windy95
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Obama's Proposed Budget Adds $9.7 To Debt

Sat Mar 06, 2010 3:32 pm

National debt to be higher than White House forecast, CBO says

Quote:

President Obama's proposed budget would add more than $9.7 trillion to the national debt over the next decade, congressional budget analysts said Friday. Proposed tax cuts for the middle class account for nearly a third of that shortfall
Quote:
Deficits of that magnitude would force the Treasury to continue borrowing at prodigious rates, sending the national debt soaring to 90 percent of the economy by 2020, the CBO said. Interest payments on the debt would also skyrocket by $800 billion over the same period
Quote:

Other policy changes, such as Obama's signature health-care initiative and a plan to dramatically expand the federal student loan program, would have significant effects on the budget, Elmendorf wrote, but they generally would be paid for and therefore would not drive deficits higher.
http://www.washingtonpost.com/wp-dyn...le/2010/03/05/AR2010030502974.html



.... This must be the fault of George Bush....Add this on top of the Wars,Social Security and Medicaid and I would say we will be bankrupt by 2020. That might actually be the goal of the Government. Then the leftists will try to say look capitalism does not work and try to change the system. I really try to think if Obama really does not know what he is doing or is this their intention. Is the 16% un/under employed number going to be normal? Also today he has talked about now going for immigration reform. What will that cost us? No need to worry about illegals getting free healtcare if you legalize them.
 
Klaus
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RE: Obama's Proposed Budget Adds $9.7 To Debt

Sat Mar 06, 2010 3:54 pm

$9.7 shouldn't be too much of a burden to bear... let me see if I have some change left...!
 
seb146
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RE: Obama's Proposed Budget Adds $9.7 To Debt

Sat Mar 06, 2010 4:15 pm

You start off by saying:

Quoting windy95 (Thread starter):
This must be the fault of George Bush

Then, you just assume:

Quoting windy95 (Thread starter):
Then the leftists will try to say look capitalism does not work and try to change the system.

I don't get it. Why do so many right-wingers just assume that every single Dem out there is against capitalism? Just like they assume anyone to the left of them believes everything any right-winger does is the fault of GWB. Give it up. The massive deficit is the result of years of borrowing by Congress and lack of ovesight that was failed to be enacted by Congress. Regardless of which party was in control. GWB added to the deficit. Reagan added to the deficit. Obama added to the deficit. But, you have to admit, since Reagan, there have been 20 years of right-wing policies from the White House as opposed to only 10 from the Dems. But, don't let that bother you. Just heap blame on Obama.
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RE: Obama's Proposed Budget Adds $9.7 To Debt

Sat Mar 06, 2010 4:33 pm

Quoting Klaus (Reply 1):
$9.7 shouldn't be too much of a burden to bear... let me see if I have some change left...!
Quoting seb146 (Reply 2):
The massive deficit is the result of years of borrowing by Congress and lack of ovesight that was failed to be enacted by Congress. Regardless of which party was in control. GWB added to the deficit. Reagan added to the deficit. Obama added to the deficit. But, you have to admit, since Reagan, there have been 20 years of right-wing policies from the White House as opposed to only 10 from the Dems. But, don't let that bother you. Just heap blame on Obama.

Oh, stop it. How can you begin to compare previous deficit levels, which were bad enough, to our current levels? This administration has taken us from fiscal irresponsibility to fiscal insanity.
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RE: Obama's Proposed Budget Adds $9.7 To Debt

Sat Mar 06, 2010 5:08 pm

Quoting windy95 (Thread starter):
This must be the fault of George Bush

That's the way I see it.

Clinton was the last president to have a balanced budget, albeit just for one year.

Bush's massive over-reaction to 9/11 reversed the direction of reduction in growth in defense spending to large increases.

Bush's massive neglect of domestic issues let the issues we now have to deal with in housing, health care and the auto industry fester till the cancer spread and lots of amputations had to happen.

The Bush administration was the first to start bank and auto industry bailouts, yet they are not around to pay the bills.

The economy is terrible and because of that it's easy to make a big issue about the deficit/debt.

That's just the nature of politics.
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windy95
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RE: Obama's Proposed Budget Adds $9.7 To Debt

Sat Mar 06, 2010 5:20 pm

Quoting Revelation (Reply 4):
Clinton was the last president to have a balanced budget, albeit just for one year.

Did he balance the social security trust fund? Or did he pass that on. Or was it the republican congress that along with Clinton balanced the budget.

Quoting Revelation (Reply 4):
Bush's massive over-reaction to 9/11 reversed the direction of reduction in growth in defense spending to large increases.

I will concede you the cost of the Iraq war. Bad move

Quoting Revelation (Reply 4):
Bush's massive neglect of domestic issues let the issues we now have to deal with in housing, health care and the auto industry fester till the cancer spread and lots of amputations had to happen.

