http://finance.yahoo.com/news/Obama...3.html?x=0&sec=topStories&pos=3&asset=&ccode= All i can say is...WOW. Can you Imagine when Bush first came into office, if someone told you that in 10 years, the next president would spend what equated to over 2/3rds of what the deficit was 2000, you would think they were crazy. The Deficit was 5.6 trillion in the year 2000. Obama is now going to spend nearly 4 trillion this year alone? But hey...at least in 2011 he said he will get it down to 3.5 trillion. We are spending 172% of our income! So in 2012 if we can cut spending down to 90% of our income and use 10% to pay off the deficit, we will have it all paid off by the year 2087.
I don't think there is any way to pay this deficit off. Tomorrow more news to come about the increased deficit going forward.
Now it doesnt really take a genius to figure out that if someone is in debt and cant pay it off for at least 75 years, you dont loan them more money. Who are these jokers that keep giving us money? I remember seeing these financial gurus (or maybe it was a parody of a guru) where he said "If you want people to give you money, just go out and get a ferrari. People will throw money at you then." I guess if we go around the world telling everyone how good we have it and how rich our country is, all the poorer countries will keep throwing money at us, not realizing that we are rich because of all the money they are throwing at us.
Rest assured that this will all end in a vastly worse way than what happened last year . the nation is run by morons. You would think that last year people would wake up
At least Madoff ADMITTED HIS CRIME We could run the largest surplus ever, every year, and even if there was no interest on the $12 trillion owed, it would take 200 years to repay it.
It's the federal reserve, I doubt there are banks anymore that are even willing to lend a few cents to the federal government. Oh yeah and don't forget about the Chinese either, but I think even they're losing patience with the U.S which is why Obama seems to be on an ass kissing mission these days.
There are also several key hearings before Congress Tuesday. Treasury Secretary Timothy Geithner testifies on the Obama Administration's proposed $3.8 trillion_ budget, at a 10 a.m. hearing before the Senate Finance Committee, while White House Budget Director Peter Orszag testifies before both the Senate and House budget committees.
I think the deficit is getting too big for the international financial markets. This fictitious finance is already bigger than the real economy. I must say too that the fed is doing a great job hiding this huge deficit from becoming inflationary. But obviously, this is a ticking bomb.
You really think China is that stupid? That they keep lending money and not realizing the situation they are in? Americans are not any smarter than any other country. Especially the current administration. Don't think that the USA is pulling a fast one on the world because everyone can see what is happening.