CBO Report means nothing to Obama... Guess I was right.
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PaulM
Grim17
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CBO Report means nothing to Obama... Guess I was right.
by Grim17 Sat Mar 21, 2009 6:59 pm
A few days ago, the Congressional Budget Office released a report that informed the Obama administration and the American people, that Obama's proposed budget will produce $9.3 trillion worth debt over 2010-2019, which is $2.3 trillion worse than the administration predicted. That means the deficit under Obama's policies would never go below 4% of the size of the economy, which even liberal economists agree is unsustainable.
To those of you that don't understand exactly what that means, let me explain.
If our deficit goes above 4% of our GDP (the amount of money America generates, or makes, selling goods and services to the world) that means America can't make enough money to pay off that debt. That means that no matter how hard we try, the national debt can never be lowered, because we don't have enough to cover the interest on that debt.
Understand, that this news is not coming from some conservative economist, but from the administrations very own number crunchers.
Based on those deficit figures, this leaves Obama and the democrats in congress only two choices... They would have to abandon many of the social programs Obama said he will push through right away, such as universal health care, expanded education programs such as his pre-school plan, and his Cap & Trade renewable energy plan. The other choice is to significantly raise taxes on EVERYONE in America, from the poor to the rich, from small business to large corperations... Something that will have a devastating effect on the economy, bringing huge inflation and job lay-offs.
I asked on another thread, which avenue everyone thought he would take. I predicted he would not back off his socialist agenda, and it appears I was right. Here's what the White House released today:
To those of you that don't understand exactly what that means, let me explain.
If our deficit goes above 4% of our GDP (the amount of money America generates, or makes, selling goods and services to the world) that means America can't make enough money to pay off that debt. That means that no matter how hard we try, the national debt can never be lowered, because we don't have enough to cover the interest on that debt.
Understand, that this news is not coming from some conservative economist, but from the administrations very own number crunchers.
Based on those deficit figures, this leaves Obama and the democrats in congress only two choices... They would have to abandon many of the social programs Obama said he will push through right away, such as universal health care, expanded education programs such as his pre-school plan, and his Cap & Trade renewable energy plan. The other choice is to significantly raise taxes on EVERYONE in America, from the poor to the rich, from small business to large corperations... Something that will have a devastating effect on the economy, bringing huge inflation and job lay-offs.
I asked on another thread, which avenue everyone thought he would take. I predicted he would not back off his socialist agenda, and it appears I was right. Here's what the White House released today: