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.
Comment by "Chris Moore" on Trump's Mideast Mirage, by Eric Margolis - But to do so, Israel’s hard right and religious extremists will have to lessen their demands for Arab land and water – that is, what they term, Greater I...
10 hours ago