Deficits bad. Employment bad. Nice going, 0!
In 2036 the budget will be, every single dollar everyone makes plus six cents. At that point we will have created an 106% communist country.
They are attributing the increase to healthcare costs, Medicare and Obamacare subsidies?????
Wait a minute. Obamacare was supposed to reduce Medicare and healthcare costs and not increase the deficit with its subsidies. That’s at least what the CBO projected when this monstrosity was being debated. What a bunch of tools.
The Congressional Budget Office has looked into its crystal ball and sees the deficit getting much worse in a few years, rising to 106% of GDP by 2039.
with
Publicly held debt will reach 106 percent of GDP by 2039, according to the report, compared to the current 74 percent.
The report says the debt will hit 106% of the GDP while the article says that the annual deficit will hit that level. In general I scoff at any idiot who confuses the two, but I expect better from The American Thinker.
The Fed has been printing electronic scrip for nigh on 5 years. For 4+ years it was at a rate of $85 Billion/Month to buy T-Bills (effectively using one credit card to pay off another and ‘legitimize’ the debt load, AND to spend about half that on Mortgage Backed Securities in the NYSE to bribe them to ignore every other economic indicator in this country).
Now, that rate is just a paltry $75 billion/month - hooray!!!!!! Bread and Circuses! Show me an outside independent audit of the Fed and I’ll believe some of this lying revisionist obfuscating crap this government foists off on us as “good economic news.”
The real balance sheets are ominous and dreadful. There is no money, yet this Administration spends it like they’re out on a Jihad Mission tomorrow.
At some point the dollar will be devalued and reissued as
Nuevo dólars! Presidente Obama will strip three zeros from the dollar, creating a parity of $1 Nuevo dólars for $1000 of the old ones.
Better grant amnesty. All those illegals are computer experts, job creators, tax payers, and will all star companies that will employ everyone. I heard it from Joe Biden.
Really! s//
A better question is when does this house of card come tumbling down? I have read that if interest rates were set to keep paper currency from losing its value (4% to 5%), at the current rate of BIG government spending, the US couldn't pay for anything but interest on the debt by 2022.
How long till new 401k taxes and/or confiscation?