The CBO now says that Obama's budget is going to lead to annual deficits averaging $1 trillion for the next decade.
The CBO also says deficits of that magnitude would force the Treasury to continue borrowing at prodigious rates, sending the national debt soaring to 90% of the economy by 2020. That brings us to $800B in interest payments. They have also dropped their estimates on tax revenue.
At least we have a "blue ribbon deficit panel" now headed up by union leader and political "bundler" Andrew Stern ($60 million to the Obama election campaign).
Oh boy. I guess it's just the Chicago way.
I'm going to start learning Chinese.
It's all Bush's fault. And for learning Chinese, I am buying Rosetta Stone asap.
Quote from: guido911 on March 08, 2010, 08:57:10 AM
It's all Bush's fault. And for learning Chinese, I am buying Rosetta Stone asap.
My daughter is going to do the Chinese program at Jenks. She will be ready for her new overlords.
Quote from: Gaspar on March 08, 2010, 08:31:24 AM
The CBO now says that Obama's budget is going to lead to annual deficits averaging $1 trillion for the next decade.
The CBO also says deficits of that magnitude would force the Treasury to continue borrowing at prodigious rates, sending the national debt soaring to 90% of the economy by 2020. That brings us to $800B in interest payments. They have also dropped their estimates on tax revenue.
At least we have a "blue ribbon deficit panel" now headed up by union leader and political "bundler" Andrew Stern ($60 million to the Obama election campaign).
Oh boy. I guess it's just the Chicago way.
I'm going to start learning Chinese.
Link please?
I mean, seriously, what is the logic being used to justify such huge deficit spending? This is totally out of control, like turning a bunch of drunks loose in a casino with a stack of credit cards with no credit limit.
(http://www.heritage.org/images/rr-obama-2010-budget-ALC_046_2col_c.jpg)
(http://farm4.static.flickr.com/3571/3324489125_45da75d032.jpg)
(http://farm4.static.flickr.com/3584/3302238813_04b8a7c2cd_o.jpg)
(http://jcrue.files.wordpress.com/2009/06/obama-economy.jpg)
Quote from: we vs us on March 08, 2010, 10:02:18 AM
Link please?
I didn't start this thread but I think the OP was referring to this:
http://www.washingtonpost.com/wp-dyn/content/article/2010/03/05/AR2010030502974.html
Quote from: guido911 on March 08, 2010, 10:21:44 AM
I didn't start this thread but I think the OP was referring to this:
http://www.washingtonpost.com/wp-dyn/content/article/2010/03/05/AR2010030502974.html
Actually I made it all up. This administration would never be responsible for such idiocy. ;)