Fed Chairman Ben Bernanke on GDP And The National Debt : NO QUARTER

AbigailAdams

Well, we better stock-up on beef jerky, canned goods and water. I don’t know why anyone is worried about the next “big one”, the Mayan calendar or the Rapture. Government is giving us a pretty reliable end-of-our-world-as-we-know-it scenario, complete with a timeframe.

carol haka

It will be sooner than 10 years.

Congress should be on emergency spending only. Cut all payroll taxes immediately, cut across the board interest rates on mortages, no earmarks, any and all lobbying money spent on Congress exposed immediately.

This is a state of emergency. Why the hell aren’t the alarm bells blazing so loudly we can’t ignore it.

>:o

HARP

I can see the pattern again. Obama sends out the clowns to predict what the R`s have been saying all along and then he raises taxes while at the same time saying he had no choice.

oowawa

Not only does Thee One send out the clowns, he sends out one of the funniest clowns complicit in getting us into this mess in the first place . . .

oowawa

“This is a state of emergency. Why the hell aren’t the alarm bells blazing so loudly we can’t ignore it.”

Because all of that racket would disturb the state of hopey tranquillity in which the obots slumber peacefully . . . There are no alarms and bells on The Big Rock Candy Mountain . . .

bayareavoter

This is the first time in my life that I’ve been so worried about the future–we’re nearing retirement age and our daughter is a junior in hs. Our govt is out of touch with reality and they are not listening to us OR the “experts”.

sowsear

Sue Goldman Sachs…
http://news.yahoo.com/s/ap/20100416/ap_on_bi_ge/us_sec_goldman_sachs_charged

confused American

Another good piece…..

Right after Obama I thought I would just have to sub teach the rest of my life…Right now they laying off so many teachers that there is no work there even.
There is no work anyplace and SS is down the tubes…

The government is talking us all over. The only question is how much longer before they destroy our country

TY again RRRA for a well written article.

Sassy

Fox Business reported that taking every dollar earned by the “so-called” rich would not put a crimp in our deficit. Many of these investors in America are heading for greener pastures before the VAT is added.
Social Security will pay out more than it takes in this year, rather than in 2016, and 47% of the population pay no income tax, even if they are still working.
What do BO and his cohorts do? Push through healthcare reform, come hell or high water, without any method to fund it other than more borrowing.
Jeez, I could just spit!

helenk

http://fastflip.googlelabs.com/view?q=section%3A%22Politics%22&a=01X3qXIVvIfq7M

one of the investigations about money to congress should be interesting.

WOMEN WITH INTELLIGENCE AND EXPERIENCE,MEN WHO SUPPORT THEM AND COUNTRY BEFORE PARTY ALWAYS

PUMAS,BUBBAS,EQUALISTS AND THOSE PEOPLE RULE

AbigailAdams

Saw this on Fox this morning: Obama said he was “amused” by the Tea Party and our “agenda” — said “what about a word of thanks”! I couldn’t watch any more.

He’s finally laid down an unequivocal guauntlet and stated for the record his disdain for the America countless live have been given to defend and sustain. “Amused”? Could he possibly be more arrogant or foolish? This statement should alarm us. Either he is just foolishly ignoring the uprising against him and his administration and the congress, or he has plans to lay us low through some sort of vote rigging or worse. I am not usually an alarmist, but I think we need to take his arrogant comments to heart. I urge you to get involved on some level, as little as that might be, to encourage your family, friends and neighbors not to be taken in by what is sure to be a string of sound bites.

Onofre’s arm

Peace, tranquility………………….lakes of whiskey and cigarette trees.

And of course, they hanged the jerk who invented work!

Happy times!!

carol haka

IMPEACH!

It’s time. We can’t wait for the final straw!

I really really really really think this guy is a complete and total moron. And, he is a vicious asshole.

>:o

helenk

http://www.politico.com/news/stories/0410/35896.html

According to this article swamp gas is still affecting the so-called brains in Washington. Some better wake up and smell the coffee. Do congress critters get unemployment?

WOMEN WITH INTELLIGENCE AND EXPERIENCE,MEN WHO SUPPORT THEM AND COUNTRY BEFORE PARTY ALWAYS

PUMAS,BUBBAS,EQUALISTS AND THOSE PEOPLE RULE

confused American

As I said on another thread you can say so much about Obama in music…
He is one arrogant jerk who is systematically destroying out country…
And he laughs about it…

carol haka

George Soros predicts the next bubble.

http://moneynews.com/StreetTalk/george-soros-market-crash/2010/04/15/id/355816?s=al&promo_code=9C29-1

>:o

confused American

Me thinks Obama thinks he is trully above everyone else….
That the only thing that matters is his ego.

helenk

http://www.theatlantic.com/politics/archive/2010/04/the-new-senate-energy-bill-a-preview/39021/

Do you think the idiots in Washington that WE pay will read the bill this time?

WOMEN WITH INTELLIGENCE AND EXPERIENCE,MEN WHO SUPPORT THEM AND COUNTRY BEFORE PARTY ALWAYS

PUMAS,BUBBAS,EQUALISTS AND THOSE PEOPLE RULE

Republican Debt

The scumbag Republicans always leave this country with a mountain of debt. First Reagan did it and then Bush did it.

http://www.cbsnews.com/8301-500803_162-4486228-500803.html

Funny we saw not articles like this one on NQ when Bush was busy running up the debt and deficit. Why is that?

If you beleive in fiscal responsibility you should never vote for the fiscally irresponsible Republicans. The Dems always have to come in and clear it up.

Republican Debt

The scumbag Republicans always leave this country with a mountain of debt and deficits. First Reagan did it and then Bush did it.

http://www.cbsnews.com/8301-500803_162-4486228-500803.html

Funny we saw no articles like this one on NQ when Bush was busy running up the debt and deficit. Why is that?

If you beleive in fiscal responsibility you should never vote for the fiscally irresponsible Republicans. The Dems always have to come in and clean it up.

Republican Debt

The scumbag Republicans always leave this country with a mountain of debt and deficits. First Reagan did it and then Bush did it.

Funny we saw no articles like this one on NQ when Bush was busy running up the debt and deficit. Why is that?

If you beleive in fiscal responsibility you should never vote for the fiscally irresponsible Republicans. The Dems always have to come in and clean it up.

Republican Debt

The scumbag Republicans always leave this country with a mountain of debt and deficits. First Reagan did it and then Bush did it.

Read this article:

http://www.cbpp.org/cms/index.cfm?fa=view&id=3036

“Some critics charge that the new policies pursued by President Obama and the 111th Congress caused the huge federal budget deficits that the nation now faces. In fact, the tax cuts enacted under President George W. Bush, the wars in Afghanistan and Iraq, and the economic downturn together explain virtually the entire deficit over the next ten years (see Figure 1).

The deficit for fiscal 2009 was $1.4 trillion and, at 10 percent of Gross Domestic Product (GDP), was the largest deficit relative to the size of the economy since the end of World War II. If current policies are continued without changes, deficits will likely approach those figures in 2010 and remain near $1 trillion a year for the next decade.

<img style=”margin-left: 20px;” src=”http://www.cbpp.org/images/cms//12-16-09bud-rev2-17-10-f1.jpg”/> The events and policies that have pushed deficits to these high levels in the near term, however, were largely outside the new Administration’s control. If not for the tax cuts enacted during the presidency of George W. Bush that Congress did not pay for, the cost of the wars in Iraq and Afghanistan that were initiated during that period, and the effects of the worst economic slump since the Great Depression (including the cost of steps necessary to combat it), we would not be facing these huge deficits in the near term.

While President Obama inherited a dismal fiscal legacy, that does not diminish his responsibility to propose policies to address our fiscal imbalance and put the weight of his office behind them. Although policymakers should not tighten fiscal policy in the near term while the economy remains fragile, they and the nation at large must come to grips with the nation’s long-term deficit problem. But we should not mistake the causes of our predicament.”

Funny we saw no articles like this one on NQ when Bush was busy running up the debt and deficit. Why is that?

If you beleive in fiscal responsibility you should never vote for the fiscally irresponsible Republicans. The Dems always have to come in and clean it up.

Republican Debt

The scumbag Republicans always leave this country with a mountain of debt and deficits. First Reagan did it and then Bush did it.

