Skip to comments.
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
Navigation: use the links below to view more comments.
first previous 1-20, 21-40, 41-60, 61-80 ... 121-139 next last
To: ohioWfan
Bagdhad Bob will be twisted like a pretzel to turn this into good news.
For those wondering about the fate of Baghdad Bob -- he is now living in the United Arab Emirates with his family. He was never charged with any war crimes when he was captured in 2003. In his last public interview, he made this famous quote : "I am just a professional doing my job."
Here's another thing you might not know --- according to Wikipedia, he is an avowed atheist.
To: alloysteel
Kalifornia will be our Greece.
22
posted on
04/08/2010 7:53:30 PM PDT
by
WOBBLY BOB
( FIRE STUPAK: LindaForCongress.com)
To: Red in Blue PA
23
posted on
04/08/2010 7:53:48 PM PDT
by
WOBBLY BOB
( FIRE STUPAK: LindaForCongress.com)
To: alloysteel
Question: If the Untied States does fracture into a red country and a blue country, is the red country liable for the debts incurred in the name of the blue country?We'll pay them off in Confederate dollars.
24
posted on
04/08/2010 7:54:13 PM PDT
by
nina0113
To: Red in Blue PA
Isn’t this the same CBO that gave a thumbs-up to the health care bill and also VASTLY underestimated all prior entitlement programs?
To: neodad
Now they say it, like that will give them some cover.They say it now after increasing spending and before raising taxes.
To: Red in Blue PA
Doug Elmendorf, best known for...... not speaking out and telling every damn media outlet and American that his CBO numbers were based solely on the bogus assumptions that the democrats gave him and that the costs of the heathcare legislation was actually in the TRILLIONS.
27
posted on
04/08/2010 7:58:08 PM PDT
by
onyx
(Sarah/Michele 2012)
To: historyrepeatz
I believe the cost of Medicare was underestimated by a factor of ten.
28
posted on
04/08/2010 7:58:27 PM PDT
by
Deo volente
(Hope and Change, aka All Government, All the Time)
To: FreeReign
Now they tell us.
Thanks Dr. Elmendorf. I bet that President Obama told you
not to tell when he summoned you to the WH last summer.
CBO is supposed to be nonpartisan. RIIIGHT.
Could you have said that BEFORE they passed the 2.5 Trillion dollar Nonaffordable Patient Nonchoice Act?
29
posted on
04/08/2010 7:59:25 PM PDT
by
preamble
To: SeekAndFind
Interesting!
I was, of course, referring to that Gibbs boy who routinely makes a fool of himself pretending to be competant and informed at the WH, but it's good to get an update on his prototype. :)
30
posted on
04/08/2010 8:00:19 PM PDT
by
ohioWfan
(Proud Mom of a Bronze Star recipient!)
To: pb929
“if we have another recession”?????? I didn’t know we’d left the one we are in....
31
posted on
04/08/2010 8:05:54 PM PDT
by
goodnesswins
(The PLANTATION Party is at it again (the DEMS) ....trying to make slaves of everyone)
To: Red in Blue PA
Wall Street got us into this mess, not Main street.
Let the financial institutions pay a value-added-tax on every financial instrument trade (a transaction tax if you will). Plain and simple. Eliminate the tax after the debt is under control.
32
posted on
04/08/2010 8:07:23 PM PDT
by
tarpit
To: Red in Blue PA
Someone post the pic of Captain Obvious.
33
posted on
04/08/2010 8:10:09 PM PDT
by
lurk
To: Red in Blue PA
U.S. Taxpayer = Peter
Obama and the Dems = Paul
Guess what? Peter called and he’s PISSED!!!!!
See you in November Paul!!!!
34
posted on
04/08/2010 8:19:09 PM PDT
by
Anti-Hillary
(Yo Barry, IF FOR 20 YEARS YOU STAY IN THE PEW, IT'S BECAUSE YOU SHARE THE VIEW!!!!!)
To: All
For those wondering about the fate of Baghdad Bob -- he is now living in the United Arab Emirates with his family.It appears that he has possessed another body.
35
posted on
04/08/2010 8:19:17 PM PDT
by
ding_dong_daddy_from_dumas
(Pat Caddell: Democrats are drinking kool-aid in a political Jonestown)
To: Red in Blue PA
CBO chief says debt ‘unsustainable’ That's news?
To: Red in Blue PA
The debt was meant to be unsustainable, by design, thanks to globalist elite controlled Big Government and the Federal Reserve.
37
posted on
04/08/2010 8:23:46 PM PDT
by
myknowledge
(B.H. Obama's just a frontman. A frontman for who? The globalist elite, stupid!)
To: Kimberly GG
All I can think to say, at this point, is NO SH*T SHERLOCK!!
Couldn't have said it better myself. All I can add is: how convenient!
Nice that this guy can compartmentalize his duties and obligations to his work so well that, in fulfilling the demands of the fascists in Congress, he completely overlooked the larger implications of the oath he took as a federal officer to uphold and defend the Constitution. He had a duty to say this
before the fascists rammed Obastardcare through, not after.
38
posted on
04/08/2010 8:24:26 PM PDT
by
Oceander
(The Price of Freedom is Eternal Vigilance -- Thos. Jefferson)
To: lurk
To: ohioWfan
How's the White House going to spin this? "Minor tinkering" about to become major tinkering...IE cap & tax, VAT, etc...
40
posted on
04/08/2010 8:28:24 PM PDT
by
WOBBLY BOB
( FIRE STUPAK: LindaForCongress.com)
Navigation: use the links below to view more comments.
first previous 1-20, 21-40, 41-60, 61-80 ... 121-139 next last
Disclaimer:
Opinions posted on Free Republic are those of the individual
posters and do not necessarily represent the opinion of Free Republic or its
management. All materials posted herein are protected by copyright law and the
exemption for fair use of copyrighted works.
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson