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Thread: Obama to hike 10-year deficit to $9 trillion

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    Re: Obama to hike 10-year deficit to $9 trillion

    Quote Originally Posted by celticlord View Post
    Obama to hike 10-year deficit to $9 trillion | U.S. | Reuters

    His parting shot before taking off for two weeks: more debt.

    Rather nice of him to admit that the CBO had a better grasp of his shopaholism than his own people.

    And what will be his solution to all this debt? Why, more spending of course!
    Which do you think we'll hear first?

    I. "You have absolutely no moral ground to criticize for this, Bush increased the debt by $4T, Obama can do whatever he wants."

    or

    II. "This isn't Obama's fault, he's just cleaning up Bush's mess by implementing needed spending and is being hurt by the economy. You can't attribute this to him. Now Bush on the other hand, all of his debt was 100% attributable to him."
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    Re: Obama to hike 10-year deficit to $9 trillion

    "There are 10^11 stars in the galaxy. That used to be a huge number. But it’s only a hundred billion. It’s less than the national deficit! We used to call them astronomical numbers. Now we should call them economical numbers."
    - Richard Feynman

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    Re: Obama to hike 10-year deficit to $9 trillion

    Scenario 1: These 10 year deficit predictions are never accurate. They very well could be higher, or most likely they will be lower depending on how strong economic growth is in the next 10 years. Economy starts growing stronger in the next year or two and basically we grow our way to a more sustainable level of deficits.

    Scenario 2: Economy never really picks up steam between now and 2012. Thus a Republican is elected then. Like all modern Republicans he or she believes that the cure for deficits is to significantly reduce revenue (tax cuts), while further increasing spending. Usually this comes about by them talking the small government talk and cutting something miniscule that is already grossly underfunded like the National Parks budget, while they significantly increase defense spending. Deficit then gets much worse than the 9 trillion predicted now even if economic growth returns.

    Scenario 3: Deficit predictions are much too low, the current uptick in economic growth ends up being the short peak of a W shaped economic contraction, economy contracts severely in 2010, U.S. has difficulty borrowing additional money and thus has few options in terms of economic stimulus, we eventually default on some of our debt and world financial crisis results. In 2012 Ron Paul tells everyone he told us so and gets elected . His campaign is primarily funded by his followers pawning their firearms.
    Last edited by SouthernDemocrat; 08-21-09 at 11:36 PM.
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    Re: Obama to hike 10-year deficit to $9 trillion

    Republicans whining about deficits....ironic.

    Let us not forget a couple things here folks, we have not finished paying for Bush's wonderful Iraq war ($3-5 trillion total) and his Medicare reform that went 100% into the red ($1+ trillion)..and these have not even all been accounted for. So keep in mind this debt you are whining about...this is what we are talking about. Bush's rise of $5 trillion is a hell of a lot larger if we honestly add costs to which he merely disguised, lied, and pushed forward.

    OMG, but what about Obama's spending.....? Like what so far? The stimulus, well true. Except anyone and everyone knew and agreed we needed stimulus spending. Most honest economists said we need more than $780bn, and never-mind that in a disastrous compromise to Republicans they loaded up a huge portion in worthless tax cuts! You know, those things that Republicans whine about all the time, yet have absolutely 0 effect on stimulating recession (although you might find some economist living in a bunker the past 80 years who has not kept up who will say tax cuts stimulate).

    I guess we can also forget that the largest cost to our budget is what now? Medicare you say? Oh that's right, we need to defeat HCR so we can keep that Medicare growing, that nice big socialist health care coverage not a single anti-socialist Republican has the guts to confront. We need to defeat HCR so out healthcare expenditure grows larger that 17% GDP to 20% GDP (getting close to double soon what the next highest nations spends).

    So where where all you so called pseudo Fiscal hawks during the 8 years of Reagan and 8 years of Bush? Sorry folks, you are now so bloody discredited it is beyond belief.

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    Re: Obama to hike 10-year deficit to $9 trillion

    Quote Originally Posted by sam_w View Post
    Republicans whining about deficits....ironic.

