Federal Debt Held by the Public Under CBO’s Two Budget Scenarios (As a percentage of GDP)
From the Congressional Budget Office;
Under current law, the federal budget is on an unsustainable path—meaning that federal debt will continue to grow much faster than the economy over the long run. Although great uncertainty surrounds long-term fiscal projections, rising costs for health care and the aging of the U.S. population will cause federal spending to increase rapidly under any plausible scenario. Unless tax revenues increase just as rapidly, the rise in spending will produce growing budget deficits and accumulating debt. Large budget deficits would reduce national saving, leading to more borrowing from abroad and less domestic investment, which in turn would depress income growth in the United States.”
PDF
WaPo offers the understatement of the decade: “Like his predecessors, Mr. Obama is aware of this issue. Like them, he has promised a plan to deal with it. And like them, he has not come up with anything credible yet. It’s time for that to change.”
Maybe it will take another war to get the USA out of it’s dilemma.
That would be an new American Civil War to toss the commies and eco-freaks down the well, so my peoples can be free.
Why not, the last went well.
That steeper slope is unacceptable and suggests either monumental fiscal ignorance and negligence (what do we expect from radical socialist extremists?) or a deliberate plot to bankrupt America. What else are we to think?
But Obamassiah has told us not to worry and he will fill every gas tank, stock every fridge, provide us with free health care and clean all the CO2 pollution from our waters.
He da man !!
In the mid-90’s, a US-based report indicated thet Canada, with its huge deficits, was likely to become third-world status or something to that effect.
My, how time’s have changed, eh?
I still argue with the use of the term “tax revenue”…
Combined pre-Obama unfunded liability for social security Medicare and Medicaid is 38 trillion.
I was startled to find out that the maximum benefit for social security is 28,000 tax free. That is an entitlement far larger than cpp and OAS.
It is worth noting that all of the above programs were brought in by the dems.
Ah well, let the kids clean up, 30 years from now, after the party.
I think there are three possible explanations for what’s going on:
1) Obama privately struggles with math — moves his lips when he’s counting on his fingers — but he became POTUS before he got the remedial help he needed;
2) he’s out to bankrupt America, as Canadian Sentinal speculated, in order to destroy the free market system and create a socialist state;
3) he doesn’t give a rat about the country, or about anyone but himself.
I’m curious to see how MSNBC, the NYT, etc. will cover the Congressional Budget Office’s report. Then again, maybe they won’t even need to cover it; maybe the CBO will suddenly retract it, and say “the powers that be decided against it.”
P.s. Stop disrespecting President Obama, Kate. Obama’s just on a little spree, having a little fun. It’s no big deal.
/:>*>
If the average American wouldn’t let some wastrel friend blow their hard-earned cash on some pyramid scheme, why isn’t this causing tumult? Don’t people get that they are up to their shoulders in debt now? Imagine their kids and grandchildren.
“…he has promised a plan to deal with it.”
And the plan is: Know more taxes!
I doubt that the graph will materialize, simply because I can’t believe that there are enough people out there stupid enough to lend money to a government in that position. Of course, I still can’t believe that American voters were stupid enough to elect Obama, so what do I know?
come on now, a commie, is a commie, is a commie. the main goal is to destroy the u.s. and the capitalist system and we will fall along with it.
phil m, we are still on track for that. it takes decades to ruin a very wealth country but it can be done.
Obviously the goal is to impose communism by bankrupting America and blaming it on capitalism.
Of course, the People aren’t going to fall for that; too preposterous, as capitalism didn’t choose to bankrupt America; the Left did.
Momar’s musings about civil war aren’t all that far-out at all. The Republicans went to war against the Democrats to free the slaves. Why wouldn’t there be a civil war to keep the Constitution, keep the Declaration of Independence, keep the Bill of Rights, keep the free market system that’s worked so well until the Left screwed things up, etc.?
Of course, instead of a civil war, I predict that Americans will turn away from Obama and the Democrats and restore the Republicans to majorities in both houses in 2010. And give Obama the bum’s rush out of the White House in ’12.
“Obama’s just on a little spree,”
Rappers (not me) call that “nigga rich”.
I can’t even talk about the Americans without getting pissed off and saying stupid isht. The majority of Americans have proven to be spoiled brats who are displaying monumental irresponsibility at this time. They are pissing away money and their futures like Michael Jackson with a platinum card.
The voting demographic called “women” are destroying our countries by continuously voting for entitlements and social engineering. I don’t know what the answer is, but this issue must be addressed.
Posted by: Osumashi Kinyobe at June 29, 2009 1:
“If the average American wouldn’t let some wastrel friend blow their hard-earned cash on some pyramid scheme, why isn’t this causing tumult? Don’t people get that they are up to their shoulders in debt now? Imagine their kids and grandchildren.”
They do get it. Why do you think the US savings rate has jumped to 6.5%? Everyone is saving there money, no one is spending……this recession will last a very long, long time my friends.
Indiana Homez
You obviously have some problem with women or are an out right misogynist (in simple terms you can understand ‘a woman hater’). As you are no doubt either on the business end of a recent break-up, or more likely an illiterate byproduct of a dysfunctional family and/or low end education system. In any event seek some physiological help and or medication9preferably one whose side-effects will leave you permanently sterilized
Ah, but missing link, it’s a fact that women disproportionately vote “left”, and in favour of the entitlements and social engineering Indiana Homez referred to; it’s just a fact. Studies have consistent findings in this regard. So are all the researchers/authors of these studies “at the business end of a recent break-up”, or “illiterate” or “dysfunctional” or uneducated?
Note that Indiana Homez was referring to the demographic as a whole, and not to every individual woman. Check out the banner at this site, eh?
ML
Your rant says allot more about you than my comment says about me. Instead of trying to persuade me with a strong argument, you de-evolve the conversation by flinging isht like a monkey.
Yes I have had a “recent break-up” WitYoMomma.