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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.
All spending is good when your masters have a monopoly on money.
All spending is good when your masters have a monopoly on money.
that is until the dollar is as worthless as Monopoly money
what masters would those be?
looking forward to your jew=hating insanity.
I'll wait.
The Private Federal Reserve Bank, or the 'US Charter' bank silly
that is until the dollar is as worthless as Monopoly money
Now that's a big
IF
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.
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?
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.
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.
non-sequiturAnd 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.
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.
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 doesnt 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, Boehners 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 arent normal times though, and its obvious that the Federal Reserves strenuous efforts to ease the financial crisis and give the economy a boost with low interest rates havent 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.
Thats 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.