Read this article:

http://www.cbpp.org/cms/index.cfm?fa=view&id=3036

“Some critics charge that the new policies pursued by President Obama and the 111th Congress caused the huge federal budget deficits that the nation now faces. In fact, the tax cuts enacted under President George W. Bush, the wars in Afghanistan and Iraq, and the economic downturn together explain virtually the entire deficit over the next ten years (see Figure 1).

The deficit for fiscal 2009 was $1.4 trillion and, at 10 percent of Gross Domestic Product (GDP), was the largest deficit relative to the size of the economy since the end of World War II. If current policies are continued without changes, deficits will likely approach those figures in 2010 and remain near $1 trillion a year for the next decade.

<img style=”margin-left: 20px;” src=”http://www.cbpp.org/images/cms//12-16-09bud-rev2-17-10-f1.jpg”/> The events and policies that have pushed deficits to these high levels in the near term, however, were largely outside the new Administration’s control. If not for the tax cuts enacted during the presidency of George W. Bush that Congress did not pay for, the cost of the wars in Iraq and Afghanistan that were initiated during that period, and the effects of the worst economic slump since the Great Depression (including the cost of steps necessary to combat it), we would not be facing these huge deficits in the near term.

While President Obama inherited a dismal fiscal legacy, that does not diminish his responsibility to propose policies to address our fiscal imbalance and put the weight of his office behind them. Although policymakers should not tighten fiscal policy in the near term while the economy remains fragile, they and the nation at large must come to grips with the nation’s long-term deficit problem. But we should not mistake the causes of our predicament.”

Funny we saw no articles like this one on NQ when Bush was busy running up the debt and deficit. Why is that?

If you beleive in fiscal responsibility you should never vote for the fiscally irresponsible Republicans. The Dems always have to come in and clean it up.

confused American

I feel Clinton did a good job of clean up with the national debt….And was a rarity in the last few decades

But Obama has done of good job of showing up the Republicans and how he can do much better than them….

At the rate Obama is going it is estimated that our country will have a higher deficit than all the previous presidents combined from Washingtong to Bush.

Yep Obama is doing a great job of showing up the Republicans. Wish he would try showing up them in some other ways.

confused American

Any Watching we have not only a troll but a Spammer

getfitnow

He was a real comdian last night at the FL fundraiser making fun of the tea partiers. Listening to the clip, I was disgusted by his arrogance and the laughter in the audience. He really is the most devisive POTUS I can remember.

An aside–has anyone else noticed how high pitched his voice gets when he’s miffed?

getfitnow

Afraid not, helenk.

Armymom

Ya think that if you post it that many times, that somehow we’ll believe you? BOTH parties are to blame and if you don’t see that, then you’re just some party hack that needs to wake the f**k up. Keep drinking that kool-aid swill.

getfitnow

Is this what you call cleaning up? I have a bridge I want to sell you.

Hokma

Can you count?

Bush may have left with a lot of debt, but compared to what Obama/Pelosi/Reid did in a matter of months it makes what Bush did look like an ant hill.

Obama’s massive reckless spending bill did not result in capping unemployment at 8.5% or limiting the downturn. In fact, it directly resulted in skyrocketing deficits and debt as well as historic unemployment levels. The only jobs Obama has created are government jobs and temporary jobs. His policies have put long term uncertainty into the minds of consumers and corporations. we are a point of stagnation – much the same way we were under Jimmy Carter.

Obama’s economic policies are not intended to bring us into any kind of sustained recovery. they are intended to use this to massively redistribute wealth. The goverment now controls 50% of our private enterprise.

Keep left wing Democrats and Obama in office and this country will become far more socialist than any European country.

carol haka

It is comical that Obama and the Dems forget they have had control of Congress for 3.4 years >:o .

PortiaElizabeth

I’m thinking he’s one of those obots getting paid by the number of posts.

Yttik

“Do congress critters get unemployment?”

No, but they will in November.

jwrjr

To Ozero and the ObamacRats that is not relevant. To them any problem from Obozo stubbing his toe to a Nuclear WW3, the problem is the Racist Republicans’ ™ fault.
I am not a Reagan fan, but I have eyes. Reagan bamboozled the Russians into spending themselves into collapsing. Obama bamboozled the United States into spending to the point of collapsing. The two don’t really compare.

carol haka

George Lopez has stated that “Latinos will move to Mexico if Sarah Palin becomes President”.

Okay. Well, I guess that fixes some of the Illegal Immigration problem.

Latino Citizens – please don’t go. Everyone else that’s illegal – Get the hell out now!

>:o

Obamastolemyparty,myboyfriend,mycountryandmyhealthcare

and they called Hillary shrill!!!

oowawa

Well heck, just the other day someone was telling me that Thee One was actually quite humble . . . Oh yeah, it was Obama who said that . . .

Yttik

That’s what I love about Palin. She can solve huge problems without spending any money.

helen

LJ – wanted to let your posters know The T-Room has Jason Bermas’ Invisible Empire: A New World Order Defined movie up in our Opinion section.
http://www.t-room.us/2010/04/jason-bermas-invisible-empire-a-new-world-order-defined/#more-927
Best to all patriots!
Helen

Rabble Rouser Rev. Amy

I think it will probably be sooner than 10 years, too, especially since no one is really talking abt the housing market, which makes up a big part of our economy. Sure, construction was up 1.6% in March, but foreclosures were up 35%, which means a glut on the housing market. With all the money we have poured into this one component of our economy, for it to still be doing so badly is NOT GOOD.

helen aka d2i

posted above – I invite NQ folks to stop in at the T-Room anytime over the weekend to watch Jason Bermas’ film The Invisible Empire: A New World Order Defined. Here’s the link

http://www.t-room.us/2010/04/jason-bermas-invisible-empire-a-new-world-order-defined/#more-927

Keep up your great work!

Rabble Rouser Rev. Amy

You said it, oowawa…That’s exactly what I was thinking when I listened to this, “Hey, wait, aren’t you one of the ones who got us INTO this mess??”

Rabble Rouser Rev. Amy

More on this coming up this afternoon from Larry Doyle!

Rabble Rouser Rev. Amy

And more on this later on this evening!

But let me say, yeah, what a thing to say – so smug!!!! Grrrr.

carol haka

Inhofe:

There are 26 votes in the Senate for Cap and Trade.

Ha, Ha………..

Oh wait. They can still pass it because 26 is 1 more than 25 which of course is half of 50 ………………

>:o

sowsear

And now are poised to pass Amnesty and Cap n Trade before June.
They don’t have time to work on a budget, though.
And Obama added partners of gays to Obamacare. How many will that add to the rolls? How many illegal aliens will be eligible?

Rabble Rouser Rev. Amy

Exactly – just another sexist way to belittle her…

sowsear

Hey, wasn’t that a $30K a plate dinner? They have lots to laugh at, the poor suckers who made them rich.

sowsear

Give him a flag for each time.

sowsear

Let um go. Some came uninvited anyway.

sowsear

He is sickening to the nth degree.

Diana L. C.

helen,

Thanks for the link. I believe we had something like this posted at NQ many months ago. It truly is frightening. They’ve got us so frightened of becoming “conspiracy theorists” that everyone will not recognize it when the real conspiracy takes shape.

It’s the first time in my life that I feel in my bones there IS a movement afoot to undermine my freedom and the freedom of my children and grandchildren.

dethrone

Why does Obama hate our country? Would did the American people ever do to him that would justify his hatred?

dethrone

Why does Obama hate our country? What did the American people ever do to him that would justify his hatred?

sowsear

Ask Obama, he can add good! (and subtract too; he learned that in Indonesia).

Senneth

Well said, Carol Haka. We’re not hearing the bells bsecause the crooks are still in charge – unfortunately. And I also don’t think we have as long as ten years. Those of us who keep informed by reading NQ and other blogs know an explosion is impending. Obviously their “pretend and extend” doctrine is no longer working. To quote Karl Denninger: “Stop the looting and start the prosecuting!”

Senneth

Yes he’s vicious and mean spirited as is his wife. Impeachment would be great, although I would prefer that he is removed for ineligibility as than all his bills would be voided.

Rabble Rouser Rev. Amy

Sowsear, can you say more abt Obama adding same sex partners to Obama care? Are you talking abt the Memo he sent to DHH last night to allow the patient to determine Med. POA regardless of blood relation? (Yes, that applies to GLBT people, but really, to everyone. It is not as promising as it might look at first blush, I should add.)

