Numbers regarding the deficit look worse than ever

[jeffrockit]

The federal government is running massive budget deficits and is expected to continue to do so indefinitely. The Congressional Budget Office (CBO) projects the Obama budget plan would produce $10 trillion in deficits over the period 2011 to 2020. At the end of the decade, the government’s debt would top $20 trillion, or 90 percent of the nation’s GDP. By comparison, from 1789 to 2008, the country accumulated only $5.8 trillion of public debt.

Tax Collecting for Obama’s Welfare State - James C. Capretta - Critical Condition on National Review Online

How much is Obamacare going to "save"?

 

[uscitizen]

This has been inevitable for some time. We are just icing the cake now.

in all fairness the war is now in the official budget.
Which bumps it up substantially.

 

[jeffrockit]

This has been inevitable for some time. We are just icing the cake now.

in all fairness the war is now in the official budget.
Which bumps it up substantially.

Yes but for 119 years vs 1 1/2 and there were many wars through that time period.

 

[uscitizen]

Reagan inherited a nation debt of 700 billion if I remember correctly.
We went sharply uphill ever since.
Clowntyoon was getting a handle on a balanced budget, but then Bush added another 5 trillion or so and that combined with the worst recession in recent history pretty much guaranteed screwing the pooch. Then a few trillion on the war and reconstruction money...

Then throw in dismal wage growth and jobs leaving America and us becoming a consumer based economy....

 

[007]

The federal government is running massive budget deficits and is expected to continue to do so indefinitely. The Congressional Budget Office (CBO) projects the Obama budget plan would produce $10 trillion in deficits over the period 2011 to 2020. At the end of the decade, the government’s debt would top $20 trillion, or 90 percent of the nation’s GDP. By comparison, from 1789 to 2008, the country accumulated only $5.8 trillion of public debt.

Tax Collecting for Obama’s Welfare State - James C. Capretta - Critical Condition on National Review Online

How much is Obamacare going to "save"?

And even those predictions are pretty rosy. In all reality, it's probably much worse than that. It always is.

Yes our economy is a train wreck right in the middle of happening. Economist have already warned that we better change course, and RIGHT NOW, or we're going off the cliff. And even if obama hadn't added so much to the deficit, the warnings were that the cuts it *WILL* take to get us back on track, "WILL TEST THE COHESIVE FABRIC OF OUR SOCIETY." Yes, the warnings are dire. There will probably be riots, armed marauding bands of thugs and thieves, or even another all out Civil War. It's coming. I've been saying this for over five years now, right here on this very board, and now the time is near, so very near. If massive cuts in government spending aren't undertaken all but IMMEDIATELY, which you and I both know will NOT happen, I give us five more years at the very most before this country is in full anarchy.

 

[Xenophon]

Barry has a solution, its called a VAT tax, which means the government will tax EVERYTHING.

 

[get_involved]

 

[editec]

Reagan inherited a nation debt of 700 billion if I remember correctly.
We went sharply uphill ever since.
Clowntyoon was getting a handle on a balanced budget, but then Bush added another 5 trillion or so and that combined with the worst recession in recent history pretty much guaranteed screwing the pooch. Then a few trillion on the war and reconstruction money...

Then throw in dismal wage growth and jobs leaving America and us becoming a consumer based economy....

No...we did not.

You don't remember that the deficit was going DOWN under Clinton?

It didn't start to get UP again, until Bush II took office.

 

[Claudette]

You are right. Clinton, with his Rep congress, balanced the budget.

Bush took office and then 9-11 and war happened. The clowns in Congress were all spending like drunken sailors. Oh yes. Remember it well. The beginning of the deficit woes.

 

[editec]

You are right. Clinton, with his Rep congress, balanced the budget.

Bush took office and then 9-11 and war happened. The clowns in Congress were all spending like drunken sailors. Oh yes. Remember it well. The beginning of the deficit woes.

EXACTLY...the deficiet is a Bipartisan disaster.

The masters don't want an END to the deficiet, folks.

That's the base mechansim that keeps them in power.

My god! Surely I cannot be the only person on this board who sees how this ongoing intergenerational system of power and control over our government and our society actually works, can I?

 

[blastoff]

The federal government is running massive budget deficits and is expected to continue to do so indefinitely. The Congressional Budget Office (CBO) projects the Obama budget plan would produce $10 trillion in deficits over the period 2011 to 2020. At the end of the decade, the government’s debt would top $20 trillion, or 90 percent of the nation’s GDP. By comparison, from 1789 to 2008, the country accumulated only $5.8 trillion of public debt.

Tax Collecting for Obama’s Welfare State - James C. Capretta - Critical Condition on National Review Online

How much is Obamacare going to "save"?

Don't forget about the 'other' debt our esteemed Washington clowns have piled up over several decades of truly bipartisanship slight of hand that they conveniently forget to mention whenever the conversation turns to current and projected deficits. Total unfunded liabilities for SSN, Medicare, etc. are currently in the $100 Trillion neighborhood, and growing every year.

 

[DiamondDave]

Reagan inherited a nation debt of 700 billion if I remember correctly.
We went sharply uphill ever since.
Clowntyoon was getting a handle on a balanced budget, but then Bush added another 5 trillion or so and that combined with the worst recession in recent history pretty much guaranteed screwing the pooch. Then a few trillion on the war and reconstruction money...

