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 ...
I wonder if Canada would take us in?.....
Those banks and companies were TBTF, now raise taxes on the middle class and small business to pay for it? Get real. Sorry, I just think when they get around to voting on this it will be worse than HealthScare. There will be blood.
Bush, Bam, Congress, BB, Paulson, Turbo Tax Tim have made the biggest mistake in history if you ask me. By bailing out Wall Street and leaving the people hanging they have insured a depression and lined the banksters and their own pockets. We will not stand for it. They picked the wrong side ....
schu
Please stop calling the socialist states “blue”, it makes us look morons easily manipulated by the propagandists in the press, who smirk with derision every time the right in this country calls itself red.
Out of Chaos..Comes Order New World Order
I guess that this makes the CBO racist.
Kalifornia just raised their acknowledged unfunded obligation from $55 billion plus or minus to over $550 billion. That is a big oopsie.
Can any of you Californians tell us how that is going to get paid when the state can not even come close to balancing its current budget????
“It does not solve the existing balance problem. The only question is how?”
I think you’re asking the wrong question. The real question in the long term is “whether?” As in “whether to pay the debt or not?” And I think in the long term the answer is going to be NO.
Do we honestly think that those who are children today are going to work themselves to death to pay back a national debt that they saw no part in creating and for which they received little if any benefit? Sort of like some sort of generational indentured servitude?
They aren’t. They’re going to repudiate the debt. And they’ll be right to do so. I think we should go one step further and repudiate it ourselves.
We need tp repudiate all these scumbags in dc.
These jerks are destroying the nation by the minute.
Gibbs: " You have to remember, we inherited... the previous administration...the last eight years....when we came into office.."
And the CBO is the main reason that they passed Obamacare, with that completely false, lied about and trumped report on how much money the bill will save and reduce the “deficit”.
Then they come out a few weeks later and say how the debt is unsustainable and that we are headed for disaster.
HOW CAN THESE PEOPLE FACE THEMSELVES IN THE MIRROR! Do they know they also live in Amerika?
>Wall Street got us into this mess, not Main street.
You are half right...Main St didn’t do it but the Liberals in office did with their
wasteful spending on entitlements, billions to Hamas, acorn, lazy non-workers etc.
Wall St depends on a country that prospers, not a welfare state.
There’s a difference between “Wall Street” and “ the banks”. Wall Street is what makes it possible for banks to loan money. Its’ up to the banks to decide who to loan that money to. Wall Street is the engine of capitalism because that’s where money is raised to support businesses that ultimately create jobs, which lead to smaller outfits creating smaller companies with money loaned from the banks, which creates jobs.
So, the ire against “Wall Street” is misplaced. The ire should should be directed at the banks, and the mother bank - the Federal Reserve. Wall Street is just the playground, and the banks turned into the neighborhood bully who went there to beat us up.
LOL, just like the surprise at rising unemployment. The only people who don’t know this are those who didn’t graduate from high school and/or gave 0 their approval this week.
Have you no imagination? "Bush's fault!" of course.
On Wednesday, Bernanke said in a speech in Dallas that the government must cut entitlements or raise taxes.
Read more: http://www.politico.com/news/stories/0410/35546.html#ixzz0kbMdpnE0
I can’t afford the taxes I pay now.
They'll have to cut back on social programs, because Oboma PROMISED us he wouldn't raise our taxes one dime. Read my lips - NOT ONE DIME.
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.
If everyone does not see this is all about the New World Order by killing America, you are as stupid as a liberal.
But ObamaCare was supposed to reduce the deficit (according to the CBO and the Dems), but after that mess the CBO is saying that our debt is “unsustainable”. Clearly this is cover to bring in the VAT tax (and probably other taxes, too).
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