Whoops! You're right, I meant to write "OMB", the Office of Management and Budget, which are, of course, the authors of the budget.
âWe Have to Go Spend Money to Keep From Going Bankruptâ
- Thread starter drjekyllus
- Start date
Whoops! You're right, I meant to write "OMB", the Office of Management and Budget, which are, of course, the authors of the budget.
No, it isn't, not without cooking the numbers.
First off, Obama's term, as stated in the post, is of course four years.
In addition, 2009 is from the budget set in 2008 under the Bush administration including things such as TARP.
There's simply no way to get to $10 trillion under Obama's term.
Even if he is reelected it would take a great leap of faith to trust the CBO's 10 year forecasts. Look at their 2004 forecast, which predicted that this year's deficit would be 312 billion, dropping to 65 trillion in 2014.
And even then if you add up the graph's amounts it doesn't add up to $10 trillion.
But wait, it gets worse!
The graph itself is inaccurate and false. If you actually read the CBO's budget projections cited below for 2009-2019 you'll see that their numbers are much lower than the graph posted (see this link on page 15):
http://www.cbo.gov/ftpdocs/99xx/doc9958/01-08-Outlook_Testimony.pdf
Quote from Scataphagos:
This is exactly the history of print-money policies.
The economy can cope with it in the early stages, but at some point spending goes parabolic and "can't" be reigned-in.... consequences inevitably devastating at some point.
We proably won't descend into darkness as fast as Zimbabwe, but we're traveling the same road...
If America is to have a future, we need to get rid of the bums in Congress and the Administration... and elect those who will bring deficit spending WAAAYYYY down.
Who will do it?
Who will end all unneeded social entitlements?
It is bound to mean suffering for the elderly and the poor, especially the children. We can't hurt the children.
Well is anyone says what u just said in public, the dems will go back into office anyway
Obama, the gay Muslim foreign born commie Jew who controls the population thru our drinking water.
Man u folks on the right gotta get off that PC and get out more
Quote from ARealGannTrader:
Well is anyone says what u just said in public, the dems will go back into office anyway
Obama, the gay Muslim foreign born commie Jew who controls the population thru our drinking water.
Man u folks on the right gotta get off that PC and get out more
Sorry ConnTrader, but John Holdren absolutely recommended putting drugs into the water and staple food supply that would reduce fertility. Its documented. He also recommended the government require citizens to recieve implants which would make the people sterile. These impants would not be a choice but a requirement. Also he said teenage girls who got pregnant should be required to put the baby up for adoption or or get an abortion. Keeping the baby would be out of the question. I guess so much for pro-choice.
How are they assigning a deficit value for TARP? The money is going to be paid back and already, in fact, there has been $68 billion paid back. If it works as planned all the money should be paid back and if that is the case, the long term impact to national debt should be 0. Of course, at this time it remains to be seen whether it all gets paid back.
I think I know how you plan to account for TARP. You charge Bush with $700 billion in deficit spending, then as it gets paid back, you give Obama those credits. That sounds like a neat trick and you better believe there are democrats who thinking about implimenting such accounting practices.
I notice you still did not account for Obama's $787 Billion pork bill, which in no way, will be paid back.
I have not weighed in on this and don't really care. The premise is arguable, but it's not impossible that it will stimulate the economy.
The graph is wrong, the numbers are wrong, and the estimate of Obama's total deficits are wrong.
If you can predict years ahead that it will get paid back, that Democrats wll plot evilly to "give the credit" to someone else for the brilliant TARP work, and that it will in the end be credited to Obama's budget at some point then perhaps you can tell me what the Dow will be next week.
If you can't then you shouldn't try to predict years into the future.
I don't know if that's accounted for in the July budget update. Nor does it change the facts, which is that Republican presidents have increased the debt recently and Democrat presidents have increased it at a slower rate or reduced it.
Further, the graph posted appears to be incorrect.
Quote from ARealGannTrader:
Well is anyone says what u just said in public, the dems will go back into office anyway
Obama, the gay Muslim foreign born commie Jew who controls the population thru our drinking water.
Man u folks on the right gotta get off that PC and get out more
It helps if you actually pay attention. Obviously Obama is working a little too fast for you to notice all the fine details.
What price were Bond futures when Reagan was inaugurated? What price were they the day he left office?
What price were Bond futures the Day Bush was inaugurated vs. the day he left office?
On January 20th, 2009 ZB closed at 134. Friday's close was 116!
What price were Bond futures the Day Bush was inaugurated vs. the day he left office?
On January 20th, 2009 ZB closed at 134. Friday's close was 116!