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Bankrupting America.

Discussion in 'Politics, Elections & Legislation' started by JBrooks, Mar 26, 2009.

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  1. JBrooks

    JBrooks TS Member

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    Just consider this:

    "Last fiscal year, the deficit was $459 billion. For this fiscal year, it was $569 billion when Mr. Obama took office. Under his proposals, another $1.276 trillion will be added to the deficit this year, for a total of $1.845 trillion.

    The CBO says deficits will fall for three years to $658 billion, still nearly 50% larger than any past deficit. After that, deficits go back up every year, reaching the trillion-dollar a year mark again in nine years. By 2019, the debt would reach 82.4% of GDP, a level not seen since 1947."

    Perhaps some of you guys who voted for Obama or a Democrat for Congress can explain why this borrow tax and spend is a good idea?



    "Obama Points Back to the GOP's Future
    The president has made taxes and spending the big issues again.

    By KARL ROVE

    Something powerful is stirring in the land, and it may not be good news for President Barack Obama, his agenda or the Democratic Party. Mr. Obama said Tuesday night his budget moves America "from an era of borrow and spend" to "save and invest." But people are realizing he would add $9.3 trillion to the national debt, doubling it in six years and nearly tripling it in 10 years, according to the Congressional Budget Office (CBO). How can that be "save and invest"?


    APIn his inaugural address, Mr. Obama told us, "The stale political arguments that have consumed us for so long no longer apply." He wants to turn to new issues of education, health care and green jobs, which he plugged at every opportunity in Tuesday's press conference.

    Suddenly, though, it doesn't seem like a time of new politics and new concerns. Many Americans are anxious -- and in some cases angry -- about a set of old issues: deficits, taxes and the national debt. Mr. Obama's radical budget, his administration's slapdash operating manner, and events such as the AIG bonuses have revived animosity over government's size and cost.

    In response, tea parties are sprouting up, and opposition is growing to more bailouts, more spending, higher taxes and larger deficits, even among Congressional Democrats.

    Last fiscal year, the deficit was $459 billion. For this fiscal year, it was $569 billion when Mr. Obama took office. Under his proposals, another $1.276 trillion will be added to the deficit this year, for a total of $1.845 trillion.

    The CBO says deficits will fall for three years to $658 billion, still nearly 50% larger than any past deficit. After that, deficits go back up every year, reaching the trillion-dollar a year mark again in nine years. By 2019, the debt would reach 82.4% of GDP, a level not seen since 1947. With astonishing candor, even Peter Orszag, the president's budget director conceded these levels of deficits and debt are "unsustainable."

    About Karl Rove
    Karl Rove served as Senior Advisor to President George W. Bush from 2000–2007 and Deputy Chief of Staff from 2004–2007. At the White House he oversaw the Offices of Strategic Initiatives, Political Affairs, Public Liaison, and Intergovernmental Affairs and was Deputy Chief of Staff for Policy, coordinating the White House policy making process.

    Before Karl became known as "The Architect" of President Bush's 2000 and 2004 campaigns, he was president of Karl Rove + Company, an Austin-based public affairs firm that worked for Republican candidates, nonpartisan causes, and nonprofit groups. His clients included over 75 Republican U.S. Senate, Congressional and gubernatorial candidates in 24 states, as well as the Moderate Party of Sweden.

    Karl writes a weekly op-ed for The Wall Street Journal, is a Newsweek columnist and is now writing a book to be published by Simon & Schuster. Email the author at Karl@Rove.com or visit him on the web at Rove.com.

    Or, you can send him a Tweet @karlrove.
    Federal spending will under Mr. Obama top $4 trillion this year. This translates into 28.5% of GDP -- a level exceeded only at the height of World War II. According to the president's plans, spending will thereafter slow for three years, but then grow faster than the economy for the next seven years and beyond. Spending rises by $3.1 trillion from 2009-19, including $911 billion for legislation signed during his first two months in office, including the stimulus bill and the expansion of the State Children's Health Insurance Program (and not including interest on the mushrooming debt). Mr. Obama is violating every tenet of his promise "to spend wisely, reform bad habits, and do our business in the light of day."

    Americans are also worried about Mr. Obama's plans for $1.9 trillion more in taxes. These tax hikes won't just affect the "rich," as he claims. His cap-and-trade carbon tax will hit everyone who consumes energy -- that is, every American. Taxes on the top 5% of filers will result in lost jobs and wages for small businesses and less charitable giving. The administration claims higher taxes are required for deficit reduction. But its spending increases are half again as large as its tax hikes.

    Nothing has deterred the administration from pursuing its staggeringly expensive agenda. Mr. Obama brushed off any concerns Tuesday night. He is quite openly using the economic crisis to launch a massive, permanent expansion of government financed by ever-more borrowing and ever-higher taxes. This may mean that his goal is to cause taxes to rise to European levels, transforming America into a European-style social democracy.

