Posted on 08/27/2014 7:41:15 AM PDT by Oldeconomybuyer
The Congressional Budget Office on Wednesday raised its estimate of the federal government’s budget deficit for the current fiscal year as it slashed its growth forecast, and warned red ink was due to rise in coming years if Washington doesn’t change current laws.
In an update of budget and economic projections for 2014 to 2024, the nonpartisan CBO said the U.S. government’s deficit for fiscal 2014 will be $506 billion, or 2.9% of gross domestic product. The new estimate is $14 billion more than the agency’s prior estimate for the year, issued in April.
The agency lowered its projection of GDP growth for the year, to 1.5% from 3.1%, “reflecting the surprising economic weakness in the first half of the year.”
(Excerpt) Read more at marketwatch.com ...
The other number to bear in mind is that the debt, not including unfunded liabilities, is now well over 100% of GDP.
Of course, if you include unfunded liabilities, the debt is more than all the money on the entire planet... and then some.
Don’t forget the “off budget” expenditures. Fannie & Freddie’s $400 billion a year has been conveniently taken out of the “budget”, but the money is still being spent. The CBO casts its bread upon the waters.....truly, it’s a miracle!
I think I’ll make my mortgage and property taxes off budget. I’ll have a surplus and eliminate the hit I’m taking from the non existent recession.
The whole thing is a charade at this point. I only wish there were a way to predict when the collapse will actually come and what will actually set it off.
Pretty good guess: when Republicans take over.
Remember, Democrats & Media (but I repeat myself) have fully anaesthetized themselves to whatever is wrong today.
The very millisecond Republicans take charge, every Democrat will suddenly remember every ache & pain they've ever felt, and blame it on Republicans.
The cacophony will be so loud that panic will set in, and collapse soon follow.
Dems will then use the "Republican collapse" to get themselves reelected.
Question: how smart do you have to be, to figure this all out?
Here's the way I look at it:
The collapse is already here. It is taking extreme manipulation to prop up the US and global economy. In the US, social norms have broken down, our freedoms have been curtailed, and how our money is allocated is manipulated. It's become near impossible for individuals to prepare for the future.
It's a tenet of Chaos Theory that the longer and more extremely the natural ebb and flow of events is manipulated out of occurance, the more extreme the events will become when they occur. When that happens, no manipulations or controls will work, and you'll get chaos. When the problem goes tangental, that is spins out of control, all sorts of things will collapse.
Am I making any sense? My math mind sees tangent curves off to meet their asymptotes, not sine curves naturally drawn toward stability.
My form of preparation has become more simplified. I'd like to be prepared to be able to stay house bound for perhaps even a few months if there's a breakdown of our support systems.
Another Obama gift.
I wonder if the people reporting this get their heads out of the anal cavity long enough to really check things out.
The US Treasury has a web site - ‘debt to the penny’ - here:
http://www.treasurydirect.gov/NP/debt/current
At the start of this FY - 01 October 2013 - the total debt was $16.747 Trillion. As of 25 August 2014 - the debt has increased to $17.713 Trillion. For those who passed 4th grade mathematics - the difference is about $966 Billion.
Pray tell - how the h3ll can we have a deficit for FY 2014 that is around $506 Billion - when we are already at $966 Billion????? And that is using the government numbers from a government web site.
Not only that, but the market does not do as well under GOP leadership, for whatever reasons.
More liberal media mythology.
In fact, the markets did just fine under President Reagan, certainly far better than under previous Democrat President Jimmy Carter.
And the markets absolutely exploded after Republicans took over both houses of Congress in 1994, growth which was really only defeated on September 11, 2001.
Markets again, slowly recovered under President Bush II, until the effects of many years of Democrat malfeasance (i.e., Barney Frank) in especially, real estate derivatives, Fanny Mae, etc., caused a financial collapse and "great recession" from which we are still allegedly "recovering".
And, let's face it, most Republicans are cowards -- if you call us "racist", "sexist", "homophobe", "anti-poor" etc. we generally quiver, cower and bend over to kiss your rear in hopes you'll stop saying it.
Therefore, even Republicans (i.e., Newt Gingrich) with enough courage to cut taxes, still lacked the gonads to seriously reduce Federal spending.
By the way -- I'm generally highly optimistic, these comments notwithstanding.
I think, for the first time in my long memory, we have not just one, but an abundance of seriously conservative leaders to chose from, thanks in large part to the Tea Party.
Yes, Democrats will keep on, keepin' on doing what they always do, but I think & hope a critical mass of conservatives will ignore Dems, and elect more of their Conservative own.
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