    Let us not forget a couple things here folks, we have not finished paying for Bush's wonderful Iraq war ($3-5 trillion total) and his Medicare reform that went 100% into the red ($1+ trillion)..and these have not even all been accounted for. So keep in mind this debt you are whining about...this is what we are talking about. Bush's rise of $5 trillion is a hell of a lot larger if we honestly add costs to which he merely disguised, lied, and pushed forward.
    A combo of I and II. Nice.

    OMG, but what about Obama's spending.....? Like what so far? The stimulus, well true. Except anyone and everyone knew and agreed we needed stimulus spending. Most honest economists...
    And by "honest" you mean "agree with my political positions."

    You know, those things that Republicans whine about all the time, yet have absolutely 0 effect on stimulating recession (although you might find some economist living in a bunker the past 80 years who has not kept up who will say tax cuts stimulate).
    This may come as a shock to you, but the main purpose of the federal income tax is not to stimulate the economy. What does it say about where we are as a society that not taking money from people is considered "wasting money"?

    I guess we can also forget that the largest cost to our budget is what now? Medicare you say?
    No, I actually wouldn't say that, because that's false no matter how you look at it.

    If we treat Medicare as on-budget and thus look at total outlays, Medicare is the 3rd largest part of the budget, behind the DoD (even without counting the war or the VA) and Social Security.

    If we treat Medicare as off-budget and only look at outlays from general revenue, Medicare is much lower, at around $188b.
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    Re: Obama to hike 10-year deficit to $9 trillion

    It's more disturbing to actually look at the chart. Which is probably why we rarely, if ever, see this chart on the MSM.




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    Re: Obama to hike 10-year deficit to $9 trillion

    Quote Originally Posted by Grateful Heart View Post
    It's more disturbing to actually look at the chart. Which is probably why we rarely, if ever, see this chart on the MSM.



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    Re: Obama to hike 10-year deficit to $9 trillion

    1. doing arithmetic is whining---LOL!

    2. "where were you" in 66AD when rome burned?

    3. actual outcomes in the out years are likely to perform better than the 10 year projection---LOLOLOL!

    4. the gop lost (bad) for a reason

    5. where's obama's spending?

    6. LOL!

    7. his 2010 budget lays out 3.55 trillion, borrowing more than half, 1.845T

    8. deficits ACCORDING TO THE WHITE HOUSE are 13.1% (!) of gdp

    9. certain keynesian suicide, violently unsustainable

    10. via cbo, spending is up 34%, revenues down 15%

    11. for comparison, bush's then-record deficit in 2008 was 459 billion, 3.2% of gdp

    12. obama's budget 2010 calls for 4.004T in spending and 2.159T in revenue

    13. the point---obama's TOXIC numbers are, even as currently configured, based on impossibly ROSY projections

    14. to arrive at NINE TRILLION dollars of debt over the next decade, up two full T's, obama relies on growth numbers that are LOL! absurd

    15. he assumes gdp will shrink 1.2% in 2009

    16. cbo says---minus 3.0

    17. obama counts on 3.2% growth in 2011 and 4.0% in 2012

    18. LOL!

    19. when reality confronts obama's happy face in 18 months or so, HIS deficits will DOUBLE

    20. white house projections ALWAYS underestimate the bad, hello

    21. obama is also depending on unemployment figures over the next 3 years coming in at 8.1%, 7.9% and 7.1%

    22. obama proposes HALF A TRILLION in CUTS to medicare and medicaid

    23. this is why seniors are so outraged, just look at the town halls

    24. you can't win anything in america politically without solid senior support

    25. obama's a fool

    AFP: Obama budget deficit seen at record 1.845 trillion dlrs
    Last edited by The Prof; 08-22-09 at 12:25 PM.

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    Re: Obama to hike 10-year deficit to $9 trillion

    1. The

    2. Prof

    3. Writing

    4. style

    5. is

    6. Too

    7. difficult

    8. to

    9. Read


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    Re: Obama to hike 10-year deficit to $9 trillion

    Quote Originally Posted by American View Post
    This is COMPLETELY different, he has a (D) behind his name.
    I laugh at the R's because they put us in this mess with their search for weapons of mass destruction by the clown named GWB.

    Did you forget this, or did Rush forget to put this idea in your minds.
    It is better to die on your feet than to live on your knees.
    Emiliano Zapata


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