Record Budget Deficit

**zedhex** · 29-07-2008, 04:44 PM

This is extraordinary : White House sees record budget gap in 2009 - Yahoo! News

Bush is going to leave the next incumbent with the largest headache ever by a leaving president. The incompetence of his administration has been absolutely staggering.

But I guess that the GOP stalwarts will find some way of blaming it all on Clinton/Obama/Liberals/Japan/Santa Claus/Anybodyelsebutus even though they have been calling the shots for the last two terms.

**Butterfly** · 29-07-2008, 04:54 PM

Bush believes in small efficient government,

yeah, he fucked that up too,

**raycarey** · 07-08-2008, 08:38 AM

how much was the budget surplus when clinton left office?

**Panda** · 07-08-2008, 09:05 AM

Originally Posted by raycarey

how much was the budget surplus when clinton left office?

$559 billion.

Bill Clinton - Wikipedia, the free encyclopedia

**zedhex** · 07-08-2008, 10:56 AM

Originally Posted by Panda

Originally Posted by raycarey

how much was the budget surplus when clinton left office?

$559 billion.

Bill Clinton - Wikipedia, the free encyclopedia

Which mean Bush + Co. have maneged turn a half trillion surplus into a half trillion deficit. A whole 1,000,000,000,000 dollars up the swannee on Neocon dreams.

Neocons. What a fucking incompetent shower of shit they all are.

**Loy Toy** · 07-08-2008, 11:45 AM

No surprise when you consider the demise of the greenback and regarding its present global exchange rate.

**Panda** · 07-08-2008, 12:12 PM

^ I don't believe US govt borrowings are denominated in foreign currency. It would probably be much worse if they were.

"As the White House predicted more red ink, the Treasury Department said it expects to sell $171 billion in debt securities over the July-September quarter, marking its second-highest quarterly borrowing after the January-March quarter's record $244 billion. It estimated net borrowing through Treasury bonds, notes and bills for fiscal 2008 will total $555 billion, compared with $134 billion a year earlier. "

bkkandrew · 07-08-2008, 01:17 PM

Septics can track how much they owe in real time:

U.S. National Debt Clock

**Bugs** · 11-08-2008, 02:38 PM

Looks like it won't matter much if it is McCain or Obama the deficit will continue to grow.

washingtonpost.com

Obama Tax Plan Would Balloon Deficit, Analysis Finds
Democrat's Promise to Cut Taxes Without Adding to Debt Relies on Bush Fiscal Policy

On the campaign trail, Sen. Barack Obama bashes President Bush for "reckless" economic policies that are "mortgaging our children's future on a mountain of debt." But the Democratic presidential candidate has adopted a key component of Bush's fiscal policy: A novel bookkeeping method that guarantees that the $9.5 trillion national debt will get much bigger.

When Obama promises to cut taxes for the middle class without increasing the deficit, he is measuring his proposals against the large deficits that would result from Bush's plan to extend his signature tax cuts beyond their 2010 expiration date. Because Obama wants to eliminate some of the Bush tax cuts, he would bring more money into the Treasury, permitting him to pay for new programs without increasing the deficit even more.

But under current law, all the tax cuts expire and the deficit disappears completely. Democrats in Congress have vowed to preserve the Bush tax cuts only if they can cover the cost and keep the budget in balance. Measured against current law and against the promises of his fellow Democrats, Obama would rack up huge deficits. According to a recent analysis by the nonpartisan Tax Policy Center, Obama's tax plan would add $3.4 trillion to the national debt, including interest, by 2018.....

....Obama economic advisor Jason Furman said Obama compares his tax plans to Bush's instead of to current law because it draws a clear distinction with Republican Sen. John McCain, who wants to keep all the Bush tax cuts and add even more. According to the Tax Policy Center, McCain's tax plans would increase the national debt by at least $5 trillion over the next 10 years. McCain has said he would balance the budget through massive spending cuts.

Interesting that they choose to include Obama in the title even though estimates have the debit growing by $3.4 trillion over the next ten years with him in charge, while estimates have it growing by around $5 trillion over the same period with McCain.

bkkandrew · 11-08-2008, 02:50 PM

^The US won't technically owe anything after the debt default.

**raycarey** · 12-08-2008, 10:24 AM

the alleged conservatives that populate (or is that pollute?) the teakdoor issues forum are markedly absent on this thread.

bkkandrew · 12-08-2008, 02:02 PM

^One hopes they are saving up to pay their share of the debt, so they will avoid the embarassment of 'their' Government defaulting...

**Norton** · 12-08-2008, 02:43 PM

Originally Posted by raycarey

the alleged conservatives that populate (or is that pollute?) the teakdoor issues forum are markedly absent on this thread.

Give them time. They are huddling in the backroom as we speak trying to figure out how to blame Michelle Obama for the whole bloody mess.

**Bugs** · 12-08-2008, 03:12 PM

Originally Posted by Norton

Give them time. They are huddling in the backroom as we speak trying to figure out how to blame Michelle Obama for the whole bloody mess.

It would be interesting to see how Michelle could be blamed, it's pretty obvious she spends fuck all on clothes or beauty care products.

bkkandrew · 12-08-2008, 03:24 PM

^Thats the reason she is at fault. Deliberate supression of the US economy!

**Panda** · 13-08-2008, 08:47 PM

Originally Posted by bkkandrew

^One hopes they are saving up to pay their share of the debt, so they will avoid the embarassment of 'their' Government defaulting...

The US can NEVER default as long as their loans and debts are in $USs. They can just print more of the stuff to pay off the rest of the world since virtually all US transactions are in $USs. And the rest of the world has been silly enough to swallow it. That's why the US is not really too worried about their mounting debt. If things get really bad they can pay it off with monopoly money. And thats the danger of using the $US as the worlds reserve currency. It could easily send the rest of the world broke.

**Mid** · 13-08-2008, 08:52 PM

Panda's right ,

the US is bankrupt and the ROW can't afford to foreclose .

bkkandrew · 13-08-2008, 09:06 PM

A natural response to an entity facing bankruptcy is to default on your debt. In the USA's case, it can do this slowly, as suggested by Panda, or quickly (repudiation of USD denominated debts) and issue a new currency. There are advantages and disadvantages to both strategies...

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