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Thread: CBO report: Debt will rise to 90% of GDP

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    CBO report: Debt will rise to 90% of GDP

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    CBO report: Debt will rise to 90% of GDP - Washington Times

    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.

    In its 2011 budget, which the White House Office of Management and Budget (OMB) released Feb. 1, the administration projected a 10-year deficit total of $8.53 trillion. After looking it over, CBO said in its final analysis, released Thursday, that the president's budget would generate a combined $9.75 trillion in deficits over the next decade.

    "An additional $1.2 trillion in debt dumped on [GDP] to our children makes a huge difference," said Brian Riedl, a budget analyst at the conservative Heritage Foundation. "That represents an additional debt of $10,000 per household above and beyond the federal debt they are already carrying."
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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    Re: CBO report: Debt will rise to 90% of GDP

    After it eclipses 100% will you see a serious spike in treasury yields. Either via coupon or face value.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: CBO report: Debt will rise to 90% of GDP

    Quote Originally Posted by MrVicchio View Post
    That's what you get when you allow Special Interests to run the government.

    We need a new party, the first 3 planks must be:

    Will institute Instant Runoff Voting.
    Will institute 8 year term limits on Congress
    Will institute Public Campaign Financing

    Without those 3 things, our government will never return to the hands of the people. Of course, without those 3 things we'd never get a party to institute them. Catch 22, we're ****ed.

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    Re: CBO report: Debt will rise to 90% of GDP

    And with most new jobs under the Obama plan being in the fast food sector, GDP is sure to drop off. In fact with Obama in command we could get to 90% without increasing debt at all, just keep bring GDP down by having high paying jobs move overseas and issue brooms to the rest of the populace under govt work programs.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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    Re: CBO report: Debt will rise to 90% of GDP

    Quote Originally Posted by American View Post
    And with most new jobs under the Obama plan being in the fast food sector, GDP is sure to drop off. In fact with Obama in command we could get to 90% without increasing debt at all, just keep bring GDP down by having high paying jobs move overseas and issue brooms to the rest of the populace under govt work programs.
    Our company decided to reduce staff by 15 percent (in addition to the 25 percent last summer) this coming June. Business is steady, but we anticipate costs to rise substantially in 2011.

    I suspect that same scenario is being carried out across the country.

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    Re: CBO report: Debt will rise to 90% of GDP

    Quote Originally Posted by Erod View Post
    Our company decided to reduce staff by 15 percent (in addition to the 25 percent last summer) this coming June. Business is steady, but we anticipate costs to rise substantially in 2011.

    I suspect that same scenario is being carried out across the country.
    Sounds like your management are idiots. Either they were overstaffed before the reductions or they're willing to be understaffed now. In either case, you might think a bout looking for a new job. Your firm is going to fold or they're going to work the life out of you.
    Proud to be a tax and spend leftist.

    Proud supporter of the real Second Amendment.

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    Re: CBO report: Debt will rise to 90% of GDP

    Quote Originally Posted by Joe Steel View Post
    Sounds like your management are idiots. Either they were overstaffed before the reductions or they're willing to be understaffed now. In either case, you might think a bout looking for a new job. Your firm is going to fold or they're going to work the life out of you.
    From the description in this thread, I wouldn't describe the company's management as "idiots." It appears that the company is facing a potential existential challenge. Such challenges usually arise from business models, cost structures, revenue outlooks (a function of industry structure, firm dynamics, competition, alternative technologies, etc).

    It is very likely that the company in question has suffered a material and permanent deterioration in its revenue outlook (and its revenue is now stable but at a much diminished level) and/or has been experiencing persistent cost structure difficulties. Companies facing such circumstances are typically highly sensitive to even modest cost increases or worries about possible cost increases. Even as the health care law's major provisions do not go into effect for several years and it does not significantly alter the trajectory of national health costs, the law might be a marginal factor that exacerbates difficulties associated with the revenue outlook and/or uncompetitive cost structure.

    Inefficiencies, an older work force, chronic underinvestment, relative disadvantages in cost structure vis-a-vis foreign competitors, emergent technology alternatives, over-leverage, dependence on inputs for which substantial price hikes are likely e.g., certain commodities, among many other factors could contribute to chronic cost structure/revenue challenges. Financially healthy firms do not lay off 40% of their workforce even in the face of severe recessions and slow economic recoveries.

    The magnitude of layoffs involved suggests that the company has probably suffered a material and permanent decline in its revenue outlook and/or is suffering from a chronically uncompetitive cost structure. In that context, considering that U.S. health costs continue to rise at a multiple of national income (a cost curve that was not altered by the health legislation), the company very likely would have been announcing a similar decision, even if the legislation had been rejected.
    Last edited by donsutherland1; 03-26-10 at 03:09 PM.

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    Re: CBO report: Debt will rise to 90% of GDP

    Quote Originally Posted by Joe Steel View Post
    Sounds like your management are idiots. Either they were overstaffed before the reductions or they're willing to be understaffed now. In either case, you might think a bout looking for a new job. Your firm is going to fold or they're going to work the life out of you.
    they haven't even seen the books and they're offering financial advice via a CHATROOM

    LOL!

    NINETY PERCENT OF GDP?!

    dang, dudes...

    keynes must be kicking in his sarcophagus

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    Re: CBO report: Debt will rise to 90% of GDP

    Quote Originally Posted by American View Post
    And with most new jobs under the Obama plan being in the fast food sector, GDP is sure to drop off. In fact with Obama in command we could get to 90% without increasing debt at all, just keep bring GDP down by having high paying jobs move overseas and issue brooms to the rest of the populace under govt work programs.
    Uh... it was the lack of job growth during the Shrub years that moved us to a service economy.

    I doubt Obama will do anything to change that, however, because he can't.

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    Re: CBO report: Debt will rise to 90% of GDP

    Quote Originally Posted by donsutherland1 View Post
    From the description in this thread, I wouldn't describe the company's management as "idiots." It appears that the company is facing a potential existential challenge. Such challenges usually arise from business models, cost structures, revenue outlooks (a function of industry structure, firm dynamics, competition, alternative technologies, etc).

    It is very likely that the company in question has suffered a material and permanent deterioration in its revenue outlook (and its revenue is now stable but at a much diminished level) and/or has been experiencing persistent cost structure difficulties. Companies facing such circumstances are typically highly sensitive to even modest cost increases or worries about possible cost increases. Even as the health care law's major provisions do not go into effect for several years and it does not significantly alter the trajectory of national health costs, the law might be a marginal factor that exacerbates difficulties associated with the revenue outlook and/or uncompetitive cost structure.

    Inefficiencies, an older work force, chronic underinvestment, relative disadvantages in cost structure vis-a-vis foreign competitors, emergent technology alternatives, over-leverage, dependence on inputs for which substantial price hikes are likely e.g., certain commodities, among many other factors could contribute to chronic cost structure/revenue challenges. Financially healthy firms do not lay off 40% of their workforce even in the face of severe recessions and slow economic recoveries.

    The magnitude of layoffs involved suggests that the company has probably suffered a material and permanent decline in its revenue outlook and/or is suffering from a chronically uncompetitive cost structure. In that context, considering that U.S. health costs continue to rise at a multiple of national income (a cost curve that was not altered by the health legislation), the company very likely would have been announcing a similar decision, even if the legislation had been rejected.
    Did you hear about AT&T today?

    http://www.att.com/Common/docs/chcdeck0228.pdf

    AT&T will take $1B non-cash charge for health care - Yahoo! News
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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