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CBO report: Debt will rise to 90% of GDP

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posted on Mar, 26 2010 @ 09:00 AM
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CBO report: Debt will rise to 90% of GDP


www.washingtontimes.com

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.
(visit the link for the full news article)




posted on Mar, 26 2010 @ 09:00 AM
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I'm sitting here yet again in absolute shock over the state of our nation this morning. Thanks to our messianic president "Mr. Hope and Change" we are now facing a national debt that is 90% of our GDP????

What happened to the reduction in the deficit we were going to get with our new health care plan?

What happened to the promises of a revitalized economy?

What happened to the euphoric state we would have once we elected this lunatic to office?

What happened!?!

Let's have a glance at all the good Obama has given us this year:

Record deficits for 2010
"President Obama's $3.8 trillion budget blueprint for next year sets a new deficit record of $1.56 trillion"
articles.sfgate.com...

Personal Income down this year
"Nationally, personal income from wages, dividends, rent, retirement plans and government benefits declined 1.7% last year"
online.wsj.com...

Social Security is now bankrupt
"This year, the system will pay out more in benefits than it receives in payroll taxes, an important threshold it was not expected to cross until at least 2016"
www.nytimes.com...

Even our gas for the car us up a buck!
"Gas prices have risen $1 since just after President Obama took office in January 2009 and are now closing in on the $3 mark"
www.washingtontimes.com...

We have to stop blaming Bush for all this. He continued bad policy and spending practices and our current president is going off the edge spending like there is no tomorrow...sadly if he and our amazing congress continues to spend like this there may be no tomorrow.


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



posted on Mar, 26 2010 @ 09:11 AM
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reply to post by Rockstrongo37
 


Hon, that was the one of the many propagandas that were put out there to sell the mandatory bailout to the insurance companies just like the one about the too big to fail.

Only those that understand what's going on in Washigton knows the truth from the lies.



posted on Mar, 26 2010 @ 09:14 AM
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People were warned. Obama is doing exactly what he said he would do, change America. Yes, change it into a big government nanny state.

I don't know what to say anymore. Is this what people really wanted?



posted on Mar, 26 2010 @ 09:16 AM
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reply to post by marg6043
 


Beleve me I knew and know what was and is going on. My point with this thread is to try (though I doubt it will work) to try to open eyes of the cool aid drinkers here to the truth of the lies we have been fed.



posted on Mar, 26 2010 @ 09:20 AM
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www.abovetopsecret.com...

Social Security, Medicare, Interest On The Debt Will Gobble Up Every Single Tax Dollar By 2020



posted on Mar, 26 2010 @ 09:22 AM
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reply to post by Rockstrongo37
 



We have to stop blaming Bush for all this. He continued bad policy and spending practices and our current president is going off the edge spending like there is no tomorrow...sadly if he and our amazing congress continues to spend like this there may be no tomorrow.


I completely disagree... and I completely agree .....

This is not about the persons of celebrity the political machinery chooses to foist upon the citizens.

It is about the political machinery itself.

All this folly is brought about by ideologues at the center of the party, and not by hapless smiling thespian-politicians who operate at the behest of a greater social organism.

As citizens we allow the owners of media to tell us what is and isn't real. THAT is what has to stop. They are entrenched in a battle to utterly control the Internet. THAT has to stop.

The idea that a political salesman (no matter how charming) is operating according to their own values - and not those of the 'people' to whom they are beholden for their livelihood HAS TO STOP.

Ask your local Republican and Democrat mouthpieces... you all know them ... ask them to express briefly the actual ideological differences between one party or another.... You won't be surprised to discover that they are incapable of doing it without mentally defective gymnastics, and not a few hems and haws.

I heard an interesting comment on NPR the other day. Someone was being interviewed about their consideration of John McCain's ranting rhetoric against the health care bill.... The seasoned and 'authoritative' democrat in question said something along the lines of "I hope he changes his mind." THAT right there has to STOP.... It's the will and consideration of his constituency that matters... NOT his own. He wasn't put in office to RULE... he was put there to SERVE.

The political machinery has become the single largest threat to national security this nation has faced since the Transnational Banking cartel took over our monetary policy in 1913, establishing America's first tax on the fruits of our labor. Of course, the media and the political machinery are for all intents and purposes THEIR PROPERTY so it stands to reason that the paradigm persists.

[edit on 26-3-2010 by Maxmars]



posted on Mar, 26 2010 @ 09:24 AM
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reply to post by Rockstrongo37
 


The deficit has kept on growing it has grown more so in the last first year of Obama.

But the administration keeps funneling tax payer money to the wrong people at the expenses of Americas future.

