Lumpy 1
Diamond Member
- Jun 19, 2009
- 42,976
- 17,419
- 2,330
Hey good idea.. lets add more Debt
Democratic Delusional Dreams vs Reality
-------------------------------
Do huge deficits matter? Does having an enormous national debt impact us? Will another large entitlement program change our defense spending? The latest estimate is now out from the CBO and the deficit number keeps getting bigger. President Obama's fiscal 2011 budget will generate nearly $10 trillion in cumulative budget deficits over the next 10 years, $1.2 trillion more than the administration projected, and raise the federal debt to 90 percent of the nation's economic output by 2020, the Congressional Budget Office reported Thursday – and this does not take into account healthcare.
I know that we are told this recent healthcare bill will actually reduce the deficit over the next 20 years, but our current president is not the first to tell us this. In the 1930’s Franklin Roosevelt promised us that the new Social Security system would not be a problem and in the 60’s, Lyndon Johnson assured us that the financial impact of Medicare would be minimal.
The reality is these two social programs are bankrupt. The 2009 Social Security and Medicare Trustees Reports show the combined unfunded liability of these two programs has reached nearly $107 trillion. That is approximately 7 times the size of the U.S. economy and 10 times the size of the outstanding national debt.
Entitlement Spending, Huge Deficits and National Debt: Are They a Threat to Our National Security? | AccountingWEB.com
(Check the link.. it gets worse)
Democratic Delusional Dreams vs Reality
-------------------------------
Do huge deficits matter? Does having an enormous national debt impact us? Will another large entitlement program change our defense spending? The latest estimate is now out from the CBO and the deficit number keeps getting bigger. President Obama's fiscal 2011 budget will generate nearly $10 trillion in cumulative budget deficits over the next 10 years, $1.2 trillion more than the administration projected, and raise the federal debt to 90 percent of the nation's economic output by 2020, the Congressional Budget Office reported Thursday – and this does not take into account healthcare.
I know that we are told this recent healthcare bill will actually reduce the deficit over the next 20 years, but our current president is not the first to tell us this. In the 1930’s Franklin Roosevelt promised us that the new Social Security system would not be a problem and in the 60’s, Lyndon Johnson assured us that the financial impact of Medicare would be minimal.
The reality is these two social programs are bankrupt. The 2009 Social Security and Medicare Trustees Reports show the combined unfunded liability of these two programs has reached nearly $107 trillion. That is approximately 7 times the size of the U.S. economy and 10 times the size of the outstanding national debt.
Entitlement Spending, Huge Deficits and National Debt: Are They a Threat to Our National Security? | AccountingWEB.com
(Check the link.. it gets worse)
Last edited: