Deficit projection actually higher than $9 trillion?

[bamachile]

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	Quote:	Tidewater
	While I appreciate Heritage's take, the Republicans were spending like drunken sailors 2001-2005. It makes it hard for them to be taken seriously now.

Take a look at the chart in my post above. It comes from Wikipedia, which is about as neutral as I could get. Without a doubt, the spending goes across party lines, as the level of deficit spending has increased constantly since WWII. There is no doubt that the spending in the last year has dwarfed previous spending, however. Personally, I couldn't care less who you blame the whole thing on; let's just stop the madness.

Santa Claus doesn't exist. The world is tough; it's tougher if you're stupid. There's no such thing as a free lunch. No nation can tax it's way out of debt. Go to work and pay for your own. It is not possible to eliminate risk, but is possible to eliminate freedom. Because we can't afford it, that's why. No one is entitled to anything beyond physical protection and opportunity. Starvation is a greater motivator than a government check. You can't spend what you don't have. Borrowing from your children is irresponsible and repulsive. Paying for past budget overruns hurts, but the pain doesn't relieve us of our responsibility to pay. No, you aren't promised a federal handout. Interest on debt is like paying for a dead horse. If you can't afford to pay the bills you have, don't create new ones. Make the hard decisions first. Budget by obligations first, then percentage of intake. If you want it, work for it. There is no prosperity without freedom. You are worthless as a public servant if you can't survive in the private sector. It's not really a public law unless Congress is subject to it. If it's not required of the Federal government, it's delegated to the states. Good economic policy facilitates, rather than ensures, success.

There's my Libertarian rant for the day. Did I leave anything out?

[RogueElephant]

	Quote:	Queasy1
	ummm...wow. Obama's OMB completely fabricated the $9 trillion budget deficit over ten years by including revenue from programs and policies that don't exist. It's actually much worse...by $2.4 trillion or more given how rosy government projections tend to be. With numbers like these, I don't know how we can avoid a double-dip recession or massive inflation or massive tax increases....or all three. God forbid government actually finds realistic ways to cut spending. With numbers like this, the stimulus bill should be rescinded immediately.

I would say it a pretty good bet we get all three recession, inflation and tax increases.

[RogueElephant]

	Quote:	Queasy1
	This. Obama, Reid, and Pelosi have put drunken sailors to shame. The 'mess we inherited' line just doesn't hold water given that a) Obama, Reid, and Pelosi have been in charge of the Congress since the 2006 elections and b) the massive spending increases that are bankrupting the country happened since the Dems have taken total control of the Executive and Congressional branches.

Hopefully Reid will be out he is losing right now in Nevada. Pelosi we as American should remove her from office today!

[Bamaball2001]

	Quote:	Tidewater
	While I appreciate Heritage's take, the Republicans were spending like drunken sailors 2001-2005. It makes it hard for them to be taken seriously now.

	Quote:	swoop10
	While I agree with what you said, they didn't spend like this. In 6 monthes PBO has outspent every Pres before him. Also the Heritage Foundation isn't a Rep organization, it is a conservative one. There is a big difference and while most may have thought Bush to be conservative, he showed that he wasn't.

Exactly Swoop, you covered it completely...

I am conservative but not a republican and therefore I was no fan of Bush and his pseudo conservative ideology. He was a spendaholic and IMO as close as a republican can come to a liberal. But P-BO is going to make him look like Scrooge McDuck before he is finished (The cartoon analogy was no accident).

Heritage foundation is a conservative think tank, not a republican mouth piece. Anyone interested in conservative economic thought should read what they have to say; they have been at this a long, long time.

The whole point of the article is that P-BO is outspending any president in history... including GWB.

	Quote:
	"Since World War II, federal spending has generally remained between 18 and 22 percent of GDP. During the Bush Administration, spending increased from 18 to 21 percent of GDP. This year, President Obama will spend a peacetime-record 26 percent of GDP. Even by 2019, spending would still be 23 percent of GDP--not even counting the President's proposed health plan".

Or any other ideas he has for "change" during the next 3 years.