Or did I miss something?

candymarl

Getfitnow it’s obvious he has contempt for the average American. After all, according to his wife, Kenya is his home country. Why shouldn’t he laugh and mock us? He ain’t one of us.

Ferd Berfle

Indeed, Senneth. His wife is especially mean in spirit. That she wasn’t “proud” of her country until her callow man became the nominee says a lot more about her and the monumental chip on her shoulder than it says about this country. If she doesn’t like it here, I cordially invite her to leave. I can’t stand that ugly-on-the-inside woman.

Rabble Rouser Rev. Amy

ROTFLMAO – oowawa, I still can’t get over that. Obama saying he shares the trait of “humility” with the Aussie PM.

AND, there was just an ad for “The Princess Bride” on for tomorrow night, which, once again, reminds me of that classic line from that movie, “I do not think that word means what you think it means.” Evidently. Obama wouldn’t know humility if he came face to face with it – oh,w ait – he did, with the Dalai Lama. At least he didn’t compare himself to HIM!!

sowsear

I was looking at something I saw earlier. Must go back and re-read the fine print…if it’s still there.

Ferd Berfle

That One is a just a taker. And when he does “give” it is with only an investment in his future taking. He’s a self-centered, self-indulgent, delusional, and sophomoric dittohead. God I wish Dubya were back in the saddle. At least I could predict his behavior.

Ferd Berfle

That One is a just a taker. And when he does “give” it is only as an investment in his future taking. He’s a self-centered, self-indulgent, delusional, and sophomoric dittohead. God I wish Dubya were back in the saddle. At least I could predict his behavior.

Rabble Rouser Rev. Amy

Yep, it sure was. That’s some mighty expensive sushi…

Oh, and not to quibble, but it was $30,400 – weird amt, right? For what was the extra $400??

helen aka d2i

sadly, Diana LC, I more than concur. It’s truly frightening. The young man who directed this film did a fabulous job weaving together all of the pieces on a credible timeline that such a move is foot. Sad and very disconcerting.

Ferd Berfle

Indeed, Senneth. She is one of the most ugly-on-the-inside persons I’ve ever had the unfortunate luck of having to hear or see. That monumental chip on her shoulder must be an awful burden for her.

Rabble Rouser Rev. Amy

I am going to guess, NO, Helenk. I mean, really – why should they start now?

Thanks for the link, though!

CA – great comment!

Senneth

Agree, Ferd!

Rabble Rouser Rev. Amy

Um, first of all, were you READING NQ when Bush was prez? Just asking.

Second of all, Obama has escalated the debt faster in his short time in office than Bush did in his entire 8 years in office (holy cow, am I actually defending Bush? See what Obama makes me do?!?!?!).

Third of all, did you actually WATCH the video??

Fourth of all, the Dems have been in control of Congress for over 3 years now. Wanna guess who votes on the Budget???

Good grief – simple research and basic civics knowledge are NOT that hard!

sowsear

My mistake, I read the headline, Obama extends health care rights to gays partners..Sorry. thanks for calling me on it.
http://online.wsj.com/article/SB10001424052702303491304575187841528215212.html?mod=WSJ_article_MoreIn

sowsear

Host expenses…?

Ferd Berfle

Why does Obama hate our country?
====================
Because in this country each house is its own castle with a King and Queen. That One couldn’t stand that scenario since it didn’t play into his Messiah complex. In other words, he’s a sociopath.

Ferd Berfle

“although I would prefer that he is removed for ineligibility as than all his bills would be voided.”
======================
Indeed. The good of the many outweigh the needs of the few or The One, as it were. Impeach him for cause.

Katmoon

“Princess O-buttah a- cuuuup” (Said with a very pitiful British accent, and and low, low bow).

candymarl

Oh come on! There’s nothing wrong with the GDP and National Debt! They’re pining for the Fjords!

Ferd Berfle

For what was the extra $400??
=======================
They served coke with the sushi, apparently.

