Oooohwee! Spread the wealth around:
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.
In its 2011 budget, which the White House Office of Management and Budget (OMB) released Feb. 1, the administration projected a 10-year deficit total of $8.53 trillion. After looking it over, CBO said in its final analysis, released Thursday, that the president's budget would generate a combined $9.75 trillion in deficits over the next decade.
When Zero's through with you, you better hope you have any change left.
1 comment:
I don't even think such things are even possible. The foreign creditors and the buyers of US debt securities are not going to put up with this. At some point, we are going to need to look at areas to cut spending. Social security and medicare are virtually untouchable right now. The easiest place to cut spending is in the military.
Most Americans don't see the tangible benefit of this spending and the military suppliers do not have the powerful lobbies that the other groups have. As such, cutting spending here would be relatively easy to do.
Of course this means the United States will be giving up its status as a major world power. In any event, the United States currently lags behind Russia and China in virtually every military arena right now and doesn't have the money or technical expertise that is neccessary to close this gap. As such, the United States is largely finished as a major world power any way.
Part of our long range survival will depend upon our ability to negotiate agreements with Russia, China, India, and most of the Arab world where we can live in relative peace with the acknowledgement that Russia and China especially Russia are the dominant global powers and are likely to be for the foreseeable future.
Unfortunately with the current people who lead both major political parties in the US it is hard to imagine any of them having the competence to pull this off. I pray I'm wrong of course.
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