# Context: Before 2009, the largest budget deficit recorded since the end of World War II had been 6.0 percent of GDP in 1983. The Bush Administration oversaw budget deficits averaging 3.2 percent of GDP.
# The 2009 budget deficit of 9.9 percent of GDP shattered the postwar record. Furthermore, the budget deficit is projected to remain above 5.8 percent of GDP indefinitely.
# By 2020, the budget forecasts a $1.9 trillion annual budget deficit, a public debt of 98 percent of GDP, and annual net interest spending surpassing $1 trillion.
Update: Here's a poll!
Who here thinks that it will take until 2020 to turn the US into the Weimar Republic?
Buy gold.
Seems Barry is math challenged, in addition to his other challenges around honesty, narcissism and being a closet marxist.
As a Canadian, I sort of feel like a Siamese twin who's brother wants to commit (economic) suicide. We have done okay so far but the US economy is still our prime mover.
Note the big jump in projected interest spending by 2020.
Once hyperinflation kicks in, the interest rate will zoom up and ...
I live in Southern Ontario, but I grew up in Pennsylvania and have over 100,000 in various retirement funds back home. I have to wonder if it is going to be worth the paper it is printed on until this Bastard is done with the US.
Rate Obama's performance in a MacLean's poll:
http://www2.macleans.ca/2010/01/25/on-a-scale-of-1-5-how-would-you-rate-barack-obama’s-performance-in-his-first-year-in-office/
Otter, you may well be right that the only thing that's going to fix this is massive currency devaluation.
To put a bit of perspective on this, yes, the current regime is behaving irresponsibly. However, they have experienced a severe collapse in government revenues. What is interesting here is that the serious ramp up in debt and deficit started 2000-2008. Despite an economic boom, deficits continued to grow, meaning that now when a recession is on, the kitty is empty. This isn't just an issue of the current presidency, pathetic though it may be in its fiscal competence. ALL US regimes over at least the last 10 years or so have systematically mismanaged government revenues and spending.
The pattern of the last 15 years seems to show that only a Democratic presidency combined with a Republican Congress kept the national finances in balance. Every other combination seems to have been a financial disaster.
It's not the first time this kind of thing has happened. The Spanish Empire destroyed itself early in the 17th century with a complete collapse in its government bonds. The empire would live on for another century or so but it was only a hollow, rotted out trunk waiting to be blown away by the revolutions of the early 19th C.
Fred: Seems Barry is math challenged..
Beck is doing a good job proving it tonight!
If that doesn't "wow" you, there is talk that the catastrophic "Buy America" scheme might exclude Canada.
Sure....
Obama has no clue what's going on. None.
Doesn’t everyone know, that the new Nancy Pelosi buzzwords for 2010 are "cut spending"?
It's almost comical if not pathetically sad watching her prescription stoned face and psychotic rolling eyes as she tells America that spending needs to stop, like its some radical new idea.
Any Canadian business that isn't actively working to pull business out of the US and find markets elsewhere deserves what they're going to get.
Can't see where all the blame rests with OBOZO....he had a lotta help....lotsa fools in Congress that actually wrote then passed the deadly stimulus.
My view is that the US Constitutional System actually works. The stimulous and nationalization of the auto-industry kicked it into gear.
Political minorities have a disproportionate power to frustrate any massive majority agenda. No wonder the OBOZO/Pelossi/Reid axis are so frustrated with the Constitution.
Inflation and devaluation are inevitable and already underway...despite intervention by the Fed.
“America is at that awkward stage. It’s too late to work within the system, but too early to shoot the bastards.”
........ those are the opening lines of “101 Things To Do ‘Til The Revolution” by Claire Wolfe.
Obama Voted for, or Signed Into Law, Every Blessed Penny of 2009's Spending
"[O]n March 14, 2008, then Sen. Obama voted in favor of the 2009 budget which authorized $3.1 trillion in federal outlays along with a projected $400 billion deficit."
Adam Smith stated that public deficits have never been paid in full since the time of the Romans. Britains war debts were simply inflated away. This is not a consequence of the spending - IT IS PART OF THE PLAN. Heavy deficit spending is never expected to be paid back.
We are witnessing the beginning of the end of the American era.
Dudes what was the deficit at the end of Reagan's two terms?
What was the deficit at the end of Clinton's 2 terms?
What was the deficit at the end of Bush Jr.'s 2 terms?
Check it out and learn.
There it is: Hope has died; hanged by O'hopeless itself.
Fear is now alone; but, Fear is an ugly, scabrous hussey.
Now, all O has to fear is Hopeless itself.
...-
"Obama’s words of hope are no longer enough
The speech included a list of pledges but an unspoken fear that Obama has too little mandate left hung heavy in the chamber"
"Obama’s words of hope are not enough for a nation facing unemployment."
"The famous 2008 campaign poster of Barack Obama — a saintly visage of the candidate above one word, “Hope” — still hangs in many a Democratic home. A year into his presidency there is a good deal less hope than before."
http://www.timesonline.co.uk/tol/news/world/us_and_americas/article7006933.ece
...-
Meanwhile, Zinn no more:
"Leftist Heads Explode Over Howard Zinn’s Death
David Horowitz's NewsRealblog ^ | Liz Blaine
The hatefulness of the Left knows no bounds when a conservative passes away, but when one of their own dies the hallowed halls of heaven are awaiting their savior as they glorify the beloved path he walked. And woe to him who dares question the idol of their worship. Bits of gray matter are clinging to the shards of leftist skulls as they bemoan the passing of Howard Zinn, the Marxist anarchist known for his revisionist history.
Progressive fans are flocking to twitter and leftist media lamenting Zinn’s demise.
“This world has certainly lost one of it’s most profound voices today.”
“Howard Zinn’s passing is the greatest loss to America since Karl Marx.”
“The world is darker without Howard and his voice, now silent, will be missed by all ‘true’ Americans.”
Some tweeters suffer delusions President Obama should have used the State of the Union address as a platform to recognize Zinn, while over at the Nation leftist drivel is spewing like lava from Mount Kilauea as progressives lay blame for his death,
(Excerpt) Read more at newsrealblog.com"
http://www.freerepublic.com/focus/f-news/2439599/posts
'there is a great deal of ruin in a nation"....
Hey Kate.
You should post some Cdn numbers too - to be fair of course.
There will be a huge increase in the entitlement programs as more and more Democrats in Congress and Senators retire.
They know the November 2010 Tsunami is coming.
I'm a little bit conflicted voting in that Macleans poll, although it seems to be going horribly correct...
The correct response to the question, is likely both #1, and #5. As Rush Limbaugh has previously stated, he is doing exactly as he set out to do, and he is having "great success" doing this, great success in implementing his agenda, however shitty it is.
According to him, he is not just B+ material, he is over the top with success.
uff.
I think it's increasingly likely we'll witness an American sovereign debt default at some point in the near future. Possibly before the end of Obama's first (and hopefully only!) term. There is simply no way the American federal budget can be brought into balance without massive structural change that is simply beyond the current batch of pathetic creatures called Congressmen and Senators.
Who knows what happens to the world's economy then.
“When half of the people get the idea that they do not have to work because the other half is going to take care of them, and the other half gets the idea that it does no good to work because somebody else is going to get what they work for, that my dear friend, is the beginning of the end of any nation.“– Anonymous
Looking Glass - my interpretation "working for the government is so great that I can only suggest everyone does!". Yep, that's the ticket.