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CBO: $10 trillion jump in debt under Obama budget; CNN is warning!!
Topic Started: Mar 5 2010, 07:48 PM (1,177 Views)
Baldo
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NEW YORK (CNNMoney.com) -- If President Obama's 2011 budget were put into effect as proposed, the U.S. federal government would add an estimated $9.8 trillion to the country's accrued debt over the next decade, according to a preliminary analysis from the Congressional Budget Office.

Of that amount, an estimated $5.6 trillion will be in interest alone.


By 2020, the agency estimates debt held by the public would reach $20.3 trillion, or 90% of GDP. That's up from 53% of GDP in 2009.

Research done by economists Kenneth Rogoff and Carmen Reinhart has shown that such high levels of debt can cause a drag on economic growth.

The CBO cited two big contributors to the jump in debt.

One is the president's proposal to extend the 2001 and 2003 tax cuts for the majority of Americans. The other is the proposal to protect middle- and upper-middle-income families from having to pay the Alternative Minimum Tax (AMT).

Together those proposals would cost $3 trillion between 2011 and 2020.

"It points out the unwillingness of the administration to raise the revenues to pay for the size of government being proposed," said Robert Bixby, executive director of the Concord Coalition, a deficit watchdog group.

If Congress doesn't act, all of the Bush tax cuts are slated to expire at the end of this year and there will be no protection from the AMT.

But current law is not politically realistic, many say. That's why the administration prefers to compare the cost of its proposals to what lawmakers are likely to do -- namely, extend tax cuts and fix the AMT.

Hence, the White House Budget Office estimates that under the president's proposals, $8.5 trillion would be added to the country's accrued debt over the next decade, or $1.3 trillion less than the CBO estimate.

Either scenario is unsustainable, Bixby said.

The administration has also called the budget trajectory unsustainable and the president has created a fiscal advisory commission to recommend ways lawmakers can get annual deficits down to 3% of GDP by 2015...snipped
http://money.cnn.com/2010/03/05/news/economy/cbo_obama_budget/index.htm


I don't know how much more dire a warning could be sounded? This is the CBO, not the Republicans.

It means within ten years debt held by the public would reach $20.3 trillion, or 90% of GDP!

That is insolvency and there goes our Social Security & Medicare. I am beginning to wonder if we can afford 3 more years of Obama. What the hell is he doing?
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Baldo
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Congressional estimates show grim deficit picture

...The nonpartisan Congressional Budget Office predicts that Obama's budget plans would generate deficits over the upcoming decade that would total $9.8 trillion. That's $1.2 trillion more than predicted by the administration.

The agency says its future-year predictions of tax revenues are more pessimistic than the administration's. That's because CBO projects slightly slower economic growth than the White House.

The deficit picture has turned alarmingly worse since the recession that started at the end of 2007, never dipping below 4 percent of the size of the economy over the next decade. Economists say that deficits of that size are unsustainable and could put upward pressure on interest rates, crowd out private investment in the economy and ultimately erode the nation's standard of living.

Still, the Feb. 1 White House budget plan was a largely stand-pat document that avoided difficult decisions on curbing the unsustainable growth of federal benefit programs like the Medicare health care program for the elderly and Medicaid, which provides health care to the poor and disabled...snipped
http://news.yahoo.com/s/ap/20100305/ap_on_go_co/us_budget_deficits_3



I notice they used the Mike Nifong timeline method of news releases.

Wait until Friday afternoon.
Edited by Baldo, Mar 5 2010, 08:15 PM.
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Mason
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Parts unknown
.
Why this is perfectly consistent with expectations.

Obama is trying to kill our existing economy and systems. It's hard to reach any other conclusion.

.
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Mason
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NC is full of economists (must be all the Universities) and there was one on the Radio this afternoon saying the CBO was being extremely kind to Barack Obama.

The Health Care reform plan alone will cost much more than the CBO figures, who may be trying to be accommodating to the President.

.

Edited by Mason, Mar 5 2010, 11:15 PM.
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Baldo
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Mort Zuckerman: Obama's 'Done Everything Wrong;' His Admin. Has 'Recreated the Republican Party'

http://www.youtube.com/watch?v=UC1oRvzHdhQ


This is a really important video
Edited by Baldo, Mar 6 2010, 02:44 AM.
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foxglove

It certainly looks like Obama is deliberately trying to destroy the economy which would likely reduce most of the country to poverty. I think the left, of which Obama is part, has hate for this country but the "powers that be" might also want the destroy the U.S. in order to create a global government and economy. The "powers that be" could be an internationalist cabal of some sort, people like Soros, etc.

