Obama's deficit problem: $1.58 trillion is the new $455 billion

Obama's deficit problem: $1.58 trillion is the new $455 billion

www.mcclatchydc.com

The White House and the nonpartisan Congressional Budget Office said Tuesday that this year's federal budget deficit will top $1.58 trillion, less than projected this spring but still historically high — high enough to pose serious problems for President Barack Obama's agenda.

(visit the link for the full news article)

well lets look at this document,

This $864 billion total covers all appropriations approved by Congress for FY2001 to meet war needs from FY2009 through the first part of FY2009, the current fiscal year.

Of that total, CRS estimates that Iraq will receive about $642 billion (74%),

OEF about $189 billion (20%),

and enhanced base security about $28 billion (3%),

with about $5 billion that CRS cannot allocate (1%).

As of February 2009, DOD’s average monthly obligations for contracts and pay were about $10.9 billion, including $8.4 billion for Iraq, and $2.6 billion for Afghanistan, a monthly average some $3 billion below last year.

The Cost of Iraq, Afghanistan, and Other Global War on Terror Operations Since 9/11

Amy Belasco
Specialist in U.S. Defense Policy and Budget
Congressional Research Service
May 15, 2009

www.google.com... g5R4f3jwEah_Z3Q_gJf1VBW41g&sig2=BZFl-KlWnMv1X2uet-70Xg

Well $10.9 BILLION a month on Iraq and Afghanistan certainly are not helping. The is $130.8 Billion dollars a year and according to this document this figure is actually reduced from previous years.

Now I am not saying this is the only only cash issue facing our nation, but I am sick and tired of our elected officials WASTING our money on crap like Iraq and Afghanistan, allowing the Banks to screw us (housing bubble and every bubble before and yet to come).

Time for our government to spend our money on US not everyone and everything BUT us. Our nation is crumbling, our education continues to become bottom of the barrel, or health care is in the crapper, what more do they want? Enough is enough.

www.mcclatchydc.com
(visit the link for the full news article)

reply to post by Animal


Snicker... you said "bubble."

2002: NYT Opinion piece.

The basic point is that the recession of 2001 wasn't a typical postwar slump, brought on when an inflation-fighting Fed raises interest rates and easily ended by a snapback in housing and consumer spending when the Fed brings rates back down again. This was a prewar-style recession, a morning after brought on by irrational exuberance. To fight this recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble.

NYT

From Wiki:

In mid-January 2008, hedge fund Paulson & Co hired Alan Greenspan as an adviser on economic issues and monetary policy. This is the third private role given to Alan Greenspan, the first two being given by Deutsche Bank and bond investment company Pacific Investment Management (PIMCO). Greenspan advises Paulson & Co on economics issues surrounding United States and world financial markets.

en.wikipedia.org...


Got Credit?

[atsimg]http://files.abovetopsecret.com/images/member/d1963dd0f6da.png[/atsimg]


And for a snapshot of US debt.. in almost real time...

www.usdebtclock.org...


If you took the current US Debt (11.7 trillion), and stacked each dollar flat... it would reach 776,465 miles into the sky. That's over three times the distance to the Moon.




[edit on 26-8-2009 by RoofMonkey]