing at prodigious rates, sending the national debt soaring to 90 percent of the economy by 2020, the CBO said. Interest payments on the debt would also skyrocket by $800 billion over the same period.

It's raining red ink and there are no umbrellas to be found, and no place to duck into and avoid getting soaked.


TOPICS: Business/Economy; Constitution/Conservatism; Crime/Corruption; Editorial; Foreign Affairs; Front Page News; Government; Miscellaneous; News/Current Events; Politics/Elections
KEYWORDS: communist; constitution; corruption; czars; dollar; economy; education; elections; government; healthcare; military; obama; palin; politics; teaparties
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1 posted on 03/06/2010 12:25:07 PM PST by American Dream 246
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To: American Dream 246

This level of spending is treason.


2 posted on 03/06/2010 12:28:02 PM PST by Psycho_Bunny
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To: American Dream 246

Not just for the next decade but for the next 50 years.


3 posted on 03/06/2010 12:28:39 PM PST by Jack Hydrazine
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To: Psycho_Bunny

Sit back, Citizen

American Idol and Dancing With the Stars is on.

Go back to sleep

FUBO


4 posted on 03/06/2010 12:29:56 PM PST by hattend (The era of John McCain is over, the era of Ronald Reagan is back! Go Sarah Go!)
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To: American Dream 246

Thinking about how fast money is being spent I wouldn’t be surprised to see a quadrillion dollar budget in the not-so-distant future.


5 posted on 03/06/2010 12:30:30 PM PST by Jack Hydrazine
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To: American Dream 246
Trillion dollar deficits for the next decade

Enjoy your slumber tonight America, we are taken care of cradle to grave.

6 posted on 03/06/2010 12:31:11 PM PST by EGPWS (Trust in God, question everyone else)
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To: American Dream 246

If he is trying to bring America down to size and ruin the country he is right on track to do so. I just hope there is enough people in this country come November who understand the consequences of this much spending.


7 posted on 03/06/2010 12:31:40 PM PST by Parley Baer
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To: Jack Hydrazine

We won’t last 50 years with this spending. We’ll balkanize long before that. Who will be the first to secede? Texas or Alaska?


8 posted on 03/06/2010 12:31:50 PM PST by hattend (The era of John McCain is over, the era of Ronald Reagan is back! Go Sarah Go!)
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To: American Dream 246
Proposed tax cuts for the middle class account for nearly a third of that shortfall

NO, they do not.

Tax cuts do not cause deficits, SPENDING causes deficits. Kennedy, Reagan and Bush 2 all generated much higher levels of revenue by cutting taxes that then generated booming economic growth that in turn generated rising government revenue.

The problem has always been that because of base line budgeting Government spending ALWAYS increases year after year, it never ever decreases.

We do not have a taxing problem in this country, we have an out of control spending problem.

9 posted on 03/06/2010 12:33:34 PM PST by MNJohnnie ("The trouble with socialism is that eventually you run out of other peoples' money" Lady Thatcher)
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To: hattend
Who will be the first to secede? Texas or Alaska?

Who will be the first payment to China?

10 posted on 03/06/2010 12:34:19 PM PST by EGPWS (Trust in God, question everyone else)
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To: hattend

California. They’ll go ahead and rejoin Mexico.


11 posted on 03/06/2010 12:35:56 PM PST by Jack Hydrazine
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To: American Dream 246

It’s all about HIS legacy. This is money WE are spending on HIS LEGACY. It’s all about him.

When is the left going to wake up? Do they realize they will have to pay too?


12 posted on 03/06/2010 12:38:17 PM PST by bergmeid (Gas up the truck and pedal to the metal!)
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To: American Dream 246

Bump to the top.


13 posted on 03/06/2010 12:39:52 PM PST by GOPJ (http://hisz.rsoe.hu/alertmap/index2.php?area=dam&lang=eng)
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To: EGPWS
Who will be the first payment to China?

We'll send them our nukes as a down payment.

It will be up to them to figure out how to catch them.

14 posted on 03/06/2010 12:42:57 PM PST by MNJohnnie ("The trouble with socialism is that eventually you run out of other peoples' money" Lady Thatcher)
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To: American Dream 246

Nothing to see here, move along...........


15 posted on 03/06/2010 12:43:23 PM PST by jsh3180
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To: bergmeid
I always think about that question: why in the world would the left - that includes a lot of people I know who have a lot of money - that includes Hollywood - that includes all these workers who are loosing their jobs, and whining after they all voted for the one...why in the world would these people be leftists??? Don't they understand that when economy is booming because taxes are low, they have much more job opportunities - that the wealthy pay less taxes so they can give more to charity and create jobs??? This is always a stunning question to me.

