US faces one of biggest budget crunches in world – IMF

US faces one of biggest budget crunches in world – IMF

Uk Telegraph

Earlier this week, the Bank of England Governor, Mervyn King, irked US authorities by pointing out that even the world’s economic superpower has a major fiscal problem -“even the United States, the world’s largest economy, has a very large fiscal deficit” were his words.

(visit the link for the full news article)

Edit to Add: Link to article

[edit on 17-5-2010 by prionace glauca]

But the really interesting stuff is the detail, and what leaps out again and again is how much of a hill the US has to climb. Exhibit a is the fact that under the Obama administration’s current fiscal plans, the national debt in the US (on a gross basis) will climb to above 100pc of GDP by 2015 – a far steeper increase than almost any other country.

Not only were the American Citizens yelling at the top of their lungs for this administration to stop its drunken spending and quit trying to bankrupt the nation. Now the IMF is also yelling at this administrations budget woes.

I admit UN has never done anything right in my books. For them to come out and call Obama an idiot for the budget he has proposed is step in the right direction.

And for those people in here that like to post charts and cartoons. I hope the following chart would be sufficient.

[atsimg]http://files.abovetopsecret.com/images/member/59743fc207fc.jpg[/atsimg]
. - IMF

UK Telegraph

(visit the link for the full news article)


[edit on 17-5-2010 by prionace glauca]

Link to the article please.

Thanks,
~RM

reply to post by redmage


Sorry about that m8, link added.

the national debt in the US (on a gross basis) will climb to above 100pc of GDP by 2015

BY 2015! Give me a freaking break.

By MID-2011, that means WITHIN A YEAR it will climb above 100 pc of GDP.

They just keep lying and lying to the public.

This year's deficit for the first 4 months amount to a 1.9 trillion deficit.

634 billion in deficit in 4 months. And guess what? It's gonna be bigger than that.

The debt ceiling will be reached BEFORE THE YEAR IS OUT.

So please MSM, STOP LYING.

And this is why war in ME and WW3 is imminent - USA cant afford another year with investing 53% of its economy to defence and wars - think about it!

Banksters wont give loan to bread, but just swords, because with sword you can always stole anothers bread, and pay interests with stolen profits.

So the system has work since first international banksters - Rotchilds dynasty.

In the words of Thomas Jefferson, ...

"To compel a man to furnish funds for the propagation of ideas he disbelieves and abhors is sinful and tyrannical.

I place economy among the first and most important virtues, and public debt as the greatest of dangers to be feared. -Thomas Jefferson

I've had this quote as my signature for years now.

Funny how our elected politicians don't have the same common sense as our forefathers did over a hundred and fifty or so years ago! (Not really!)

Think we have a problem with the deficit now?

Just wait 'til this new health care programs bills start rolling in.

[edit on 5/17/2010 by Keyhole]

reply to post by prionace glauca


Not sure where that chart came from. But it doesn't match charts that you might find in places like wikipedia. For example:



Which can be found embedded in this article:

en.wikipedia.org...

reply to post by prionace glauca


S&F.
This is to be expected when the government bails out privately owned corporations and basically frees them of their debt and puts in on the shoulders of the tax payer.

Wait for it.."Austerity measures" will be put in place to try to pay down this massive steaming pile of debt that the government has burdened us with. Increased taxes and reduced services is what we will get as our side of this deal.

Originally posted by inert
reply to post by prionace glauca

 

Not sure where that chart came from. But it doesn't match charts that you might find in places like wikipedia. For example:



Which can be found embedded in this article:

en.wikipedia.org...

I wouldn't call wiki the exact harbinger of information. The posted graph is from the article I posted, you should care to look at it instead of posting graphs for the heck of it.

In all reality, Every country in the world knows that this administration is corrupt & power hungry. This administrations policy will bankrupt America and the countries who have invested within America have a great deal to lose.

reply to post by inert

It is important to note the difference between the fiscal terms gross debt and public debt. In brief, the public debt is the gross debt less intra-governmental obligations such as the money that the government owes to the two Social Security Trust Funds, the Old-Age, Survivors, and Disability Insurance program and the Social Security Disability Insurance program.[4]

This from your wikipedia link. When all the liabilities are accounted for, the Debt is closer to 100 Trillion. Which is 600% of GDP. Can you say BROKE?

biggest budget crunch but still it doesnt stop the cowboys from funding the israeli missile system

Originally posted by RizeorDie
biggest budget crunch but still it doesnt stop the cowboys from funding the israeli missile system

Or stop them from bailing out Europe

Or Stop them from funding more entitlement programs

Or stop them funding border security where it is not needed to where it is needed

or etc etc etc

what you don't find in that info is

Obama doesn't add Fannie and Freddie
debt in that total.

Add it back in and we're close to
being bankrupt right now.

When you have a Goldman Sach's CEO saying there is nothing wrong with him making $68 million dollars a year there is something wrong with America.

All the budgetary woes aside the problem with America is the rich are getting too rich. The middle class is barely keeping their head above water. The poor? Well unfortunately nothing much changes for them. They are used by the rich as a pawn. There will always be help for the poor.

1) END THE WARS
2) Seal the borders
3) Institute a national sales tax based on consumption and eliminate income taxs
4) Insitute fair trade tarrifs on imports and get rid of this ridiculous free trade crap that is killing American industry

Simply instituting those 4 solutions would not only cure our budget woes but would also spur job growth and bring back industry.

Oh and clean up wallstreet and tax the hell out of the filthy rich LOL. No human being deserves to be worth or make more than several million dollars! Any human being that says otherwise is a fool.

Not to downplay this at all because it is a very significant story but Bank Of England != IMF.

But there is a recurring pattern here with Greece and the IMF calling out Wall Street Banks for Committing fraud to derail Greek Debt and the Bank of England telling America it should through stones in Glass house.

reply to post by prionace glauca


Funny how the USA spends trillions on stupid wars, and then people complain that actual useful spending is going to bankrupt the country. LOL!

Originally posted by bugstomper
reply to post by prionace glauca

 

Funny how the USA spends trillions on stupid wars, and then people complain that actual useful spending is going to bankrupt the country. LOL!

Funny how people who aren't from America lack the basic understanding of why the IMF was calling Obama a F'n R'tard. Its not the wars that are going to bankrupt the nation, its European High Obama is on to take America further into socialism which was started by FDR.

How are the entitlement programs are holding up in Europe? And How many wars did you partake in to get into your dilemma?

[edit on 17-5-2010 by prionace glauca]