CBO: Under Obama's Budget Debt Level Will Rise to 90% of GDP in Nine Years

Trinity

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Does anyone believe that Obama's agenda is sustainable? It is utter madness to allow this to happen to our country.

Obama has been off in his projections all along and as of Thursday the CBO says his budget will create a deficit 90% of GDP in 9 years and his budget was 1.2 Trillion off in it's projections.:rolleyes:

CBO: Debt level will rise to 90% of GDP in nine years
on March 27, 2010

President Obama's fiscal 2011 budget will generate nearly $10 trillion in cumulative budget deficits over the next 10 years, $1.2 trillion more than the administration projected, and raise the federal debt to 90 percent of the nation's economic output by 2020, the Congressional Budget Office reported Thursday.
Washington Times

"Deficits in the, let's say, 5 percent of GDP range would lead to rising debt-to-GDP ratios in a manner that would ultimately not be sustainable," Mr. Orszag acknowledged to reporters on March 20, 2009, two months after the administration entered office.
Washington Times

Then they know it is madness and just proceed. :rolleyes: Democrats are out in November for being stupid.
 

mikeyh9in

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Oh... thank goodness Trinity... it's the CBO estimate. You already said that the CBO can't be trusted -- you know with them estimating that the healthcare reform law will *reduce* the deficit by 1.2 Trillion.

They must now be influenced by the right, instead of the left.
 

Trinity

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Oh... thank goodness Trinity... it's the CBO estimate. You already said that the CBO can't be trusted -- you know with them estimating that the healthcare reform law will *reduce* the deficit by 1.2 Trillion.

They must now be influenced by the right, instead of the left.

No. The CBO is bound by accounting rules and they are bound by what is submitted to them. Even by what Obama submitted...he's off by 1.2 Trillion and will have this country at a debt level of 90% of GDP in 9 years.
 
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Your first problem is citing a source I've seen you say is unreliable before. Your second is assuming that everything in the budget is supposed to be long-term spending anyway. And your worst mistake is comparing it to Bush's deficit as though all deficits are the same. Bush was like going to the bank to get a loan for buying a ton of shiny balloons; Obama is more like using that loan to weatherize his house for lower electric bills.
 

B_RedDude

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No matter how one looks at it, none of this would be as bad if good ol' George W hadn't run up the deficit as high as he did in his 8 years in office with his tax cuts and immoral war in Iraq (after coming into office with a budget surplus, that is). Obama is trying to move the country forward, but is terribly hampered by the legacy of George W. Bush.
 
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Oh, and the public debt was over 80% of our GDP before Obama even took office. Responsible investments (gasp) reap in positive rewards. Just look at FDR; it's the new "in" thing now for rpublicans to revise history and attack him, but not only did he establish things that resulted in us leading the world by 1950, but because he proposed sensible bills, even the big scary price tags on them and the debt-to-GDP ratio had dropped back down to normal within 20 years after his policies were implemented.

Now really, just why do you even come here to troll people trinity? Were the Ron Paul-worshiping kids at 4chan too tough to fool?
 

mikeyh9in

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Do you have a citation for that?

Trinity,

You forget that Bush *never* paid for his wars through the normal budget process.

Also, you have the unfunded Medicare Prescription program, *and* the Trillion dollar tax break to the rich.

Bush just hid all of his spending and claimed that everything was peachy!

Please remember that Bush came in office with the biggest problem being that we may pay off the national debt too early because of the surpluses that Clinton gave him.

He drove this country into the ground, and now when a democrat needs to fix it again, you are pissed.

Daily Kos: State of the Nation!

-Mike
 

Pitbull

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Oh, and the public debt was over 80% of our GDP before Obama even took office. Responsible investments (gasp) reap in positive rewards. Just look at FDR; it's the new "in" thing now for rpublicans to revise history and attack him, but not only did he establish things that resulted in us leading the world by 1950, but because he proposed sensible bills, even the big scary price tags on them and the debt-to-GDP ratio had dropped back down to normal within 20 years after his policies were implemented.


Looking at the above chart you cited,
my thought is that the debt was very high from 1940-1945 because of World War II.
And that it came down in the years following because the war ended.

Such an explanation does not provide justification for the Obama spending spree. Is that why you overlooked the obvious?

America's post war economic dominance had a lot to do with the industrial infrastructure put in place to fight the war and that Europe and much of Asia was in shambles.