CentralMass

Reagan’s policies and budgets along with G.H.W Bush’s as a follow on took the national debt from ~$980 biilon to $5.5 trillion. G.W. bush took it from $5.6 trillion to $10.6 trillion. Obama,,though he did inherit a budget bleeding $3.8 billion/day, has added around $2.3 trillion since taking office.

sowsear

Listening to Gandhi
http://www.redpills.org/?p=9882

samb

Radical beliefs ingrained in him from childhood with a need to please and to
prove that he fits in, he grinds his teeth when criticized he mocks others such as tea party supporters, he is insecure. Simply- A MAN CHILD WITH DADDY ISSUES.

sowsear

Feds indict ex-Blackwater execs
http://news.yahoo.com/s/ap/20100416/ap_on_bi_ge/us_blackwater_probe

Rabble Rouser Rev. Amy

LOL – good one, Yttik. I hadn’t heard any of this.

Okay – I just saw a headline from Fark.com: “President Obama: Australia’s Prime Minister and I are awesome because we’re both so humble.”

ROTFLMAO…

Onofre’s arm

The extra $400 is the gratuity, for which they will all receive a highly anticipated kick in the ass from Obama when they depart. Kool-Aid saturation over the last three years has caused the most strident Obama worshipers to evolve into the legendary Schmoos, creatures that I’m sure our Daisy Mae is very familiar with. They’ve developed an insatiable lust for the type of abuse that their Leader is more than willing to supply. It is unfortunate however, that those of us who eschewed the Kool-Aid are needlessly assaulted with the collateral destruction of the Sadist Obama as he delights in supplying the torture that his Schmoo crave.

Perhaps if we were to completely eliminate the Schmoo, there would be no stimulus that would trigger Obama’s sadistic impulses, he would then hopefully crawl off into anonymity, and we would all be spared the suffering of his reckless and poorly aimed malicious activities.

So, wipe out the Schmoo, and we’ll starve the Obama Beast.

samb

Radical beliefs ingrained in him from childhood with a need to please and to prove that he fits in, he grinds his teeth when criticized he mocks others such as tea party supporters, he is insecure. Simply- A MAN CHILD WITH DADDY ISSUES

confused American

Very Well Put RRRA

Hey I Was So Very Glad to see GW leave office…even though it was Obama and not Hillary(she should of had it) or McCain taking GW’s place.

I truly felt the beginning of 2009 that with a new president our country would get back on track and that No One could do worse or do more damage than GW did in his 8 years.

WRONG!!!!!

In just 15 months this guy has not only done more fiscal damage than GW’s 8 years. He is now on the road to having a National Debt Higher than ALL our country’s presidents combined.

The answer to the question “Miss Me Yet” H3LL yea….

confused American

Very Well Put RRRA

Hey I Was So Very Glad to see GW leave office…even though it was Obama and not Hillary(she should of had it) or McCain taking GW’s place.

I truly felt the beginning of 2009 that with a new president our country would get back on track and that No One could do worse or do more damage than GW did in his 8 years.

WRONG!!!!!

In just 15 months this guy has not only done more fiscal damage than GW’s 8 years. He is now on the road to having a National Debt Higher than ALL our country’s presidents combined.

The answer to the question “Miss Me Yet” H3LL yea….

confused American

Very Well Put RRRA

Hey I Was So Very Glad to see GW leave office…even though it was Obama and not Hillary(she should of had it) or McCain taking GW’s place.

I truly felt in the beginning of 2009 that with a new president our country would get back on track and that No One could do worse or do more damage than GW did in his 8 years.

WRONG!!!!!

In just 15 months this guy has not only done more fiscal damage than GW’s 8 years. He is now on the road to having a National Debt Higher than ALL our country’s presidents combined.

The answer to the question “Miss Me Yet” H3LL yea….

confused American

Very Well Put RRRA

Hey I Was So Very Glad to see GW leave office…even though it was Obama and not Hillary(she should of had it) or McCain taking GW’s place.

I truly felt in the beginning of 2009 that with a new president our country would get back on track and that No One could do worse or do more damage than GW did in his 8 years.

WRONG!!!!!

In just 15 months this guy has not only done more fiscal damage than GW’s 8 years. He is now on the road to having a National Debt Higher than ALL our country’s presidents combined.

