Obama Tables Record Deficit FY 10

[Shady]

The White House will predict a record budget deficit

The White House will predict a record budget deficit in the current fiscal year and more big shortfalls for the next decade in its upcoming budget proposal, a congressional source told Reuters on Sunday.

In its budget proposal to be released on Monday, the White House predicts a record $1.6 trillion budget deficit for the fiscal year that ends September 30, the Capitol Hill source said.

Reuters

Yet again, Obama's responsible for another record annual budget deficit. And yet again, he increases spending by an enormous amount.

Question: Who will he blame now for this budget, and for this deficit?

[Shakeyhands]

The stupid ideologies and stupid people who held them that put us in this recession/depression in the first place. Thanks.

[Shady]

The stupid ideologies and stupid people who held them that put us in this recession/depression in the first place. Thanks.

Oh, so people like Obama, who supported government intervention in the mortgage markets so that people who couldn't afford them, received home loans. Exactly right.

However, I'm not sure why that causes him to increase the deficit by $150 billion dollars this year. And I'm not sure why that causes him to increase spending even further than last year.

Last year he could at least claim that the bank bailouts, car bailouts, and the stimulus package were part of the record deficit. But this year?

[punked]

Oh, so people like Obama, who supported government intervention in the mortgage markets so that people who couldn't afford them, received home loans. Exactly right.

However, I'm not sure why that causes him to increase the deficit by $150 billion dollars this year. And I'm not sure why that causes him to increase spending even further than last year.

Last year he could at least claim that the bank bailouts, car bailouts, and the stimulus package were part of the record deficit. But this year?

You are not sure why spending is increased? How about entitlement programs and the baby boomer Shady? See revenue is down, but you still have to pay those who paid into Social Security, you still need to pay Medicare, these are things both the Republicans and Democrats back, but even if you freeze spending the cost of them will still go over the next 20 years.

BTW this year, troop surge, Jobs bill, airport security, and 16% increase in Education funding are a part of deficit. The Republicans left the country in bad shape and it will take a while to fix it all. It isn't like he was left with Surpluses like Bush was.

[Bugs]

This economist examines the choices:

http://www.youtube.com/watch?v=7zrVUWrAHdQ

To be clear, he says that no country that has ever spent 40% more than it took in in tax revenues has ever avoided a hyperinflation.

This is a statement based on a lot of research.

If this is right, it is clear which course Obama has taken America down . It is also clear that probably any other politician would have done the same thing. It would take unusual courage to put the country into a depression, and to let the banks and mortgages fail -- even if there is no better answer.

These might be the 'good old days'.

[punked]

This economist examines the choices:

http://www.youtube.com/watch?v=7zrVUWrAHdQ

To be clear, he says that no country that has ever spent 40% more than it took in in tax revenues has ever avoided a hyperinflation.

This is a statement based on a lot of research.

If this is right, it is clear which course Obama has taken America down . It is also clear that probably any other politician would have done the same thing. It would take unusual courage to put the country into a depression, and to let the banks and mortgages fail -- even if there is no better answer.

These might be the 'good old days'.

No country spending 40% more then they take in has had the top tax bracket be 33% either. The problem is taxes have been cut too low too sustain themselves. Either way you wont see Hyperinflation because almost every other country was way out spending debt to GDP ratio but the US's GDP is so big this wont make a dent. The US is a different beast then these other countries you talk about they aren't adding a debt load they can't sustain yet although the tipping point is 1.5 trillion dollars closer that is for sure.

[Shady]

You are not sure why spending is increased? How about entitlement programs and the baby boomer Shady? See revenue is down, but you still have to pay those who paid into Social Security, you still need to pay Medicare, these are things both the Republicans and Democrats back, but even if you freeze spending the cost of them will still go over the next 20 years.

BTW this year, troop surge, Jobs bill, airport security, and 16% increase in Education funding are a part of deficit. The Republicans left the country in bad shape and it will take a while to fix it all. It isn't like he was left with Surpluses like Bush was.

Complete nonsense. Obama increased discretionary spending by 80% in his OMNIBUS spending bill. That's non-entitlement spending!

Futhermore, his 16% increase in education is a complate waste. America already spends more money per student than any other country in the world! He's just throwing money down an unreformed pit.

He's a complete fiscal disaster. Even his own budget projections predict trillion dollar deficts as far as the eye can see, and thats during projected strong economic growth. He's the classic tax and spend democrat.

No country spending 40% more then they take in has had the top tax bracket be 33% either. The problem is taxes have been cut too low too sustain themselves.

Thats more complete nonsense. Under Obama's newly printed budget, he's raising the top tax bracket, yet still prediction trillion dollar deficits. And the reason a large deficit exists isn't because people aren't paying enough in taxes. That's ridiculous. If you add up federal, state, local, and sales taxes, most people pay more than half their income to the government. A deficit exists because some people want the government to do everything for everyone. Always spending more money than the year before, no matter how well the economy is doing, and no matter how low the unemployment rate happens to be. People like you.

[punked]

Complete nonsense. Obama increased discretionary spending by 80% in his OMNIBUS spending bill. That's non-entitlement spending!

Futhermore, his 16% increase in education is a complate waste. America already spends more money per student than any other country in the world! He's just throwing money down an unreformed pit.

He's a complete fiscal disaster. Even his own budget projections predict trillion dollar deficts as far as the eye can see, and thats during projected strong economic growth. He's the classic tax and spend democrat.

Thats more complete nonsense. Under Obama's newly printed budget, he's raising the top tax bracket, yet still prediction trillion dollar deficits. And the reason a large deficit exists isn't because people aren't paying enough in taxes. That's ridiculous. If you add up federal, state, local, and sales taxes, most people pay more than half their income to the government. A deficit exists because some people want the government to do everything for everyone. Always spending more money than the year before, no matter how well the economy is doing, and no matter how low the unemployment rate happens to be. People like you.

Actually the US is third in spending in total dollars and falls to 30th if we talk about % of GDP on education.

I agree it is a fiscal disaster we disagree who to blame it on. He could totally Colliage it and try to pull back all spending and sent the country into depression or he can take the hand the Republicans dealt him and work hard to correct that. I think the second is a good option and he has set a target to double exports over the next 5 years. That is a start.

As for the people like me comment I don't think you know me very well. I am against spending money you don't have (conservatives keep leaving office making crazy promises other governments have to keep) Although I am for spending money you do have in the right ways Shady.