Besides stupid PC and protecting terrorists and monstruous affirmative actions with teachers who can't even write - may be not even read...besides these moronics aspects of the leftists, why don't they understand that life is much better for eveybody under capitalism - low taxes and meritocracy???
16 posted on 03/06/2010 12:44:52 PM PST by American Dream 246 (Open your eyes. Freedom is not a one day fight. Enemies of Freedom are legion.)
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To: Psycho_Bunny

It surely is. Somehow, I don’t think Obama and his leftist comrades really care. What they are about is equalization - not the kind one would normally think about, but the equalization that results in wealth taking and redistribution on a piecemeal basis. In other words, they will take everything of value from anyone who owns it and dole it out to others on a regular basis - so long as they toe the party (Red) line.


17 posted on 03/06/2010 12:47:05 PM PST by Gaffer ("Profling: The only profile I need is a chalk outline around their dead ass!")
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To: American Dream 246
The US is in a heap of trouble.

The CONSERVATIVE Canadian government just came in with a budget. It forecasts a $55 billion deficit this year and a BALANCED BUDGET within five years. That translates to a $550 billion deficit since Canada is one tenth the size of the USA.

I think this is great news for Canada. I just wonder what is going to happen to us when our biggest trading partner and ally commits financial suicide.

18 posted on 03/06/2010 12:48:50 PM PST by Former Proud Canadian (How do I change my screen name now that we have the most conservative government in the world?)
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To: EGPWS
If we're gonna have to give something up to China I say eff Hawaii- give them that! ....let those leftist bastards see what real oppression is like!
19 posted on 03/06/2010 12:49:20 PM PST by Gaffer ("Profling: The only profile I need is a chalk outline around their dead ass!")
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To: American Dream 246

I don’t think most people quite understand how this much government debt will personally affect them.


20 posted on 03/06/2010 12:50:29 PM PST by skeeter
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To: American Dream 246

The wolf is at the door and we’ve got Little Red Riding Hood as president: President Obama’s proposed budget would add more than $9.7 trillion to the national debt over the next decade...

Ha ha ha ha

Try $2 trillion a year and rising.


21 posted on 03/06/2010 12:50:32 PM PST by DontTreadOnMe2009 (So stop treading on me already!)
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To: Jack Hydrazine

Thinking about how fast money is being spent I wouldn’t be surprised to see a quadrillion dollar budget in the not-so-distant future.

Uh, aren’t we nearly there now???


22 posted on 03/06/2010 12:51:32 PM PST by DontTreadOnMe2009 (So stop treading on me already!)
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To: American Dream 246
Deficits of that magnitude would force the Treasury to continue borrowing at prodigious rates, sending the national debt soaring to 90 percent of the economy by 2020, the CBO said.

If that's national debt (and not deficit) as a percentage of GDP, then we're already over 88%. The CBO's figure seems wildly optimistic.

At this rate the figure will probably be closer to 190% by 2020.
23 posted on 03/06/2010 12:53:49 PM PST by The Pack Knight (Duty, Honor, Country)
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To: hattend

Yep, that’s about it.


24 posted on 03/06/2010 12:53:51 PM PST by Obadiah (Democrats and their life partners, the MSM)
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To: AdmSmith; Berosus; bigheadfred; Convert from ECUSA; dervish; Ernest_at_the_Beach; Fred Nerks; ...
more than $9.7 trillion to the national debt over the next decade
See? Spin in the headline. Not a trillion a year, only $970 billion a year. What a bunch of right wing conspirators. ;') ;') ;') Thanks American Dream 246.
25 posted on 03/06/2010 12:59:01 PM PST by SunkenCiv (Freedom is Priceless.)
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To: skeeter
I always thought that elections should not be like it is now - a bit utopic of my part - elections should be for people who pass an exam: say here is a little book with ALL the candidates (for President mainly) with :

1) who they are - origins, complete schools history, BC, parents history and all

2) political history - meaning if they were senators or else: how did they vote - all their voting history - if they were lawyers - what were their cases etc

3) personal relationships - friends etc...

4) Then, BEFORE people go to vote, they have to fill in a simple 5 questions questionnaire about each candidate. If they don't pass, then they cannot vote

Again, this is utopy BUT at least voters who have the basic knowledge of for whom they are voting for instead of just voting fo a guy who talks well with a teleprompter and ends up being a domestic enemy to our country.

Your thoughts?
26 posted on 03/06/2010 12:59:59 PM PST by American Dream 246 (Open your eyes. Freedom is not a one day fight. Enemies of Freedom are legion.)
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To: American Dream 246

Adding this to ...

Obama-nomics & Greece [link-list]
http://www.freerepublic.com/focus/chat/2464021/posts?page=4

Also adding ...