My answer to the question on the Billboard “Miss Me Yet” H3LL yea….
I think many others feel that way too, including many people who voted for Obama.

Rabble Rouser Rev. Amy

CMA,I was also thinking of Obama’s projected budgets, and their effects on the deficit, though you are right that technically, Obama has “only” run up $2 Trillion, but he has done that in a little over a year. Here’s more: After beginning with a Clinton-era surplus of $128 billion in fiscal year 2001, the Bush administration racked up deficits of $158 billion in 2002, $378 billion in 2003, $413 billion in 2004, $318 billion in 2005, $248 billion in 2006, $162 billion in 2007, and $410 billion in 2008.
The current administration would kill to have such small numbers. President Barack Obama is unveiling his budget this week, and, in addition to the inherited Bush deficit, he’s adding his own spending at an astonishing pace, projecting annual deficits well beyond $1 trillion in the near future, and, in the rosiest possible scenario, a $533 billion deficit in fiscal year 2013, the last year of Obama’s first term.
And what about the national debt? It increased from $5 trillion to $10 trillion in the Bush years, leading to dramatically higher interest costs. “We pay in interest four times more than we spend on education and four times what it will cost to cover 10 million children with health insurance for five years,” Pelosi said in 2007. “That’s fiscal irresponsibility.”
Now, under Obama, the national debt — and the interest payments — will increase at a far faster rate than during the Bush years.
“We thought the Bush deficits were big at the time,” Senate Minority Leader Mitch McConnell, told me this week as he prepared to attend Obama’s Fiscal Responsibility Summit. “But this is going to make the previous administration look like rank amateurs. We could be adding multiple trillions to the national debt in the first year.”
At some point last week, the sheer velocity of Obama’s spending proposals began to overwhelm even experienced Washington hands. In the span of four days, we saw the signing of the $787 billion stimulus bill, the rollout of a $275 billion housing proposal, discussion of Congress’s remaining appropriations bills (about $400 billion) and word of a vaguely-defined financial stabilization plan that could ultimately cost $2 trillion. When representatives of GM and Chrysler said they might need $21 billion more to survive, it seemed like small beer.

carol haka

It is suppose to be at 100% in ten years.

It will move towards that number every year.

I am sick and scared.

>:o

carol haka

Sociopath is putting it lightly and politely.

Ickkkkkkkkkkkkkkkkkk!

>:o

lorac

$400 to have a picture taken with The One…..

sowsear

Don’t tell them it’s a state of emergency, Carol. They’re always looking for a good crisis…

~~JustMe~~

Hot expenses most likely. Share and share alike!

lorac

Or, wait….. maybe if the attendees allow Obama to bow to them, they have to pay that $400 for the privilege….

sowsear

Lt. Col. Larkin has been “reassigned” to Walter Reed Army Hospital–not to take care of the wounded however.
http://www.abovetopsecret.com/forum/thread561585/pg1

sowsear

We have nothing to fear, but fear itself. Obama is that nice humble man…doesn’t have anything to hide.

CentralMass

I agree. Obama took the controls of the 747 that was plummiting nose first at 42,000 ft from Bush, picked up some non paying passengers and dead weight from the finacial sector then gave it more throttle to speed up it’s plunge.

eurogirl70!

I would be very wary of Ben Bernanke. This is the same guy who was telling Congress to dismantle Social Security and Medicare. It is not that I don’t think that our debt has ballooned to epic proportions but where were men like Bernanke and Greenspan when they created the housing bubble? We were promised greater Wall Street oversight after Enron and MCI Worldcom? What about the 8 billion dollar withdrawal that we made from the Federal Reserve that we cannot account for? Barack Obama would not be where he is today without the blessing and cash infusion of Wall Street! New boss same as the old boss!

MC

the country was already destroyed by the previous president! You all are so full of yourselves ya wouldn’t do any better. And i tell ya the president did not do this by himself either..We were warned “beware the burning Bushes” current president didn’t even have a chance…stop hating!

MG

YUP..the previous idiot started the decline and O finished us off by increasing our debt. On the other hand, Clinton inherited a mess from Bush sr, and set our country straight with a surplus. Moral of the story..IT TAKES A CLINTON TO CLEAN UP THE MESS A BUSH LEAVES.