If the economy grinds to a halt, there is hyperinflation, or if the dollar collapses, there will likely be social disorder. This apparent deliberate effort of Obama to ruin the economy reminds me of the Morgenthau Plan for post-WWII Germany which was a plan to make sure Germany would never have a chance to be an economic leader for the foreseeable the future. Perhaps, with the Bretton Woods Conference (about 1944) and the key leaders of that conference, Keynes and Harry Dexter White, we see the beginnings of a fusion between those who are leftist (White was later accused, with ample evidence, of being a Soviet agent) and a rudimentary world financial system (the IMF was started).

Sinister, and long in the planning and implementation, IMO.

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Baldo
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National debt to be higher than White House forecast, CBO says

President Obama's proposed budget would add more than $9.7 trillion to the national debt over the next decade, congressional budget analysts said Friday. Proposed tax cuts for the middle class account for nearly a third of that shortfall.

The 10-year outlook released by the nonpartisan Congressional Budget Office is somewhat gloomier than White House projections, which found that Obama's budget request would produce deficits that would add about $8.5 trillion to the national debt by 2020.

The CBO and the White House are in relative agreement about the short-term budget picture, with both predicting a deficit of about $1.5 trillion this year -- a post-World War II record at 10.3 percent of the overall economy -- and $1.3 trillion in 2011. But the CBO is considerably less optimistic about future years, predicting that deficits would never fall below 4 percent of the economy under Obama's policies and would begin to grow rapidly after 2015.

Deficits of that magnitude would force the Treasury to continue borrowing at prodigious rates, sending the national debt soaring to 90 percent of the economy by 2020, the CBO said. Interest payments on the debt would also skyrocket by $800 billion over the same period.

Obama's tax-cutting agenda is by far the biggest contributor to those budget gaps, the CBO said. As part of his campaign pledge to protect families making less than $250,000 a year from new taxes, the president is proposing to prevent the alternative minimum tax from expanding to ensnare millions of additional taxpayers. He also wants to make permanent a series of tax cuts enacted during the Bush administration, which are scheduled to expire at the end of this year...snipped
http://www.washingtonpost.com/wp-dyn/content/article/2010/03/05/AR2010030502974.html?hpid=topnews


I think the plan is quite clear.

Redistribute the Wealth
1) Create Massive Deficits
2) Force Tax Increases because we have to or face economic collapse. Sooner or later those taxes will hit the non-rich in hidden ways.

Force systemic changes that can't be easily repeal. Subjugate our Economy.

Depose the capitalist dictatorship of the bourgeoisie, replacing it in turn with dictatorship of the proletariat through which the socialization of the means of production can be realized.

Step by step it is being done by expanding Government and penalizing the private sector. They just have better looking suits this time and cloak their policies under being Green, Populism, and Saving the Planet.
Edited by Baldo, Mar 6 2010, 08:24 AM.
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abb
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That's been the plan for many years. Looks like the Birchers were right after all, doesn't it?
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Rusty Dog
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I do not like not liking our President. It goes against my patriotic spirit. But I agree that this is looking like an intentional plan.

Every single thing he has done has been distressing. I fear for our country.

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Baldo
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President Obama is close to completing his socialist revolution. Since coming to power last year, he has sought relentlessly to transform America. From his days as a student radical, Mr. Obama has been obsessed with smashing the traditional free-market system. Like most leftists, he thinks capitalism is the enemy.

"He was a Marxist-socialist in college," said John C. Drew, who knew Mr. Obama as a university student, in an interview. "He kept talking about the need to overthrow capitalism in favor of a working-class revolution."

One of Mr. Obama's favorite philosophers was Frantz Fanon, a post-colonial Marxist who championed Third World liberation movements. Fanon argued that the West - led by America - was based on racism, imperialism and the economic exploitation of the world's poor. The only remedy was authoritarian socialism and a massive redistribution of wealth from Western nations to developing countries...snipped
http://www.washingtontimes.com/news/2010/mar/05/the-united-socialist-states-of-america-40348471/


Sure sounds like Trinity Church and his mentor Rev Wright's belief in Black Liberation Philosophy. 20 years sitting in those pews was just a co-incidence?


Edited by Baldo, Mar 6 2010, 09:38 AM.
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genny6348
Genny6348
Interesting election in Houston:

This win seems to be out of right field
Quote:
 
Kesha Rogers called for the impeachment of President Barack Obama as the centerpiece of her campaign for Congress, and on Tuesday she won the nomination of her party.

The Democratic Party.

It was no stealth campaign. Rogers shouted it from a sound truck that cruised the four-county 22nd Congressional District. She posted an 18-foot banner emblazoned with the message “Save NASA. Impeach Obama” on street corners. Her Web site is filled with videos and periodic policy statements documenting her stand.

During the campaign, Rogers denounced warnings of global warming as imperialist genocide, proclaimed that London banking interests are bent on ruining America's economy and accused Obama of “pissing on the legacy of President John F. Kennedy” in proposing to end NASA's Constellation program.