Cash-Strapped States Delay Paying Income-Tax Refunds
http://www.freerepublic.com/focus/f-news/2465586/posts

TAX PROTEST! MARCH ON WASHINGTON [Online. A revolution in Free Speech.]
http://www.freerepublic.com/focus/chat/2465622/posts?page=1


27 posted on 03/06/2010 1:03:12 PM PST by Arthur Wildfire! March (Barack Hussein Obama, mmm, mmm, mmm. [Only leftist intellectuals publicly pick their noses.])
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To: American Dream 246
My idea is simpler & cheaper. And has the added advantage of having precedent (kind of).

NO ONE who A) collects any kind of govmnt assistance - welfare, food stamps, govmnt pension (with the exception of retired military) and/or B) does not pay federal taxes - gets to vote in national elections.

I'd apply the same rule at the local level.

28 posted on 03/06/2010 1:06:03 PM PST by skeeter
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To: Jack Hydrazine

Remember the story about the sage who invented the game of chess and his reward? For his reward, he asked the king to place one grain of wheat on the first square of the chess board, two on the second, 4 on the third, and 8 on the fourth, and so on and so fourth until he got to the last square. The king thought him a fool but soon realized that there weren’t enough grains of wheat in all the world to complete the reward (18,446,744,073,709,551,615 grains). Debt is kind of like the wheat.


29 posted on 03/06/2010 1:07:12 PM PST by RC one (WHAT!!!!)
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To: skeeter

Very good too but even more utopic that mine ..ahah..all these “poor” people - what a “discrimination” scream that would be!


30 posted on 03/06/2010 1:08:42 PM PST by American Dream 246 (Open your eyes. Freedom is not a one day fight. Enemies of Freedom are legion.)
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To: American Dream 246
Used to be you couldn't vote unless you were a landed male.

The good ol' days.

31 posted on 03/06/2010 1:09:55 PM PST by skeeter
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To: hattend

Isn’t there a good football or baseball game we could be watching instead of worrying about this stuff?


32 posted on 03/06/2010 1:12:19 PM PST by kempster
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To: American Dream 246
All that is needed is one Hurricane Katrina, one bad earthquake in the US, one Mt St. Helens, or one drought/flood of the century and POOF! we' go from waist high to neck high to over-the-head deep sh!t
33 posted on 03/06/2010 1:13:26 PM PST by egannacht (Inalienable rights granted by...)
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To: skeeter

Elections have consequences, as we can see. So giving the right to vote to irresponsible people like it is done now, who votes for outrageously stupid reason is NOT a good thing. Period. This in my mind goes for women or men or black or white...whatever. The right to vote should be based of a minimum knowledge of the cadidates. It’s a very heavy right with a lot of responsabilities attached to it. It should not be treated the light way it is now. As simple as that. The future of a whole country and of our children depends on morons who go vote for a good talker that they know nothing about - we don’t even know if he is an American but nobody cares??? How frightening is that. The whole future of the world may be in jeopardy because of this loosely handled right to vote.


34 posted on 03/06/2010 1:19:04 PM PST by American Dream 246 (Open your eyes. Freedom is not a one day fight. Enemies of Freedom are legion.)
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To: American Dream 246

Mine? Bit more simple. If you do not pay taxes or you collect hand outs from the Government (Fed or State), you are not allowed to vote.


35 posted on 03/06/2010 1:20:19 PM PST by Michael Barnes (Call me when the bullets start flying.)
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To: Psycho_Bunny
Hence the urgency to pass ZeroCare NOW. The so-called medical benefits won't start till 2013 at the earliest but the taxing’ starts immediately....need to keep the Ponzi scheme going ya know.
36 posted on 03/06/2010 1:20:32 PM PST by yadent
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To: skeeter

ya beat me.


37 posted on 03/06/2010 1:20:53 PM PST by Michael Barnes (Call me when the bullets start flying.)
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To: American Dream 246

The leftist progressives are driven to implement their plan to gain absolute control and power. The key words are “their plan”. They will not respond to our logic that their spending will bankrupt our country. The only logic that makes sense to them is to “implement their plan”.

In effect, we are facing a coup d’etat.


38 posted on 03/06/2010 1:30:53 PM PST by Enough is ENOUGH (Select conservatives for the coming primaries, now. Vote out the incumbents.)
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To: Enough is ENOUGH
In effect, we are facing a coup d’etat.

