Obama: "trillion dollar deficits for years to come"

We'll have to wait and see, people do care just well ... since there aren't enough people stepping up willing to remind the government of who is suppose to be in charge it's hard to change it.

But as I said, he's just like Bush Jr., only on the left.
 
that is until the dollar is as worthless as Monopoly money

ahhhhhhhhhhh, but when the dollar is useless, we swap, and we become China, we become a manufacturing country again, when our Dollar is a good buy for everyone else in the world...., no? :eek:

our dollar is already monopoly money....

if the stimulus works, then the gvt will be able to collect their taxes again, and we will manage to pay for it...somehow.

But if the stimulus doesn't work, and there is no economic growth/tax growth....then our dollar will be worth even less than Monopoly money imo.
 
Now that's a big

IF

I KNOW!!!!!!!!!!!!!!!!

This is why it should be done in increments and should be thoroughly thought thru when the actual legislation comes through and debated....

What do you think they should do, if anything? And if they do nothing, how do you really see our recovery, if at all?

I just don't want this to be a spending for ALL, as you pass GO, and as our reps and senators seem to have visions of....!!!!

Also, I believe that if we had just taken the original $700 billion and used about half of it to help millions upon millions of people to keep their homes, then we would not be in this mess now....the "confidence" level would be higher, people with credit would still be spending, people with homes in good standing would not be losing their nest eggs in every blinking of an eye, banks would not have as many defaults and be good to go as well, mortgage backed securities would have had more value, etc etc etc....

without housing prices moderately RISING in value, our economy will ALWAYS be in the crapper.

that's a fact...that i heard Cramer say the other day on cnbc and he is right imo.

care
 
Part of this stimulus is reduction in middle class taxes. Other parts are investments in green technology and infrastructure. Both of these are badly needed for our economy. Doing nothing would be a catatsrophe.
 

I love this quote from the article:

Bush's tax cuts helped eliminate the surpluses of the Clinton years and helped drive the annual budget deficit to a record $413 billion in 2004.

Good use of the word 'helped', but of course it's not the whole story.

I've come to the conclusion that the people who voted for Obama will always live in denial.
 
if the budget deficit is a trillion for this coming fiscal year, and $700 billion of that is the bailout money, (if it is in there?), then this means the budget deficit would have been only $300 billion, no?
 
if the budget deficit is a trillion for this coming fiscal year, and $700 billion of that is the bailout money, (if it is in there?), then this means the budget deficit would have been only $300 billion, no?

The big problem, or real problem is the debt to the International Bankers. It's at like 14 trillion dollars. It's setup so we can NEVER pay it off - the only way to pay it off is to go further in debt. That's why the crooks in Washington never talk about it- the biggest scam in the history of the country. I say wash it (debt) all away and throw out the Federal Reserve Bankers. Maybe arrest them. Then start fresh with a new Constitutional dollar based on credit rather than debt.
 
if the budget deficit is a trillion for this coming fiscal year, and $700 billion of that is the bailout money, (if it is in there?), then this means the budget deficit would have been only $300 billion, no?

No. It's worse than that. Read the end of the article:

Initial projections suggested that the deficit for the fiscal year that began Oct. 1 would be about $550 billion. But since then, the budget outlook has only gotten bleaker.

As the economy has weakened, tax collections have slowed, and spending on food stamps and unemployment benefits have increased. Meanwhile, Congress approved a $700 billion bailout to stabilize fragile financial markets by purchasing the stock and assets of banks, insurance companies and other institutions. Though much of that money is invested in assets that eventually will be sold, returning at least some of the money to the government, the bailout is likely to add another $200 billion to the deficit this year, according to a letter CBO analysts sent last month to House Majority Leader Steny H. Hoyer (D-Md.).

Those developments alone are pushing this year's deficit toward $1 trillion, said an Obama economic adviser. If approved, Obama's stimulus package would clearly add hundreds of billions of dollars to the deficit in 2009, the adviser said.

Even if only half the stimulus money is spent this year, the deficit could easily top $1.4 trillion, or nearly 10 percent of the economy -- a budget hole not seen since the end of World War II. Many Wall Street analysts expect the deficit to go higher, however; a recent Treasury survey found that major bond dealers expect the nation to borrow as much as $2 trillion by the end of September.

