The Conservative Cave
Current Events => The DUmpster => Topic started by: Freeper on August 28, 2009, 12:42:42 PM
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Hannah Bell Donating Member (1000+ posts) Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list Fri Aug-28-09 01:33 PM
Original message
US debt to hit $20 trillion by 2020
The White House anticipates that cumulative annual deficits will result in $9 trillion in additional debt, an increase of $2 trillion over an estimate it made in February, while the CBO predicts $7.1 trillion in new debt for the same period. The current national debt stands at over $11 trillion...
The differences between the White House and CBO figures are based largely on the question of whether or not the tax cuts for the wealthy enacted under President George W. Bush will be rescinded. The CBO...assumes that the tax cuts will expire in 2011 as currently required by law. The Obama forecast presumes...those tax cuts will remain largely in place...
The Obama administration and congressional leaders of both parties responded to the new data by proclaiming that they demonstrate the unsustainability of Medicare and Medicaid spending...The OMB also noted that Obama “is committed to addressing the shortfall in Social Security system.â€
In fact, of the $700 billion increase in spending for the current fiscal year over the previous year, the CBO estimates that about $424 billion was spent on the bailout of Wall Street through the Troubled Asset Relief Program (TARP) and the rescue of the mortgage lending giants Fannie Mae and Freddie Mac, while only $115 billion came through Obama’s stimulus spending.
The total allocation to Wall Street is practically inestimable, but the special inspector general for the Troubled Asset Relief Plan (SIGTARP), Neil Barofsky, has said that among all of its financial stabilization programs, the federal government is on the line for as much as $23.7 trillion — $3.7 trillion more than the total national debt the White House is predicting for 2020.
The US spends far more funding its military, war, and spy operations than it does on Medicare and Medicaid. In 2009, for example, the federal government spent a combined $632 billion on Medicare and Medicaid, while it spent $822 billion on defense spending, “the war on terror,†and the wars in Iraq and Afghanistan...
Another expenditure that will eclipse spending on entitlements in the coming years is the interest the US must pay to service its debt. In 2008, the US paid $451 billion in interest on the national debt. A significant proportion of these interest payments find their way to the major banks that have been bailed out by US taxpayers over the past year...
On Wednesday, French President Nicolas Sarkozy reiterated demands that a new global reserve currency be created. “The political and economic reality of a multi-polar world will eventually have to be transmitted on the monetary level,†Sarkozy said from Elysée Palace. Similar calls have been made by leaders representing China, Russia and Brazil, among other states.
The demands of foreign creditors and mounting pressure on the dollar are further propelling the US ruling class attack on health care, retirement, and other forms of social spending.
http://www.wsws.org/articles/2009/aug2009/debt-a28.shtml
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x6411099
Hmm if that is a guestimate from Obama it will be triple that at least.
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This is dipshit's avatar: (http://upload.democraticunderground.com/discuss/images/avatars/marx.gif)
That's what you Communist jackasses do, Hannah. Ya f'n retard.
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Unless he and the fascists in congress are stopped, the deficit will hit $20 trillion by 2017.
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The problem with primitives is that they tend to think a "trillion" isn't much different from a "billion;" just another three zeroes.
A billion seconds ago, it was sometime in 1977.
A trillion seconds ago, it was sometime in 29,047 B.C.
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If you can't trust the World Socialist Web Site, who can you trust?
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The DUmmies think this is fine, since its the government paying and not the people
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No problem: A couple of them 100 trillion dollar Zim-bob-way notes will pay it off.
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My stupid way of saying, the DUmmies will use hypeinflation to pay the debt off.
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No problem: A couple of them 100 trillion dollar Zim-bob-way notes will pay it off.
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My stupid way of saying, the DUmmies will use hypeinflation to pay the debt off.
And for the next 100 years or more, the next time we need to borrow money to repel the evil intentions of a foreign power, "The Full Faith and Credit" (and $500,000,000 Obamabucks) will get us a ride on the bus to the the World Bank building.