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05/09/2010 03:56 PM ID: 84034 Permalink   

Obama 2011 Budget Increases Debt

 

According to the CBO, the federal debt was $56,000 per household when Obama took office. It has risen over 28% to a total of $72,000 per household today. The budget projections indicate an increase of nearly $10 trillion in deficits over 10 years.

The increase in deficit spending will increase the debt to $20.3 trillion by 2020. That amount of debt is equivalent to $170,000 per household and will equal 90% of our GDP. This in an increase of over 200% in debt levels in just 10 years.

 
  Source: www.washingtontimes.com  
    WebReporter: morganmacleod Show Calling Card      
  Recommendation:  
ASSESS this news: BLOCK this news. Reason:
   
  17 Comments
  
  And just so we are clear....  
 
"No, you cannot pay us back in clunkers."
 
  by: moxpearl   05/09/2010 04:37 PM     
  It was fun  
 
while it lasted
 
  by: Rakulus   05/09/2010 05:48 PM     
  congratulations  
 
to the retards that ran/run that country. you´ve managed to single handedly screw many other countries over with yours, hope you all get medals for the monumental failure that you´ve managed to achieve over the past many years.
 
  by: starlock   05/09/2010 06:08 PM     
  So...  
 
what will you do when your debt is 100% of GDP? Have a yard-sale?
 
  by: ofWolfandMan   05/09/2010 06:13 PM     
  @ofWolfandMan  
 
Move to Canada
 
  by: StormRoyale   05/09/2010 06:22 PM     
  @StormRoyale  
 
considering the amount of exports from canada to USA, if the budget was to ever hit even 50% of GDP, canada would be broke and obsolete.

it´s pathetic how dependant canada is on the USA.
 
  by: starlock   05/09/2010 07:57 PM     
  @starlock  
 
It is pathetic.

Our economy totally depends on exporting to the US, so that we can earn US dollars, even though US dollars are actually worthless, and just waiting for bond markets to realize it.

We should be very wealthy people, because we have so many natural resources, and such a low population, but our socialist government has ruined our economy, and no one will even realize it until the US dollar finally goes down the toilet, and leaves us bankrupt as well.
 
  by: circuit_monkey   05/09/2010 08:43 PM     
  @ofWolfandMan  
 
Perhaps the government will default on the payments and leave it to wall street to pay the price of the mess they caused.

It´s what they should have done in Greece.
 
  by: jamesmc   05/09/2010 08:56 PM     
  @ofWolfandMan  
 
Debt can be over 100% GDP, as in Japan.
 
  by: H. W. Hutchins   05/10/2010 01:54 AM     
  Really?  
 
$20.3 trillion is 90% GDP 2020 hmmmm.

So they´re forecasting US GDP at US$22.56 trillion by 2020? Is this a rational prediction? They´re expecting the US GDP to grow at a consistent 4.5%pa over the next 10 years.
 
  by: yreulogy   05/10/2010 04:14 AM     
  @H. W. Hutchins  
 
I realise that, I was merely being humourous. Nevertheless, I think we can all agree that having such a high level of debt is no good thing - not for you or the rest of the trading world.
 
  by: ofwolfandman   05/10/2010 09:44 AM     
  pfft...  
 
and then you make a fuss about greece...

 
  by: deadmeat     05/10/2010 02:10 PM     
  @ deadmeat  
 
and then you make a fuss about greece...

They must have made a big fuss because it is my understanding we are going to give out unsecured loans to them.

Obama´s budget? What budget? He is just pushing us further into the hole.
 
  by: hellblazer     05/10/2010 07:21 PM     
  @shortnews  
 
I wonder why Ben_Reilly hasn´t chimed in yet ;)
 
  by: Sasquatches_United   05/10/2010 11:20 PM     
  So it´s fair to blame...  
 
personal debt climbing on thhe current administration? It´s like like blaming the current administration for not keeping up your lawn, or not maintaining your house.

That being said, these projections are revised on a yearly basis. I am just curious, that once the deficit spending provides results, I am afraid that whoever the president will be, will take credit for any positive results achieved from the deficit spending.
 
  by: questworldz     05/11/2010 02:25 AM     
  @questworldz  
 
?

This article is not about personal debt. It´s states that if you divided up the FEDERAL DEBT up amongst all Americans we´d oh x and xx.

Deficit spending rarely leads to any type of recovery. Especially if it´s in conjunction with inflating the money supply. Don´t be fooled. There will be no grand economic recovery in America. We´re broke.
 
  by: Sasquatches_United   05/11/2010 04:29 PM     
  @ Sasquatches_United  
 
Quote:There will be no grand economic recovery in America. We´re broke.

I am glad to see there are still some that can see past the grand illusion.
 
  by: hellblazer     05/12/2010 04:53 AM     
 
 
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