Posted on 08/31/2009 7:26:05 AM PDT by NMEwithin
According to the Obama administration’s mid-session budget update, the federal government will have to borrow nearly 40 percent of its total expenditures in 2010, a level not seen since World War II.
The report, “Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2010,” shows that 39.9 percent of all federal income will be borrowed, making borrowing the single largest share of revenue in 2010. The next largest component of federal revenue is the personal income tax, which accounts for only 27.3 percent of federal funds.
This is only slightly lower than in 2009, when the federal government borrowed 43.3 percent of the money it has spent so far. The 2009 fiscal years ends Aug. 31, 2009...
(Excerpt) Read more at cnsnews.com ...
Our government has gone insane. Obama wants to bankrupt this country
How about spending levels? Pork and ear marks have to go.
bankrupting this country is what the unseen hand of the government wants.
No worries, this is what printing presses are for.
But he saved the economy! That’s all that matters that he stopped the ‘freefall’. Who needs jobs?
Let them eat dollars and cake?
I just cannot see this ending without 15+ % inflation and then unemployment to match. Interest rates will stay above the inflation rate and the gap between the two will broaden as the inflation percentage increases. Small businesses dependent on borrowed operating money will fold.
We can’t afford this debt. Increased taxes can’t pay for it, as we are already past the point of diminishing returns on taxation. The only answer will be via a printing press, which will destroy the capital invested in gov. bonds. 20% inflation will cut the debt in half in four years time, while driving half the country below the poverty level.
Welcome to the new Fascist economy.
Yup. I think its thier plan to bring America down to 3rd world status
Exactly.
You don’t have to be an economist to know this is madness. Someone will have to pay for all this borrowing starting with us and going down through the generations. We are killing the future for our kids and grandkids.
Obama administration’s mid-session budget update is insane at best so much for being trained at Harvard.
Thanks for posting.
I think Pope Bill Donohue may be right. These people have no plans, no strategy, all they know a dark desire to destroy and loot.
Holy crap!
Our current budget deficit is about 15 percent of gross domestic product and increasing rapidly -- up from about three percent historically.
Total budget deficits are expected to reach 80 percent of GDP within the next couple of years -- more than double the 40 percent historical level.
Our money supply has increased tenfold over the past year.
All of these values are far worse than the indicators were at the time when hyperinflation began in numerous Latin American countries.
Even worse, none of this includes unfunded Medicare liabilities (estimated to be $36 trillion), unfunded Social Security obligations (estimated to be $6.6 trillion), additional unfunded bailout costs (currently estimated to be $24 trillion), unfunded government pensions (who knows how much), etc.
Bottom line: Every economist that I trust believes our economy is already trashed. We are not talking about whether we will experience massive inflation, but rather how much and when.
Nah, this will be corrected at some point. But yeah, they mean for the new frugal US America to have to stay this way for a long long time.
Appropriate. Obama is waging war against the United States.
Interesting path to prosperity.
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