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So, when can we expect Congress to draft a new budget? Clearly, Obama's current spending plans are not sustainable. Will a Dem controlled Congress shred Obama's budget, and come back with one that is much leaner?
Is someone pretending he holds no blame? I don't see anyone. He is the continuation of the deficit spending policy this country adopted in 1971.
Obama's spending is not just a continuation, it's an exponential increase in deficit spending - much, much more deficit spending than has ever been done before.
I know what happened, hence my comment, 'Obama is pushing an already bad situation over the edge.'
I would love to see a historical reference to when making an already bad situation much worse actually turned out well.
No, you said "he owns it", as if he created the whole mess, and I told you that there has been talk about USD losing its status as world's reserve currency for 40 years. That is a historical fact, but you did not seem too interested in the history because it is easier to blame the current president.
Will it actually happen now? I don't know, but I think it could happen if OPEC un-pegs USD from oil. In the other hand it is unlikely because OPEC listens to Saudis, and we have a defence pact with Saudi Arabia: They keep USD pegged and our military will defend Saudi Arabia. Also, Saudis have huge USD reserves, and they would need to get rid of those before unpegging anything.
Obama's spending is not just a continuation, it's an exponential increase in deficit spending - much, much more deficit spending than has ever been done before.
The 2009 speding it big, but I think you are too focused on how much is spent in one year. It may be biggest one year deficit, but it is foolish to ignore the accumulated deficits from the past 40 years. Why do you think our national debt has reached 11.9 Trillion today? Because of foolish deficit spending policy since the Nixon Shock.
Considering that the $9.3 trillion 10-year deficit is a projection of Obama's budget outline released last February and that CBO reviews the budget situation monthly, maybe it's time for some folks to stop copying and pasting the same old outdated links into one thread after another.
Perhaps it should be noted also that after inheriting a nearly $1.3 trillion projected deficit for FY2009 from GW Bush, Obama -- even with all that push-us-over-the-edge spending that he has supposedly been doing and even with plummetting federal revenues -- saw the year end with a deficit of $1.4 trillion. Hmmm.
No, you said "he owns it", as if he created the whole mess...
Since I clearly referenced Obama's out-of-control deficit spending in my post, I thought you would understand that I posted "he owns it," because he refuses to back off of his record-breaking deficit spending plans even after he'd been warned by Bernanke and Buffett as to the outcome of such.
The 2009 speding it big, but I think you are too focused on how much is spent in one year. It may be biggest one year deficit, but it is foolish to ignore the accumulated deficits from the past 40 years. Why do you think our national debt has reached 11.9 Trillion today? Because of foolish deficit spending policy since the Nixon Shock.
How is Nixon responsible for Obama's over $9 trillion in deficit spending plans?
Let's see, it takes 233 years to reach 11.9 trillion... and Obama plans on adding another 9.3 trillion in only 10 years. Do you see the problem?
Perhaps it should be noted also that after inheriting a nearly $1.3 trillion projected deficit for FY2009 from GW Bush, Obama -- even with all that push-us-over-the-edge spending that he has supposedly been doing and even with plummetting federal revenues -- saw the year end with a deficit of $1.4 trillion. Hmmm.
Hmmm... let's see what happens when that gets revised. Hmmm...
Since I clearly referenced Obama's out-of-control deficit spending in my post, I thought you would understand that I posted "he owns it," because he refuses to back off of his record-breaking deficit spending plans even after he'd been warned by Bernanke and Buffett as to the outcome of such.
Berkanke needs to make up his mind, because he is the one who helped create the current meltdown, and who pushed 2008 Congress and Bush and later 2009 Congress and Obama into spending more. He spoke them into believeing that the country is finished unless they do as he says, and he said "spend, spend, spend". Are you kidding me? Him and Greenspan are more guilty of the current meltdown that Bush and Obama combined.
His actions, the actions of Greenspan and the Fed as whole needs to be thoroughly investigated.
And Buffet is a private investor who lost his shirt in the game.
How is Nixon responsible for Obama's over $9 trillion in deficit spending plans?
Let's see, it takes 233 years to reach 11.9 trillion... and Obama plans on adding another 9.3 trillion in only 10 years. Do you see the problem?
Good. Now you are thinking. It took 200 years to get the debt to 380 billion, but after that the chart goes into a steep upward curve, and in 40 years we took the debt from 380 billion to 12 TRILLION. After 1971, the debt has seen many doublings during different admins, and one tripling under Reagan. Bush took it from 5.5 to 11 Trillion (15 times more than all presidents before 1970 combined). Do you see a pattern here? And you think history is irrelevant? You seem more convinced by future predictions than historical facts.
Look at this chart. The little jump there before the 1950 was WW-II, and that was considered HUGE. But then see what happened after 1970s.
Last edited by Finn_Jarber; 10-12-2009 at 10:59 AM..
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