Hello There, Guest! (LoginRegister)

Post Reply 
US Debt about to overwhelm
Author Message
DrTorch Offline
Proved mach and GTS to be liars
*

Posts: 35,887
Joined: Jun 2002
Reputation: 201
I Root For: ASU, BGSU
Location:

CrappiesDonatorsBalance of Power Contest
Post: #1
US Debt about to overwhelm
http://news.yahoo.com/s/ap/20100214/ap_o...cit_crunch

Quote:WASHINGTON – It's bad enough that Greece's debt problems have rattled global financial markets. In the world's largest economic and military power, there's a far more serious debt dilemma.

For the U.S., the crushing weight of its debt threatens to overwhelm everything the federal government does, even in the short-term, best-case financial scenario — a full recovery and a return to prerecession employment levels.

The government already has made so many promises to so many expanding "mandatory" programs.

Wow, MSM actually covering the real problem.
02-14-2010 02:07 PM
Find all posts by this user Quote this message in a reply
Advertisement


Owl 69/70/75 Offline
Just an old rugby coach
*

Posts: 80,655
Joined: Sep 2005
Reputation: 3192
I Root For: RiceBathChelsea
Location: Montgomery, TX

DonatorsNew Orleans Bowl
Post: #2
RE: US Debt about to overwhelm
They're only talking about half the problem.

Our balance of trade deficit is about as big as our federal deficit (a little less right now with the econmic downturn, but potentially more if we get the budget under control at some point). That has to be financed offshore in some respect. When I import goods from China, at some point I have to pay somebody in China.

Obama's goal of doubling exports is a good one. Unfortunately, he has proposed absolutely nothing that will contribute in any meaningful way to the achievement of that goal. Certainly nothing even remotely approaching the adverse effects if cap-and-trade and card-check pass, or if we don't start supplementing his green energy initiatives with something that will actually reduce oil imports.
(This post was last modified: 02-14-2010 02:43 PM by Owl 69/70/75.)
02-14-2010 02:42 PM
Find all posts by this user Quote this message in a reply
Advertisement


I45owl Offline
Hall of Famer
*

Posts: 18,374
Joined: Jun 2005
Reputation: 184
I Root For: Rice Owls
Location: Dallas, TX

New Orleans Bowl
Post: #3
RE: US Debt about to overwhelm
(02-14-2010 02:42 PM)Owl 69/70/75 Wrote:  Obama's goal of doubling exports is a good one. Unfortunately, he has proposed absolutely nothing that will contribute in any meaningful way to the achievement of that goal.

Yes he did. Hope.

Well, except for the "meaningful" part, anyways.
02-15-2010 01:29 PM
Find all posts by this user Quote this message in a reply
THE NC Herd Fan Offline
Hall of Famer
*

Posts: 16,168
Joined: Oct 2003
Reputation: 521
I Root For: Marshall
Location: Charlotte
Post: #4
RE: US Debt about to overwhelm
(02-14-2010 02:42 PM)Owl 69/70/75 Wrote:  They're only talking about half the problem.

Our balance of trade deficit is about as big as our federal deficit (a little less right now with the econmic downturn, but potentially more if we get the budget under control at some point). That has to be financed offshore in some respect. When I import goods from China, at some point I have to pay somebody in China.

Obama's goal of doubling exports is a good one. Unfortunately, he has proposed absolutely nothing that will contribute in any meaningful way to the achievement of that goal. Certainly nothing even remotely approaching the adverse effects if cap-and-trade and card-check pass, or if we don't start supplementing his green energy initiatives with something that will actually reduce oil imports.

I will give Obama his props here. He's exported wealth, manufacturing base, and US Debt Obligation. China owns us with the $1trillion deficit Obama created in 2009, they own our Grandchildren with the incremental $1trillion deficit he creates in 2010.
02-15-2010 02:00 PM
Find all posts by this user Quote this message in a reply
Post Reply 




User(s) browsing this thread: 1 Guest(s)


Copyright © 2002-2024 Collegiate Sports Nation Bulletin Board System (CSNbbs), All Rights Reserved.
CSNbbs is an independent fan site and is in no way affiliated to the NCAA or any of the schools and conferences it represents.
This site monetizes links. FTC Disclosure.
We allow third-party companies to serve ads and/or collect certain anonymous information when you visit our web site. These companies may use non-personally identifiable information (e.g., click stream information, browser type, time and date, subject of advertisements clicked or scrolled over) during your visits to this and other Web sites in order to provide advertisements about goods and services likely to be of greater interest to you. These companies typically use a cookie or third party web beacon to collect this information. To learn more about this behavioral advertising practice or to opt-out of this type of advertising, you can visit http://www.networkadvertising.org.
Powered By MyBB, © 2002-2024 MyBB Group.