Comments | snousle: The federal budget: how will it end?

snousle

The federal budget: how will it end?

Jan 11, 2013 09:17

The series of dramas with budgets and appropriations has got me thinking about how to prepare for however its going to end. It's clear by this point that it isn't going to be pretty ( Read more... )

Leave a comment

Back to all threads

The budget cannot be balanced... equinas January 12 2013, 08:40:29 UTC

Five minute video from a simple accountant using the government's own budget numbers (as you did above) proves it.

www.youtube.com/watch?v=EW5IdwltaAc

The thing about those "old white Republicans" on social security is, they paid into that system. They paid what they were required to pay with the promise that they would be taken care of in their dotage. I don't hold with condemning them because they want to shrink government spending but not lose what is, in effect, their cash investment in their future.

But in the end, there is no solution. The dollar will go to zero, we will have a year or so of anarchy, and then emerge with a currency that is - hopefully literally - worth more than the paper it's written on. And I'm doing everything I can to get ready for this.

Re: The budget cannot be balanced... snousle January 12 2013, 10:34:29 UTC

I didn't condemn them, I merely called the situation "peculiar". Which it is ( ... )

Re: The budget cannot be balanced... equinas January 12 2013, 11:04:57 UTC

I agree that if we were just faced with balancing the budget, it could be done, if government spending went into austerity mode and the private sector stopped hoarding and started investing again. But the government - even the right - are not willing to make the necessary cuts, and the people would never accept the necessary tax increases. Imminent failure.

With regard to the above chart, however, you're talking deficit. I'm talking debt. The huge increase during Obama's first term (more than both Bush terms) shows no sign of slowing with continuing entitlements, bailouts and the CBO's continual upward adjustments of the financial impact of the ACA. The fact is, we really have nothing that is not borrowed. It's unsustainable.

Re: The budget cannot be balanced... come_to_think January 12 2013, 23:12:21 UTC

ACA?

Re: The budget cannot be balanced... goldibehr January 13 2013, 16:24:40 UTC

Affordable Care Act i.e. Obamacare

Re: The budget cannot be balanced... come_to_think January 13 2013, 18:13:25 UTC

Thanks. Amazingly, Google did not bring that up near the top.

Back to all threads