Posted on 04/05/2010 7:36:56 AM PDT by SmithL
Washington -- Health care may have been the last big bang of the Obama presidency.
With ferocious speed, the financial crisis, recession and efforts to combat the recession have swung the U.S. debt from worrisome to ruinous, promising to handcuff the administration.
Lost amid last month's passage of the new health care law, the Congressional Budget Office issued a report showing that within this decade, President Obama's own budget sends the U.S. government to a potential tipping point where the debt reaches 90 percent of gross domestic product.
(Excerpt) Read more at sfgate.com ...
Keep your money at home.
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I did that and then some. Mine is a long way from ‘home’. A longgggggggg way.
Krauthammer does not agree with allowing the government to bankrupt this country, as far as I can see. But, doesn't matter.
Right now, when we're not in crisis (well, we are, but it doesn't feel like one)... no, there is no will to curtail them. We can still "afford" them all.
Come crunch time, though, it's going to be like choosing what you're going to save from the fire. Political will won't be nearly so hard to find.
Not sure I'm all that enthusiastic about some of the Triumphs of the Will that will come about as a result of the crisis, however.
Unfortunately, your pessimism is well-founded.
And here's another class of people rarely talked about who will greatly enlarge those beholden to Rat World: everyone who works in the healthcare industry. Think about it!
Hospital Administrator in NHS: my job is to get government sugahdaddy reelected.
Now this I agree with. I think if we all went on a one-year spending freeze, the severe contraction in discretionary consumer spending would make a huge statement on how far we will go to avoid feeding the government beast.
Unfortunately, that would also hurt the real economy. But you can’t fight a battle without taking some hits.
Thank you for finding the link for me. I responded to your other post. I see where you are coming from, but I think we disagree the scope of Krauthammer’s statements.
That said, I’m sure you and I agree on the basic idea that this guvmint needs to STOP SPENDING!
“Don’t worry about paying the bills for others. They’ve never been your responsibility anyway.”
Exactly. Getting YOUR FAMILY out of debt is your responsibility and is just plain good sense. Not to mention what Proverbs is effectively advising.
As for the 0bama debt, the sooner it’s repudiated, the better.
we already pay 50% or higher of our yearly income in taxes...what do you want next?...blood?
for the record, I never supported this "war" but after it started I am 100% behind support of out troops...
Yes, we are in a crisis right now despite the happy talk from the politicians and the MSM. The HI trust fund (Medicare Part A) has been cashing in its IOUs since 2008. And by 2014, four years from now, 45% of all Medicare expenses will come from the General Fund.
Come crunch time, though, it's going to be like choosing what you're going to save from the fire. Political will won't be nearly so hard to find
Like the frog in the cold water that is slowly being boiled to death, by the time the people figure out what is going on, it will be too late. Their likely reaction is to take to the streets and riot like the Greeks who don't want their stuff taken away regardless of financial conditions.
I would like to know what the END point is financially....when can the US not just print more money, but actually be forced to make huge cuts...
I worked 36 years for the USG. The biggest supporters of socialism are in the federal government. It works for them. Secure job and good benefits provide the incentive and motivation to grow the government.
When our money becomes worthless.
Look, I was talking about the budget deficit and the national debt and the differences. Once you learn budget deficit, intergovernmental debt, and national debt... we can talk.
I agree.
Sometimes the future seems pretty bleak.
“Now this I agree with. I think if we all went on a one-year spending freeze, the severe contraction in discretionary consumer spending would make a huge statement on how far we will go to avoid feeding the government beast.”
I think another good tack is to spend and act in a very tax conscious manner. Pretty much all of us pay some level of taxes. Render unto caesar. But there is nothing that says you can’t structure your affairs so as to render less. If you buy say a new shirt, you’re going to pay for the shirt and the taxes associated with it. Buy that same shirt for cash at a garage sale, and there really isn’t a tax impact. Homespinning probably isn’t realistic for most people. But other forms of self-reliance such as gardening, fixing your own car, sewing clothes, brewing your own beer etc. are well within most people’s grasp.
Just think of it as a conservative form of protecting mother earth and reducing your carbon footprint (LOL)!
We also need to remember that by owning debt, we’re essentially subsidizing it. Those savings bonds need to be dug out of the sock drawer and cashed in.
Avacado, these same dynamics have been at play for every president. So what it boils down to is this. Either it’s okay to sit by and watch and contribute to the national debt going sky high, or it isn’t.
I don’t happen to believe it is.
Thanks for the comments. Sorry to frustrate you so much.
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