Skip to comments.CBO: Trillion dollar deficits for the next decade
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.
This level of spending is treason.
Not just for the next decade but for the next 50 years.
Sit back, Citizen
American Idol and Dancing With the Stars is on.
Go back to sleep
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.
Enjoy your slumber tonight America, we are taken care of cradle to grave.
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.
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?
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.
Who will be the first payment to China?
California. They’ll go ahead and rejoin Mexico.
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?
Bump to the top.
We'll send them our nukes as a down payment.
It will be up to them to figure out how to catch them.
Nothing to see here, move along...........
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.
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.
I don’t think most people quite understand how this much government debt will personally affect them.
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.
Thinking about how fast money is being spent I wouldnt be surprised to see a quadrillion dollar budget in the not-so-distant future.
Uh, aren’t we nearly there now???
Yep, that’s about it.
more than $9.7 trillion to the national debt over the next decadeSee? 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.
Adding this to ...
Obama-nomics & Greece [link-list]
Also adding ...
Cash-Strapped States Delay Paying Income-Tax Refunds
TAX PROTEST! MARCH ON WASHINGTON [Online. A revolution in Free Speech.]
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.
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.
Very good too but even more utopic that mine ..ahah..all these “poor” people - what a “discrimination” scream that would be!
The good ol' days.
Isn’t there a good football or baseball game we could be watching instead of worrying about this stuff?
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.
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.
ya beat me.
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.
One Trillion:We'll stick with the good ole USA, so that is 1,000,000,000,000
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.
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.
Why worry, Obama’s Zimbabwee economics will bring prosperity to the USA just like it did for Zimbabwee.
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.
A recent editorial in the Air Force Times says it best, Disarmament by Entitlement.
Who’s gonna write the little book?
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’.
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.
Well, I’ve been doing that before the elections but seems that it did not work too well
OoooKkkk...so should we change our very small savings in yen?
Actually the number is over $100 trillion when you include the unfunded liabilities that have been Enronized over the years.