“I can't believe that most people who voted for her knew that she wants to” impeach Obama, losing candidate Doug Blatt states on his Web site. “I do believe that most of them didn't do any research about the candidates before voting.”

One Democratic blogger already has posted instructions on how to de-select Rogers from a straight party ticket vote.

When a spokesman for Republican incumbent Pete Olson was asked for reaction, he barely suppressed his mirth.

“You never take an election for granted,” said Chris Homan, “but you, perhaps, wonder whether the Democrats in this district have profoundly changed their views on the president. She didn't hide her position.”
LaRouche organizer

Rogers, 33, of Stafford, is a volunteer organizer for the LaRouche Youth Movement.

Lyndon LaRouche, 87, is an economist and frequent candidate for president who runs as a Democrat. Detractors call him a conspiracy theorist and cult leader. Supporters see him as a visionary willing to buck the establishment. He has run for president eight times since 1976, including a 1992 campaign from prison while serving five years of a 15-year mail fraud sentence.

The threat of impeachment is leverage to push for an end to Wall Street bailouts and restore funding for manned space travel, Rogers explained.

“If anybody's serious about saving NASA or addressing this economic crisis, they're going to have to put this impeachment question on the table,” she said.

Rogers has been pushing for Democratic Party reform since at least 2006, when she was unsuccessful in a bid to become the state party chair at its convention.

“One of the things the LaRouchites are able to do is to engage young people,” said Gerry Birnberg, chairman of the Harris County Democratic Party. “If she can turn out young people to vote for Democrats, all the better.”

Birnberg said Rogers has much to commend her. He said his main objection to her candidacy is her association with LaRouche, and that if she instead held many of the same views but belonged to a group called “LBJ Democrats,” her ideas would appear much more mainstream.

Birnberg and Rogers both said much of LaRouche's economic thinking is in line with Franklin D. Roosevelt's, including investment in public works, separating commercial from investment banking and opposition to corporatism.

Rogers won a majority of the Democratic vote Tuesday against Blatt, a development analyst, and ordained minister Freddie John Wieder Jr.

Her Web site trumpets her victory with the headline: “The message is clear: Barack Obama has to go.”

chris.moran@chron.com

Impeaching Obama sounds good to me. Let me count the ways.
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kbp

Baldo
Mar 6 2010, 08:23 AM
National debt to be higher than White House forecast, CBO says

President Obama's proposed budget would add more than $9.7 trillion to the national debt over the next decade, congressional budget analysts said Friday. Proposed tax cuts for the middle class account for nearly a third of that shortfall.

The 10-year outlook released by the nonpartisan Congressional Budget Office is somewhat gloomier than White House projections, which found that Obama's budget request would produce deficits that would add about $8.5 trillion to the national debt by 2020.

The CBO and the White House are in relative agreement about the short-term budget picture, with both predicting a deficit of about $1.5 trillion this year -- a post-World War II record at 10.3 percent of the overall economy -- and $1.3 trillion in 2011. But the CBO is considerably less optimistic about future years, predicting that deficits would never fall below 4 percent of the economy under Obama's policies and would begin to grow rapidly after 2015.

Deficits of that magnitude would force the Treasury to continue borrowing at prodigious rates, sending the national debt soaring to 90 percent of the economy by 2020, the CBO said. Interest payments on the debt would also skyrocket by $800 billion over the same period.

Obama's tax-cutting agenda is by far the biggest contributor to those budget gaps, the CBO said. As part of his campaign pledge to protect families making less than $250,000 a year from new taxes, the president is proposing to prevent the alternative minimum tax from expanding to ensnare millions of additional taxpayers. He also wants to make permanent a series of tax cuts enacted during the Bush administration, which are scheduled to expire at the end of this year...snipped
http://www.washingtonpost.com/wp-dyn/content/article/2010/03/05/AR2010030502974.html?hpid=topnews


I think the plan is quite clear.

Redistribute the Wealth
1) Create Massive Deficits
2) Force Tax Increases because we have to or face economic collapse. Sooner or later those taxes will hit the non-rich in hidden ways.

Force systemic changes that can't be easily repeal. Subjugate our Economy.

Depose the capitalist dictatorship of the bourgeoisie, replacing it in turn with dictatorship of the proletariat through which the socialization of the means of production can be realized.

Step by step it is being done by expanding Government and penalizing the private sector. They just have better looking suits this time and cloak their policies under being Green, Populism, and Saving the Planet.

"Sooner or later those taxes will hit the non-rich in hidden ways."

Any increase in tax hits the consumer immediately. A business must operate by one of two methods or a combination of both, which ever it may be the result is the same.

Business must have investment capital from investors or borrow it or both.

