From:
Deficit Expected to Surpass Size of U.S. Economy
(The New American) -- by Raven Clabough --
Not only does President Barack Obama’s budget, released Monday, fail to make any real progress in spending cuts, but it reveals a frightening truth: the current fiscal year is on its way towards a federal deficit that will surpass the size of the total U.S. economy.
The Washington Times writes:
Mr. Obama’s budget projects that 2011 will see the biggest one-year debt jump in history, or nearly $2 trillion, to reach $15.476 trillion by Sept. 30, the end of the fiscal year. That would be 103.6 percent of GDP — the first time since World War II that dubious figure has been reached.
Furthermore, the government’s 2010 deficit reached $1.645 trillion, $230 billion more than that of 2009. To emphasize just how staggering these figures are, note that the deficit in 2007 was a "mere" $160 billion.
As noted by economists Carmen Reinhart and Ken Rogoff, when a nation’s gross debt passes 90 percent of GDP, it negatively impacts the country’s overall economic growth...
The budget for the next fiscal year is setting the stage for some contentious debate, even amongst Republicans. At this year’s Conservative Political Action Conference, Senator Rand Paul (R-Ky.) asserted that the GOP proposal to return to 2008 spending levels is “not bold enough.” Instead, he declares that the federal government can save a great deal of money by eliminating unconstitutional programs such as the Department of Education.
Without true fiscal conservatism, the future of the American economy is certainly bleak...MORE...LINK
-------------------------
Chris Moore comments:
It's amazing that it took the GOP this long to elect a fiscal reality-based Senator like Rand Paul instead of the same old pseudo-fiscal conservative military socialists it's been electing since the Cold War -- all of which should have come to a screeching halt the second the Cold War itself ended.
But the truth of the matter is, right-wing military socialists aren't conservative at all, but rather devout believers in government-based social-engineering, be it using the military to indoctrinate soldiers or using it to socially-engineer the Middle East.
I'm really not sure why right-wing military socialists have so many issues with left-wing government socialists, given that they both want to replace God with secular Big Government, and use the latter to lobotomize and socially re-engineer the masses away from spiritualism and religion and towards their own warped and stunted notions of how society should be run, and how man should view the world.
The fallibility of these buffoons, and fatal costs both to our budgets and to our social and civil society of all this should be self-evident by now, and apparently is to all except the insatiably greedy government gravy-trainers and their cronies, and to the demonically stubborn ideologues who are bankrupting the country and will ultimately bankrupt themselves via inflation -- all because they have the pomposity to believe they have the right, authority and ability to play God.
We are being governed by arrogant and incompetent idiots, and have been since the end of the Cold War. Worse, this buffoonish Ruling Class believes itself to have the abilities of God.
Hubris can be fatal -- and for these depraved and corrupt little tin Gods who are well on their way to destroying the country, hopefully sooner rather than later.
FOR LIBERTARIAN NATIONALISM: ANTI-CORPORATIST, ANTI-COMMUNIST, ANTI-GLOBALIST...PRO-SOVEREIGNTY, PRO-POPULIST, PRO-FREE ENTERPRISE
My Other Blog & Comments
News and Information Feed
-
-
-
-
-
-
-
You're welcome!46 minutes ago
-
-
Footsteps gettin’ louder52 minutes ago
-
-
-
News Briefs – 09/27/20231 hour ago
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
CITIZEN OPEN THREAD — WEDNESDAY5 hours ago
-
-
-
Open Thread5 hours ago
-
-
-
-
-
-
The Devolution of Zelensky7 hours ago
-
-
-
-
-
-
-
-
Why Mitch McConnell Is One Sick F**k8 hours ago
-
-
Gates of Vienna News Feed 9/26/20238 hours ago
-
-
-
-
-
-
-
-
-
U.S. Responsible for Coups Worldwide10 hours ago
-
-
-
-
Rethinking Survival Fishing11 hours ago
-
-
-
-
-
-
Nato is weakening America12 hours ago
-
-
-
-
-
-
-
-
-
-
-
-
The Data Here Does Not LIE!16 hours ago
-
Biden Is In Big Trouble17 hours ago
-
-
Medvedev Says Russia is Ready for War with NATO17 hours ago
-
The Matter with Concrete, Part 217 hours ago
-
-
-
Tuesday, September 26, 202318 hours ago
-
-
-
-
Rethinking Survival Fishing20 hours ago
-
-
-
-
-
-
-
-
The How And Why Of Things23 hours ago
-
Inside Russia’s “digital transformation”23 hours ago
-
-
-
-
Broken1 day ago
-
-
-
-
ANP_Blacklisted1 day ago
-
-
New Words For An Old Ceremony1 day ago
-
-
-
It All Makes Sense Now2 days ago
-
-
-
-
-
-
-
-
-
-
-
-
-
Hardcore5 days ago
-
The Truth About Brand5 days ago
-
Ron Paul Has a New Book!!!1 week ago
-
-
-
-
-
-
-
Media Say ... Gloom And Doom In China3 weeks ago
-
-
-
-
U.S. Openly Militarizes Space5 weeks ago
-
-
-
-
-
Will The Fed End Trump?1 month ago
-
-
-
-
-
-
Conversations With Cabbies3 months ago
-
-
-
-
Hegemon USA’s War on Truth-Telling4 months ago
-
Headline: Terrible Christianese5 months ago
-
10 People Murdered in New York City Last Week5 months ago
-
-
-
-
-
-
-
-
-
-
-
Tusli Gabbard And Rose McGowan11 months ago
-
-
-
-
-
-
-
Man, Bear, Pig Event Coming1 year ago
-
-
-
-
-
-
-
-
-
-
-
What a Wonderful Stocking Stuffer!1 year ago
-
test1 year ago
-
-
-
-
-
#273 – Marc Randolph2 years ago
-
My Farewell Announcement2 years ago
-
My Farewell Announcement2 years ago
-
-
-
-
-
-
-
-
-
-
-
Farewell, for now2 years ago
-
-
Audio Book Lost Colony of Hatteras2 years ago
-
-
Cancel Yourself2 years ago
-
-
Hello world!2 years ago
-
-
-
-
-
-
-
The Non-Jewish Origins of Krav Maga3 years ago
-
-
-
Why the Marines are dumping their tanks3 years ago
-
-
-
-
-
-
Voxiversity Live Stream5 years ago
-
-
Big Brother’s War on Cash5 years ago
-
-
-
-
By: Osamas Pajamas9 years ago
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Tuesday, February 15, 2011
The Left-Right Ruling Class digs the country ever deeper into economic ruin via its “secular” Big Government social-engineering obsession
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment