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megimoo
02-14-2011, 06:10 PM
President Obama projects that the gross federal debt will top $15 trillion this year, officially equalling the size of the entire U.S. economy, and will jump to nearly $21 trillion in five years’ time.

Amid the other staggering numbers in the budget Mr. Obama sent to Congress on Monday, the debt stands out — both because Congress will need to vote to raise the debt limit later this year, and because the numbers are so large.....Mr. Obama‘s budget said 2011 will see the biggest one-year jump in debt in history, or nearly $2 trillion in a single year. And the administration says it will reach $15.476 trillion by Sept. 30, the end of the fiscal year, to reach 102.6 percent of gross domestic product (GDP) — the first time since World War II that dubious figure has been reached.

In one often-cited study, two economists have argued that when gross debt passes 90 percent it hinders overall economic growth....The president’s budget said debt as a percentage of GDP will top out at 106 percent in 2013, but only if the economy booms....“I still don’t see a sense of urgency from the president about the massive federal debt,” said Sen. Lamar Alexander, Tennessee Republican. “His budget calls for too much government borrowing – even though the debt is already at a level that makes it harder to create private-sector jobs.”

Speaking on MSNBC on Monday, Jacob “Jack” Lew, the White House budget director, said their long-term plan to lower deficits will stabilize the debt....“When we came into office, when President Obama took office, the deficit was climbing to over 10 percent of the economy. We have a plan that would bring it down to 3 percent,” he said. “That is the most rapid reduction in the deficit in history. It is what we have to do to be able to say we’re paying our bills and we’re not adding to the debt.”

http://www.washingtontimes.com/news/2011/feb/14/debt-now-equals-total-us-economy/

Rockntractor
02-14-2011, 06:24 PM
We need to take away his credit cards and rip up his checkbook!:mad:

fettpett
02-14-2011, 07:22 PM
and this fucktard claims he's put in debt reduction measures...what a fuck nut

Starbuck
02-14-2011, 11:52 PM
The guy is out of his mind.....

But he knows inflation is here. He has to know. His intention, I feel, is to repay todays debt with future inflated dollars. Man, that's scary.:eek:

PoliCon
02-15-2011, 12:27 AM
and this fucktard claims he's put in debt reduction measures...what a fuck nut

well he's reducing the spending increases by a few billion. In the parlance of the left - that's a spending cut.

lacarnut
02-15-2011, 12:29 AM
The guy is out of his mind.....

But he knows inflation is here. He has to know. His intention, I feel, is to repay todays debt with future inflated dollars. Man, that's scary.:eek:

Correct. Helicopter Ben wrote a book on how to monetize the debt. Flood the market with dollars making our money worth less which in turn will depreciate our house values and savings. The government will come out smelling like a rose while we get screwed.

AmPat
02-15-2011, 09:55 AM
We knew the community organizer was clueless in life. We knew he had nothing in common with the majority of Americans. Heck, we even knew that his only alleged area of expertise, Constitutional law, was a lie.

No real job or work experience, no business experience, no life struggle to balance a check book, no economic brain whatsoever, no financial savvy, no understanding of how the country really works.

This moron is destroying the nation from within. I have always advocated a test and vetting voters before they were allowed to vote. It doesn't make sense to me to allow the children and the lazy to vote when they have no "skin in the game," to borrow from O Blah Blah himself.

The morons, the lazy, the ignorant, the racists (those who voted for his skin color) and the children (those who voted for him because he made them giddy, moist, and sent tingles up their legs), allowed this Marxist usurper to occupy the highest office in the land. Now we are stuck with this idiot for nearly two more years.

I heard that nine trillion one dollar bills stacked on top of each other would stretch to the moon and back,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, four times! We have a debt of 14 trillion and growing. It is expected to be 21 trillion in five years.

May I suggest that we dump this idiot ASAP!:cool:

Starbuck
02-15-2011, 10:38 AM
......... I have always advocated a test and vetting voters before they were allowed to vote. It doesn't make sense to me to allow the children and the lazy to vote when they have no "skin in the game," to borrow from O Blah Blah himself..........
Man, that is exactly the position I have been advocating.
I'm in favor of a voting license, which would be available to home or land owners over the age of 21. Just like the writers of The Constitution intended. It would, however, be a lifetime license with each qualifying person being disqualified only through criminal activity or mental impairment.

Write your congressman. Write your senator.

When the U.S. Constitution was written, there was not one single country standing that had elected representative government. Every single government on earth at that time - as far as I know - had a monarchy of one sort of another.

Evidence is mounting that we have now gone too far in the right direction. Let's go back.