DrTorch
Proved mach and GTS to be liars
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I Root For: ASU, BGSU
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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.
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02-14-2010 02:07 PM |
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Owl 69/70/75
Just an old rugby coach
Posts: 80,655
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I Root For: RiceBathChelsea
Location: Montgomery, TX
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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.)
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02-14-2010 02:42 PM |
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I45owl
Hall of Famer
Posts: 18,374
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I Root For: Rice Owls
Location: Dallas, TX
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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.
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02-15-2010 01:29 PM |
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THE NC Herd Fan
Hall of Famer
Posts: 16,168
Joined: Oct 2003
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I Root For: Marshall
Location: Charlotte
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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.
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02-15-2010 02:00 PM |
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