U.S. Deficit Spending

Patriot Post Online - Investors Business Daily editorial ^ | June 3, 2009

[pleikumud]

Obama's $13 trillion in deficit spending, along with $1 trillion in new taxes is a recipe for disaster. Look for hyper-inflation combined with a shrinking economy. Also, tax revenues will drop despite new taxes, since tax revenues always rise and fall with GDP. Obama voters can look forward to U.S. Treasuries falling in value, the dollar worth less and less, destructive inflation, higher tax rates, and 15% to 20% unemployment. Congress is aiding and abetting these crimes every day by going along with their Socialist leader. Obama will increase federal government controls, claiming they are needed to cope with the mess he is creating.

We didn't defeat the Soviet Union in order to have it resurrected here in the United States. Did we?

[BGHater]

‘Obama’s $13 trillion in deficit spending’??

[henkster]

They used phony-baloney numbers to get the $1,800,000,000,000.00 deficit. Since they are busy destroying the economy, tax revenue will not be close to what they’ve projected. And they will no doubt spend more through more bailouts, etc... In 2011 the report will come out that FY 09-10 had an actual deficit of $2,500,000,000,000.00.

[RexBeach]

How can any reasonable person thinks that any of this makes economic sense?

It’s like saying that if you have $50,000.00 in credit card debt, you go out and crank your card usage to erase your debt.

Nuts. Positively nuts.

Mr. Obama actually thinks this stuff works.

Only a thoroughly stupid(not ignorant)person could believe this.

[mysterio]

A balanced budget amendment is necessary. We need to stop present and future administrations from doing this.

[TCats]

“Only a thoroughly stupid(not ignorant)person could believe this.”

Or a person with an Agenda that, if we recognize the objectives, to them it makes perfect sense.

[LuxMaker]

If it has an emergency clause the nation will be in a constant state of emergency.

[RexBeach]

What agenda would that be?

To kill the economy?

Why would they do that?

[dashing doofus]

That’s right. You don’t need a degree in economics, or even have taken an economics course to know that a $1.3 trillion budget deficit on a $2.7 trillion 2010 budget means that we have to borrow almost HALF OF THE MONEY, from someone, somewhere.

That’s why Tax Cheat Geithner went to China, to beg for more money and lie about how responsible Zero’s budget is, and how he is committed to reducing the deficit. The big risk is what happens when and if the Chinese demand a higher rate to compensate them for the additional risk. The bigger question is what happens if they can’t, or won’t, finance our deficit any longer. How much will we have to offer to make our paper attractive?

Long term rates are already going up, and the weakening of the dollar is the main reason oil and gas prices are up, since demand has not rebounded. Obama-nomics are already having their effects.

I guess I gotta give these guys in Washington some credit though, for doing exactly the opposite of what they say while keeping a straight face at all times.

[jwparkerjr]

re: A balanced budget amendment is necessary

True, very true. But sadly it's less and less likely as time goes on. Until there is a way for a certain percentage of citizens to force action on such a measure Congress, and the various states, will not move on it. They have to much to gain from the status quo. Once they have tasted the power of elected office, the higher the office the worse the problem, they are like vampires. A balanced budget amendment would be the wooden stake through their heart, the sliver bullet, etc.

As long as enough of us believe there is such a thing as a free lunch and are willing, anxious even, to vote for those who offer it nothing will change.

I'm not even sure a full-blown, 1930’s era depression can derail the evil that Congress has come to be.

Sure, there's a few of them up there who are not evil, but for the most part they are all alike, regardless of party affiliation. They are out to get their piece of the pie while the gettin’ is good and term after term they feather their beds and fatten their pigs.

I fear the only thing that will stop them now is when government has absolutely no way to borrow, print or extort money. And the pain of that day will make The Great Depression much more than text in a history book.

[RobRoy]

>>A balanced budget amendment is necessary. We need to stop present and future administrations from doing this.<<

You are answering the wrong question.

The right question is begged by this:

“America is at that awkward stage. It’s too late to work within the system, but too early to shoot the bastards.” —opening lines of 101 Things To Do’Til The Revolution by Claire Wolfe

You remind me of Dagney Taggart. You need to be more of a John Galt.

[combat_boots]

It’s not his.

Others have an escape route.

[TCats]

“To kill the Economy”

In essence, yes. Just a means of gaining complete control of everything in sight. They have captured Banking, Autos, have their sights on Health. They are also concocting a program of guaranteeing States Borrowing. Once that is in place they'll have the same types of control over States that they have wielded so effectively on the Autos/Banks.

The greater the Economic Emergency the easier it is to assume the role as rescuer. Just ask Roosevelt. He took advantage of the Depression to expand the role of the Federal Government and set the stage for everything else we're seeing now.