When will the US wake up?
http://www.realclearmarkets.com/articles/2009/05/barack_obamas_risky_deficit_sp.html
"Let's see. From 2010 to 2019, Obama projects annual deficits totaling $7.1 trillion; that's atop the $1.8 trillion deficit for 2009. By 2019, the ratio of publicly held federal debt to gross domestic product (GDP, or the economy) would reach 70 percent, up from 41 percent in 2008. That would be the highest since 1950 (80 percent). The Congressional Budget Office, using less optimistic economic forecasts, raises these estimates. The 2010-19 deficits would total $9.3 trillion; the debt-to-GDP ratio in 2019 would be 82 percent."
How does anyone think this is good? Oh yeah :
"One reason Obama is so popular is that he has promised almost everyone lower taxes and higher spending. Beyond the undeserving who make more than $250,000, 95 percent of "working families" receive a tax cut. Obama would double federal spending for basic research in "key agencies." He wants to build high-speed-rail networks that would require continuous subsidy. Obama can do all this and more by borrowing."
But what happens when people stop lending us money? I mean at some point our credit has to run out and China has already considered turning off their tap.
Then there's this point
"The wonder is that these issues have been so ignored. Imagine hypothetically that a President McCain had submitted a budget plan identical to Obama's. There would almost certainly have been a loud outcry: "McCain's Mortgaging Our Future." Obama should be held to no less exacting a standard."
People love to think that I and others like me would be defending McCain, but this blog would serve as proof that I wouldn't be. Just as many other blogs show that the vast majority of Liberals are being Hypocritical because they whined about Bush's deficit spending, but are silent or giddy about Obama's. What's the difference? Because it's their guy taking their lunch money vs the guy from the other city?
"Let's see. From 2010 to 2019, Obama projects annual deficits totaling $7.1 trillion; that's atop the $1.8 trillion deficit for 2009. By 2019, the ratio of publicly held federal debt to gross domestic product (GDP, or the economy) would reach 70 percent, up from 41 percent in 2008. That would be the highest since 1950 (80 percent). The Congressional Budget Office, using less optimistic economic forecasts, raises these estimates. The 2010-19 deficits would total $9.3 trillion; the debt-to-GDP ratio in 2019 would be 82 percent."
How does anyone think this is good? Oh yeah :
"One reason Obama is so popular is that he has promised almost everyone lower taxes and higher spending. Beyond the undeserving who make more than $250,000, 95 percent of "working families" receive a tax cut. Obama would double federal spending for basic research in "key agencies." He wants to build high-speed-rail networks that would require continuous subsidy. Obama can do all this and more by borrowing."
But what happens when people stop lending us money? I mean at some point our credit has to run out and China has already considered turning off their tap.
Then there's this point
"The wonder is that these issues have been so ignored. Imagine hypothetically that a President McCain had submitted a budget plan identical to Obama's. There would almost certainly have been a loud outcry: "McCain's Mortgaging Our Future." Obama should be held to no less exacting a standard."
People love to think that I and others like me would be defending McCain, but this blog would serve as proof that I wouldn't be. Just as many other blogs show that the vast majority of Liberals are being Hypocritical because they whined about Bush's deficit spending, but are silent or giddy about Obama's. What's the difference? Because it's their guy taking their lunch money vs the guy from the other city?