Debt to Rise to 90% of GDP

Discussion in 'Politics' started by Meister, Mar 30, 2010.

  1. Meister
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    Meister VIP Member Supporting Member

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    Who didn't see this one coming down the pipeline? This is not good for our economy, nor our bond rating.

    President Obama's fiscal 2011 budget will generate nearly $10 trillion in cumulative budget deficits over the next 10 years, $1.2 trillion more than the administration projected, and raise the federal debt to 90 percent of the nation's economic output by 2020, the Congressional Budget Office reported Thursday.

    The federal public debt, which was $6.3 trillion ($56,000 per household) when Mr. Obama entered office amid an economic crisis, totals $8.2 trillion ($72,000 per household) today,
    and it's headed toward $20.3 trillion (more than $170,000 per household) in 2020, according to CBO's deficit estimates.
    CBO report: Debt will rise to 90% of GDP - Washington Times

    WOW....that's staggering
     
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  2. jeffrockit
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    jeffrockit Senior Member

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    And yet, even when faced with facts, there will be those that defend this administration!
     
  3. Vel
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    Vel Gold Member

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    Cue the...but...but.. Bush started TWO wars....crowd in.. 3..2..
     
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  4. Zander
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    Zander Platinum Member

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    First they have to attack the Washington Times......then BOOOOOOOSH!!!!!!!
     
  5. rdean
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    rdean rddean

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    What is wrong with you guys. Obama is working with what he was given. Two wars - three trillion, a drug bill from 2003 that's anywhere from 2 to 15 trillion. It's astounding how you blame Republican mess on him.

    The GDP of the US is 14.5 trillion. The GDP of the European Union is over 18 trillion. We could start with pulling our troops and bringing them home. We could rebuild America's crumbling infrastructure.
    What are Republican ideas? None. Look at their own party finances. 22 million, then they get 96 million in donations, and they end up with less than 10 million. Yea, so "fiscal".
     
  6. Meister
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    Meister VIP Member Supporting Member

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    Did you look at the CBO's numbers for the year 2020....you want to blame that on the last administration, also? Unbelievable

    By the way....are those numbers you threw out the RNC's money...or are they tax dollars? hmmmm?
     
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    Last edited: Mar 30, 2010
  7. oreo
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    oreo Gold Member Supporting Member

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    This President has spent more in one single year than any other President in U.S. history & on WHAT? 787 billion so-called stimulus bill that has failed MISERABLY. Then the next week while he was stating that we were in the greatest economic crisis since the great depression he signed off on another 450 BILLION for 9000 EARMARKS and political goodies.

    This President is the most "fiscally" irresponsible empty suit ever.

    $Earmarks-Signing-Statement.jpg

    What do conservatives want? To STOP this insanity.
     
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    Last edited: Mar 30, 2010
  8. Flopper
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    Flopper Gold Member

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    Not that I doubt your numbers but our debt to GDP was 54% last year. I don't how know how this calculation was made but it is hard to believe that it is going to go up by 66%. Even if it does so what? The debt to GDP ratio in Japan is 193% now. Japan seems to be doing pretty good. Looking at the debt ratio for a number of countries, we will have plenty of company at the 90% level by 2020. The only thing about this ratio that is really important is how we stack up against other nations. Even at 90% in 10 yrs we don't look that bad.
     
  9. California Girl
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    California Girl BANNED

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    What a total moron you are.
     
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  10. antagon
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    antagon The Man

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    personally, i dont think that we'd be better off with low/no debt because the dollar's strength would price our economy out of existence. for the moment, it strengthens despite domestic asset deflation and huge deficit spending.

    but , since this is your pet peeve, couldnt you blame this entire trend on ron reagan? without his conservative revolution, there would be no deficit at all. whether democratic or republican, we are living in a conservative economic era.

    you were around back then, would you prefer the economy in the 70s?
     

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