    The dynamic he has set in motion could spur the emergence of strong competitors to Mr. Obama in 2012 who take a strong, principled stand against record-setting deficits, debt and taxes. It may also strengthen Republican chances in next year's midterm elections.

    Democrats should, for example, be troubled by a new National Public Radio poll showing Republicans tied or ahead in generic matchups for Congress. And while the midterms are 20 months off, Republican gubernatorial hopefuls in Virginia (Attorney General Bob McDonnell) and New Jersey (former U.S. Attorney Chris Christie) are ahead in two states Barack Obama carried last year that vote this fall.

    Tuesday night's news conference showed a fluid, self-assured president -- but one who seems to think that repeating a false argument will make it true. The man who promised to end "finger-pointing" has developed the habit of blaming everyone who came before him. Invoking the language of fiscal responsibility, he is engineering prosperity-killing deficits and bankrupting spending. Mr. Obama has put front and center a set of issues -- spending and taxation -- that brought Republicans to power in the past and may bring them back again. It looks as if we may be heading back to the future.
     
  2. highflyer

    highflyer TS Member

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    I don't know anything he has proposed that will create more jobs. Carbon taxes. More unemployment money. More money for foodstamps. More money for schools. More money for solar and wind energy. More unions. More money for highways. None of this will created many jobs. And what is he going to do to the small business owners that do create jobs. More taxes. He is an idiot. Before he is done we will all be out of work.
     
  3. stanky feet

    stanky feet TS Member

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    Brooks this guy has anal cranium disease so bad that he needs a piece of plexiglass in his belly to see out!!
     
  4. rd

    rd TS Member

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    This is pure socialism at work. Atlas will shrug, and the producers of wealth and prosperity will go Galt.
     
  5. highflyer

    highflyer TS Member

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    Who is dumber, Obama or the Americans that voted for him. We are all screwed.
     
  6. JBrooks

    JBrooks TS Member

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    Oh, for the good old days. Please note that the following article was published a month before the Democrats took control of Congress. Also note that they were"apaaled" at the deficit $248 billion. What are the Democrats deficts since?
    $459 biilion and $569 billion and if Obama get his way, $1.845 TRILLION JUST THIS YEAR! That is 7 and one half times the last Republican deficit. Is that the Change you guys hoped for?

    "Federal deficit now lowest in 4 years
    Updated 10/12/2006 9:59 AM ET
    WASHINGTON (AP) — The federal deficit fell to a four-year low in the budget year that just ended, a result President Bush pointed to Wednesday in claiming Republicans are better stewards of the economy than are Democrats.
    ANALYSIS: GOP promotes good news

    The administration said the deficit dropped to $247.7 billion — welcome news for Republicans struggling to keep control of Congress. Bush boasted he had made good on a 2004 campaign promise to cut the deficit in half over five years.

    "These budget numbers are proof that pro-growth economic policies work," Bush said.

    Democrats said the improvement in the 2006 federal deficit was a temporary blip. They predicted rising deficits for years to come unless policies are changed.

    "Only a president with such a historically bad economic record would be this excited about a $248 billion deficit," said Rep. Carolyn Maloney, D-N.Y. "Under his watch ... record surpluses turned into record deficits as far as the eye can see."

    Republicans are trying to convince voters that the GOP champions tax cuts while Democrats will raise taxes if they gain control of Congress. Democrats contend the administration's tax cuts have primarily benefited the wealthy."
     
  7. highflyer

    highflyer TS Member

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    My own job looks to be in jeopardy. I work for a small company. We have already had some layoffs and I can smell more coming with work slowing down. My wife's job is also in trouble. She works for IBM, unless we want move to India or Argentina and work at the prevailing wage in that country. I have a sinking feeling that before these Democrats are through a job at a fast food place or a convenience store will be looking mighty good. There won't be such a thing as a job Americans won't do, at any wage. Thanks Obama. The Democrats haven't done anything to promote the creations of jobs. On the contrary, they have done everything in their power to destroy jobs in the private sector.
     
  8. halfmile

    halfmile Well-Known Member

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    flincher, you dolt. The Democrats have had control of the Congress for the last 2 & 1/2 years.

    Typical puke action, point the finger in another direction to divert guilt.

    HM
     
  9. blizzard

    blizzard Active Member

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    Hey assflinch- A lot of the deficit that O inherited is due to a war that could have been avoided if your dick with the surplus had a pair of balls and gave the " go " when we had bin laden in our sights. Instead he was worried about a saudi prince. Typical effing liberal.
     