The mounting debt has raised an alarm on Capitol Hill, where some Republicans and moderate Democrats are pressing Obama to tackle the looming challenge of skyrocketing Medicare and Social Security spending, and to adopt tough new budget rules to prevent future deficits from ballooning.

Congressional aides said one possibility would be a return to the stringent budget rules of the late-1980s, when overspending automatically triggered across-the-board cuts to federal programs, a process known as "sequestering."

Hoyer, a champion of fiscally conservative Democrats in the House, acknowledged that sequestering is an option. But it's "not something lawmakers are eager to approve," he said, because it would take control over federal spending out of the hands of Congress.
 
washingtonpost.com

Nobody cares either.

Somehow more government spending is seen as a good thing.

Forgive him patriots for he knows not what he does.

Because it is refreshing that he's telling us up front. Reagan, Bush & Bush lied. Did you like it that they lied? Of course you did. At least you know its coming from Obama.

And of course your taxes are going to go up. You alone owe about $10K for Iraq. When would you like to pay off that war you defended for so long? Would you prefer to wait 10 years so it is $20K then? Stupid fuck. :lol:

Bush was the dad that gave you the credit card and told you to only make the minimum payment. Obama is the mom who is going to force you to get out of debt. And after what Bush did, we may not be able to get out of debt, because we need to build roads and levy's and get people back to work.

Remember your trickle down theories? Where did the money go? You were supposed to use that money to hire people and get the economy going. That never happened.

What about the tax breaks Bush gave out to the rich? Where did all that money go?

Why don't we have enough money in the treasury? Could be because companies went overseas to avoid paying American taxes. If they don't pay taxes, they shouldn't be allowed to sell their shit here either.

And it seems like when people make less and more people are out of work, less taxes are paid too. And illegals just send the money back to mexico.

It also has to do with GOP spending, so don't act like Republicans are fiscally responsible. They'll tell you they will cut out $1 million in welfare spending but then spend $1 billion on defense spending. So don't act like Obama's spending is going to be as wasteful as Bush's was. Obama's spending will at least go to poor people, if not middle class people like us. Bush's spending only went to the top 1%. And again, where is all that money? Dumb fuck. :lol:

I'd rather money go to poor people than to the Ted Stevens' of the world.

Before you used to argue that its better that the money go to the rich. Now we see that is not true. The poor spend it here in America. They don't take it to the Caymen islands to dodge paying taxes. What a scam the last 8 years was. And you still have the fucking balls to say anything? God how wrong you and Bush and Tom Delay were for America. They benefitted, but you did not, so shut up with the defending them. Now you just seem dumb.
 
Because it is refreshing that he's telling us up front. Reagan, Bush & Bush lied. Did you like it that they lied? Of course you did. At least you know its coming from Obama.

ALL politicians lie you're fucking stupid if you think they don't. In fact BHO is lying whenn he says we can't recover without more government spending.

And of course your taxes are going to go up. You alone owe about $10K for Iraq. When would you like to pay off that war you defended for so long? Would you prefer to wait 10 years so it is $20K then? Stupid fuck. :lol:

That's where you're wrong BooBoo. I will just keep my income under the 250K mark by maximizing my tax deferred savings and by opening another business to manage my first business. See this way my wife and I can put up to 120K a year away and defer taxes :lol:

And stop saying I have defended the Iraq war unless you can find any post by me that proves otherwise you stupid fuck.

Bush was the dad that gave you the credit card and told you to only make the minimum payment. Obama is the mom who is going to force you to get out of debt. And after what Bush did, we may not be able to get out of debt, because we need to build roads and levy's and get people back to work.

YOU might need mommy to hold your hand but I don't. In fact we the people should be the parents to the fucking idiot politicians. WE should cut off their fucking funds and force those fucking crooks to reduce the size and cost of government but alas most people are like you too afraid to try to make it on your own and too fucking busy looking for a fucking handout.

Remember your trickle down theories? Where did the money go? You were supposed to use that money to hire people and get the economy going. That never happened.

