Obama budget projected at $9.3 trillion in next 10 years - Mercedes-Benz Forum

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post #1 of 25 (permalink) Old 03-21-2009, 01:13 PM Thread Starter
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Obama budget projected at $9.3 trillion in next 10 years

One has to wonder where all the BWOT budget hawks are now that your boy is in charge...

WASHINGTON: President Barack Obama's budget proposals, if carried out, would produce a staggering $9.3 trillion in total deficits over the next decade, much more than the White House has predicted, the Congressional Budget Office said on Friday.

The office's estimates of deficits in the fiscal years 2010 through 2019 "exceed those anticipated by the administration by $2.3 trillion."

The deficits under the Obama plan would be $4.9 trillion more than the projected deficits if there were no changes in current laws and policies — what the nonpartisan budget office calls its baseline assumption.

The startling new figures have enormous implications, political as well as fiscal. They are certain to bring new expressions of alarm and dismay from deficit hawks on Capitol Hill, where the president's $3.6 trillion budget proposal for the next fiscal year, which begins in October, has already stirred debate.

President Obama's budget director, Peter R. Orszag, conceded in a news briefing on Friday that annual deficits of 4 to 5 percent of gross domestic product, as envisioned in the office's report, are "ultimately not sustainable."

But Mr. Orszag insisted that administration officials "remain confident" in what he called "the four key principles" of the president's budget outline: health care reform, improvements in education, energy efficiency, and reducing the annual deficit in half by the end of the president's first term from the extraordinary levels it has suddenly reached because of the bailout and stimulus spending this year.

Mr. Orszag said he was confident that those goals will all be accomplished in whatever budget resolution emerges after negotiations with Congress. Asked about recent statements by Senator Kent Conrad, the North Dakota Democrat who heads the Budget Committee, that the president's spending plans might have to be adjusted downward, Mr. Orszag said it was always assumed that there would be negotiations. "It's not like the process would have them just Xerox and vote on it," he said.

As for the differences among various budget projections, Mr. Orszag attributed them in part to small percentages — such as divergent assumptions about the rate of economic growth — that, when applied to huge numbers, can produce eye-popping contrasts.

The new estimates will reignite the debate over whether the president's spending plans are far too ambitious, given the state of the economy, or just what is needed to address systemic problems.

Senator Charles E. Grassley, Republican of Iowa and ranking minority member on the Finance Committee, as well as a senior member on the Budget panel, said Congress and the White House need to get the message that the new figures embody.

"People can afford only so much government spending, even for the worthiest-sounding causes," he said in a statement.

The deficit is the year-by-year gap between what the government spends and the revenue it takes in. So even if annual deficits are cut, the overall national debt will continue to grow so long as there is no surplus. The debt now stands at around $11 trillion, with about $6.5 trillion owed to individuals, corporations and governments and other lenders, foreign or domestic, while about $4.3 trillion is owed to the funds for Social Security benefits, military and civil service pensions and other government programs.

Obama budget projected at $9.3 trillion in next 10 years - International Herald Tribune

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post #2 of 25 (permalink) Old 03-21-2009, 02:00 PM
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I insist PORK is the commodity of the future. Buy pork bellies.

Incidentally, is it true that the Ambassador for Switzerland was called to the WH to guarantee the confidentiality of Swiss bank depositor names? It's got to be true, 9.3 trillions cannot be kept in a mattress. Oink, oink, oink.
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post #3 of 25 (permalink) Old 03-21-2009, 07:49 PM
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Well, when we factor that at least $500BILLON of each year's budget is just to pay for previous years deficit spending, it begins to add up.

As I said last year, before the election and before the vote on the financial sector bailout; this thing is going to cost a metric shitload to unwind and get this country going again. The damage done over the past bunch of years, by the previous Administration, by over zealous deregulation and generally greedy and piss poor management by the financial sector, unfettered by pesky regulators is enormous. It can be fixed. It will be fixed but it is not going to be cheap and it is not going to be pretty. It would not be pretty, no matter who had won in November, the only difference is we are not now continuing down the same "free market, supply side, deregulation" bullshit policy that got us here in the first place.

