Shady Posted May 12, 2009 Report Share Posted May 12, 2009 2009 deficit 50% greater than expected The director of the Congressional Budget Office today updated his projections for the budget and economic outlook and is now anticipating a $1.8 trillion deficit this year, and $1.4 trillion in 2010. This is up from CBO director Douglas W. Elmendorf's January 2009 projection of a $1.2 trillion deficit this year. In short, the US government is borrowing 50 cents for every dollar it spends. The new projected deficit is four times the 2008 deficit, which was a record high for its time. ABC News What's even worse, is that their projections of 2010 and beyond are going to be even larger. And as that rises, so does the amount of new debt Obama will add over the next several years, currently projected at 9 - 10 trillion dollars. I wouldn't be suprised if it ends up in the neighbourhood of 12 -15 trillion dollars. And just a reminder, Bush added a paltry 5 trillion. And remember how awful that was! Quote Link to comment Share on other sites More sharing options...
punked Posted May 12, 2009 Report Share Posted May 12, 2009 Wait where is the post about Obama saving 2 trillion on Health Care Shady? That slip through the cracks? Quote Link to comment Share on other sites More sharing options...
jdobbin Posted May 12, 2009 Report Share Posted May 12, 2009 And just a reminder, Bush added a paltry 5 trillion. And remember how awful that was! But you never said a thing about it back then because everything Bush did was brilliant, simply brilliant! Quote Link to comment Share on other sites More sharing options...
August1991 Posted May 12, 2009 Report Share Posted May 12, 2009 (edited) But you never said a thing about it back then because everything Bush did was brilliant, simply brilliant!Despite his various faults, Bush Jnr never ran a deficit of $2 trillion ($2,000 billion). At most, Bush had a deficit of about $400 billion. To put what Obama is doing in further perspective, US GDP is about $15 trillion and so in one year, Obama will add over 10% of GDP to the federal government's debt. ----- Perhaps it is more disturbing that Obama fires the CEOs of private corporations, complains that private debtholders are not compliant, regrets that as president, he can't make private bankers do what he thinks is in the public interest. His chief of staff, and presumably Obama too, want to use this financial crisis to make government bigger. ----- Bush started his two quadrennials with a desire to be a compassionate conservative, then idiots dramatically changed Manhattan's skyline. Bush responded, as any president would have. History will determine whether the accomplishments of Obama or Bush will stand the test of time, and who ultimately will have done more for America. History is littered with forgotten leaders of grandiose plans, requiring other people's money. Edited May 12, 2009 by August1991 Quote Link to comment Share on other sites More sharing options...
punked Posted May 12, 2009 Report Share Posted May 12, 2009 Despite his various faults, Bush Jnr never ran a deficit of $2 trillion ($2,000 billion). At most, Bush had a deficit of about $400 billion. To put what Obama is doing in further perspective, US GDP is about $15 trillion and so in one year, Obama will add over 10% of GDP to the federal government's debt. ----- Perhaps it is more disturbing that Obama fires the CEOs of private corporations, complains that private debtholders are not compliant, regrets that as president, he can't make private bankers do what he thinks is in the public interest. His chief of staff, and presumably Obama too, want to use this financial crisis to make government bigger. ----- Bush started his two quadrennials with a desire to be a compassionate conservative, then idiots dramatically changed Manhattan's skyline. Bush responded, as any president would have. History will determine whether the accomplishments of Obama or Bush will stand the test of time, and who ultimately will have done more for America. History is littered with forgotten leaders of grandiose plans, requiring other people's money. I get it we can compare Obama to Bush, but when we compared Bush to Clinton that was terrible. Nope America wont listen to you guys becuase your arguments back during Bush was all kinds of crazy to quote Cheney "Deficits don't matter any more............." now you guys are adding "unless a Democrat is in power". Sit down and let the grown ups talk, if you want to be relevant become a Blue dog Democrat at least they get a say. Quote Link to comment Share on other sites More sharing options...
bush_cheney2004 Posted May 12, 2009 Report Share Posted May 12, 2009 Despite his various faults, Bush Jnr never ran a deficit of $2 trillion ($2,000 billion). At most, Bush had a deficit of about $400 billion. To put what Obama is doing in further perspective, US GDP is about $15 trillion and so in one year, Obama will add over 10% of GDP to the federal government's debt. Agreed....it appears that Barack Obama will get the FDR Free Pass, even as George Bush was excoriated for much smaller budget deficits. I just hope the resulting inflation doesn't exceed 1970's levels. Quote Link to comment Share on other sites More sharing options...