  10. Gary Olin

    Gary Olin TS Member

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    Brooks,

    You seem to have a rather distorted view of recent economic history and current events. Allow me to give you an update of past and current economic reality. During the last full quarter of the Bush administration (October- December 2008), the economy shrank at an annual rate of 6.2% from $14.4 trillion to $14.2 trillion. (See today’s press release from the Dept. of Commerce, Bureau of Economic Analysis, for details.) If the Obama administration were to balance the federal budget for fiscal year 2009, it would have to cut federal spending by $1.85 trillion. (Estimate of the FY 09 federal deficit by the Congressional Budget Office.) As this site’s self-proclaimed economic guru, would you care to speculate about the impact of reducing the nation’s gross domestic product by another $1.85 trillion when it is already falling at an annual rate of 6.2%?

    Also, please do not insult my intelligence by talking about the “good old days.” Bush inherited a $127 billion surplus for fiscal year 2001. After that, he managed to double the federal deficit from about $5 trillion to $10 trillion. During that time, real income was stagnant and job growth was negligible. And, as everyone is painfully aware, many trillions of dollars of wealth have been destroyed by the current recession which began early last year.

    I welcome your response, assuming you’re actually capable of thinking for yourself.

    Gary Olin
     
  11. Paladin

    Paladin Well-Known Member

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    "Aren't you conveniently forgetting that when Bush took the helm we had a SURPLUS,"


    How could anyone be so ignorant as to post such stupidity? This country has not had a surplus since well before the 1940's. The National Debt graphs show that there were a couple of annual budgets during 2000/2001 where tax revenue coming into the treasury exceeded spending, but to imply that there was a "SURPLUS" is just plain dumb. The national dept all during slick willie was above 5 TRILLION!
     
  12. halfmile

    halfmile Well-Known Member

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    30 seconds ago the 5 o'clock news annnounced that in the 4th quarter, the GDP shrank by 6.3 percent.

    That's in one quarter. AFTER the election, mostly.

    As soon as the mulatto won, the cave in started.

    I previously mentioned the difference between the debt and the deficit, I guess it should be done again, since many confuse the terms.

    The debt is the grand total we owe.

    The deficit is the amount we overspent this fiscal period, and it will be added to the debt unless a miracle makes it go away.

    We are going to be paying more than HALF our income (government income, that is) as interest on the debt.

    Can you do that on the personal level? Can someone making 50 thousand pay 25 thousand in interest?

    WOW.

    HM
     
  13. H82MIS

    H82MIS TS Member

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    If you can't dazzle em with brilliance,,baffle em with bullshit,,,,

    where do these clowns come from???,,,,,,

    I think the White House sent them,,,
     
  14. jcw62

    jcw62 TS Member

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    Flincher100 when Bush took office yes we has a surplus, it was a budget surplus only we still had debt on the books, I wish some of the F$%k*&g people would get a life.
     
  15. trappug

    trappug TS Member

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    Whats going to happen when china wants their money back.From what I understand thats where most of our debt is.This is what causes real wars?
     
  16. Paladin

    Paladin Well-Known Member

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    Speaking of liberal spending, this comes from the non partisan Congressional Budget Office, published on Saturday;

    "The national debt held by the public would double over the next decade if President Obama's budget is enacted into law.

    The U.S. government would run budget deficits approaching $1 trillion every year for a decade under Obama's budget, the CBO said."


    Even China's prime minister publicly voiced concern, seeing the U.S. as a risky, debt-ridden economy.


    Speaking of debt, how do you like the liberals now?
     
  17. blizzard

    blizzard Active Member

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    Wow, that silence from the Liberal idiots is deafening!
     
  18. Gary Olin

    Gary Olin TS Member

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    Bush inherited to federal budget surplus of $127 billion in FY 2001. The federal deficit at that time was approximately $5 trillion.
     
  19. Gary Olin

    Gary Olin TS Member

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    Rich,

    The BEA estimates of the decline in GDP are the change between the 3rd and 4th quarters of last year extrapolated to an annual basis. That's the difference between your number and BEA's.

    Halfmile,

    The BEA numbers are for the last three months of 2008. Preliminary estimates of GDP for the first quarter of this year won't be available until late next month

    Gary Olin
     
  20. bigdogtx

    bigdogtx Well-Known Member

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    Gary,,,,that $5 Trillion you refer to was NOT a deficit,,,,it was the national DEBT,,,,do you know the difference,,,,also while you are spouting numbers,,,,tell us how great the "Social Security Trust Fund" that your wonder budget surpluser is doing,,,,FYI estimates are at $55 Trillion!!!!

    BTW,,,,that is a debt, not a deficit!!

    NOW your boy wants to take over,,,,and I mean take over,,,,the financial services industry,,,,which includes banking and now insurance,,,,the REASON is that way your dumbos can continue to use the shell game with numbers while ROBBING from profitable businesses to pay for the LAZY BUMS STUPIDITY!!!!!
     
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