The night of the elections, I cried and cied...and that is exactly what I've been saying since then. This IS a coup d'etat. Absolutely. And sadly, here is not much defense or reactions to it, neither from the republicans or from the people who quietly are waiting for the next elections. He is pushing his agenda and it will probably pass. So sad.
39 posted on 03/06/2010 1:39:05 PM PST by American Dream 246 (Open your eyes. Freedom is not a one day fight. Enemies of Freedom are legion.)
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To: American Dream 246
All these asshats in DC, starting with the asshat in chief, need a refresher course in NUMBERS!
One Trillion:
a) a cardinal number represented in the U.S. by 1 followed by 12 zeros
b) in Great Britain by 1 followed by 18 zeros.
We'll stick with the good ole USA, so that is 1,000,000,000,000
And that is 1,000 Billion, or: 1,000 x 1,000,000,000

And how big is that? Well, our Milky Way GALAXY has, on the low side, an estimated 200 Billion Stars. So 1 Trillion equals All The Stars In FIVE Milky Way Size Galaxies!

And that's *just* 1 Trillion and these $#@&%ers are projecting 'spending' (DEBT) of 12-14 Trillion Dollars?!? They are ALL certifiably #@^%$ing insane!!

Pretty soon the GAO & US Treasury are going to have to change their bookkeeping methods. They'll have to use Quadratic Equations and use all of Einstein's Physics Calculations for General and Special Relativity!

It will wind up looking something like this:

Did I mention they're all INSANE? (Yep, got it covered!)

However there's one formula of Einstein's I pray they don't have to use. As the answer = ('infinity'). And that ain't good.

40 posted on 03/06/2010 1:47:16 PM PST by Condor51 (The difference between stupidity and genius is that genius has its limits [A. Einstein])
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To: Psycho_Bunny

Why worry, Obama’s Zimbabwee economics will bring prosperity to the USA just like it did for Zimbabwee.


41 posted on 03/06/2010 1:52:44 PM PST by OldArmy52 (Christmas 2009: Democrats give us Obama Cr*pCare, the t*rd that keeps on stinking.)
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To: American Dream 246

The increases in our national debt related to growing deficits surely are of concern. But what MSM doesn’t appear ready or willing to explain is that leaving aside the DEFICIT, our unfunded social insurance obligations grow by about $3 trillion every year. These are not booked as annual budget deficits since they represent future rather than past obligations, but they nevertheless are very real. After all, would taxpayers willingly pony up 15.3% of their wages for SS and Medicare if they knew that when it came time for THEM to receive such benefits, Uncle Sam would elect to cut them back drastically (i.e., 30-40% or more)?

Thus, the Ponzi schemes called SS and Medicare work ONLY so long as there are enough suckers to keep dumping money into the pot. Once they wise up, the whole game goes bust. And when that happens, the Congress critters who have sat on their hats doing nothing to head off this tsunami better head for the hills.


42 posted on 03/06/2010 1:56:00 PM PST by DrC
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To: Psycho_Bunny

A recent editorial in the Air Force Times says it best, Disarmament by Entitlement.


43 posted on 03/06/2010 1:59:07 PM PST by rcofdayton
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To: American Dream 246

Who’s gonna write the little book?


44 posted on 03/06/2010 2:01:23 PM PST by KansasGirl
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To: KansasGirl
Who’s gonna write the little book?

LOL...good question...er..the gov? I warned that it was utopia. But what a fun and good question, indeed..we can't even trust the schools for history so...yes, who will write the book? Lol
45 posted on 03/06/2010 2:17:36 PM PST by American Dream 246 (Open your eyes. Freedom is not a one day fight. Enemies of Freedom are legion.)
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To: American Dream 246

There is one way to beat them. Spread the truth. It get’s peoples’ attention... When you are out with family or friends say out loud and with emotional anger, ‘they are bankrupting our country’.


46 posted on 03/06/2010 2:19:22 PM PST by Enough is ENOUGH (Select conservatives for the coming primaries, now. Vote out the incumbents.)
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To: American Dream 246

Mere trillion dollar deficits will not be so bad in a few years when the dollar has fallen to $.00001 as compared with the dollar today.


47 posted on 03/06/2010 2:21:30 PM PST by arthurus ("If you don't believe in shooting abortionists, don't shoot an abortionist." -Ann C.)
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To: Enough is ENOUGH

Well, I’ve been doing that before the elections but seems that it did not work too well


48 posted on 03/06/2010 2:33:30 PM PST by American Dream 246 (Open your eyes. Freedom is not a one day fight. Enemies of Freedom are legion.)
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To: arthurus

OoooKkkk...so should we change our very small savings in yen?


49 posted on 03/06/2010 2:34:22 PM PST by American Dream 246 (Open your eyes. Freedom is not a one day fight. Enemies of Freedom are legion.)
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To: DontTreadOnMe2009

Actually the number is over $100 trillion when you include the unfunded liabilities that have been Enronized over the years.


50 posted on 03/06/2010 2:34:59 PM PST by Jack Hydrazine
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