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CBO chief says debt 'unsustainable'
Politico ^
| 4/8/2010
| JONATHAN ALLEN
Posted on 04/08/2010 7:30:02 PM PDT by Red in Blue PA
The nations 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 dont 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 Obamas 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 ...
TOPICS: Breaking News; Government; News/Current Events
KEYWORDS: bhofascism; debt; democrats; economy; elmendorf; globaltax; liberalfascism; obama; taxes; toobintax; vattax
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To: ExTxMarine
“We will never be able to tax ourselves out of this debt! NEVER! It cannot be done, ask ANY country in Europe!”
Chris Christie? I didn’t know you posted here at FR! :-)
121
posted on
04/09/2010 2:10:05 PM PDT
by
DrC
To: dynachrome
The question is whether congress could pass a VAT when they are most likely to have the votes to do it. I doubt they'll have a snowball's chance in hell this year or any time soon. But I figure that Obama will try to run in front of this "issue" next year and use it as part of his attack on Republicans. As it is, the first item on the Republican agenda will be big spending cuts, and not just inflation adjusted "cuts". But are Republicans going to be prepared for real, sustained government shutdowns in order to get those cuts enacted? I'm afraid that Obama and the remaining Dems will offer them a way out in the form of an itsy-bitsy phased-in VAT and a few token spending reductions. In other words, the same strategy as Obamacare applied to the rest of the federal government. This strategy might have a better chance of working than an overwhelming Democrat majority.
Interesting times? Not really. I'm getting sick and tired of this shit.
122
posted on
04/09/2010 2:29:45 PM PDT
by
dr_who
To: Red in Blue PA
He just figured this out?? Where was he a month ago when the Obamessiah was passing the largest debt increase in world history? This is the kind of traitor that would be hanging on a tree, if we were the kind of nation that still had a set of functioning balls!
123
posted on
04/09/2010 3:33:24 PM PDT
by
Bryanw92
(Think globally, act locally--beat up your neighborhood hippie communist.)
To: Gabrial
Looks good. I'd probably cut more. (Dept. of Education? Gone. Dept. of Energy? Gone.)
and
16) Any person on welfare gets 1/4 of a ZERO vote in any election.
124
posted on
04/09/2010 4:03:17 PM PDT
by
dynachrome
(Barack Hussein Obama yunikku khinaaziir!)
To: Red in Blue PA
125
posted on
04/09/2010 7:25:54 PM PDT
by
Presto
(Please review my Const. Amendment proposal at: http://docs.google.com/View?id=d9zrjs6_12g68ptbg5)
To: alloysteel
It might be better if a bloc ofstates seceeded leaving a blue carcass behind
126
posted on
04/09/2010 9:00:41 PM PDT
by
omega4179
(www.JDforsenate.com)
To: Red in Blue PA
“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.”
“You never want a serious crisis to go to waste, and what I mean by that is an opportunity to do things that you didn’t think you could do before.”
Ram (sic) it down our throats Emanuel
127
posted on
04/10/2010 10:53:06 AM PDT
by
SeattleBruce
(God, Family, Church, Country - 11/2010, 11/2012 - Tea Party like it's 1773 & pray 2 Chronicles 7:14!)
To: Kimberly GG
CBO chief says debt unsustainable
'All I can think to say, at this point, is NO SH*T SHERLOCK!!'
128
posted on
04/10/2010 10:57:06 AM PDT
by
SeattleBruce
(God, Family, Church, Country - 11/2010, 11/2012 - Tea Party like it's 1773 & pray 2 Chronicles 7:14!)
To: Red in Blue PA
“Cannot wait to hear obama and the libs, as the CBO is their most quoted source recently.”
They’ll just quit quoting them. Then try to force the chief out - or offer him a high level job...
129
posted on
04/10/2010 10:58:23 AM PDT
by
SeattleBruce
(God, Family, Church, Country - 11/2010, 11/2012 - Tea Party like it's 1773 & pray 2 Chronicles 7:14!)
To: dynachrome
‘Welcome to the VAT. its for the children’
Right. After selling our kids and grandkids down the river, now they want to go save them.
NO THANKS!
11/2010
130
posted on
04/10/2010 10:59:24 AM PDT
by
SeattleBruce
(God, Family, Church, Country - 11/2010, 11/2012 - Tea Party like it's 1773 & pray 2 Chronicles 7:14!)
To: alloysteel
I’m movin’ south to the USS - United States South! Or perhaps we drop the left and right coasts with a few noted exceptions - and we’ll be the United States Heartland.
The United Socialist States of AmeriKa can have their lousy, friggin’ debt.
131
posted on
04/10/2010 11:02:11 AM PDT
by
SeattleBruce
(God, Family, Church, Country - 11/2010, 11/2012 - Tea Party like it's 1773 & pray 2 Chronicles 7:14!)
To: ohioWfan
132
posted on
04/10/2010 11:16:39 AM PDT
by
SeattleBruce
(God, Family, Church, Country - 11/2010, 11/2012 - Tea Party like it's 1773 & pray 2 Chronicles 7:14!)
To: SeattleBruce
Love the middle photo, Bruce. That’s not photoshopped is it. That’s what he really looked like, isn’t it? SCARY!
133
posted on
04/10/2010 1:54:08 PM PDT
by
ohioWfan
(Proud Mom of a Bronze Star recipient!)
To: Red in Blue PA
So the socialists will increase taxes, increase spending and tell us that they are cutting the debt and deficit.
Folks, we must win the House this November and increase our numbers in the Senate or else we are in for a lot of pain that would be inflicted on us by the socialists.
134
posted on
04/10/2010 1:57:05 PM PDT
by
jveritas
(God bless our brave troops)
To: ohioWfan
#2 is legit, I’m pretty sure. What a goof and a wonk Gibbs is.
135
posted on
04/11/2010 8:28:11 AM PDT
by
SeattleBruce
(God, Family, Church, Country - 11/2010, 11/2012 - Tea Party like it's 1773 & pray 2 Chronicles 7:14!)
To: CriticalJ
It seems to me that it is very sustainable. Its even growing. The term "debt" implies that either the borrower or the lender expects that either the borrower will repay the lender or the lender will be able to punish the borrower for failure to do so. I really don't think the present debt will be sustainable unless drastic steps are taken.
136
posted on
04/13/2010 3:50:26 PM PDT
by
supercat
(Barry Soetoro == Bravo Sierra)
To: dr_who
But are Republicans going to be prepared for real, sustained government shutdowns in order to get those cuts enacted? They had six years with a Republican Congress and a Republican White House to enact tax reform and entitlement reform and they pissed it away. They added a new entitlement program, did nothing with tax reform, and increased spending. What makes you think this time it'll be different with a Democratic president?
137
posted on
04/13/2010 3:55:24 PM PDT
by
garbanzo
(Government is not the solution to our problems. Government is the problem.)
To: supercat
I gotcha.
It was tongue in cheek.
138
posted on
04/13/2010 6:07:15 PM PDT
by
CriticalJ
(Suppose you were an idiot. And suppose you were a member of Congress.. But then I repeat myself. MT)
To: AdmSmith; Berosus; bigheadfred; Convert from ECUSA; dervish; Ernest_at_the_Beach; Fred Nerks; ...
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.
139
posted on
04/16/2010 5:59:41 PM PDT
by
SunkenCiv
("Fools learn from experience. I prefer to learn from the experience of others." -- Otto von Bismarck)
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