Is There Nothing That Obama Can't Do?

How can you have a Budget-Deficit projection when you don't have a budget?

I'm convinced- he set out deliberately to ruin the US.

Remember when Bush had the $400 Billion deficit in 2004 and people were going bonkers about it?

It thought it was outrageous at the time....how things change.

Destroy everything in order to re-build it as some sort of communist utopia bullshit? It's hard to believe a President would actually want to do that, but holy crap - if it walks like a duck, and talks like a duck, it's Daffy.

There are times that I wish I could budget like the US government. There's all sorts of things I want like 160 acres in the country, a 5000 square foot house on the property, my own generator, survival supplies for 2 years and multiple rings of intrusion alarms.

Can't afford it now, but if I was allowed to go into debt to the extent that the US government has, then I'd be able to toss in a few acres of solar cells as well as get government benefits for creating "green jobs" to hire people at minimum wage to scrape bird shit off the solar cells.

Instead of my measly $5 K of debt on my line of credit that I currently have, I could run my debt up to $10 million or so. Presumably, in the fairy tale world of Obozo, my going this much into debt would be viewed as a good thing because it would hire people to build my survivalist hideaway in the country but there's that pesky problem that the debt somehow has to be paid off. Now, the US government assumes that the Chicoms will want to keep on buying US T-bills forever so the US government can give money to unemployed people who will buy cheap Chicom crap. I suspect that the Chicoms have figured out that it won't be long before they pwn the US. That's when the Obozo voters who think the role of the government is to provide them with free stuff will get a rude awakening when their new Chicom overlords herd them into factory complexes where they will learn the meaning of the word "work".

The only hope the US government has of dealing with this crushing debt load is:
(a) hyperinflation which won't go over very well with the countries which have been keeping the US fantasy system alive for all these years
(b) actually start to produce stuff of value which would mean drilling for oil becoming self-sufficient in oil, dynamiting windmills, building new nuclear power plants and also re-learning how to make things themselves.

This latter approach is doable if the incoming government engages in some drastic slashing of bureaucracy by firing 90% of silly servants, eliminating the EPA, running a crash program in concrete shoe production for union leaders, firing all of the teachers and hiring minimum wage babysitters and, in general, letting the US population know that the party's over, time to get back to work. The only branch of the government that would be spared cuts would be the US military.

Ummm. It would appear that while the leftards where appeasing the religion of pieces in their homeland battlefields,Mohammand(p1ss be upon him) snuck a manchurian in the back door to get at a country's REAL underbelly,its economony.I'd say well played",if it werent for the consequences.

Can someone please explain to me why the results from 2009, 2010,2011, are shown as projected?

Without clarification on that somewhat important point, I call 'shenagigans', even though I don't doubt that the overarching message, that Bambam has spent billions more than he took in, is untrue.

The gold bar is the real thing KevinB. Right on Loki.

Kevin B, those are the deficit numbers that the CBO and the Administration were projecting for that year. The gold bar is what was actually achieved.

What's interesting here is that not only was the White House off in its forecasts, so too was the CBO for 2010 and 11. The actual was worse than the forecast even for the CBO.

Now I can see Obama being at least partly excused for 2009. First that was the full weight of the financial crisis. Second, most of the year's major funding decisions had already been made, except for the GM/Chrysler bailout. But there's no excuse for the administration's failures in 2010 and 11. Most of the TARP money was paid back by 2011.

And there's absolutely no excuse for not passing a budget since 2009. You cannot run a government on financial autopilot.

The debt is bad and staggering, but if you calculated it like an individual it would be the equivalent of being in debt equal to one year's wage.

Not that bad really.

Look at Japan! How are they functioning?

Jeff, while the "one years wage" comparison for debt may seem reassuring, it takes a long time to pay off that amount. If I was that far in debt, it would take me 5-10 years to pay it off. The optimistic figure would be assuming I double my work hours (something I could easily do where I live given the shortage of doctors).

As a lot of people have found out, it's very easy to get into debt and damn hard to get out of debt. Most people have large fixed outlays which take a very big chunk out of their yearly wage. I'm in the singular position of working so much I don't have time to spend the money I earn which is conducive to saving but not conducive to sanity. Time for a holiday.

To push the US debt example further, it's as if a family that was a years wage in debt decided to pay off the debt by canceling their cable TV and eating in restaurants only half as often. Likely this wouldn't even cover the interest cost on the debt. A lot of people are in a situation of having negative net worth because their outstanding mortgage is so large. The problem is solved for these people when they die as there's no way debtors can collect aside from seize their house. I guess the analogy with the US debt is for the Chicoms to seize all US assets.

and they laughed when the joke punchline was GWB saying,
"How many is a brazillion?"

and they laughed when the joke punchline was GWB saying,
"How many is a brazillion?"

As Loki said being a years worth if salary in debt is actually a difficult position. To add to this your debt payments are usually a significant portion of your expenses every month. You are very vulnerable to interest rate changes which can significantly change your debt servicing payments crowding out discretionary spending.

This is the real problem the US faces. Not really China who is also facing a problem of what to do with all those US dollars. In some ways the US won that by exporting useless debt and taking Chinese labor....

Loki I suspect the US will be forced to make necessary cuts and changes to reduce regulation. I suspect increase inflation to deal with debt servicing. Hopefully sooner rather then facing the Greek experience.

Philanthropist

Pol Pot along with all the would be Utopians, thought the same thing.
Cambodia has its hills of skulls, Russia its artificial famines with mass graves. Islam an endless ethnic cleansing.Zimbabwe a life span now from 67 to 35. South Africa is now catching up as will Venezuela.
Its the ideology you see, its more important than mankind.

Revnant Dream:

Indeed. But Obama seems to be too lazy to be that ideological. He's surrounded by those nasty people, but he's the Prez, he doesn't have to go along with them. Maybe he's just weak and won't stand up to anyone, or stand up for anything.

US debt numbers, including federal, state, municipal and personal. The spinning numbers will make your head spin too.

http://www.usdebtclock.org/