Posted on 06/08/2010 5:04:31 PM PDT by Sub-Driver
U.S. debt to rise to $19.6 trillion by 2015 7:20pm EDT
WASHINGTON (Reuters) - The U.S. debt will top $13.6 trillion this year and climb to an estimated $19.6 trillion by 2015, according to a Treasury Department report to Congress.
The report that was sent to lawmakers Friday night with no fanfare said the ratio of debt to the gross domestic product would rise to 102 percent by 2015 from 93 percent this year.
"The president's economic experts say a 1 percent increase in GDP can create almost 1 million jobs, and that 1 percent is what experts think we are losing because of the debt's massive drag on our economy," said Republican Representative Dave Camp, who publicized the report.
(Excerpt) Read more at reuters.com ...
It’s ridiculous. The Democrats will have to stop handing money out to their constituents. We’re not obligated to spend money to help the Democrats get elected.
Don’t worry, we’ll grow out of the deficit.
Deficits don’t matter.
Don’t worry, we’ll grow out of the deficit.
Deficits don’t matter.
Don’t worry, we’ll grow out of the deficit.
Deficits don’t matter.
“1 percent increase in GDP can create almost 1 million jobs”....LOL....as long as the majority of voters don’t hold any accountable, it won’t make any difference.....and, that’s what they are counting on.
The estimate for GDP is a stretch?
“We’re not obligated to spend money to help the Democrats get elected.”
Precisely, but they’re gonna do it anyway. And unfortunately to date the R’s haven’t shown much inclination to reduce spending when they’re in power, either.
Demand based approaches won’t work. We need to target the supply side. See my tagline.
Just more evidence that things are going to get worse before they get better.
Our economy will probably be forced through a purging by hellfire, since D.C. is blithely increasing spending and entitlements while racking up piles of debt, while our economy languishes.
I guess we can all tell our grand kids about the great Obama depression, if we survive it.
I believe those dedicated to less government (reduced spending) would be elected.
There are no Democrats or Republicans that fit the bill.
Facts are RACIST!
If a 1% increase in GDP produces a million jobs, then a 35% drop in GDP will result in a loss of 35million jobs...that is the number of the entire force of working persons in the private workforce supporting the public and all govt. workers (as govt. workers receive a net greater dollar equivalent of govt. benefits over the taxes they pay, the 35 million private workers as supporting the whole country holds).
As a dollar borrowed is said in many articles and graphs to result now in a $.45 drop in GDP, a large percentage of jobs is set to be lost, the GDP lowered significantly, and the middle class and the national tax base eroded further, thus throwing all CBO estimates off... largely.
Recovery?...not possible in the forseeable future.
It's your basic lead balloon.
What we are seeing in Washington is exactly what Labour did to Britain while Gordon Brown went screaming down in flames...they sabotaged the government spending over there so whomever came next would have one hell of a mess on their hands no matter what. Labour left the Gubment alright, but Britains are going to pay it all back for years, and that is exactly what we are being set up to do here.
Congress is going to have to vote to raise the borrowing cap from $14 trillion where it is now, in order to allow that borrowing to take place. The next Congress is going to face some of the toughest choices imaginable once they are seated, and the budget cutting begins. Follow along with Britain if you want to see how things go here.
Wait till the Obama Money stops hitting the streets in Philly and Detroit.
How about a 20% cut in every budget item (except defense related) and 30% pay and benefits cut to every public employee in the nation. Call it the "Welcome the Shitsville, Comrade" Act.
Let's head-em off at the pass.
the far left and libtards should be proud.....while they continue to scream and have tantrums over not enough spending........! =.=
Who can comprehend how much money a trillion is? 0nce you throw it around long enough it becomes kind of boring. What is after trillion? That may get their attention!
It’s going to be more complicated than just 20% for one year my friend; the debt we owe right now is almost insurmountable and we are casually talking about adding at least another $5 Trillion in the next four years.
We are going to have to come to terms with these public service employee unions, including teachers, police, firefighters and civil employees of every single trade. We simply cannot afford to pay the ridiculous public service salaries, overtime, pension and medical benefits that the unions have had rubber-stamped for them by elected city councils, school boards, fire and port district boards and other legislative authorities of every description. We have allowed out government to become an enormous union job shop that has grown to the point where we simply cannot afford to carry the water any more.
I fear that the only answer we have before us is to keep the wheels on the bus as long as possible, but when this whole thing finally flies to pieces it will be quick, painful and unstoppable.
Be sure you have a good source of water...
And a garden, horses, guns/ammo, alcohol..and the most important of all: Stay FAR away from the cities!
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.