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Precision: Federal Debt 90% of GDP
A precise CBO report you won’t hear Nancy Pelosi raving about:
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.
In its 2011 budget, which the White House Office of Management and Budget (OMB) released Feb. 1, the administration projected a 10-year deficit total of $8.53 trillion. After looking it over, CBO said in its final analysis, released Thursday, that the president’s budget would generate a combined $9.75 trillion in deficits over the next decade.
Unsustainable both, a Democratic majority and their spending. Related: The Tax Man Cometh
Potluck 
fuzislippers 4:31 PM on 03/26/2010 Permalink |
Gee, I bet the only way to save the economy is to go to single-payer, slap on a VAT tax, and cut military spending. (grrr)
rubyslipperblog 5:16 PM on 03/26/2010 Permalink |
Funny you should say that. I had a Canadian friend argue with me that Americans could afford to care for everyone if we made cuts to our military. Isn’t providing for the common defense one of the key responsibilities of government according to the Constitution? Unbelievable.
fuzislippers 4:20 AM on 03/27/2010 Permalink |
Yes, it is. But cutting military spending is how Europe and Canada manage to drag out the inevitable demise of their socialist domestic policies. They’re all dependent on America to keep them safe, to hold our mutual enemies at bay. They believe (for some bizarre, unfathomable reason) that their safety (i.e. the lack of actual war or attacks from rogue nations) is down to … who knows what? They don’t understand that our military is the only thing that is standing between them and Iran, N. Korea, China, and who knows, maybe even Japan and/or Russia. And that’s where we’re heading if we don’t stop this crazy train–we, and all of our allies, will be completely defenseless. Gee, think our enemies and the tyrants of the world will respect our “civilized” western societies?