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 manfmmdPremium
join:2003-01-14
Earth, TX
 ·AT&T Southwest
 ·CMA Access
| reply to JammerMan79
Re: Go Figure said by JammerMan79:if you make more that $250,000/yr please wait a minute while I go get my violin It's going to affect EVERYONE. The poor, middle class, the rich, EVERYONE.
You CANNOT propose $10 Trillion ($10,000,000,000,000) in spending with over $650 Billion ($650,000,000,000) annually in interest payments and NOT raise taxes on everyone. The wealthy in this country will not tolerate raising the tax rate to 90% again.
If you thought that the spike in inflation that was seen in the 1970's was bad, this time around, it's going to be far, far worse.
As inflation goes up, the state and federal government will also have to raise taxes to keep up. When was the last time that you got a raise that kept up with inflation? I haven't had one since 2001. 3% here or 4% there... What happens when you are paying 20-25% interest on your next house or new car?
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If the road to Hell is paved with good intentions, what is the road to Heaven paved with?
Obama 2008 - Where Transparent = Opaque | |
 JammerMan79Premium,VIP
join:2004-05-13
Prince George, BC
kudos:10 | It's my understanding that obama's budget includes funding for the war... the last bush "budget" fudged the numbers because he had war funding on top of it.
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I may work for, but do not necessarily represent the views and beliefs of TELUS Communications. | |
manfmmdPremium
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| said by JammerMan79:It's my understanding that obama's budget includes funding for the war... the last bush "budget" fudged the numbers because he had war funding on top of it. All of which is calculated into the deficit numbers and Obama still quadrupled Bush's disgusting spending.
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If the road to Hell is paved with good intentions, what is the road to Heaven paved with?
Obama 2008 - Where Transparent = Opaque | |
JammerMan79Premium,VIP
join:2004-05-13
Prince George, BC
kudos:10 | ok.. now I'm confused.
2009 United States federal budget - $3.10 trillion (submitted 2008 by President Bush)
2010 United States federal budget - $3.60 trillion (submitted 2009 by President Obama)
»en.wikipedia.org/wiki/United_Sta···l_budget
so bush 3.10 + war ... obama 3.60 including war and recession spending
total deficit -
2005 7,933
2007 9,008
2008 - 10,699.8
3nd Quarter of 2009 - 11,383
»en.wikipedia.org/wiki/United_Sta···lic_debt
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I may work for, but do not necessarily represent the views and beliefs of TELUS Communications. | |
manfmmdPremium
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Earth, TX Reviews:
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1 edit | »www.washingtonpost.com/wp-dyn/co···820.html
President Obama's ambitious plans to cut middle-class taxes, overhaul health care and expand access to college would require massive borrowing over the next decade, leaving the nation mired far deeper in debt than the White House previously estimated, congressional budget analysts said yesterday.
In the first independent analysis of Obama's budget proposal, the nonpartisan Congressional Budget Office concluded that Obama's policies would cause government spending to swell above historic levels even after costly programs to ease the recession and stabilize the nation's financial system have ended.
Tax collections, meanwhile, would lag well behind spending, producing huge annual budget deficits that would force the nation to borrow nearly $9.3 trillion over the next decade -- $2.3 trillion more than the president predicted when he unveiled his budget request just one month ago.
Although Obama would come close to meeting his goal of cutting in half the deficit he inherited by the end of his first term, the CBO predicts that deficits under his policies would exceed 4 percent of the overall economy over the next 10 years, a level White House budget director Peter R. Orszag yesterday acknowledged would "not be sustainable."
The result, according to the CBO, would be an ever-expanding national debt that would exceed 82 percent of the overall economy by 2019 -- double last year's level -- and threaten the nation's financial stability.
Let's extend the budget numbers out a bit:
Total Budget projected: 42.80 Trillion
# 2017 United States federal budget - $7.10 trillion (submitted 2016 by President Obama)
# 2016 United States federal budget - $6.60 trillion (submitted 2015 by President Obama)
# 2015 United States federal budget - $6.10 trillion (submitted 2014 by President Obama)
# 2014 United States federal budget - $5.60 trillion (submitted 2013 by President Obama)
# 2013 United States federal budget - $5.10 trillion (submitted 2012 by President Obama)
# 2012 United States federal budget - $4.60 trillion (submitted 2011 by President Obama)
# 2011 United States federal budget - $4.10 trillion (submitted 2010 by President Obama)
# 2010 United States federal budget - $3.60 trillion (submitted 2009 by President Obama)
Total budget: 20.37 Trillion
# 2009 United States federal budget - $3.10 trillion (submitted 2008 by President Bush)
# 2008 United States federal budget - $2.90 trillion (submitted 2007 by President Bush)
# 2007 United States federal budget - $2.77 trillion (submitted 2006 by President Bush)
# 2006 United States federal budget - $2.7 trillion (submitted 2005 by President Bush)
# 2005 United States federal budget - $2.4 trillion (submitted 2004 by President Bush)
# 2004 United States federal budget - $2.3 trillion (submitted 2003 by President Bush)
# 2003 United States federal budget - $2.2 trillion (submitted 2002 by President Bush)
# 2002 United States federal budget - $2.0 trillion (submitted 2001 by President Bush)
I'm using an even $500 billion increase per yeah, although the CBO projects upwards of $600 Billion
Now let's add in interest of ~ 9.5% and you are looking at a federal budget of $46.86 Trillion during the Obama years if he were to serve 2 terms. Perhaps I estimated wrong, let's say at least double.
(granted I am using projected numbers if things were to stay the same going forward)
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If the road to Hell is paved with good intentions, what is the road to Heaven paved with?
Obama 2008 - Where Transparent = Opaque | |
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