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Thread: "Breaking" news-Our debt will be unsustainable...

  1. #1
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    Default "Breaking" news-Our debt will be unsustainable...

    http://news.yahoo.com/s/ap/20100214/...deficit_crunch

    The government already has made so many promises to so many expanding "mandatory" programs. Just keeping these commitments, without major changes in taxing and spending, will lead to deficits that cannot be sustained.
    Take Social Security, Medicare and other benefits. Add in interest payments on a national debt that now exceeds $12.3 trillion. It all will gobble up 80 percent of all federal revenues by 2020, government economists project.

    That doesn't leave room for much else. What's left is the entire rest of the government, including military and homeland security spending, which has been protected and nurtured by the White House and Congress, regardless of the party in power.

    .......

    "In the end, solving our fiscal challenge — so many years in the making — will take both parties coming together, putting politics aside, and making some hard choices about what we need to spend, and what we don't," Obama said in his weekly Saturday radio and internet address.

    Still, his commission wouldn't have the power to force a congressional vote.

    Obama's call for fiscal austerity came at the same time he signed legislation lifting the cap on government debt from $12.4 trillion — which is close to being breached — to $14.3 trillion to permit more borrowing.

    The same law puts in place new budget rules praised by deficit hawks that would require future spending increases or tax cuts to be paid for with higher taxes or other spending cuts. "After a decade of profligacy, the American people are tired of politicians who talk the talk but don't walk the walk when it comes to fiscal responsibility," Obama said.

    It's not clear when the debt's day of reckoning will arrive. But the overall national debt over the next few years will rise to 100 percent of the gross domestic product — a level viewed as alarming by the International Monetary Fund and international economists.

    .......

    "One thing we can say with a fair amount of certainty," she said. "We never know when the wolf will be at our door. The wolf is very fickle and markets can turn very quickly. And a high debt level makes us very vulnerable to shifts in sentiment that we cannot predict."
    YIKES!

  2. #2
    Senior Member Franco's Avatar
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    The debt limit should have never been raised!

    There is way too much waste in our current spending that our budget should have been severly cut.

    But, don't worry as Obamo will spend our way out of it!
    “The end of democracy and the defeat of the American Revolution will occur when government falls into the hands of lending institutions and moneyed incorporations.” –Thomas Jefferson

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    Senior Member Evan's Avatar
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    " The last hope of human liberty in this world rests on us " - Thomas
    Jefferson

    “Sick of Inherited”
    The Washington Post babbled again today about Obama inheriting a huge deficit from Bush, blah blah blah. Amazingly enough, a lot of people swallow this nonsense. So once more, I’ll try a short civics lesson.


    Budgets do not come from the White House. They come from Congress, and the party that controlled Congress since January 2007 is the Democratic Party. They controlled the budget process for FY 2008 and FY 2009, as well as FY 2010 and FY 2011. In that first year, they had to contend with George Bush, which caused them to compromise on spending, when Bush somewhat belatedly got tough on spending increases.


    For FY 2009, though, Nancy Pelosi and Harry Reid bypassed George Bush entirely, passing continuing resolutions to keep government running until Barrack Obama could take office. At that time, they passed a massive omnibus-spending bill to complete the FY 2009 budgets.


    And where was Barrack Obama during this time? He was a member of that very Congress that passed all of these massive spending bills, and he signed the omnibus bill as President to complete FY 2009.


    Let’s remember what the deficits looked like during that period:


    If the Democrats inherited any deficit, it was the FY 2007 deficit, the last of the Republican budgets. That deficit was the lowest in five years, and the fourth straight decline in deficit spending. After that, Democrats in Congress took control of spending, and that includes Barrack Obama, who voted for the budgets.



    If Obama inherited anything, he inherited it from himself. In a nutshell, what Obama is saying is I inherited a deficit that I voted for and then I voted to expand that deficit four-fold since January 20th.

    WAKE UP, AMERICA BEFORE ITS TO LATE!!

    Wishing I'd written this...Evan
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  4. #4
    Senior Member Franco's Avatar
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    I was reading the story about Spain's economic policy. They use to have a Conservative government until the terrorist train bombing prior to their national elections. So,they elected an Oboma style Socialist that saw the way to prosperity was bigger gooberment spending to create jobs. Now, they are in much deeper doo-doo financially and now they are expecting a return to a more Conservative government.

    Anyone can spend money but, it takes real leadership to find alternatives!

    http://finance.yahoo.com/news/Spanis...7&asset=&ccode=

    ...It's a stinging comparison nonetheless for a country that only a few years ago had burgeoning growth but is now lumped with other deficit-laden countries on a watch list for a Greek-style crisis.

