TOTAL DEVASTATION… Obama Will Force US Debt to Soar to 90% of GDP
Posted by Jim Hoft on Friday, March 26, 2010, 10:31 PM
Barack Obama and Democrats tripled the national deficit in one year. They will likely top that this year.
But, it’s even worse then we thought.
Barack Obama’s budget will force the US debt to soar to 90% of the GDP.
The Washington Times reported:
President Obama’s fiscal 2011 budget will generate nearly $10 trillion in cumulative budget deficits over the next 10 years, $1.2 trillion more than the administration projected, and raise the federal debt to 90 percent of the nation’s economic output by 2020, the Congressional Budget Office reported Thursday.
In its 2011 budget, which the White House Office of Management and Budget (OMB) released Feb. 1, the administration projected a 10-year deficit total of $8.53 trillion. After looking it over, CBO said in its final analysis, released Thursday, that the president’s budget would generate a combined $9.75 trillion in deficits over the next decade.
“An additional $1.2 trillion in debt dumped on [GDP] to our children makes a huge difference,” said Brian Riedl, a budget analyst at the conservative Heritage Foundation. “That represents an additional debt of $10,000 per household above and beyond the federal debt they are already carrying.”
ADVERTISEMENT
-
Featured Story:
Republican Military Hero & First Female to Command Fighter Squadron Will Announce Run For Congress Today
Published February 8, 2012 at 8:42 pm - 106 Comments
Just Sayin\' commented:
Geez Jim, I just make a little joke about you not being able to work with stats even if they came in a book entitled, “Statistics for Cretins (and/or the Ethically Impaired)” and you censor me.
You aren’t perhaps turning into even a worse little bitch in your old age than you were before, are you?
Just askin’.
LOL!
mrt commented:
And yet another “Friday News Dump”,
while Barry hightails it out of town to Camp David, which, after the crappy treatment of PM Netanyahu, is ironic considering it’s where the 2nd worst President in U.S. history ‘brokered’ the Camp David Accords between Egypt and Israel.
What. A. Tool.
kay commented:
Soup lines for everyone except for those in congress and OBAMA who’s motto is now “let them eat cake”.
ADVERTISEMENT
Chisum commented:
Just Brayin,
Wow, what happened to you? You used to be marginally amusing, at times. Now you seem to be bitchy…and bitter.
Andreas K. commented:
Welcome to Europe, as in: you’re going down the same sh*thole as we are.
Now you can join the EU. I guess Obama would love to bail out Greece, too (which we are apparently going to do.) But hey, it’s only money, right? You can always print more of it, right?
newton commented:
Wonderful! More debt to be handed down to my little daughters!
Chisum commented:
Biden: People are skeptical of what we’re doing because of … Bush
VPOTUS blamed the George W. Bush administration for any unpopularity the current administration has suffered.
“We inherited a cynical republic, and I can’t blame them,” he said.
“Eight years of collapse, eight years of being misled about wars.”
He cast the Republican political strategy since last January as irresponsible cynicism., and boasted that the recent passage of health care reform might dispel it.
“They [Republicans] still believe cynicism will prevail, that the government can’t do anything, that we’re a bunch of socialists – all these things you hear. I think the healthcare debate put a big stake in the heart of that argument.”
http://hotair.com/archives/2010/03/26/biden-people-are-skeptical-of-what-were-doing-because-of-bush/
Andrew commented:
You better go terrorize another Congressman.
Opus #6 commented:
What does Obama care about American debt. It’s all “other people’s money”. He’s fine with that.
Our children, not so much….
Not Intimidated commented:
You better go terrorize another Congressman.
Poor Congress! All they did was ram Third World health care down our necks against our will and exempt themselves from it, yet people are responding with rage!
I don’t get it! Is the whole country racist or something? Why can’t all these terrorists just submit to the super-neato transformation of the country? I mean, the people carrying it out are our intellectual, moral, and ethical superiors, and their laws are so well written that they’ll run the economy like a well-oiled machine.
Why all the anger, you wingnuts? Jeepers!
squeaky commented:
the new America – the death of motivation.
http://media.photobucket.com/image/shack/joshneal/shack.jpg?o=84
Steve commented:
What do you mean “Almost as if” in your first sentence. Of course they want it to collapse!
Steve
Common Cents
http://www.commoncts.blogspot.com
Chisum commented:
A WORD TO THE WEARY
http://hotair.com/archives/2010/03/27/a-word-to-the-weary/
Zachriel commented:
Your graph is incorrect, 2009 being Bush’s last budget. Most of the current deficit is due to the large Bush era tax cuts, and the Bush era fiscal collapse.
kato commented:
Just so the union parasites, Section VIII parasites, and tort-law parasites get theirs. That’s all that matters.
kansas commented:
Typical letter to the editor in McClatchy rag “Obama can’t fix in one year what Bush did in 8″.
Heh.
Chisum commented:
DWYER: Bush tax cuts boosted federal revenue
Liberals pretend that the cuts created the deficit
http://www.washingtontimes.com/news/2010/feb/03/bush-tax-cuts-boosted-federal-revenue/
—————————————————
Lying About Bush’s Tax Cuts
http://www.americanthinker.com/2010/03/lying_about_bushs_tax_cuts.html
Zachriel commented:
DWYER: Bush tax cuts boosted federal revenue
Clearly only in the short term. The long term effect was distortion of the market followed by a huge bust. Any gains were illusory. Some profited unfairly, of course, while everyone else is footing the bill.
Floradora commented:
just sayin’, just so we have a fair, rounded view of things, what about Jim’s stats are off? I like to read all sides of the equation, so please provide your insight. What better way to come to our own conclusions, right?