Posted on 04/08/2010 7:30:02 PM PDT by Red in Blue PA
The nation’s fiscal path is “unsustainable,” and the problem “cannot be solved through minor tinkering,” the head of the Congressional Budget Office said Thursday morning.
Doug Elmendorf, best known for arbitrating the costs of various health care proposals, added his voice to a growing chorus of economic experts who predict dire consequences if political leaders don’t scale back spending, increase taxes or both — and soon.
Elmendorf noted a recent CBO report that pegged an increase in the public debt from $7.5 trillion at the end of 2009 to $20.3 trillion at the end of 2020 if President Barack Obama’s fiscal 2011 budget were to be implemented as written. As a percentage of gross domestic product, the debt would rise from 53 percent to 90 percent, CBO forecasted. The last time the percentage was that high was right after World War II.
(Excerpt) Read more at politico.com ...
They will start taxing the Roth IRAs and/or just start confiscating 401ks.
nothing would surprise me any more.
Then maybe he should have quoted the real cost of the healthcare bill. His complicity in the debt spiral of this country is all too apparent.
Rather than suggest (as have Conservatives) that the Federal Government repeal spending measures and cut back on the invasive 'services' it 'offers', this will be used to justify additional taxation.
"The problem with Socialism is that sooner or later you run out of other people's money." Margaret Thatcher nailed it.
Which is essentially what is happening today.
yeah, the grey coats, etc....how I miss them...at least they gave me hope....
Quidam?
“CBO chief says debt ‘unsustainable’”
It seems to me that it is very sustainable. It’s even growing.
Maybe he meant our country is unsustainable with the current debt level and future increases.
LOL!
There was an article in the WSJ yesterday saying LA was on the verge of becoming insolvent.
With implementian of a VAT, the result will be? Less spending and buying by the general public, more businesses and manufacturers in distress, and nothing accomplished, other than the economy farther down the sewer.
Here is my solution.
1) Deport illegal aliens and their family members to their country of origin.
2) Seal the borders.
3) Repeal every new entitlement program or expansion of existing entitlement program Obama has put in place.
4) Cut the Health and Human Services budget by 15%.
5) Use the 15% savings from the Health and Human Services budget to pay down the principal of the Treasury debt.
6) Cut the Department of Labor by 30% back to 2008 levels.
7) Use the Department of Labor savings to pay down the principal of the Treasury Debt.
8) Force all banks to keep the loans they make. Eliminate the CDI market completely. If they make stupid loans, let them go under.
9) Dissolve Fannie and Freddie and fire all their employees. Sell the loans that can be sold and force place the ones that can't. Spread the risk across all banks.
10) Sell General Motors to the highest bidder. Use the proceeds to pay down the principal of the Treasury debt.
11) Sell the US government stake in Chrysler to the highest bidder and use the proceeds to buy down the principal of the Treasury debt.
12) Sell AIG to the highest bidder. Use the proceeds to buy down the principal of Treasury debt.
13) Put term limits in place for the US Senate and House. Two terms max and then you are out.
14) Put legislation in place that forces all new bills to be funded under penalty of expulsion from the Senate or House if an unfunded bill is submitted for debate.
15) Any person serving in the US military gets two votes in any election.
16) Any person on welfare gets 1/4 of a vote in any election.
17) Any person paying taxes to the US government gets 1 vote in any election.
18) Proof of American citizenship is an absolute requirement to vote, and must be presented at the polling booth - no exceptions.
19) Implement a flat tax. Eliminate the personal income tax.
Problem solved. Only took me five minutes.
“We need to GROW our way out of this problem!
Well the eco-fools certainly won’t have any of *that*! We have to saaaave the planet from those mean old humans, remember? Outlaw fishing, hunting, gun ownership, etc.
“slash military spending”
- Bingo. This is exactly what they will do. Then transfer those funds to Obama’s “Ready Reserve” of union thugs and punks.
“16) Any person on welfare gets 1/4 of a vote in any election.”
- LOL! Yeah, that’ll win em over in cities like New Orleans, D.C., Detroit and New York!
Mind you I’d love to see it happen, but it won’t.
The debt is unsustainable you say?
Well if that’s the case, lets write a new $2,000,000,000,000 into law before anyone figures us out!
:sigh:
No, we declare we arent paying for any previously incurred debts. And tell the world to come get your money from us if you think you can make it out alive.
And Obama is happy about it saying everything is working as planned.
>How’s the White House going to spin this?<
Bush’s fault
Bookmark.
Hmmm. Cut taxes in order to get business growth. During this recession we lost around 3.5M+ jobs. Adding 700k jobs per year will still take 5 years just to replace the lost jobs. In the meantime, the existing debt payments continue. Until somebody proposes a reasonable alternative, the idea of a VAT on financial instrument trades, specifically for paying down the debt, is fine with me.
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