Posted on 08/24/2009 3:05:31 AM PDT by Cindy
"Obama’s Spending Plans Will Nearly Double the National Debt--White House Leaked the News Late on Friday" Monday, August 24, 2009
SNIPPET: "(CNSNews.com) - In news leaked late Friday to the Reuters news agency, the White House conceded that the national debt will increase by $9 trillion over the next ten years, nearly doubling a national debt that now stands at $11.67 trillion."
SNIPPET: "The good news that the White House leaked to Reuters late on Friday is that it is now projecting that this year’s deficit will be $1.58 trillion, down from the $1.84 trillion it earlier estimated.
At $1.58 trillion, this year’s deficit will be almost three and a half times as large as last year’s, and thus about three and a half times larger than the largest deficit the U.S. government has ever run."
(Excerpt) Read more at cnsnews.com ...
I'm sure that's only because about 20% of porkulus will be spent this fiscal year.
*Nostalgic sigh*
Gee, I remember the good old days when the SRM had nothing better to do than snipe at Bush’s spending and his budget.
Wait!!! What’s that sound!!???
(Crickets chirping . . . )
No, the SRM STILL ignores the issues, ignores America and ignores the taxpayers to push zero’s marxism.
He keeps saying his plans will cut the deficit, while in actuality they are rising.
He is like a houswife gone wild with a credit card.
Paying off his debt to those who voted for him are breaking us.
Now I understand why the Obamas are eating lobster, drinking champagne, doing world tours, vacationing and golfing in the Vineyard. Celebrating America's demise, the country they hate.
There are 100,000,000 households in the United States. A million wasted dollars comes to a penny per household
and most of us foolishly ignore that little bit of irresponsibility because it's not worth our time. The problem is that the wasted $1M sets a precedent for the wasted $1B that we saw so often under Clinton and Bush.
A wasted billion dollars comes to ten dollars 
per household, which is more than I would willingly waste at the grocery store, but we still let it slide since it's "small" compared to total federal spending. If we wouldn't take the $13 a gallon milk simply because we didn't want to bother walking over to the $3 a gallon milk (a silly analogy because we all spend our grocery money MUCH more carefully than we ask Congress to spend our tax dollars), we shouldn't tolerate that level of waste in the federal budget. We do anyways, and that's very sad because it sets a precedent for ...
A wasted nine trillion dollars, the amount obama and Pelosi plan for deficit spending in the next decade, comes to $90,000 per household. 
All of a sudden, we're talking real money. We should have stopped them when they wanted to waste a million dollars, but it's time to stop them now.
What do we get for that $90,000 each? Not a new 2010 Chevrolet Corvette ZR1 
(price not available but about $90k) for each family. What we get is a Keynesian "stimulus" that ignores the universal failue of Keynesian approaches, both in the past and today, where countries that spent responsibly are recovering, while Japan's economy stalled for over a decade of Keynesian stimulus and the United States is watching its economy stall because of similar massive government waste. What we get is a laundry list of recycled liberal dream programs that were rejected even by previous democrat-controlled congresses because they were so obviously useless, but that Pelosi pushed through because she had the power and an excuse. What we get is socialism, and a debt that may permanently cripple our country.
The bottom line: nine trillion dollars is real money.
Doesn’t it just piss you off the way this guy is pissing money “our kids future” away like a drunken sailor on leave.
What a fine illustration of the problem, TurtleUp.
Thank you.
You’re welcome Sparko.
Even fairly intelligent commentators on economic issues like the phrase, “the policy of deficit spending that we have followed for the last 30 years.”
Note the 30.
They are trying to lump Obammie the Commie's reckless destruction of the US dollar in with President Reagan's economic policies.
The two are like oil and water and cannot be mixed with any integrity in the same economic discussion.
Deficit spending, while not the most preferred of economic policies is not destructive in and by itself so long as the deficit portion is a small amount of GDP. When deficit spending is a small amount of GDP, it is like taken loans against next year's revenues in order to stimulate the economy this year. If the policy is to do so only for a few years, the deficit/debt is paid down and everything is fine.
The problem is combining an absurdly high PERCENTAGE of deficit spending compared to the GDP WITH reckless government spending on entitlement programs.
You see, nearly all that the government spends does not generate further revenue. The jobs they create are one-shot deals. They are not jobs that generate their own customer base and therefore become self-perpetuating employment. They require that new funds be obtained and doled out to keep those jobs going. The “entitlement” (welfare) side of the spending is self explanatory.
What Obammie the Commie is doing is nothing like mere “deficit spending.” He is simultaneously printing the US dollar into oblivion (foreign investments in US debt have fallen off a cliff, graphically, in the past couple of months) nationalizing private enterprise, bailing out the banksters, and preparing to tax the hell out of every man, woman and child in this country, and doling out billions to his political supporters (ACORN, etc.).
And his deficit spending is an outrageous portion of the GDP, which means we cannot pay it back. What happens when a government's debt comes due and they can't pay it? They take out a new, bigger debt to pay off the old debt and to have a little more spending money. This is the Keynesian policy we have followed and we are to the point now where no one will lend us any more money. The only option is to print more money, which will destroy not only the US dollar, but will really, really piss off those countries (China and Japan) that have purchased our debt. We will essentially be paying them back pennies on the dollar. And they will have a right to be pissed.
Over 60% of everything the US government spends is to pay off the interest of the national debt.
This is not “sustainable.”
And anyone who studies this issue objectively would be hard-pressed to deny that everything that is happening is being done on purpose...to weaken America.
No one but no one who loves this country would adopt these economic policies intentionally. President Reagan must be rolling in his grave at what is happening.
Exactly. Unfortunately, revenues continue to plummet (tax receipts) and that isn't continuously calculated. The April receipts showed a MASSIVE decline, which forced the deficit to be adjusted sharply upward. The same will happen again next April.
$9 trillion is being added on top of the existing $12 trillion. That doesn’t include the $100 trillion (yes, that’s right one hundred TRILLION dollars) that the Dallas Fed president said in a 2008 speech (search FR) is required to fund today’s accumulated obligations for social security and Medicare.
You make a good point. Never since the Depression have revenues taken such a nose dive, and there is no end in sight.
Coupled with the incredible rise in expenditures, it is a sure disaster.
Very well said and very accurate.
I would add that Reagan increased defense spending, especially on high tech strategic weaponry like stealth and missile defense. What makes that spending so different is that
1) Defense spending was used to topple the Soviet Union, which when accomplished, would free up a huge chunk of spending
2) The defense spending flowed into high paying engineering and US-based manufacturing (US citizens and companies). This floated a lot of boats and increased tax revenues proportionately.
This is completely different than throwing money down a Rat hole, never to produce any velocity or multipliers in economic expansion.
Excellent post. For years, with both Reagan and Bush, I tried to explain to "conservatives" that a reasonable debt was not necessarily a bad thing.
What Obama and the Dems are doing/have done is destroying our nation, and bears no resemblance to the last adminsitration or Reagan's.
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