Budget deficit to rise 4x last year's record deficit

Discussion in 'Politics' started by faceking, May 11, 2009.

  1. faceking

    faceking Well-Known Member

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    Even I can't make something up like this...

    The White House figures the government borrowing almost 50 cents for every dollar it spends this year. (let's give out free healthcare ASAP)

    The deficit for the current budget year will rise by $89 billion to above $1.8 trillion -- about four times the record set just last year. The unprecedented red ink flows from the deep recession, the Wall Street bailout, the cost of President Barack Obama's economic stimulus bill, as well as a structural imbalance between what the government spends and what it takes in.
    As the economy performs worse than expected, the deficit for the 2010 budget year beginning in October will worsen by $87 billion to $1.3 trillion, the White House says.



    ... and that's from the White House... not the honest opinion. I safely bet LPSG Obamabots will defend to the sword on this one too.
     
  2. B_starinvestor

    B_starinvestor New Member

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    the new healthcare system, which will be nothing short of a disaster, will also set pharm and healthcare services industries on their respective ears.

    keep 'em coming!

    Spend spend spend!

    and don't stop there - start giving things away that are provided by private industry!
     
  3. pym

    pym New Member

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    Hee Heeeeee the 2 chicken little's always side by side.
     
  4. javyn

    javyn New Member

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    I feel about as much sympathy for the pharm and healthcare service industries as they have for the working class uninsured.

     
  5. B_VinylBoy

    B_VinylBoy New Member

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    I'd make a comment, but the clucking is SO LOUD in this thread I can't hear myself type. :rolleyes:
     
  6. SilverTrain

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    Wonder how this "analysis" would be effected if the billions (trillions?) spent on Iraq/Afghanistan during the Bush years had been included in Bush's budgets?

    Oh, that's not fair, is it?
     
  7. javyn

    javyn New Member

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    Don't you know that destroying lives is a worthwhile endeavor to Republicans whereas saving them is considered heresy?

     
  8. reallybigshoe

    reallybigshoe Member

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    Wow down here in Aus we aren't looking so bad and we also sent troops to an an unwinnable war with you guys, ok so we sent like 3 troops and a muskat it still counts!

    But we are going from a surplus in 08 of $22Billion to a deficit in 09 of about $58 billion, though in all likelyhood, despite what everyone is saying, we actually wont see a contraction of economic growth so it might be worth it!!!
     
  9. sargon20

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    #9 sargon20, May 11, 2009
    Last edited: May 11, 2009
  10. Flashy

    Gold Member

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    It is perfectly fair to ask...but still does not change the facts.

    the war allocation for Fiscal Years 2001/2002 was 20.8 billion
    the war allocation for Fiscal Year 2003 was 67.7 billion
    the war allocation for Fiscal Years 2004 was 90.4 billion
    the war allocation for Fiscal Years 2005 was 105.5 billion
    the war allocation for Fiscal Years 2006 was 120.7 billion
    the war allocation for Fiscal Years 2007 was 170.5 billion
    the war allocation for Fiscal Year 2008 was 187.5 billion dollars.
    the war allocation for Fiscal Year 2009 is 144.3 billion dollars (estimate).
    the war allocation (just approved) for Fiscal Year 2010 is 130 billion

    the total war allocation for Iraq and Afghanistan, as of the moment, since 2001 is 855.829 billion (and rising every minute)

    so regardless, it does not change the facts, this years deficit, is still this year's deficit...it is 1.84 trillion, as authorized by President Obama and Congress.

    last year's deficit, was 455 billion.

    congress controls the purse strings, and since January 2007, democrats have had control, not republicans.

    with the stimulus and the omnibus in 100 days, President Obama and the democrats have spent more than 1.2 trillion dollars...which is nearly 350 billion more than the costs of Iraq and Afghanistan combined since 2001.

    so we have moved from Bush and Co wrecking sound economic principle, to Obama and Co wrecking sound economic principle.

    The fact is, you cannot blame Bush and support Obama for doing the exact same thing....which is rampant deficit spending.

    Why was it, that when Bush was running a deficit of 300 billion+ in 2006, Pelosi and Reid et. al who were running for office, were shrieking that it was so dangerous etc.?

    Harry Reid said of Republicans that it was “an unprecedented and dangerous borrowing spree” and declared republicans

    “the most fiscally irresponsible in the history of our country … no other president or Congress even comes close.”

    it is strange how quiet they are.



    "We are in the worst financial crisis since the Great Depression”
    Barak Obama
    Feb. 2009


    “They’re (the economy)not as bad as we think they are now.”
    Barak Obama
    Mar. 2009

    White House Office of Management and Budget director Peter Orszag declared that "fundamentally, the economy is weak."
    Peter Orszag
    Mar. 2009

    economic adviser Christina Romer, was asked on NBC's "Meet the Press" if the fundamentals of the economy were sound, she replied: "Of course they are sound."
    Mar. 2009




    Obama relentlessly criticized John McCain, for declaring, "The fundamentals of our economy are strong."



    he was painted as out of touch in September 2008 around the time McCain said this



    unemployment was just over 5%,


    the Dow was at 11,388


    there is a letigitimate question to ask...


    when McCain said the fundamentals were strong, the budget deficit was 455 billion, the Dow was at 11,388 and unemployment was over 6% (6.1-6.5 between Sept and Movember)...


    he was ridiculed...


    now, with a 1.84 trillion dollar deficit looming, unemployment at 8.9% the Dow at 8,418, we are told that the fundamentals are sound...things are not as bad as we think they are




    nobody sees just a bit of political hypocrisy in this?


    just a teency weency bit?
     
  11. SilverTrain

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    In order to recover from the gross financial mismanagement of the Bush era, it is axiomatic that stimulus spending is required. [An unpleasant irony, but c'est la vie]

    The trick is to spend intelligently, and for the greater benefit of the nation as a whole. Rather than to just line the pockets of a few of one's friends (Enron, Blackwater, KBR, etc).

    So just throwing up numbers withput taking into account historical perspective or real world problems/solutions is.....disingenuous, ignorant, lame.........
     
  12. Flashy

    Gold Member

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    Indeed...spending intelligently is the key, ST...and you did not take issue with the facts...

    I am already on record here as stating my support for the stimulus bill...in fact, i wanted it to be twice as large as it was...my plans for what i would spend it on are on record in this forum.

    *EXCEPT* i wanted it to be spent intelligently and unfortunately, it wasn't.

    if you are going to spend 800 billion, (then another half a trillion or so on the omnibus) it should be spent to stimulate, no?

    this was not, just like the fiscal mismanagement of the Bush administration, that you rightly pointed out.

    I fail to see a difference between irresponsible spending in the parties, and the only difference is, that this administration has now taken irresponsible spending to an even higher level then the Bush administration...which takes some serious doing.

    When Even Senator Konrad, can question Geithner on this, even you cannot take issue with this by deflecting the facts into another anti-Bush end-run.

    Face it, GWB was totally irresponsible, and now Obama is doing it, and to even greater degree.

    Through his votes in the Senate on the budgets in 2007, 2008 and as president in 2009, President Obama has approved of every dime spent into the current situation.

    He is just as culpable. Deal with it.

    when you put your vote for it, support, then as president, sign it, you are signing off on every bit of it.

    This is now Obama's deficit. It is his world now.

    GWB is gone, thankfully...that does not excuse the errors the president is making now.

    Fact. Obama has approved of every dime of this deficit.
     
  13. houtx48

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    star and facey sittin in a tree K_I_S_S_I_N_G
     
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