I would not give FDR's New Deal policies credit for America's post war economic boom.
In fact most historians feel that without World War II, the great depression would have continued in spite of the New Deal.
 

Pitbull

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You forget that Bush *never* paid for his wars through the normal budget process.

Also, you have the unfunded Medicare Prescription program, *and* the Trillion dollar tax break to the rich.

Bush just hid all of his spending and claimed that everything was peachy!

Please remember that Bush came in office with the biggest problem being that we may pay off the national debt too early because of the surpluses that Clinton gave him.

He drove this country into the ground, and now when a democrat needs to fix it again, you are pissed.

http://www.dailykos.com/storyonly/2...ght-years-of-Bush-and-Cheney,-Now-you-get-mad

The Democrats and most Republicans failed to complain about the out of control spending of George Bush.

But many were aware and complained.

The Obama answer to too much spending by Bush is even more spending.
Doesn't take a genius to realize that is not going to "fix" it.

Let's spend our way out of debt.
Let's drink our way to sobriety.
 

justasimpleguy

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The Dems failed to complain about out of control spending? LOLOLOL. You mean when the medicare expansion and tax cuts passed through reconciliation with no Dem support right? Just because you didn't hear about doesn't mean people weren't flipping out.
 

TomCat84

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Looking at the above chart you cited,
my thought is that the debt was very high from 1940-1945 because of World War II.
And that it came down in the years following because the war ended.

Such an explanation does not provide justification for the Obama spending spree. Is that why you overlooked the obvious?

America's post war economic dominance had a lot to do with the industrial infrastructure put in place to fight the war and that Europe and much of Asia was in shambles.

I would not give FDR's New Deal policies credit for America's post war economic boom.
In fact most historians feel that without World War II, the great depression would have continued in spite of the New Deal.

Indeed, so what did the country do to pay off the war debt? Taxes were raised. Do you see that now? No.
 

TomCat84

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The Dems failed to complain about out of control spending? LOLOLOL. You mean when the medicare expansion and tax cuts passed through reconciliation with no Dem support right? Just because you didn't hear about doesn't mean people weren't flipping out.

Not to mention that Medicare expansion was ahcieved because the Republican leadership in the House held voting open for far beyond the normal 2 hour limit. If I recall correctly, it passed with somewhere around a 2vote margin.
 

mikeyh9in

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The Democrats and most Republicans failed to complain about the out of control spending of George Bush.

But many were aware and complained.

The Obama answer to too much spending by Bush is even more spending.
Doesn't take a genius to realize that is not going to "fix" it.

Let's spend our way out of debt.
Let's drink our way to sobriety.

This really shows your youth and inexperience in understanding Government spending.

Please educate yourself -- I recommend studying the issues Japan went through during their recent extended recession and how its mistakes on spending made the problem even worse. I'm sure their are multiple MBA case studies around for you to review.

Also, it was the Republicans yelling and screaming back in 1993 that "You are going to drive us into a deeper recession by raising taxes"... yet, the democrats:

- Did raise taxes, and
- turned a budget deficit into a budget surplus, and
- the country enjoyed many years of economic growth.

Now the Republicans are yelling and screaming again.

I just want to say to those folks... "shut up and sit down -- we know what we are doing, we have to do it *every* time a Republican gets out of office."
 
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Looking at the above chart you cited,
my thought is that the debt was very high from 1940-1945 because of World War II.
And that it came down in the years following because the war ended.

Such an explanation does not provide justification for the Obama spending spree. Is that why you overlooked the obvious?

America's post war economic dominance had a lot to do with the industrial infrastructure put in place to fight the war and that Europe and much of Asia was in shambles.

I would not give FDR's New Deal policies credit for America's post war economic boom.
In fact most historians feel that without World War II, the great depression would have continued in spite of the New Deal.
The graph wasn't what I was referring to. I was referring to. I was referring to the graph further down. And the only "infrastructure" WWII created was the military-industrial complex that still exists today; it didn't create all the roads, the schools, social security, and everything else responsible for putting us at the head of the world afterwards. The war is definitely what ended the depression, but it's not what made the US a world power.

oh, and know what a war is, in terms of economics? A spending spree.
 

justasimpleguy

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This thread is just silly.

So, we have 2 to 4 wars (depending on who is counting) being fought off the books with a halfway privatized military. Crumbling public schools and other infrastructure. Rising energy costs and increased property damage from climate change. And the largest financial meltdown and depression since the 1930s.

Who is surprised that the debt is going to be a huge portion of GDP for awhile? Only idiots.