	Quote:
	"This spending is not just temporary: President Obama would permanently keep annual spending between $5,000 and $8,000 per household higher than it had been under President George W. Bush".

	Quote:
	"As the budget deficit increases over the next decade, so will net interest spending, from $173 billion (1.2 percent of GDP) in 2009 to a record-level of $774 billion (3.4 percent of GDP) by 2019. In fact, net interest costs will account for 84 percent of the 2019 budget deficit".

This is what people have to understand; spending=debt, debt=interest. Someone has to repay it and there are only so many ways that we can do it and none of them are good.

Since most of that debt will come due in the next 10 to 20 years that "someone" will be our kids and grand-kids. If you are closing in on your 40s you will be paying it just about the time you want to retire.

[Tidewater]

	Quote:	bamachile
	Take a look at the chart in my post above. It comes from Wikipedia, which is about as neutral as I could get. Without a doubt, the spending goes across party lines, as the level of deficit spending has increased constantly since WWII. There is no doubt that the spending in the last year has dwarfed previous spending, however. Personally, I couldn't care less who you blame the whole thing on; let's just stop the madness. Santa Claus doesn't exist. The world is tough; it's tougher if you're stupid. There's no such thing as a free lunch. No nation can tax it's way out of debt. Go to work and pay for your own. It is not possible to eliminate risk, but is possible to eliminate freedom. Because we can't afford it, that's why. No one is entitled to anything beyond physical protection and opportunity. Starvation is a greater motivator than a government check. You can't spend what you don't have. Borrowing from your children is irresponsible and repulsive. Paying for past budget overruns hurts, but the pain doesn't relieve us of our responsibility to pay. No, you aren't promised a federal handout. Interest on debt is like paying for a dead horse. If you can't afford to pay the bills you have, don't create new ones. Make the hard decisions first. Budget by obligations first, then percentage of intake. If you want it, work for it. There is no prosperity without freedom. You are worthless as a public servant if you can't survive in the private sector. It's not really a public law unless Congress is subject to it. If it's not required of the Federal government, it's delegated to the states. Good economic policy facilitates, rather than ensures, success. There's my Libertarian rant for the day. Did I leave anything out?

I'm with you.
No political victory is ever permanent. Eventually the Democrat Party will make themselves so repugnant, even American voters with throw them out.
The Republicans acting like Junior Varsity Leftists on the issue of spending earlier in the decade made that day longer in coming and less powerful when it comes.
Nice rant, by the way.

[Tidewater]

"As the budget deficit increases over the next decade, so will net interest spending, from $173 billion (1.2 percent of GDP) in 2009 to a record-level of $774 billion (3.4 percent of GDP) by 2019. In fact, net interest costs will account for 84 percent of the 2019 budget deficit"


Gee, that's going to be fun.

[Bodhisattva]

	Quote:	bamachile
	Santa Claus doesn't exist. The world is tough; it's tougher if you're stupid. There's no such thing as a free lunch. No nation can tax it's way out of debt. Go to work and pay for your own. It is not possible to eliminate risk, but is possible to eliminate freedom. Because we can't afford it, that's why. No one is entitled to anything beyond physical protection and opportunity. Starvation is a greater motivator than a government check. You can't spend what you don't have. Borrowing from your children is irresponsible and repulsive. Paying for past budget overruns hurts, but the pain doesn't relieve us of our responsibility to pay. No, you aren't promised a federal handout. Interest on debt is like paying for a dead horse. If you can't afford to pay the bills you have, don't create new ones. Make the hard decisions first. Budget by obligations first, then percentage of intake. If you want it, work for it. There is no prosperity without freedom. You are worthless as a public servant if you can't survive in the private sector. It's not really a public law unless Congress is subject to it. If it's not required of the Federal government, it's delegated to the states. Good economic policy facilitates, rather than ensures, success. There's my Libertarian rant for the day. Did I leave anything out?

Preach on, my libertarian brother.

[BamaInMo1]

I think we really just ought to vote both republicans and democrats out of office. If you want to send a real message that's what it will take.