    Still, Spain has tried to spend its way out of recession with costly job-creation and stimulus measures, running up a budget shortfall that has spooked markets and lenders. Spanish sovereign debt has come under pressure, with creditors demanding a steeper interest rate to buy it and rates also rising for insurance against default.

    ......

    Want to ruin your economy? Just elect a Socialist for President!
    Last edited by Franco; 02-15-2010 at 10:23 AM.
    “The end of democracy and the defeat of the American Revolution will occur when government falls into the hands of lending institutions and moneyed incorporations.” –Thomas Jefferson

  5. #5
    Senior Member M&K's Retrievers's Avatar
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    Quote Originally Posted by Franco View Post
    I was reading the story about Spain's economic policy. They use to have a Conservative government until the terrorist train bombing prior to their national elections. So,they elected an Oboma style Socialist that saw the way to prosperity was bigger gooberment spending to create jobs. Now, they are in much deeper doo-doo financially and now they are expecting a return to a more Conservative government.

    Anyone can spend money but, it takes real leadership to find alternatives!

    http://finance.yahoo.com/news/Spanis...7&asset=&ccode=

    ...It's a stinging comparison nonetheless for a country that only a few years ago had burgeoning growth but is now lumped with other deficit-laden countries on a watch list for a Greek-style crisis.

    Still, Spain has tried to spend its way out of recession with costly job-creation and stimulus measures, running up a budget shortfall that has spooked markets and lenders. Spanish sovereign debt has come under pressure, with creditors demanding a steeper interest rate to buy it and rates also rising for insurance against default.

    ......

    Want to ruin your economy? Just elect a Socialist for President!
    Kinda makes you wish we had 2 year presidential terms.
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    Quote Originally Posted by Evan View Post
    " The last hope of human liberty in this world rests on us " - Thomas
    Jefferson


    Budgets do not come from the White House. They come from Congress, and the party that controlled Congress since January 2007 is the Democratic Party.

    And where was Barrack Obama during this time? He was a member of that very Congress that passed all of these massive spending bills, and he signed the omnibus bill as President to complete FY 2009.

    Let’s remember what the deficits looked like during that period:

    If the Democrats inherited any deficit, it was the FY 2007 deficit, the last of the Republican budgets. That deficit was the lowest in five years, and the fourth straight decline in deficit spending. After that, Democrats in Congress took control of spending, and that includes Barrack Obama, who voted for the budgets.


    If Obama inherited anything, he inherited it from himself. In a nutshell, what Obama is saying is I inherited a deficit that I voted for and then I voted to expand that deficit four-fold since January 20th.

    WAKE UP, AMERICA BEFORE ITS TO LATE!!

    Wishing I'd written this...Evan
    Good post!

    Quote Originally Posted by Franco View Post
    Anyone can spend money but, it takes real leadership to find alternatives!

    http://finance.yahoo.com/news/Spanis...7&asset=&ccode=

    ...It's a stinging comparison nonetheless for a country that only a few years ago had burgeoning growth but is now lumped with other deficit-laden countries on a watch list for a Greek-style crisis.
    ......

    Want to ruin your economy? Just elect a Socialist for President!
    From someone who should know !

    Quote Originally Posted by Margaret Thatcher
    Socialism appears to be great until you run out of other people's money!!!
    What I can't fathom is how someone wants to call themselves intelligent & can still support this administration.
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  7. #7
    Senior Member YardleyLabs's Avatar
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    Quote Originally Posted by Franco View Post
    ...

    Anyone can spend money but, it takes real leadership to find alternatives!
    ...
    Obviously, we need to go back to Bill Clinton, since he is the only one who has shown this leadership in the white house over the last 30 years.

  8. #8
    Senior Member Franco's Avatar
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    Quote Originally Posted by YardleyLabs View Post
    Obviously, we need to go back to Bill Clinton, since he is the only one who has shown this leadership in the white house over the last 30 years.
    According to this article originally posted here by Henry V, Bill Clinton started the current mess when he appointed Rick Rubin.

    http://www.rollingstone.com/politics...bubble_machine
    “The end of democracy and the defeat of the American Revolution will occur when government falls into the hands of lending institutions and moneyed incorporations.” –Thomas Jefferson

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    Quote Originally Posted by YardleyLabs View Post
    Obviously, we need to go back to Bill Clinton, since he is the only one who has shown this leadership in the white house over the last 30 years.
    Maybe O needs better interns.

  10. #10
    Senior Member YardleyLabs's Avatar
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    Quote Originally Posted by ducknwork View Post
    Maybe O needs better interns.
    Or better cigars....

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