The product or service sold must be priced in order to pay for a return on investment in operations that is sufficient to pay investors, the source of funds borrowed or both.

A bank you borrow from does not lower the payment because your taxes went up. The investors do not invest just to help cover the cost of taxes.

The price of the product or services MUST increase immediately to cover any increase in taxes.
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kbp

genny6348
Mar 6 2010, 10:19 AM
Interesting election in Houston:

This win seems to be out of right field
Quote:
 
Kesha Rogers called for the impeachment of President Barack Obama as the centerpiece of her campaign for Congress, and on Tuesday she won the nomination of her party.

The Democratic Party.

It was no stealth campaign. Rogers shouted it from a sound truck that cruised the four-county 22nd Congressional District. She posted an 18-foot banner emblazoned with the message “Save NASA. Impeach Obama” on street corners. Her Web site is filled with videos and periodic policy statements documenting her stand.

During the campaign, Rogers denounced warnings of global warming as imperialist genocide, proclaimed that London banking interests are bent on ruining America's economy and accused Obama of “pissing on the legacy of President John F. Kennedy” in proposing to end NASA's Constellation program.

“I can't believe that most people who voted for her knew that she wants to” impeach Obama, losing candidate Doug Blatt states on his Web site. “I do believe that most of them didn't do any research about the candidates before voting.”

One Democratic blogger already has posted instructions on how to de-select Rogers from a straight party ticket vote.

When a spokesman for Republican incumbent Pete Olson was asked for reaction, he barely suppressed his mirth.

“You never take an election for granted,” said Chris Homan, “but you, perhaps, wonder whether the Democrats in this district have profoundly changed their views on the president. She didn't hide her position.”
LaRouche organizer

Rogers, 33, of Stafford, is a volunteer organizer for the LaRouche Youth Movement.

Lyndon LaRouche, 87, is an economist and frequent candidate for president who runs as a Democrat. Detractors call him a conspiracy theorist and cult leader. Supporters see him as a visionary willing to buck the establishment. He has run for president eight times since 1976, including a 1992 campaign from prison while serving five years of a 15-year mail fraud sentence.

The threat of impeachment is leverage to push for an end to Wall Street bailouts and restore funding for manned space travel, Rogers explained.

“If anybody's serious about saving NASA or addressing this economic crisis, they're going to have to put this impeachment question on the table,” she said.

Rogers has been pushing for Democratic Party reform since at least 2006, when she was unsuccessful in a bid to become the state party chair at its convention.

“One of the things the LaRouchites are able to do is to engage young people,” said Gerry Birnberg, chairman of the Harris County Democratic Party. “If she can turn out young people to vote for Democrats, all the better.”

Birnberg said Rogers has much to commend her. He said his main objection to her candidacy is her association with LaRouche, and that if she instead held many of the same views but belonged to a group called “LBJ Democrats,” her ideas would appear much more mainstream.

Birnberg and Rogers both said much of LaRouche's economic thinking is in line with Franklin D. Roosevelt's, including investment in public works, separating commercial from investment banking and opposition to corporatism.

Rogers won a majority of the Democratic vote Tuesday against Blatt, a development analyst, and ordained minister Freddie John Wieder Jr.

Her Web site trumpets her victory with the headline: “The message is clear: Barack Obama has to go.”

chris.moran@chron.com

Impeaching Obama sounds good to me. Let me count the ways.
For some strange reason I believe this Rogers won because many are upset with where Obama is taking us, and, more so, that their local NASA is being hit.


"Birnberg and Rogers both said much of LaRouche's economic thinking is in line with Franklin D. Roosevelt's, including investment in public works, separating commercial from investment banking and opposition to corporatism."

???????????
The idea behind "corporatism" is the sociolistic side of capitalism. Absent "corporatism", capitalism would isolate investment to ONLY the wealthy.

I must admit I become lost trying to see how "corporatism" is a problem there, UNLESS the idea is ALL corporate structure is bannished and the entities state owned. I evidently need to read up on this "LaRouche", though it would prolly be a waste of time.

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abb
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Pay no attention to the LaRouchers. They're complete idiots. I know one of them well. One of their agenda items is to cancel the debt of the US Govt. Just like that.

Maroons, all of them.
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Baldo
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We are in real trouble. That debt train is barreling down the track headed our way and our President & Congress seem not to care about it. Trillion is the new billion and he is spending every bit he can. I cannot but help assume he doesn't care about the consequences. It is almost like they have gone apathetic. But then again when you are inside the Beltway I imagine the viewpoint is ,"What downturn?" They still get to fly in those private jets, get the best tables, have those Kobe Beef dinners at the White House.

I wonder about his motivation? Can Obama be that dense? Does he take the advice of super Keynesians? Are they that far removed from everyday reality in DC?

Atlas Shrugged doesn't seem so far fetched.


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