The BLEAK 2012 Long-Term Budget Outlook...Falling Off the Fiscal Cliff

Discussion in 'Politics' started by Jackson, Aug 20, 2012.

  1. Jackson
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    Jackson Gold Member Supporting Member

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    The 2012 Long-Term Budget Outlook

    1. Over the past few years, the federal government has been recording budget deficits that are the largest as a share of the economy since 1945. Consequently, the amount of federal debt held by the public has surged. By the end of this year, CBO projects that the federal debt will reach roughly 70 percent of gross domestic product (GDP), the highest percentage since shortly after World War II.

    2. Whether that debt will continue to grow in coming decades will be affected by long-term demographic trends (particularly the aging of the population), economic developments, and policymakers’ decisions about taxes and spending.

    3. In particular, large budget deficits and growing debt would reduce national saving, leading to higher interest rates, more borrowing from abroad, and less domestic investment—which in turn would lower the growth of incomes in the United States.

    Edited per board copyright rules

    CBO | The 2012 Long-Term Budget Outlook
     
  2. Jackson
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    Jackson Gold Member Supporting Member

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    When are we or lawmakers going to get serious about our debt? This is the CBO Report and it isn't a nice picture. It's not just for our grandchildren any longer it's US. It's happening now.
     
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  3. Full-Auto
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    Full-Auto Gold Member

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    A short year or two ago both parties joined hands and announced historic cuts never seen before........

    Result 29 billion in new spending.


    The big government parties will not cut spending or increase taxes enough to ward off the collapse.

    Canned goods and ammo. The future currency is coming.. The only question is how soon.........
     
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  4. Jackson
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    Jackson Gold Member Supporting Member

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    Will Congress and the administration call for a truce and let politics go by the wayside long enough to address our problems? We need a leader who can do just this.
     
  5. Sinjorri
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    Sinjorri Senior Member

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    i will tell u when, when americans, and this isnt literal but something of said desperation does take place, but bascially spending will stop when americans come together and take flame to congress. and thats what will have to be done, either new parties voted in, parties being wiped out or something to the effect that congress is changed on a grand scale.
     
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  6. Jackson
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    Jackson Gold Member Supporting Member

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    Sinjorri, I agree with you. But I'm afraid that means when we have fallen off the cliff. Until then we have voters that don't pay attention, vote D or R because they have always have and the president doesn't come clean with the citizens about what is taking place.
     
  7. 007
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    007 Charter Member Supporting Member

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    Being voted into power is far more important to a politician than actually doing something good for America. Both parties are to blame for the fix we're in, and they've kicked the can about as far down the road as they possibly could. When the money runs out, which is virtually right around the corner, and anarchy ensues, then and only then will change come about.

    Full-Auto is right, canned goods and ammo. If you don't own a firearm, go get one, because what's coming isn't going to be pretty.

    And when it's all done and over and we get a fresh start, we should completely do away with political parties. No more dems, no more repubs, no more any of that crap. A person should be elected on his/her beliefs, PERIOD. Far too many IDIOTS will vote for a D or an R "just because." They have no other reason. They should be made to EDUCATE themselves about who they're going to vote for.
     
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  8. Jackson
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    Jackson Gold Member Supporting Member

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    I tend to agree and it is scary what is going to drive us to the point of being educated voters. I think we will be seeing big changes in the coming years.
     
  9. 007
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    007 Charter Member Supporting Member

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    There has to be. We have no other choice.
     
  10. iamwhatiseem
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    iamwhatiseem Gold Member

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    It's like this....
    Congress hasn't made a budget in 3 years.
    They are currently taking a 5 week vacation.
    Obama is serious about spending money - not saving it....just doesn't fit into his belief system.
    And most of all - we are no longer a representative Republic. We are a plutocracy pretending to still be a Republic. Both the legislative and executive branches are overwhelmingly corrupted by special interest (read anyone with copious cash willing to invest in government to get the result they want)
     
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