National Debt SOARS Past $13,000,000,000,000 (middle east, Obama, rating, economy)
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Morici warned that if the debt grows to about 150 percent of the gross domestic product -- the debt is about 90 percent of GDP right now -- the country will risk hyperinflation or "the Chinese buying up Wall Street," he said, referring to China's status as the U.S.'s greatest lender.
And that doesn't even include the $2.5 Trillion of obamacare.
What's the consensus from those of you who are informed on these things: hyperinflation, deflation, mixture of hyper and deflation, or default (and by what mechanism)?
I hate it when people blame the economy on Bush... when does the economy become Obama's fault? Never? It makes your rhetoric less believable because then you attribute the recovery to Obama... perhaps the recovery was due to Bush cause it takes years to feel his effects on the economy and by your logic it will take years to feel his recovery as well? The deficit is PURELY Obama and Obama did NOT have to pay off the rich b@stards on Wall Street to save the economy... Basically Obama f'ed up (just like Bush)... but that was at the beginning of his presidency and Obama was a complete NOOB at it... he thought if he listened to "smart" people on his staff, he could do something effective.. turns out listening to idiots on one political side is the same as listening to idiots on the other political side... I think Obama has learned that hard lesson real fast...
What's the consensus from those of you who are informed on these things: hyperinflation, deflation, mixture of hyper and deflation, or default (and by what mechanism)?
Here is a take on your question:
Quote:
The M3 money supply in the United States is contracting at an accelerating rate that now matches the average decline seen from 1929 to 1933, despite near zero interest rates and the biggest fiscal blitz in history.
Quote:
Paul Ashworth at Capital Economics said the decline in M3 is worrying and points to a growing risk of deflation. "Core inflation is already the lowest since 1966, so we don’t have much margin for error here. Deflation becomes a threat if it goes on long enough to become entrenched," he said.
I hate it when people blame the economy on Bush... when does the economy become Obama's fault? Never? It makes your rhetoric less believable because then you attribute the recovery to Obama... perhaps the recovery was due to Bush cause it takes years to feel his effects on the economy and by your logic it will take years to feel his recovery as well? The deficit is PURELY Obama and Obama did NOT have to pay off the rich b@stards on Wall Street to save the economy... Basically Obama f'ed up (just like Bush)... but that was at the beginning of his presidency and Obama was a complete NOOB at it... he thought if he listened to "smart" people on his staff, he could do something effective.. turns out listening to idiots on one political side is the same as listening to idiots on the other political side... I think Obama has learned that hard lesson real fast...
Bush put to wars on the Government's Debit card and didn't make any payments. This is his f'up we're dealing with.
Bush put to wars on the Government's Debit card and didn't make any payments. This is his f'up we're dealing with.
How convenient you leave out the Fannie/Freddie issue. Gee, I wonder why.....
hmmm.. it wouldnt have anything to do with Barney Frank and others fighting hard against warnings/reform of Fannie/Freddie, would it? And lets not forget, Obama had a role in forcing banks to give loans to those who cant afford them.
Something else to watch out for over the next two years. FHA (government) is handling a large portion of mortgages now. Some "experts" have said they could be heading toward "needing" a bailout soon. And I wonder how many loans are given to people who still cant afford them?
But thats okay, you hypocrites who want to put everything at the feet of Bush, go ahead and keep ignoring all the others who had their hands in this mess.
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