It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Thank you.
Some features of ATS will be disabled while you continue to use an ad-blocker.
The non-partisan Congressional Budget Office says that Pres Obama's budget
and deficit projection's are too low. The president's budget will incur 9.3 trillion
in federal deficits between 2010 - 2019 , 2.3 trillion higher than Obama had claimed.
Obama's record deficits mean a record National Debt -- one that totals 17 trillion
up from the current 6.7 trillion.
White House budget chief Peter Orzag , in a March 20 conference call, admits that deficits in the 5% range of GDP are not sustainable. The CBO analysis , however, said the Obama budget would incur a debt-to-GDP ration of 5.3% for the Fiscal Year 2010 to Fiscal Year 2019.
By 2019 , the CBO said, a WHOPPING 82% of the Nation's Gross Domestic Product (GDP) will go to PAY DOWN the National Debt. This means in Future years, the Government could owe its creditors more than the Goods and Services than the ENTIRE country can produce.
Originally posted by Republican08
And you thought Bush had a 'terrible' deficit.
Yeah, I don't know what there planning on doing, I'm really hoping that there not just hoping this goes away. Either there is a big plan in the works, or these guys, all of them, are complete morons.
This is happening now and will continue over the next several years. I'll eat my hat if the dollar exists a decade from now.
Originally posted by Iago18
We simply have to realize three possibilities:
1) That the people in charge of the system are incompetent and really are in it for their own power. None of them read the bills they pass and are dreadfully unaware of the ramifications of their actions. If this is the case, stock up on ramen noodles and cat food, as it will be a bumpy century.
2) That our leaders are actually much more knowledgeable than we give them credit for. They are already working to enhance and reform the system to prevent a major meltdown in the future. I have no idea how they would do this, but, this eventuality assumes that the people in charge are in charge by virtue of their superiority on such dire matters
3) That there is something bigger and more menacing just around the corner and most of us aren't going to be here to worry about debts and those sort of things. So, if I were government, just make the people happy in the relatively short time they had left.
I hope for #2, predict #1, and dread #3
By 2019 , the CBO said, a WHOPPING 82% of the Nation's Gross Domestic Product (GDP) will go to PAY DOWN the National Debt. This means in Future years, the Government could owe its creditors more than the Goods and Services than the ENTIRE country can produce.
Originally posted by theWCH
Oh, well if they think we can last that long, then very few of our elected "leaders" even need to worry about being in office when SHTF! They'll be long gone, and Clinton/Bush/Obama will be telling reporters things like "If my economic team were in power, do you really think that this would have happened?"
By the way, I can't think of a realistic way that 82% of our GDP goes to pay down the national debt. That's a thinly veiled way of saying "we're going to default VERY soon, but we don't want the public to know about it. Like, this year."
Originally posted by marg6043
Get use to see this great nation been slowly reversed to pre industrial status while more and more people are losing their jobs and the American dream.
So some "developing country like China can take the center stage as the next superpower".
Because thanks to Americas citizens consumerism and political greed that is what is happening and is happening faster that anybody think.
[edit on 11-5-2009 by marg6043]