Trickle down economic didn't work during Regan and has prove to be a fiasco since them.

Now the financial committee is to get together to tackle the deficit and decrease the debt.

But the only way to do that is with imposing more taxes on an already tax burdened nation.



posted on Mar, 26 2010 @ 09:46 AM
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reply to post by marg6043
 


I have read your response four times and I still don’t know what you said.

Edit to add: Line 2

[edit on 26-3-2010 by liveandletlive]



posted on Mar, 26 2010 @ 09:49 AM
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Well this certainly isn't good. And I guess any more spending from Obama or his successors will only increase the ratio further?

And interest on the debt owed?



posted on Mar, 26 2010 @ 09:54 AM
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reply to post by Rockstrongo37
 


"What happened to the reduction in the deficit we were going to get with our new health care plan? "

The fact is that the health care plan is going to be financially devastating to this country. If socialized medicine is good for a country's budget why are so many European countries in financial trouble - PIIGS - Portugal, Italy, Ireland, Greece and Spain. Some of us have been conned yet again, why are so many gullible? BTW the UK is in trouble too!

[edit on 26-3-2010 by Mrmerak]

[edit on 26-3-2010 by Mrmerak]



posted on Mar, 26 2010 @ 09:57 AM
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Maybe they are spending like no tomorrow because there is no tomorrow economically speaking. They have an exit strategy when the SHTF and/or a plan that absolves them of any guilt and debt after this becomes unsustainable. They always have an out from their turn at the cash cow, even if that cow is drying up and on its last leg. Use it up and move on, the boom and bust or slash and burn model if you will.



posted on Mar, 26 2010 @ 10:03 AM
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reply to post by Rockstrongo37
 


The national debt clock can be seen here.

I did the math, and if the clock is correct it will reach 100% on Monday Feb. 13th 2012 just before 8am eastern time!!

Edit year

[edit on 26-3-2010 by belidged]



posted on Mar, 26 2010 @ 10:05 AM
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Originally posted by MichiganSwampBuck
Maybe they are spending like no tomorrow because there is no tomorrow economically speaking. They have an exit strategy when the SHTF and/or a plan that absolves them of any guilt and debt after this becomes unsustainable. They always have an out from their turn at the cash cow, even if that cow is drying up and on its last leg. Use it up and move on, the boom and bust or slash and burn model if you will.


They may be using the Cloward-Piven strategy to collapse the economy so they can rebuilt it in their own image. A second possibility is that they plan to let run away inflation take care of the debt. I am just not sure which way things are going to go but one thing is for sure there will be financial upheaval which ever route they choose.



posted on Mar, 26 2010 @ 10:39 AM
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reply to post by liveandletlive
 


That will be your lost and my gain,

2 lines also.




posted on Mar, 26 2010 @ 10:47 AM
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reply to post by Mrmerak
 


Actually is not reducing any deficits, but switching the burden of the debt from the government to the tax payer.

We are still going to have debt growth as the government is unable to manage the national deficit.

They can not cut into the government because right now the government is becoming the the biggest producer of employment right now.

So it needs to keep growing to keep hiring.

That is what the HCR does, while adding to the deficit it also create jobs within the federal government and at state level to manage the mandates, penalties and fees, so the government can come around and rather than point to the increase in deficit it can claim that jobs has been created.

But the burden of the debt will still fall on the tax payer in the nation, not the rich and wealthy but the working class.



posted on Mar, 26 2010 @ 10:47 AM
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The actions of this treasonous moron will be the death blow to the United States. This idiot has never run a lemonade stand, let alone a business of his own. He is in fact a financial moron.

His supporters are digging the giant hole the U.S. will fall into and never get out of.



posted on Mar, 26 2010 @ 10:52 AM
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Somebody up yoner ^^ mentioned a GDP clock, and the debt reaching 100% of GDP.

If that happens, then.. wouldn't the nation technically owe ALL production to its creditors...?

Therefore... the bankers have practically conned the people into enslaving temselves.

Gotta have that new Margaritaville? Sign your life over to us and its YOURS!



posted on Mar, 26 2010 @ 11:20 AM
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So the CBO was a few days late and a few trillion dollars short. Of course this info gets released now, instead of last week when it might have made a difference. I wonder who interfered in the operation of an independant government agency?



posted on Mar, 26 2010 @ 11:34 AM
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Originally posted by JIMC5499
So the CBO was a few days late and a few trillion dollars short. Of course this info gets released now, instead of last week when it might have made a difference. I wonder who interfered in the operation of an independant government agency?


My sentiments exactly. The timing of this release couldn't be more suspicious. The fact that it was released AFTER the bill passed has "deception" written all over it.



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