CBO: $10 trillion jump in debt under Obama budget, page 1

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Topic started on 5-3-2010 @ 08:15 PM by bputman

CBO: $10 trillion jump in debt under Obama budget

money.cnn.com

NEW YORK (CNNMoney.com) -- If President Obama's 2011 budget were put into effect as proposed, the U.S. federal government would add an estimated $9.8 trillion to the country's accrued debt over the next decade, according to a preliminary analysis from the Congressional Budget Office.

Of that amount, an estimated $5.6 trillion will be in interest alone.

(visit the link for the full news article)

reply posted on 5-3-2010 @ 08:15 PM by bputman

Yes, change is coming. However, it's not the change you and I was hoping for. It's the government taking every last cent from the American people.

$5.6 trillion in interest alone? Now, that is really shocking. I honestly believe it will not be long before the Fed or other countries do something about this. I seriously do not believe China is going to just allow her investments to go to waist without collateral.

money.cnn.com
(visit the link for the full news article)

reply posted on 5-3-2010 @ 08:37 PM by Mr Sunchine

reply to post by bputman

That Obama is one financial genius. He wants to pass a 2.5 trillion dollar healtcare plan when we are going broke.

The only way I can see out of this is to drastically cut the size and cost of government. Then we use the savings to balance the budget and pay down the debt. Does anybody have a better idea?

reply posted on 5-3-2010 @ 08:43 PM by Vitchilo

SHOCKER! He's a financial terrorist of epic proportion.... NO KIDDING!

If those dumbos Obamabots and McCain bots listened to us in 2008... but of course not...better stay the course and vote for the same two parties again and again... doing the same thing and expecting different results, the definition of insanity, which is the medical condition of the american people.

Time for revolution before it all comes down otherwise THEY will dictate what will happen after.

Why do I call it a revolution, it's not a revolution, IT'S A RESTORATION.

[edit on 5-3-2010 by Vitchilo]

reply posted on 5-3-2010 @ 08:44 PM by xxshadowfaxx

Well according to the news, CNN.... yeah i know.... the economy is growing and getting better. The stock market today closed on an 18 month high. Apparently wages are increasing as well. But then something like this comes up.... So my question is..... Does anyone have any idea what the economy is doing? Is it getting better? Is it getting worse? Is it going to remain the way it is right now for the next 10 years? I don't understand why it is so hard to figure out what the hell is going on.

reply posted on 5-3-2010 @ 08:47 PM by Mr Sunchine

reply to post by xxshadowfaxx

Well I think it is hard to be a prophet and predict the state of the economy for the next 10 years. It seems reasonable, though, to believe that things like raising taxes to insure the uninsured, raising the cost of insurance due to increased regulation, and raising taxes to cover cap and trade certainly won't help the economy.

reply posted on 5-3-2010 @ 08:47 PM by ventian

reply to post by xxshadowfaxx

The financial experts don't know what the economy is doing. Our economic system ie credit/wall street makes it unpredictable. The best thing to happen to fix this would be to start cutting way back and paying off as quickly as possible. Gonna make it very easy to abolish the constitution when another country starts demanding their money back and it crashes the entire economy.

reply posted on 5-3-2010 @ 09:09 PM by Stewie

I don't owe China or Japan any money. The federal government does.
Let's give them the federal government to stand trial over there for financial crimes against their people. Put Goldman Sachs, the Federal Reserve and most of the Wall Street brokers on the boat with them.
Then, we can rebuild our government, printing our own LEGITIMATE currency like we always should have done.
And the Chinese and the Japanese can have their revenge on the actual perps.

reply posted on 5-3-2010 @ 09:11 PM by xxshadowfaxx

So basically, lets not worry about the economy. It'll figure itself out. Could be down today, and up tomorrow. So whats the point in even following it.

reply posted on 5-3-2010 @ 09:18 PM by ziggy1706

wages are going up? when did this happen? especially since msot businesses are outsorucing overseas...yeah wages go up it seems, but for those in other countrys manufacturing and shipping products back to us, with low salarys already anyway. typical of a 33rd world country. at least thats my consensous.

reply posted on 5-3-2010 @ 09:21 PM by bputman

Let's see if the economy is getting better:

US Debt Clock

In 2010 so far:

There is a total of 23,954,747 unemployed workers.

38,968,783 people are on food stamps.

1,407,118 bankruptcies have been declared.

857,062 foreclosures have been filed.

U.S. total debt: Over 54 trillion dollars.

So who cares if we add another 10 trillion over the next decade. We are trying to hit the 100 trillion mark. Don't you see that!

<--sarcasm

reply posted on 5-3-2010 @ 09:45 PM by Mr Sunchine

Originally posted by xxshadowfaxx
So basically, lets not worry about the economy. It'll figure itself out. Could be down today, and up tomorrow. So whats the point in even following it.

In a way you are right. The average individual cannot control the economy. However, it is important that the government doesn't make taxes and regulations that cripple the economy.

Personally, I think the only jobs a government can create are government jobs and temporary jobs. So the only means you have to create real tax paying long-term jobs is to have a government that knows when to back off and let the private sector create jobs.

Honestly, if I were going to manufacture anything I would outsource it. How can you expect to make money and be able to compete if you manufacture in the US? There are too many taxes, restrictions, and regulations. However in China you have cheap labor, much less restrictions, and the Chinese government will many times subsidize the building of your facilties. So basically, only a damn fool would try to manufacture anything in the USA that can be made and shipped here for far less in China.

reply posted on 6-3-2010 @ 12:03 AM by problemsolvr

reply to post by xxshadowfaxx

CNN commented that people are getting better wage payments...

Then I scrolled down to the viewer's poll where it asks, "Are you getting paid better wages personally?" --The result was something like 85% - 90% voted no, with thousands and thousands voting.

reply posted on 6-3-2010 @ 05:25 PM by neo96

everyday our country is going deeper and deeper into the red with no end in sight.

theres no stopping it.

the united states was formed by choice-we wanted to be a part of something greater than ourselves..

everday this country dies more and more.

were here by choice i think its high time we start exercise our state sovergein rights and leave the coruption and selfishness behind and protect whats truly important to us.

the us government is not the rule of the land which is has become they only have the power we let them.

leave the union i say.

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