President-elect Obama predicts “trillion-dollar deficits for years to come.”
“We’re already looking at a trillion-dollar budget deficit or close to a trillion-dollar budget deficit, and that potentially we’ve got trillion-dollar deficits for years to come, even with the economic recovery that we are working on at this point,” Obama said.
The federal deficit was about $455 billion for fiscal year that ended on Sept. 30, 2008.
If the Democrats keep the deficits to a trillion-dollars a year that will at least slow the rate at which the Democrats increase the national debt.
Where does the money come from
10ksnooker Tuesday, January 6th at 4:23PM EST (link)At what point does the presses no longer work.
not only will Obama be the first in American history
Jeff Emanuel Tuesday, January 6th at 5:42PM EST (link)to cross this ignominious barrier — he’s possessed of the temerity to brag about it.
JE
Reagan proved that deficits don't matter.
birdmojo Tuesday, January 6th at 5:52PM EST (link)I forget who said that.
Man is free at the moment he wishes to be. –Voltaire
To be honest, I don't.
birdmojo Tuesday, January 6th at 5:55PM EST (link)It was Dick Cheney, Vice President.
This is why principle is important. The Republicans don’t have anywhere near as much political capital as they need to really put the brakes on this.
Any argumentation on the part of Republican Politicians (and, sadly, many of the Republican Lay Leaders) that spending is bad and needs to be tamped down will come across more as a cynical argument given because the wrong people are doing the spending.
That said, only a $455 billion deficit? Does that mean that Bush would have had a surplus without the bailout?
Man is free at the moment he wishes to be. –Voltaire
you're entering the checkout aisle
Streiff Tuesday, January 6th at 6:41PM EST (link)if you want to proceed with the transaction just keep it up
“A man does what he can and endures what he must.”
I honestly don't understand.
birdmojo Wednesday, January 7th at 10:07AM EST (link)What was wrong or inaccurate about what I said?
Man is free at the moment he wishes to be. –Voltaire
Bailout doesn't count...yet.
CrabCakes Wednesday, January 7th at 10:13AM EST (link)The $700b bailout was a loan. I only gets written down if/when it’s defaulted upon.
That makes sense.
birdmojo Wednesday, January 7th at 10:31AM EST (link)So it’s possible, if not likely, that the Trillion+ Deficits started a year earlier.
Man is free at the moment he wishes to be. –Voltaire
Obama and Dem's found their Trojan Horse
Marcus_Traianus Tuesday, January 6th at 5:52PM EST (link)- it is the Federal budget deficit. Instead of real fundamental change achieved through reduced spending and decreasing the size of government, they will demagogue our economic situation to commence their Socialist vision. Democrats will scapegoat Republicans and a complicit MSM will parrot their mendacity. A public bereft of any rudimentary knowledge due to a confusing Republican message will be dragged into the hopeless plunder hypnotised by “Change”.
Our only hope is to hold the line against any Democrat plan that includes massive spending increases, irrespective of alleged or real tax reductions inclusions. The latter should be our only alternative proposal. In fact, any Republican voting otherwise should be loudly condemned.
There are finally some emerging positive signs, albeit inconsistent, in this market. Talk has finally transitioned to a dialogue about “turning the corner”.Obama and the Democrats plans will change that, keeping us enslaved in their despicable cloak of lost freedoms and dependancy for generations. That is a contemporary tyrrany we simply can not afford.
“Both of our political parties, at least the honest portion of them, agree conscientiously in the same object—the public good; but they differ essentially in what they deem the means of promoting that good. One side believes it best done by one composition of the governing powers; the other, by a different one. One fears most the ignorance of the people; the other, the selfishness of rulers independent of them. Which is right, time and experience will prove.”.Thomas Jefferson
Contributor to The Minority Report
Who needs manacles and chains
johnt Tuesday, January 6th at 6:12PM EST (link)when you have trillion dollar deficits for years to come, regardless of the state of the economy . There’s more than one way to subjugate a people and take over an economy. So much for financial markets domestic and international and I guess we are supposed to forget about our children’s future, which was of much concern in other times.
Not all deficits are equal I guess. And a hat tip to Marcus Traianus for also noting the self unmasking of this socialist thug.
“a man’s admiration for absolute government is proportinate to the contempt he feels for those around him”. Tocqueville
SPEND SPEND
PatH2122 Tuesday, January 6th at 7:54PM EST (link)The only experience a politician has to have, is to be able to spend money.
Thats all they ever do. How about cutting something first?
So far I haven’t seen Obama cut spending on anything, so I guess he is just like all the rest. SO MUCH FOR CHANGE !!
where is the TRILLION coming from
PatH2122 Tuesday, January 6th at 8:02PM EST (link)We don’t have a TRILLION to spend. What is more scary after thinking about it is. Who will we OWE a TRILLION dollars to?