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| CBO: $1 trillion deficits seen for next 10 years |
| 2009-03-21 |
| White House insists the red ink won't swamp its costly agenda President Barack Obama's budget would generate unsustainably large deficits averaging almost $1 trillion a year over the next decade, according to new estimates released Friday. The new Congressional Budget Office figures predict Obama's budget will produce $9.3 trillion worth of red ink over 2010-2019. That's $2.3 trillion worse than the administration predicted in its budget just last month. Worst of all, CBO says the deficit under Obama's policies would never go below 4 percent of the size of the economy, figures that economists agree are unsustainable. By the end of the decade, the deficit would exceed 5 percent of gross domestic product, a dangerously high level. More at link |
| Posted by:ed |
| #11 If there is any good news, it is that several European countries (Italy, Spain, Greece) are closer to the edge of the debt precipice and will go over into spiralling debt and hyperinflation sooner. |
| Posted by: phil_b 2009-03-21 20:30 |
| #10 Perhaps Barry is doing us a favor by accelerating the process. I thought it would be another 1`0 years. Better sooner than later. |
| Posted by: Nimble Spemble 2009-03-21 20:02 |
| #9 This is only the tip of the sh*tburg, folks. When you add up all the obligations, like social security, medicare, prescription drugs, etc etc, there is no way on God's green earth that it can be sustained. We are well and truly f**ked. |
| Posted by: Alaska Paul 2009-03-21 19:29 |
| #8 Oh yes wheelbarrow of course. Of course the reasons for that inflation weren't quite the same. But once inflation starts running away it's hard to catch it. |
| Posted by: European Conservative 2009-03-21 17:28 |
| #7 Good perspective, European Conservative. Only, I think we call it a wheelbarrow. (A cartwheel is the wheel of a cart or a small wagon.) $9.3T + $1.8T(2009) = $11.1 trillion. That is almost tripling national public debt from $6.5 trillion. Doubling, ed. Still not a good thing, though. We'll see whether President Obama gets anything close to the budgets he plans to ask for, over the next few years... and it will be interesting to see how much of the current budget and stimulus package actually gets spent. |
| Posted by: trailing wife 2009-03-21 17:23 |
| #6 My grandfather carried his DAILY wage home in a cartwheel. On the way home and before he could stop to buy some bread his salary had lost most of its value. THAT'S Inflation, folks |
| Posted by: European Conservative 2009-03-21 16:57 |
| #5 $9.3T + $1.8T(2009) = $11.1 trillion. That is almost tripling national public debt from $6.5 trillion. On top of that, Social Security and Medicare will soon begin their draw downs, exposing the $3.3 trillion debt hidden in the FICA trust fund. By the time Barak Obama is done, taxpayers' debt load will look like Italy's and the dollar worth as much as the old Lira. |
| Posted by: ed 2009-03-21 12:42 |
| #4 Anonymoose, where's the punchline? Oh, wait, it's a non-stop joke on all of us. Now I get it. (Chuckles knowingly, segue into soft tears for the USA that used to be) |
| Posted by: AlmostAnonymous5839 2009-03-21 10:53 |
| #3 This will only register with the Democrats when they walk into a bar and order a whiskey, and the bartender says no. "I'll give you a million dollars for a bottle of whiskey!", they shout as the bartender shakes his head no. "Just a glass?" "A billion dollars? A trillion dollars? Infinite dollars plus one?" And the bartender tells him to get lost. "But it's *real* money! I told them to put it in my account just this morning!" Look, dude, says the bartender. You either leave now or I'll call the bouncer. "But I waaaaaant my whiiiiiskey! My yummeee, gooodee whiskey!" Take a hike, you loser, says the bouncer. |
| Posted by: Anonymoose 2009-03-21 10:22 |
| #2 China descends into chaos. And so does OPEC. |
| Posted by: g(r)omgoru 2009-03-21 04:37 |
| #1 What unsustainable means is at some point the USD goes into freefall, inflation goes up and up. We are not talking 5% or 10% per annum, we are talking 5% or 10% a month. World trade collapses. China descends into chaos. Etc. The Obama Legacy. |
| Posted by: phil_b 2009-03-21 04:16 |