Shady Posted May 12, 2009 Author Report Share Posted May 12, 2009 Wait where is the post about Obama saving 2 trillion on Health Care Shady? That slip through the cracks? Yeah, the 2009 and 2010 deficit projections have exploded because Obama just saved 2 trillion dollars on health care. But you never said a thing about it back then because everything Bush did was brilliant, simply brilliant! Nope, I didn't think it was brilliant at all. In fact, his second term deficits were inexcusable. His first term deficits were a little more understandable with the recession and 911. "Deficits don't matter any more............." now you guys are adding "unless a Democrat is in power". There's a slight different between a deficit of 3% of GDP and an Obama deficit of 50% of GDP. Even you should be able to do the math. Quote Link to comment Share on other sites More sharing options...
August1991 Posted May 12, 2009 Report Share Posted May 12, 2009 (edited) "Deficits don't matter any more............."Deficits don't matter as long as you don't turn government into a Ponzi scheme.The US federal government at present has a debt of about 60% of US GDP. Japan has a debt of about 190% of Japanese GDP. So, the US federal government has some room to manoeuvre. Obama is only going to raise the debt this year from 60% to 70%. How far can he push the envelope? ----- The economic record of Japan over the past 20 years has not been stellar so perhaps it's a bad example. Nevertheless, the evidence of State intervention in private economic affairs has not been good. The Soviet Union and Maoist China are the obvious examples. But what of Europe's perpetual 10% unemployment rates, its emigration and aging populations? Heck, what of Sweden or Iceland? The State is no solution - and nor is bigger government spending the solution. In the 1930s, when Keynes argued in favour of public works, taxes took about 20% of private efforts. Now, in western countries, taxes typically take about 50% of private efforts. How can anyone sane argue for further government intervention in the private economy when the State already regulates whether our children can say the Lord's Prayer? Edited May 12, 2009 by August1991 Quote Link to comment Share on other sites More sharing options...
jdobbin Posted May 12, 2009 Report Share Posted May 12, 2009 Despite his various faults, Bush Jnr never ran a deficit of $2 trillion ($2,000 billion). At most, Bush had a deficit of about $400 billion. Which many on the right seemed to have no issue with all the while it happened. Bush started his two quadrennials with a desire to be a compassionate conservative, then idiots dramatically changed Manhattan's skyline. Bush responded, as any president would have. By attacking a country that had nothing to do with the attack? It is like responding to Pearl Harbor by attacking Brazil. Quote Link to comment Share on other sites More sharing options...
jdobbin Posted May 12, 2009 Report Share Posted May 12, 2009 Nope, I didn't think it was brilliant at all. In fact, his second term deficits were inexcusable. His first term deficits were a little more understandable with the recession and 911. I can't recall any of your posts talking about how bad deficits were during the Bush years. Quote Link to comment Share on other sites More sharing options...
Shady Posted May 12, 2009 Author Report Share Posted May 12, 2009 I can't recall any of your posts talking about how bad deficits were during the Bush years. I don't recall any of yours either. Quote Link to comment Share on other sites More sharing options...
stevoh Posted May 12, 2009 Report Share Posted May 12, 2009 I would rather spend 10 trillion dollars on helping my own country than 1 trillion dollars bombing another. Quote Link to comment Share on other sites More sharing options...
