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.
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.
Yup. The sad truth is that it may already be too late. We may not be able to fix it anymore without massive social upheaval, just to try and avoid complete economic collapse later.
“When Americans discover that they can vote themselves money from the public till, the experiment will be over.” - Alexis de Tocqueville
Does a charasmatic leader emerge to unite the underclass in a revolt to 'take' what should be theirs from the 'haves'? This could be interesting in a country where so many are armed.
The only thing we know for certain is it will go in one of two directions. There will be no moderate outcome.
Enronized, that's a keeper. Al Gore's lockbox is named 'Enron'.
Every once in a while I’ll invent a word like that. We can get it into the lexicon if we spread the use of it so pass it on!
Kinda like the housing bubble pop, 'cause it's been 'real', real real. Pumping that kind of money to support government at all levels while expecting the private sector to 'fund' it is nuts and being done intentionally, imho.
HealthCareReform is nothing more than a way to pump Bozo Bucks into the system at such a rate that it collapses(or pops). When that happens, power will accrue to those 'in power' who've been readying themselves all along.
I don't know if it should be yen, but everybody needs to be trying to determine safe haven currencies.
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