Discussion in 'Economy' started by WillowTree, Jun 9, 2009.
[ame=http://www.youtube.com/watch?v=P5yxFtTwDcc]YouTube - The National Debt Road Trip[/ame]
except i think we were doing closer to 90 mph with bush and now we're doing past 200 mph on a wet road with four flat tires. that we are even able to do this is incredulous.
Yep well said, on the other hand we're not gonna to be able to keep it up for long, the rest of the world is getting wise to the export the dollar ponzi scam which is probably why the Chinese and the Europeans are making noises about the viability of our debt.
You have to know that when central bankers from socialist nations start telling you that you're spending too much money (like the Chinese and Europeans have) that you're a big time shopoholic.
Effects of Obamas priorities on the budget:
The first category the business cycle accounts for 37 percent of the $2 trillion swing. Its a reflection of the fact that both the 2001 recession and the current one reduced tax revenue, required more spending on safety-net programs and changed economists assumptions about how much in taxes the government would collect in future years.
About 33 percent of the swing stems from new legislation signed by Mr. Bush. That legislation, like his tax cuts and the Medicare prescription drug benefit, not only continue to cost the government but have also increased interest payments on the national debt.
Mr. Obamas main contribution to the deficit is his extension of several Bush policies, like the Iraq war and tax cuts for households making less than $250,000. Such policies together with the Wall Street bailout, which was signed by Mr. Bush and supported by Mr. Obama account for 20 percent of the swing.
About 7 percent comes from the stimulus bill that Mr. Obama signed in February. And only 3 percent comes from Mr. Obamas agenda on health care, education, energy and other areas.
If the analysis is extended further into the future, well beyond 2012, the Obama agenda accounts for only a slightly higher share of the projected deficits.
Separate names with a comma.