Then throw in dismal wage growth and jobs leaving America and us becoming a consumer based economy....

No...we did not.

You don't remember that the deficit was going DOWN under Clinton?

It didn't start to get UP again, until Bush II took office.

Yes... under Clinton and the REP congress, the deficit numbers went down... unfortunately not because of cutting entitlements or reducing the size of government... but a lot came from raping our military

 

[uscitizen]

Reagan inherited a nation debt of 700 billion if I remember correctly.
We went sharply uphill ever since.
Clowntyoon was getting a handle on a balanced budget, but then Bush added another 5 trillion or so and that combined with the worst recession in recent history pretty much guaranteed screwing the pooch. Then a few trillion on the war and reconstruction money...

Then throw in dismal wage growth and jobs leaving America and us becoming a consumer based economy....

No...we did not.

You don't remember that the deficit was going DOWN under Clinton?

It didn't start to get UP again, until Bush II took office.

Yes... under Clinton and the REP congress, the deficit numbers went down... unfortunately not because of cutting entitlements or reducing the size of government... but a lot came from raping our military

The military reductions started under Reagan and Bush I.
Clinton did some on his own but mostly was just continuiing what had already been set into motion by his predecessors.

 

[Truthmatters]

You are right. Clinton, with his Rep congress, balanced the budget.

Bush took office and then 9-11 and war happened. The clowns in Congress were all spending like drunken sailors. Oh yes. Remember it well. The beginning of the deficit woes.

Wrong

The CBO gave the majority of the credit for our gains in the 1990s to the 1993 budget reduction act which recieved not ONE republican vote and Gore had to come in to the senate to break the tie.

Sorry but the Rs dont get to claim credit for what they voted against.

 

[boedicca]

The CBO gave the majority of the credit for our gains in the 1990s to the 1993 budget reduction act which recieved not ONE republican vote and Gore had to come in to the senate to break the tie.

Sorry but the Rs dont get to claim credit for what they voted against.

The CBO only scores what Congress tells them to score.

The Clinton era surpluses are a myth - most of the 90s resulted in expenditures exceeding tax receipts. The latter did increase faster than expenditures in the latter part of the decade, fueled by bubble revenues from the Y2K, Dotcom, and Telecom bubbles.

Here's some data.

 

[DiamondDave]

No...we did not.

You don't remember that the deficit was going DOWN under Clinton?

It didn't start to get UP again, until Bush II took office.

Yes... under Clinton and the REP congress, the deficit numbers went down... unfortunately not because of cutting entitlements or reducing the size of government... but a lot came from raping our military

The military reductions started under Reagan and Bush I.
Clinton did some on his own but mostly was just continuiing what had already been set into motion by his predecessors.

Clinton cut the military to about 1/2 it's gulf war size... Adjusting for inflation, Clinton's cuts to the military and military budget were astonishing.. and I know, I witnessed it first hand... Reagan increased the military

 

[Truthmatters]

The CBO gave the majority of the credit for our gains in the 1990s to the 1993 budget reduction act which recieved not ONE republican vote and Gore had to come in to the senate to break the tie.

Sorry but the Rs dont get to claim credit for what they voted against.

The CBO only scores what Congress tells them to score.

The Clinton era surpluses are a myth - most of the 90s resulted in expenditures exceeding tax receipts. The latter did increase faster than expenditures in the latter part of the decade, fueled by bubble revenues from the Y2K, Dotcom, and Telecom bubbles.

Here's some data.

US Federal Deficit As Percent Of GDP in United States 1900-2010 - Federal State Local

pretend all you want Clinton was a better fiscal president than any of your heros.

The CBO said that the savings we saw in the 1990s were made possible by the 1993 budget reduction act that the republican fought tooth and nail. NOT ONE VOTED FOR IT! They then said it would distroy the country and convinced you idiots and you elected them.

The facts are that Clinton did better than Reagan and about any modern president and you guys CRASHED the world economy.

Why the hell would you vote R if you cared about the economy or deficits?

 

[Meister]

Barry has a solution, its called a VAT tax, which means the government will tax EVERYTHING.

I agree with you, Xenophon. I've been ridiculed for stating it in other posts, but this will help get us in line with the rest of the "civilized European nations". People just can't look at the whole picture of what's coming down the pipe.

 

[boedicca]

The facts are that Clinton did better than Reagan and about any modern president and you guys CRASHED the world economy.

Why the hell would you vote R if you cared about the economy or deficits?

Clinton benefited from increased revenues during a froth economy - expenditures during his era continued to clip up each year.

What created his surpluses was ECONOMIC GROWTH leading to increased tax receipts. Some of that growth was bubble related, which makes the additional spending fueled by it even more of a long term structural problem.

Economic growth is the only thing that will get us out of the current jobless situation, but the way to encourage it is not something Obama is willing to do.

 

[boedicca]

Barry has a solution, its called a VAT tax, which means the government will tax EVERYTHING.

I agree with you, Xenophon. I've been ridiculed for stating it in other posts, but this will help get us in line with the rest of the "civilized European nations". People just can't look at the whole picture of what's coming down the pipe.

A VAT will turn up the volume of lobbying to extreme levels as companies try to get their products and services declared essential for The Poor, and eliminated from the VAT.

In the UK, one type of cracker can include VAT, while another doesn't. It's insane.