Posted on 02/07/2009 6:59:27 PM PST by kellynla
NEW YORK – The federal government will have to issue record levels of debt in the next two years – up to $2.5 trillion in 2009 and as much as $4 trillion in 2010.
The record federal debt financing is required to fund the social welfare programs called for in the Obama administration's nearly $1 trillion deficit-spending economic stimulus plan and to overcome a likely shortfall due to falling tax revenues, according to BustedBudget.com, a website dedicated to "tracking the government's shameful overspending one painful day at a time."
BustedBudget.com noted that factors leading to the increased federal government borrowing needs include the cost of the Troubled Assets Relief Program, amounting to approximately $700 billion, plus the nearly $1 trillion in deficit-spending that will be required to fund the proposed stimulus package.
Another contributing factor forcing the Treasury to plan for an unprecedented amount of federal borrowing this year is the unanticipated unemployment resulting from the economic downturn, with the resulting drop in employment tax revenues to the U.S. Treasury.
(Excerpt) Read more at wnd.com ...
By 2012, we'll have dbl digit inflation, unemployment and interest rates...and Hussein will be like Jimmy Carter..."one & done!" We can only hope that the Gelding Old Party gets a testicle & spine implant before next year so we can begin to replace the Leftist morons in D.C.
Sounds about right...and we cannot manage this debt, as the country will realize in less than a year.
The record federal debt financing is required to fund the social welfare programs called for in the Obama administration’s nearly $1 trillion deficit-spending economic stimulus plan and to overcome a likely shortfall due to falling tax revenues, according to BustedBudget.com, a website dedicated to “tracking the government’s shameful overspending one painful day at a time.”
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This is the twisted, radical extent the socialist Congress and their “president” will go to, FOR POWER. They do not care about what they are doing to the USA to get that power. This POWER GRAB INSANITY must be stopped.
“What led first to Rome’s decline and ultimately to her fall? Gibbon discovers many causes, which he discusses in various parts of his work. For instance, the long period of peace and the uniform government of the Romans gradually extinguished the industry and creativeness of the people, as well as the military discipline and valour of the soldiers (Chs. 2 and 7); the indulgence in luxury, which originally remained confined to the nobles and residents of the Imperial Court, was later extended to the troops, totally corrupting their morals (Ch. 17); the enrolment of mercenary barbarians in the armies, which served to excuse the Roman themselves from military responsibilities, at the same time encouraged the barbarians within the Empire to grow in power and influence (Ch. 17); the multiplication of oppressive taxes was countered and evaded by the rich, who shifted the burden to the poor, who in turn also dodged them and fled to the woods and mountains to become Rome’s rebels and robbers (Ch. 35).”
Edward Gibbon, “The Decline and Fall of the Roman Empire.”
http://www.his.com/~z/gibho1.html
And no mention of how much debt might be bought by Islamic oil-producing nations...
“The Treasury debt will be sold largely to foreigners, predominately in China and Japan, the two biggest foreign buyers of U.S. Treasury debt.”
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I really don’t think that the Chinese are stupid enough or the Japanese have enough cash to finance us,, The Fed will buy the treasuries debt and send us into never never land...
The irresponsibility is only surpassed by the criminality of these actions. What am I supposed to tell my son?
This money can never be repaid.
“Stimulus” money is going to pay for a bunch of bureaucracies, which return nothing to the economy (i.e, future tax revenues). If anything, bureaucratic red tape slows GDP growth.
sarc/
The other day Obama was complaining about the size of the deficit he inherited from Bush. Now he wants “trillion dollar deficits as far as the eye can see”. I wish he were just stupid, but I fear that he is so filled with hatred for the US that he will gladly destroy this country economically.
http://www.brillig.com/debt_clock/
Approximately $100,000 is added to the debt EVERY SECOND.
Every day we add another $8.6 BILLION to the total.
At the present rate of borrowing, figure an additional $3 TRILLION every year.
With so many Americans of all walks of life opposing this, we have 3 simple Republicans who may vote for the US to commit financial Hari kari.
I don’t think China and Japan are so stupid as to keep buying the U.S. worthless debt. So then what are the flippin’ geniuses in D.C. going to do??
I have been wondering about tax revenue. With so many people experiencing losses in the market and more unemployed, won’t the amount of revenue for the government be way down as well?
Bureaucracies are a cancer on the Republic. They have voracious appetites for endless streams of money. Washington waste is monumental (pun intended as DC is a city of monuments). The GAO routinely publishes report after report on government waste, yet the media never makes an effort to chronicle the true extent of bureaucratic failures. Giving them more money is like giving the keys to a liquor store to an alchoholic.
I think $5T this year, $5T next and as things get worse and the administration gets more desperate, $5T the following.
These are Dems don't forget. The thing that they do BEST in the world is to spend other peoples money in any way they want.
And now they got the keys to the treasury. In their eyes it's a time for a par-tay!
I think by the end of the administration, $20 Trillion, easy.
uh, what assurance do we have that China will
a) want to buy that debt
b) be able to buy that debt even if they might want to
http://www.youtube.com/watch?v=ndoJHxX3cKA
Since there’s already $13 TRILLION in US debt being held out there and we used to add another Trillion every 18 months or so...but lately have been adding another trillon every 3 months
...................................CORRUPTION
Thomas Jefferson knew what would happen!!
When we get piled upon one another in large cities, as in Europe, we shall become as corrupt as Europe .
Thomas Jefferson
The democracy will cease to exist when you take away from those who are willing to work and give to those who would not.
Thomas Jefferson
It is incumbent on every generation to pay its own debts as it goes. A principle which if acted on would save one-half the wars of the world.
Thomas Jefferson
I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them.
Thomas Jefferson
My reading of history convinces me that most bad government results from too much government.
Thomas Jefferson
The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants.
Thomas Jefferson
To compel a man to subsidize with his taxes the propagation of ideas which he disbelieves and abhors is sinful and tyrannical.
Thomas Jefferson
Thomas Jefferson said in 1802 :
‘I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered.’
...................................CORRUPTION
Thomas Jefferson knew what would happen!!
When we get piled upon one another in large cities, as in Europe, we shall become as corrupt as Europe .
Thomas Jefferson
The democracy will cease to exist when you take away from those who are willing to work and give to those who would not.
Thomas Jefferson
It is incumbent on every generation to pay its own debts as it goes. A principle which if acted on would save one-half the wars of the world.
Thomas Jefferson
I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them.
Thomas Jefferson
My reading of history convinces me that most bad government results from too much government.
Thomas Jefferson
The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants.
Thomas Jefferson
To compel a man to subsidize with his taxes the propagation of ideas which he disbelieves and abhors is sinful and tyrannical.
Thomas Jefferson
Thomas Jefferson said in 1802 :
‘I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered.’
ping to the JimRob, Kristinn DC We are Free People and want to stay that way mission.
http://www.freerepublic.com/focus/f-news/2180833/posts
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