Obama's Dangerous Debt

Real Clear Politics / The Washington Post ^ | 2009-05-18 | Robert Samuelson

[rabscuttle385]

WASHINGTON -- Just how much government debt does a president have to endorse before he's labeled "irresponsible"? Well, apparently much more than the massive amounts envisioned by President Obama. The final version of his 2010 budget, released last week, is a case study in political expediency and economic gambling.

Let's see. From 2010 to 2019, Obama projects annual deficits totaling $7.1 trillion; that's atop the $1.8 trillion deficit for 2009. By 2019, the ratio of publicly held federal debt to gross domestic product (GDP, or the economy) would reach 70 percent, up from 41 percent in 2008. That would be the highest since 1950 (80 percent). The Congressional Budget Office, using less optimistic economic forecasts, raises these estimates. The 2010-19 deficits would total $9.3 trillion; the debt-to-GDP ratio in 2019 would be 82 percent.

But wait: Even these totals may be understated. By various estimates, Obama's health plan might cost $1.2 trillion over a decade; Obama has budgeted only $635 billion. Next, the huge deficits occur despite a pronounced squeeze of defense spending. From 2008 to 2019, total federal spending would rise 75 percent, but defense spending would increase only 17 percent. Unless foreign threats recede, military spending and deficits might both grow.

[rabscuttle385]

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[kcvl]

But, at least, he’s not George Bush. /SARCASM

[FrogMom]

Ping

[kromike]

I have a simple idea. It's a "Sins of the Father" scenario:

Starting with The First Thug and Aunt Esther the Klingon and their two daughters cursed with parents like that to every single Dhimmicrat congressman, to every single Dhimmicrat voter and the three RINOs that voted for this nightmare, from now on, it is THEIR responsibility and every single member of the family tree from here on out to pay off this debt.

I absolutely refuse to be punished with the idiocy of some know-nothing halfrican who's in love with himself.

[Fyscat]

Granted, if the Bush Admin was still holding the office, the exact plan would not be the same but only differ in small ways really. A FDR model was put into place as soon as the Twin Towers fell, after all it was a strategical target. Even though the past presidency pushed it off and ignored the "hard times, easy money" policy repercussions, does not mean that over time the effects would not be felt. Of course, the other option would have/would be another depression that would have/would be worse than the last. The attack on the dollar had begun and our only recourse is to inflate it away and put it on the backs of our children and grandchildren. Yeah, it sucks don't it?

[familyop]

Governments, keep spending! Spend until the defaults! And private Americans, stop spending. It’s the only way, and it needs to be done as quickly as possible.