Shady Posted May 12, 2009 Author Report Share Posted May 12, 2009 I would rather spend 10 trillion dollars on helping my own country than 1 trillion dollars bombing another. Nice false choice. Try again. Quote Link to comment Share on other sites More sharing options...
geoffrey Posted May 13, 2009 Report Share Posted May 13, 2009 The director of the Congressional Budget Office today updated his projections for the budget and economic outlook and is now anticipating a $1.8 trillion deficit this year, and $1.4 trillion in 2010. Better work on your tolerance of MSG and the taste of Chow Mein! Something neglected from these numbers is the growth in the gap between the funded and unfunded social security obligations that this recession has created. Medicare today will fail in 2017. And Obama wants to expand the reach of this program. God help them down south. This man is going to really going to hurt America for decades to come. Quote Link to comment Share on other sites More sharing options...
jdobbin Posted May 13, 2009 Report Share Posted May 13, 2009 I don't recall any of yours either. You don't? Been posting them here for a long time. Been posting on overspending for a long time in both countries including Liberal overspending. I don't recall a single post of yours talking about deficits on the part of your Republican party. Quote Link to comment Share on other sites More sharing options...
Shady Posted May 13, 2009 Author Report Share Posted May 13, 2009 You don't? Been posting them here for a long time. Been posting on overspending for a long time in both countries including Liberal overspending. Really? What Liberal overspending have you been posting about here since 2006? Maybe you mean on a Provincial level? I don't recall a single post of yours talking about deficits on the part of your Republican party. I've posted numerous times regarding Republican overspending. They're all right here in this link. http://www.mapleleafweb.com/forums/ Take a look and get back to me. Quote Link to comment Share on other sites More sharing options...
jdobbin Posted May 13, 2009 Report Share Posted May 13, 2009 Really? What Liberal overspending have you been posting about here since 2006? Maybe you mean on a Provincial level? Since I was not a member of this forum before 2006, I have been writing about Liberal overspending in this forum since 2006. Until this week, I have never seen you write anything about Republican overspending. I've posted numerous times regarding Republican overspending. You never have and you probably will deny by next week that you even mentioned it this week. Quote Link to comment Share on other sites More sharing options...
Shady Posted May 13, 2009 Author Report Share Posted May 13, 2009 Since I was not a member of this forum before 2006, I have been writing about Liberal overspending in this forum since 2006. What Liberal overspending since 2006? They have no power to spend at all. Until this week, I have never seen you write anything about Republican overspending. I've written quite extensively on the subject and I provided the link in a previous post. Quote Link to comment Share on other sites More sharing options...
jdobbin Posted May 13, 2009 Report Share Posted May 13, 2009 What Liberal overspending since 2006? They have no power to spend at all. Think I have already told you I have been critical of Liberal government spending when they were office. In this forum that criticism has been stated since I started posting. I've written quite extensively on the subject and I provided the link in a previous post. And I have clearly said in all these posts that you are a liar. Check it out if you don't believe it. http://www.mapleleafweb.com/forums//index.php?act=idx Quote Link to comment Share on other sites More sharing options...
Shady Posted May 13, 2009 Author Report Share Posted May 13, 2009 Think I have already told you I have been critical of Liberal government spending when they were office. In this forum that criticism has been stated since I started posting. Well, seeing as you've continually stood up to government overspending, regardless of party, I'm sure you and I can agree that Obama has gone completely overboard. I can sense that you're already putting the finishing touches on some rather witty and substantive posts taking him to task over his gargantuan deficits. and his irresponsible budget. Right? Quote Link to comment Share on other sites More sharing options...
jdobbin Posted May 13, 2009 Report Share Posted May 13, 2009 Well, seeing as you've continually stood up to government overspending, regardless of party, I'm sure you and I can agree that Obama has gone completely overboard. I can sense that you're already putting the finishing touches on some rather witty and substantive posts taking him to task over his gargantuan deficits. and his irresponsible budget. Right? I agree that Obama is spending too much and have said so in posts here. He should start cuts and plan on ending the deficit. I am rather pleased that he has some plan to cut fast rising health costs. Quote Link to comment Share on other sites More sharing options...
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