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Spending America Into Ruin
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Owl 69/70/75 Offline
Just an old rugby coach
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Post: #21
RE: Spending America Into Ruin
(02-10-2010 10:17 AM)cb4029 Wrote:  [Image: borrow_ruin.jpg]

Agree, except with this administration, the donkey's sign should say "TAX AND BORROW AND SPEND."
02-10-2010 11:57 AM
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I45owl Offline
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Post: #22
RE: Spending America Into Ruin
(02-09-2010 08:25 PM)THE NC Herd Fan Wrote:  Barry is going to borrow our way back to prosperity!!! Funny thing I'm hearing that eastern European countries are being criticized for deficits over 10% the US deficit of $1trillion has to be over 50% why no criticism.

US GDP is around $14-15 Trillion.

Total debt is close to 50% GDP, but deficit spending is perilously close to the 10% benchmark. As to why there's no criticism, have you slept through the Tea Party movement?

http://en.wikipedia.org/wiki/United_Stat...ral_budget Wrote:2008 vs. 2009
The CBO reported in October 2009 reasons for the difference between the 2008 and 2009 deficits, which were approximately $460 billion and $1,410 billion, respectively. Key categories of changes included: tax receipt declines of $320 billion due to the effects of the recession and another $100 billion due to tax cuts in the stimulus bill (the American Recovery and Reinvestment Act or ARRA); $245 billion for the Troubled Asset Relief Program (TARP) and other bailout efforts; $100 billion in additional spending for ARRA; and another $185 billion due to increases in primary budget categories such as Medicare, Medicaid, unemployment insurance, Social Security, and Defense. This was the highest budget deficit relative to GDP (9.9%) since 1945.[44] The national debt increased by $1.9 trillion during FY2009, versus the $1.0 trillion increase during 2008.[45]

[Image: 350px-USDebt.png]
02-10-2010 12:50 PM
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