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post #4 of 25 (permalink) Old 03-21-2009, 08:43 PM Thread Starter
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Well, when we factor that at least $500BILLON of each year's budget is just to pay for previous years deficit spending, it begins to add up.

As I said last year, before the election and before the vote on the financial sector bailout; this thing is going to cost a metric shitload to unwind and get this country going again. The damage done over the past bunch of years, by the previous Administration, by over zealous deregulation and generally greedy and piss poor management by the financial sector, unfettered by pesky regulators is enormous. It can be fixed. It will be fixed but it is not going to be cheap and it is not going to be pretty. It would not be pretty, no matter who had won in November, the only difference is we are not now continuing down the same "free market, supply side, deregulation" bullshit policy that got us here in the first place.
...From Admin hater to an Admin apologist in just one year...

Don't we just love it?

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post #5 of 25 (permalink) Old 03-21-2009, 08:52 PM
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...From Admin hater to an Admin apologist in just one year...

Don't we just love it?
You notice all my remarks were based on my posts from prior to the election.

Your boy served up this big ol pile of shit. Sorry you have to eat part of it too.

Frankly we are digging ourselves into a hole that we won't be able to get out of for a generation or more. That die was cast with Gramm, Leach, Bliley and the Bush Economic Doctrine [much also designed by Phil Gramm]. And there is no way to get out of it other than very hard work and some very creative policies.

Some are going to come from this current Administration and some are going to come from the next two Administrations. If you have read anything that I have written over the last four years, you know that I detest loading up debt because it causes more problems than it helps. The trick is balance. How much debt is right to stop the dominoes, give us time to set the fallen ones back up and let the system reset itself? That had damned well better be nonpartisan.

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Bush really did do it

HE IS TO BLAME
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post #7 of 25 (permalink) Old 03-21-2009, 09:02 PM Thread Starter
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But honestly, doesn't it bother you that it is your boy who is digging the hole so deep? Not mine...?

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post #8 of 25 (permalink) Old 03-21-2009, 09:05 PM Thread Starter
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Bush really did do it

HE IS TO BLAME
Oh ya. I forgot: "BUSH DID IT!"

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post #9 of 25 (permalink) Old 03-21-2009, 09:06 PM
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It is just a matter of time before the Chinese want to collect on the googleplex we owe them also... and it just keeps getting worse.

I would hope we all know where we get the money to fund anyway...

They give us Trillions of $$ & we buy their cheap paper umbrellas... a "mutual benefiting symbiotic relationship" they say. I say if you trade Billions of dollars for what in essence is cheaper Wal-Mart goods; that's disturbing.

When I buy something from China, it is a couple bucks w/ no duty/import taxes and costs almost nothing to ship to me (of course it does take three weeks). BUT- If I sell something to China, they must pay duty & import taxes before pickup at amounts that would make you cry.

GREAT "MUTUAL" BENEFIT! I think not.

Since when did the country decide to make a never ending string of bad business decisions with no one to ever care?

I wonder if Ross Perot would have been interesting and changed the future for the good... maybe, maybe not

We'll never know! Most are happy about that!
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post #10 of 25 (permalink) Old 03-21-2009, 10:27 PM
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But honestly, doesn't it bother you that it is your boy who is digging the hole so deep? Not mine...?
I figured out a long time ago that when I did something halfassed it ended up costing me twice as much to finally fix it correctly.

Well, the halfassed part has been done and yes, it is going to cost a metric shitload to fix it.

It bothers me deeply that we are continuing to dig a deep hole. But in all honesty, this hole was started in 1981 and has been expanding since then. Thank Phil Gramm and Jack Kemp for many of the original shovels. Deregulation, that paragon of NeoCon philosophy brought in the jackhammers and backhoes. Bush was just the one that was too dumb to know how to run the train.

It was not all Republicans fault but the hole that has been dug is pure NeoCon. It is as much an overreaction to the Great Society as the future Economic policies will be an overreaction to Supply Side/Deregulation. Even with Obama's signature on it, it is still a Bush mess. When your pet pees on the rug, you have to clean it up. That doesn't make it your pee, just your responsibility.

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