The Partisan Bush/kennedy Pharma bill was bad. And the current healtcare bill just piles on that. The housing blame cannot go on any one President. That was thirty years in the making and had plenty of help from politicians/CEOS/Bankers on both sides of the aisle.

But with the Auto industry you are way off base trying to put anything on Bush. Blame the CEOS, the Unions and the states that bleed them dry with taxes but Bush does not get credit for destroying/ignoring the Auto industry.

Quoting Revelation (Reply 4):
The economy is terrible and because of that it's easy to make a big issue about the deficit/debt.

Being that the economy is terrible why would we want to double down on the debt. Considering it was to much credit and debt that killed us in the first place.
 
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RE: Obama's Proposed Budget Adds $9.7 To Debt

Sat Mar 06, 2010 6:10 pm

Quoting windy95 (Reply 5):
Did he balance the social security trust fund? Or did he pass that on.

No one is has or is.

On the other hand, Bush/Cheney ran the Iraq war off-budget so the annual budget deficit would look smaller.

Obama put an end to that.

Quoting windy95 (Reply 5):
But with the Auto industry you are way off base trying to put anything on Bush.

It's fact that Bush started the auto industry bailout:

http://www.nytimes.com/2008/12/20/business/20auto.html

He could have been true to the small-government, capitalist cause and let it sink but he chose not to, he chose the big-government socialist direction and both parties backed him on it.
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Pyrex
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RE: Obama's Proposed Budget Adds $9.7 To Debt

Sat Mar 06, 2010 6:44 pm

Quoting Klaus (Reply 1):
$9.7 shouldn't be too much of a burden to bear... let me see if I have some change left...!

Aren't you spending all your money bailing out to Greece to even worry about the U.S.?   
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RE: Obama's Proposed Budget Adds $9.7 To Debt

Sat Mar 06, 2010 7:03 pm

Quoting Pyrex (Reply 7):
Aren't you spending all your money bailing out to Greece to even worry about the U.S.?

   Well played!   
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Klaus
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RE: Obama's Proposed Budget Adds $9.7 To Debt

Sat Mar 06, 2010 7:04 pm

Quoting Pyrex (Reply 7):
Aren't you spending all your money bailing out to Greece to even worry about the U.S.?

If Greece's deficit was also just below €10,– I would gladly help them out as well.
 
StarAC17
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RE: Obama's Proposed Budget Adds $9.7 To Debt

Sat Mar 06, 2010 7:06 pm

Quoting windy95 (Reply 5):
Being that the economy is terrible why would we want to double down on the debt. Considering it was to much credit and debt that killed us in the first place.

Because in the time of a downturn government stimulus/spending is enacted to try and jump start the economy especially if said economy functions by spending which the US economy is. It is expected that most private institutions will tighten their belts and lending will be harder to come by and that has happened.

This is the policy that most developed countries that they go into the red for a short time during a recession and when things start growing again the government scales back and starts to make it's way back into being in the black. Canada has run some high deficits by our standards in the last couple of years but when times were good in the 90's and as far back as 4-5 years ago we were running surpluses. Where the US has gone really wrong is that they have been running deficits when things were good and those deficits get bigger when government spending is actually needed like with public works projects and stimulus spending.

Also I know Americans hate the word Taxes but some Canadian economists have said that if you enacted a 3% Good's and Services Tax (GST) on all items then this deficit would be wiped out in the current situation. To put that in perspective ours in 5%, Australia's is 10% and New Zealand's is 12.5%.
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RE: Obama's Proposed Budget Adds $9.7 To Debt

Sat Mar 06, 2010 8:05 pm

Well of course it's Bush's fault. Afterall, he IS the current president. Isn't he? Oh wait, with all the blaming I thought he was.   
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windy95
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RE: Obama's Proposed Budget Adds $9.7 To Debt

Sat Mar 06, 2010 9:18 pm

Quoting StarAC17 (Reply 10):
Because in the time of a downturn government stimulus/spending is enacted to try and jump start the economy especially if said economy functions by spending which the US economy is

That is all fine and dandy if you are doing it with actual cash. But when you are just tossing fuel in the fire I am not so sure about that.

Quoting Revelation (Reply 6):
No one is has or is.

On the other hand, Bush/Cheney ran the Iraq war off-budget so the annual budget deficit would look smaller.

Agree. It was wrong and I did not support him in any of his deficit spending.

Quoting Revelation (Reply 6):
Quoting windy95 (Reply 5):
But with the Auto industry you are way off base trying to put anything on Bush.

It's fact that Bush started the auto industry bailout:

http://www.nytimes.com/2008/12/20/bu....html

I was not referring to the bailout but what you said below about letting the auto industry fester. He never should of bailed out the autos.

Quoting Revelation (Reply 4):
Bush's massive neglect of domestic issues let the issues we now have to deal with in housing, health care and the auto industry fester till the cancer spread and lots of amputations had to happen.

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