CBO: Debt To Rise To 90% of GDP

Discussion in 'Economics' started by pspr, Mar 26, 2010.

  1. pspr


  2. Cloward-Piven
  3. TGregg


    But we're getting FREE healthcare! Woo hoo! And our mortgages paid off and free food and cash for clunkers and bailouts for Wall Street and bailouts for auto makers and cash for our homes and cash for fixing up our houses and on and on and on! Isn't it just wonderful that The One can give us all this free stuff?

    Gee, I wonder why we don't just give more free stuff to everybody? Why not? It helps the economy, right? I'm a little hard pressed to think of some more freebies, but I bet we could build quite a list. And think of the wonderful prosperity all that government giving would bring about! Woo hoo!

    10 trillion here, $10,000,000,000,000.00 there and pretty soon we're talkin' real money. :eek:

    In a very real way, a great many people deserve exactly what they will receive. It is a pity that the few of us who do not deserve it will have to suffer along with them.
  4. Hookers and blow!
  5. Mav88


    Do people really understand what 90% GDP debt does to the federal budget?

    It means that in 10 years interest and mandatory spending will take up the entire federal budget. We'll have to keep borrowing or raise taxes massively if we want such things as an army. People were always dismissive when it was 30 years away, they thought it will be someone else's problem. The elderly didn't care who had to pay since they would be dead. Huge tax increases, huge cuts, or large inflation, HAS to come, it is no longer a choice now that the ass rats have just increased entitlements. I can't imagine if interest rates go up much what chaos that could cause.

    Think about it, the same government that can't manage current entitlements just expanded them, and winked at you saying everything will be ok.

    I recommend maximizing income now, then planning on early retirement if you can. No use working for them.

    "When the people find they can vote themselves money,
    that will herald the end of the republic."

    Ben Franklin

  6. In total agreement. One could envision impending social upheaval as programs are cut back to be able to afford defense spending and other gov't operations.