CBO: Trillion dollar deficits for the next decade

American Thinker ^ | 03/06/10 | Rick Moran

[American Dream 246]

The wolf is at the door and we've got Little Red Riding Hood as president:

President Obama's proposed budget would add more than $9.7 trillion to the national debt over the next decade, congressional budget analysts said Friday. Proposed tax cuts for the middle class account for nearly a third of that shortfall. The 10-year outlook released by the nonpartisan Congressional Budget Office is somewhat gloomier than White House projections, which found that Obama's budget request would produce deficits that would add about $8.5 trillion to the national debt by 2020.

What's $1.2 trillion between friends, right Barry?

The CBO and the White House are in relative agreement about the short-term budget picture, with both predicting a deficit of about $1.5 trillion this year -- a post-World War II record at 10.3 percent of the overall economy -- and $1.3 trillion in 2011. But the CBO is considerably less optimistic about future years, predicting that deficits would never fall below 4 percent of the economy under Obama's policies and would begin to grow rapidly after 2015. Deficits of that magnitude would force the Treasury to continue borrowing at prodigious rates, sending the national debt soaring to 90 percent of the economy by 2020, the CBO said. Interest payments on the debt would also skyrocket by $800 billion over the same period.

It's raining red ink and there are no umbrellas to be found, and no place to duck into and avoid getting soaked.

[DontTreadOnMe2009]

The wolf is at the door and we’ve got Little Red Riding Hood as president: President Obama’s proposed budget would add more than $9.7 trillion to the national debt over the next decade...

Ha ha ha ha

Try $2 trillion a year and rising.

[DontTreadOnMe2009]

Thinking about how fast money is being spent I wouldn’t be surprised to see a quadrillion dollar budget in the not-so-distant future.

Uh, aren’t we nearly there now???

[The Pack Knight]

Deficits of that magnitude would force the Treasury to continue borrowing at prodigious rates, sending the national debt soaring to 90 percent of the economy by 2020, the CBO said.

If that's national debt (and not deficit) as a percentage of GDP, then we're already over 88%. The CBO's figure seems wildly optimistic.

At this rate the figure will probably be closer to 190% by 2020.

[Obadiah]

Yep, that’s about it.

[SunkenCiv]

more than $9.7 trillion to the national debt over the next decade

See? Spin in the headline. Not a trillion a year, only $970 billion a year. What a bunch of right wing conspirators. ;') ;') ;') Thanks American Dream 246.

[American Dream 246]

I always thought that elections should not be like it is now - a bit utopic of my part - elections should be for people who pass an exam: say here is a little book with ALL the candidates (for President mainly) with :

1) who they are - origins, complete schools history, BC, parents history and all

2) political history - meaning if they were senators or else: how did they vote - all their voting history - if they were lawyers - what were their cases etc

3) personal relationships - friends etc...

4) Then, BEFORE people go to vote, they have to fill in a simple 5 questions questionnaire about each candidate. If they don't pass, then they cannot vote

Again, this is utopy BUT at least voters who have the basic knowledge of for whom they are voting for instead of just voting fo a guy who talks well with a teleprompter and ends up being a domestic enemy to our country.

Your thoughts?

[Arthur Wildfire! March]

Adding this to ...

Obama-nomics & Greece [link-list]
http://www.freerepublic.com/focus/chat/2464021/posts?page=4

Also adding ...

Cash-Strapped States Delay Paying Income-Tax Refunds
http://www.freerepublic.com/focus/f-news/2465586/posts

TAX PROTEST! MARCH ON WASHINGTON [Online. A revolution in Free Speech.]
http://www.freerepublic.com/focus/chat/2465622/posts?page=1

[skeeter]

My idea is simpler & cheaper. And has the added advantage of having precedent (kind of).

NO ONE who A) collects any kind of govmnt assistance - welfare, food stamps, govmnt pension (with the exception of retired military) and/or B) does not pay federal taxes - gets to vote in national elections.

I'd apply the same rule at the local level.

[RC one]

Remember the story about the sage who invented the game of chess and his reward? For his reward, he asked the king to place one grain of wheat on the first square of the chess board, two on the second, 4 on the third, and 8 on the fourth, and so on and so fourth until he got to the last square. The king thought him a fool but soon realized that there weren’t enough grains of wheat in all the world to complete the reward (18,446,744,073,709,551,615 grains). Debt is kind of like the wheat.

[American Dream 246]

Very good too but even more utopic that mine ..ahah..all these “poor” people - what a “discrimination” scream that would be!

[skeeter]

Used to be you couldn't vote unless you were a landed male.

The good ol' days.

[kempster]

Isn’t there a good football or baseball game we could be watching instead of worrying about this stuff?

[egannacht]

All that is needed is one Hurricane Katrina, one bad earthquake in the US, one Mt St. Helens, or one drought/flood of the century and POOF! we' go from waist high to neck high to over-the-head deep sh!t

[American Dream 246]

Elections have consequences, as we can see. So giving the right to vote to irresponsible people like it is done now, who votes for outrageously stupid reason is NOT a good thing. Period. This in my mind goes for women or men or black or white...whatever. The right to vote should be based of a minimum knowledge of the cadidates. It’s a very heavy right with a lot of responsabilities attached to it. It should not be treated the light way it is now. As simple as that. The future of a whole country and of our children depends on morons who go vote for a good talker that they know nothing about - we don’t even know if he is an American but nobody cares??? How frightening is that. The whole future of the world may be in jeopardy because of this loosely handled right to vote.

[Michael Barnes]

Mine? Bit more simple. If you do not pay taxes or you collect hand outs from the Government (Fed or State), you are not allowed to vote.

[yadent]

Hence the urgency to pass ZeroCare NOW. The so-called medical benefits won't start till 2013 at the earliest but the taxing’ starts immediately....need to keep the Ponzi scheme going ya know.

[Michael Barnes]

ya beat me.

[Enough is ENOUGH]

The leftist progressives are driven to implement their plan to gain absolute control and power. The key words are “their plan”. They will not respond to our logic that their spending will bankrupt our country. The only logic that makes sense to them is to “implement their plan”.

In effect, we are facing a coup d’etat.

[American Dream 246]

In effect, we are facing a coup d’etat.

The night of the elections, I cried and cied...and that is exactly what I've been saying since then. This IS a coup d'etat. Absolutely. And sadly, here is not much defense or reactions to it, neither from the republicans or from the people who quietly are waiting for the next elections. He is pushing his agenda and it will probably pass. So sad.

[Condor51]

All these asshats in DC, starting with the asshat in chief, need a refresher course in NUMBERS!

One Trillion:
a) a cardinal number represented in the U.S. by 1 followed by 12 zeros
b) in Great Britain by 1 followed by 18 zeros.

We'll stick with the good ole USA, so that is 1,000,000,000,000
And that is 1,000 Billion, or: 1,000 x 1,000,000,000

And how big is that? Well, our Milky Way GALAXY has, on the low side, an estimated 200 Billion Stars. So 1 Trillion equals All The Stars In FIVE Milky Way Size Galaxies!

And that's *just* 1 Trillion and these $#@&%ers are projecting 'spending' (DEBT) of 12-14 Trillion Dollars?!? They are ALL certifiably #@^%$ing insane!!

Pretty soon the GAO & US Treasury are going to have to change their bookkeeping methods. They'll have to use Quadratic Equations and use all of Einstein's Physics Calculations for General and Special Relativity!

It will wind up looking something like this:

Did I mention they're all INSANE? (Yep, got it covered!)

However there's one formula of Einstein's I pray they don't have to use. As the answer = ∞ ('infinity'). And that ain't good.