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Mounting Debt

Gross fiscal mismanagement. 

President Barack Obama’s budget proposal would generate bigger deficits than advertised every year of the next decade, with the shortfalls totaling $1.2 trillion more than the administration estimated, according to the Congressional Budget Office.

The nonpartisan agency said today the deficit will remain above 4 percent of the nation’s gross domestic product for the foreseeable future while the publicly held debt will zoom to $20.3 trillion, amounting to 90 percent of GDP by 2020. By then, interest payments on the debt will have quadrupled to more than $900 billion annually, the report said.

Deficits between 2011 and 2020 would total $9.76 trillion, the CBO said.

Economists generally consider deficits topping 3 percent of GDP to be unsustainable because that means government debt is growing faster than the ability to pay back the money.

This administration makes the folks at Enron and AIG look like pikers.

Posted by Owen at 0938 hrs
Politics + Politics - General

1. Considering the current Treasury Secretary wrote the plan to bail out AIG at the explicit expense of the taxpayers, saying the Obama administration makes AIG and Enron look like pikers is an understatement.

   Meanwhile, the long-term (75-year) unfunded liabilities of the federal government are now estimated to be as high as $76 trillion, and that doesn’t include the cost of PlaceboCare.

   Posted by steveegg on March 06, 2010 at 1029 hrs
   
   
   

2. An unsustainable time bomb.  As is the Wisconsin State budget outlook.

   Yet Doyle and Obama fiddle as Rome burns…..Let’s save on Hospital construction!  Free healthcare onboard Talgo Trains!

   Only two paths exist.  Socialism or a November election where the Tea Party elects people across the US who actually make painful cuts in entitlement programs and government spending.

   Posted by .(JavaScript must be enabled to view this email address) on March 06, 2010 at 1105 hrs
   
   
   

3. Edited to add—-Ironic that Obama and Doyle (and now Tom Barrett) are so focused on the trains.  Seems like a crumbling Italy under Mussolini.

   Posted by .(JavaScript must be enabled to view this email address) on March 06, 2010 at 1108 hrs
   
   
   

4. All we need is a little inflation to make those numbers affordable.

   Posted by .(JavaScript must be enabled to view this email address) on March 06, 2010 at 1153 hrs
   
   
   

5. Revenues will be about $2 trillion less than the administration projects, while spending will be lower by about $600 billion, according to the CBO report.

   http://www.bloomberg.com/apps/news?pid=20601087&sid=aVDEHvI9WH_Q&pos=8

   http://www.cbo.gov/ftpdocs/100xx/doc10014/03-20-PresidentBudget.pdf

   I would have thought you would be happy about this reflection of shrinking govt, Owen?

   Posted by .(JavaScript must be enabled to view this email address) on March 06, 2010 at 1217 hrs
   
   
   

6. Having lived through the Carter inflation years, inflation causes more problems than even the the current Administation can hope for.

   Posted by .(JavaScript must be enabled to view this email address) on March 06, 2010 at 1219 hrs
   
   
   

7. That’s 600 Bilion lower than Obama’s projection, factoropinion, not actually lower.  Your link is using governmentspeak.

   Posted by .(JavaScript must be enabled to view this email address) on March 06, 2010 at 1301 hrs
   
   
   

8. All we need is a little inflation to make those numbers affordable.

   Yeah, that’ll help main street.

   Posted by .(JavaScript must be enabled to view this email address) on March 06, 2010 at 1403 hrs
   
   
   

9. Look at the bright side, we must have really good credit.

   Posted by .(JavaScript must be enabled to view this email address) on March 06, 2010 at 1419 hrs
   
   
   

10. Wait!  Where is the “but the economic collapse was because Bush spent too much money and ran up too much debt” crowd?

    This Admin makes GWB look like a piker.

    Posted by .(JavaScript must be enabled to view this email address) on March 06, 2010 at 1556 hrs
    
    
    

11. You could go across town to another local blogger - “it’s Reagan’s fault!”

    http://the-motley-cow.blogspot.com/2010/03/cutting-deficit-like-reagan.html

    Reagan Tripled the National Debt…

    For Tea Baggers supposedly concerned that “deficit spending is out of hand,” history apparently began only on January 20, 2009. Because while President Obama rightly resorted to massive deficit spending to rescue the American economy from calamity, it was Ronald Reagan who ushered in the now-standard Republican practice of “spending our children’s inheritance.”

    Posted by .(JavaScript must be enabled to view this email address) on March 06, 2010 at 1608 hrs
    
    
    

12. That’s 600 Bilion lower than Obama’s projection, factoropinion, not actually lower.  Your link is using governmentspeak.

    What a surprise??? And from a .gov website no less.

    This is all Humpty Dumpty stuff.

    Posted by .(JavaScript must be enabled to view this email address) on March 07, 2010 at 1005 hrs
    
    
    

13. Another pundit observed that with the USG borrowing $1Tn/year or more, it WILL be difficult for business to float bonds (or stocks).

    The more I read, the more I’m inclined to agree w/Limbaugh:  Obama’s only purpose is to create chaos and destroy private enterprise in the US.

    Posted by dad29 on March 07, 2010 at 1257 hrs
    
    
    

14. Textbook Cloward-Piven dad… 

    I pray we can hold off the healthcare assault and others until November (actually January as I think a lame duck Congress after the election is even more dangerous) but seeing as that there is a serious “Consent of the Governed” gap between We The People and our so-called Representatives, I fear that this will ultimately not end well.

    Posted by .(JavaScript must be enabled to view this email address) on March 07, 2010 at 1303 hrs
    
    
    

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