Not my trickle down theory. I think everyone should keep more of what they make. I am a true equal opportunity tax cutter.

What about the tax breaks Bush gave out to the rich? Where did all that money go?

The rich spent or invested it where do you think it went?

Why don't we have enough money in the treasury? Could be because companies went overseas to avoid paying American taxes. If they don't pay taxes, they shouldn't be allowed to sell their shit here either.

We don't have any money in the treasury because the fucking politicians spend more than they take in and then they just take more and more and more and more.

And it seems like when people make less and more people are out of work, less taxes are paid too. And illegals just send the money back to mexico.
non-sequitur

It also has to do with GOP spending, so don't act like Republicans are fiscally responsible. They'll tell you they will cut out $1 million in welfare spending but then spend $1 billion on defense spending. So don't act like Obama's spending is going to be as wasteful as Bush's was. Obama's spending will at least go to poor people, if not middle class people like us. Bush's spending only went to the top 1%. And again, where is all that money? Dumb fuck. :lol:

Moron no politician is fiscally responsible. And deficit spending will not work.

I'd rather money go to poor people than to the Ted Stevens' of the world.

Well then take money away from all the rich libby dimocrat actors and entertainers too after all they make millions and don't produce jobs do they?

Before you used to argue that its better that the money go to the rich. Now we see that is not true. The poor spend it here in America. They don't take it to the Caymen islands to dodge paying taxes. What a scam the last 8 years was. And you still have the fucking balls to say anything? God how wrong you and Bush and Tom Delay were for America. They benefitted, but you did not, so shut up with the defending them. Now you just seem dumb.

When did I ever say that. Start backing up your assumptions if you address me and my posts or don't bother responding to me asshole.

And please tell us all how we will be worse off if people ALL people get to keep more of what they earn oh sage one.
 
Republican Fear of Debt Is Myopic, Years Late: John M. Berry
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Commentary by John M. Berry

Jan. 8 (Bloomberg) -- The U.S. economy is in the throes of a deepening recession and needs a really big dose of fiscal stimulus to help stabilize it.

What it doesn’t need is efforts by congressional Republicans to limit the size of the package because of feigned concerns about how much additional spending might add to the national debt.

After meeting with President-elect Barack Obama on Jan. 5, House Minority Leader John A. Boehner of Ohio welcomed the $300 billion worth of tax cuts Obama wants. He had reservations about the rest of the $775 billion plan.

“I remain concerned about wasteful spending that might be attached to the tax relief,” Boehner said. “Simply put, we should not bury future generations under mountains of debt.”

Where was he for the last eight years while the debt almost doubled, from $5.7 trillion to $10.6 trillion?

Under normal circumstances, Boehner’s concern about the long-term budget outlook would be laudable. Obama expressed his own concern in a Jan. 6 statement. He is to make a speech on the economy today.

These aren’t normal times though, and it’s obvious that the Federal Reserve’s strenuous efforts to ease the financial crisis and give the economy a boost with low interest rates haven’t been enough. More help is needed than the Fed can provide, as Chairman Ben S. Bernanke and his colleagues have acknowledged.

“The current downturn is likely to be far longer and deeper than the ‘garden-variety’ recession,” said Janet L. Yellen, president of the San Francisco Federal Reserve Bank, in a Jan. 5 speech. “If ever, in my professional career, there was a time for active, discretionary fiscal stimulus, it is now.” ...

The economic decline is so serious, the Congressional Budget Office said in a report yesterday, that even without new tax cuts or stimulus spending, the deficit for the current fiscal year will soar to $966 billion. Add the cost of federal help for Fannie Mae and Freddie Mac and the figure rises to $1.2 trillion.

That’s the short-term budget legacy confronting Obama. The time Boehner ought to have been concerned about the burgeoning debt was years ago when President George W. Bush began pushing one tax cut after another through an eager Republican-controlled Congress while doing virtually nothing to control spending.

Bloomberg.com: Opinion

We are probably going to have trillion dollar deficits for a while but we were going to have our first one under Bush regardless of what Obama is going to do.
 

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