Monday, March 23, 2009

Trillion-dollar deficits over next decade

So the great Obamamessiah thinks we can print enough money and borrow enough to finance all of his ideas at the same time. The CBO certainly doesn't believe it. I took this from the Seattle Times, no friend of the Republican Party.

http://seattletimes.nwsource.com/html/politics/2008898165_obdeficit21.html

5 comments:

Baxter said...

By CBO estimates, Obama will be significantly reducing the deficit from the $1.3T deficit that he inherited. You could say it is just the opposite of George W Bush, who took a surplus and doubled the national debt in eight years.

Mark R. said...

Rich, how come you always defend everything by comparing your man to someone you think is an idiot? Let's just talk about what is happening now.

Although Obama would come close to meeting his goal of cutting in half the deficit he inherited by the end of his first term, the CBO predicts that deficits under his policies would exceed 4 percent of the overall economy over the next 10 years, a level that White House Budget Director Peter Orszag acknowledged Friday would "not be sustainable."

The result, according to the CBO, would be an ever-expanding national debt that would exceed 82 percent of the overall economy by 2019 — double last year's level — and threaten the nation's financial stability. "This clearly creates a scenario where the country's going to go bankrupt. It's almost that simple," said Sen. Judd Gregg, N.H., the senior Republican on the Senate Budget Committee. "One would hope these numbers would wake somebody up."


So assuming that you are correct and the Obamamessiah wins a second term his policies will plunge the nation into complete economic ruin. You say that is the opposite of Bush? We need to impeach him now before it is too late. New doctrine pre-emptive impeachment.

Baxter said...

I don't blame you for not wanting to talk about Bush.

I am a deficit hawk. I think that the Good Doc with vouch for my bona fides. I agree with Orszag that such deficits are unsustainable. You will see changes - particularly regarding entitlements - that will bring the deficit number way down.

Frankly - there is no alternative. The bond vigilantes will enforce discipline as soon as a recovery is clearly underway. It could happen much sooner than anyone expects.

I am glad to see a Republican standing up for fiscal rectitude since it was Reagan and Bush that ran up the $10T debt with only President Clinton beginning to pay it down.

Mark R. said...

President Clinton with a Republican controlled Congress. You do remember Newt Gingrich as Speaker of the House?

Baxter said...

I think the GOP Congress did contribute to the discipline. That said, all the really did was follow the 1993 Budget Bill road map. The Democratic Congress - without one Republican vote - raised taxes, maintained Pay/Go, and reduced the growth of Medicare and discretionary spending.

What happened when Clinton left town and GOP Congress had a Republican president? What happened to our fiscal house then? After the tax cuts? After Pay/Go was kicked to the curb? You must be very proud...