White House predicts record $1.47 trillion deficit

Associated Press ^ | July 23, 2010 | ANDREW TAYLOR

[KTM rider]

Cloward and Piven would be proud of their kenyan disciple

[Soothesayer9]

No worries guys. We can just print more money! Honestly now, hasnt that always worked before? Cant imagine why it didn’t work for Zimbabwe...

[Mad_Tom_Rackham]

I especially like how we are borrowing hundreds of millions from China, which will have to be repaid (with interest) by our grand children, so that we can feel warm and fuzzy about giving it to Pakistan.

[Cindy]

http://www.cnsnews.com/news/article/69893

“White House Predicts Record $1.47 Trillion Deficit”
Friday, July 23, 2010
By Andrew Taylor, Associated Press

SNIPPET: “Washington (AP) - New estimates from the White House on Friday predict the budget deficit will reach a record $1.47 trillion this year. The government is borrowing 41 cents of every dollar it spends.”

[Soothesayer]

They have saved the nation from the “evil white Christian imperialists”.

[Jeff Winston]

Yes, you are correct, and the total debt rings up at $70,000 for every American.

AVERAGE.

The average American is about 36 years old.

He or she will live to around 78, and retire at around age 70.

So he or she has, on average, around 34 years to pay.

That would be around $2,000 per year extra in order to pay off the debt over 34 years - with ZERO interest.

In reality, with even modest interest, it's more like $5,000 per year.

So let's just assume $5,000 per year for the rest of our working lives, for everyone, to pay off the existing debt.

This is above and beyond existing taxes.

So if you have a two-year-old child or grandchild, he or she is effectively already $340,000 in debt, courtesy of the clowns in Washington.

Where am I wrong in my analysis?

[Niuhuru]

They make it sound like this is a surplus, not a deficit.

[nmh]

It’s truly mibdboggely what is going on.

[Diana in Wisconsin]

Only 41-cents of each dollar? Pikers.

(Man, I despise what our Government has become! Grrrr!)

[DennisR]

...and these bozos think they need to keep the financial community honest??!!??

[Oceander]

[Tzimisce]

And it’s all the fault of George Bush and you greedy taxpayers!

[Boardwalk]

you are right, the only factor in play would be those who will never be.