MOST RED INK EVER: $9 TRILLION Over Next Decade

Discussion in 'Politics' started by 007, Aug 26, 2009.

  1. 007
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    007 Charter Member Supporting Member

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    MOST RED INK EVER: $9 TRILLION Over Next Decade




    By JIM KUHNHENN, Associated Press Writer – 20 mins ago

    WASHINGTON – In a chilling forecast, the White House is predicting a 10-year federal deficit of $9 trillion — more than the sum of all previous deficits since America's founding. And it says by the next decade's end the national debt will equal three-quarters of the entire U.S. economy.

    But before President Barack Obama can do much about it, he'll have to weather recession aftershocks including unemployment that his advisers said Tuesday is still heading for 10 percent.

    Overall, White House and congressional budget analysts said in a brace of new estimates that the economy will shrink by 2.5 to 2.8 percent this year even as it begins to climb out of the recession. Those estimates reflect this year's deeper-than-expected economic plunge.

    The grim deficit news presents Obama with both immediate and longer-term challenges. The still fragile economy cannot afford deficit-fighting cures such as spending cuts or tax increases. But nervous holders of U.S. debt, particularly foreign bondholders, could demand interest rate increases that would quickly be felt in the pocketbooks of American consumers.

    Story continues here...
     
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  2. 007
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    Yup... there's our little COMMUNITY ORGANIZER at work aye... he REALLY KNOWS HIS SHIT when it comes to MONEY don't he?

    I'd laugh but it's not funny. We're fucked, and this little buffoon and his liberal spending machine want to spend MORE! My GOD people.... the guy has to be STOPPED! Our economy is on the fast track to certain RUIN AS IT IS!
     
  3. Polk
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    But I guessing Bush's failure to pay for his projects is somehow Obama's fault.
     
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  4. elvis
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    elvis BANNED Supporting Member

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    Yeah, that's it shitstain. Don't let anyone criticize your Ossiah.
     
  5. 007
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    What Bush did or didn't do has ZERO bearing on what obama is doing NOW. obama inherited a bad situation and is making it worse, much, MUCH worse.

    Do you have anything to say now that won't include Bush?
     
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  6. RetiredGySgt
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    Obama is doubling what Bush spent and you find that ok? He has not turned off the war that he claimed he would, he has not fixed the economy like he promised if we just rushed through a hog of a money wasteful bill, he has not brought us a more open and transparent government, in fact, he has not delivered on a single campaign promise.

    By the way? Bush is no longer President. What Bush did or not is irrelevant. Love how your sole defense is well Bush spent some money too.

    By the way dumb ass 3 years of Bush's Presidency had democrats in control and the BIGGEST spending occurred last year under the Democrats. And yet we are headed for a new high in deficit spending. This year alone it will be over 1.5 TRILLION dollars. every dollar the Government spends is half borrowed. And it will be worse next year.
     
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  7. Polk
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    He was clear during the campaign to state he did not support immediate withdrawal. The war in Iraq is really a damned-if-you-do, damned-if-you-don't issue for him, because not withdrawing leaves him for being criticized for not living up to a campaign promise he never made and withdrawal would leave the same people complaining that he's not putting the interest of the nation first.

    As for your declaration of the stimulus as a failure, I'd suggest taking a look at the second quarter GDP numbers.


    It's pretty shameless to blame one person for the actions of another.

    Funny how a large recession (causing a decline in revenue) and efforts to counteract the effects of said recession (increasing in spending) result in deficits. Also, the Democrats only had control of Congress for two years of the Bush presidency.
     
  8. elvis
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    elvis BANNED Supporting Member

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    Aren't you sore from having Obama's dick up your ass?
     
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  9. 007
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    Nothing "funny" about it at all, and "increasing in spending" was exactly what SHOULDN'T have been done. Too much spending is what got us where we're at in the first place. We need to wake Washington up and tell them to STOP SPENDING, PERIOD.... STOP SPENDING.... THERE IS NO MORE MONEY.... THE GOVERNMENT IS BROKE.... STOP SPENDING!!!

    And I don't give a flying FUCK who the President is.
     
  10. 007
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    It ain't obama's dick up his ass elvis... here's his picture...

    [​IMG]
     
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