White House Deficit Estimate To $9 Trillion From $7.1 Trillion

[Sooner24]

http://247wallst.com/2009/08/22/white-house-deficit-estimate-to-9-trillion-from-7-1-trillion/

I doesn't seem like much if you say it really fast. :pop:

[OklahomaTuba]

Wasn't Obama's inaugural address called "the age of responsiblity?"

That didn't last long obviously.

[BermudaSooner]

US is behind Japan and Italy for government debt as a percentage of GDP, but we are well on our way to claiming that #1 spot. YES WE CAN!

2007 US debt as % of GDP: 63%
Expected 2009 US debt as % of GDP: 88.8%
Expected 2010 US debt as % of GDP: 99.8%

[Veritas]

I'm reading a book Rahm Emanuel wrote in 2006 called "The Plan." I'm about a fourth of the way through, but in between blowing Bill Clinton and demonizing Karl Rove, he pillories Bush for his spending and for borrowing from the Chinese.

It would be ironic and funny if it weren't completely tragic.

[OklahomaTuba]

he pillories Bush for his spending and for borrowing from the Chinese.

It would be ironic and funny if it weren't completely tragic.Very true, and I think it will be our undoing.

[Veritas]

Very true, and I think it will be our undoing.
My personal theory with respect to this administration is as follows:

It is primarily comprised of extreme leftist idealogues.
They view socialism as viable system that just hasn't been done right yet.
This perspective trumps all else, including the Constitution and the wishes of the people.
With Democrats firmly controlling both legislative bodies, they know that they have a window of time to drive through legislation that would otherwise never have a chance.
They also know that window will close in 2010 as an angry citizenry will take out the trash at the polls.


This is why we see such an extreme push, such a rush from Obama and his administration. They know the people aren't for it, but in their arrogance they believe that they know what's best.

[Sooner98]

Let's just print a ten trillion dollar bill. Problem solved!

[OklahomaTuba]

My personal theory with respect to this administration is as follows:

It is primarily comprised of extreme leftist idealogues.
They view socialism as viable system that just hasn't been done right yet.
This perspective trumps all else, including the Constitution and the wishes of the people.
With Democrats firmly controlling both legislative bodies, they know that they have a window of time to drive through legislation that would otherwise never have a chance.
They also know that window will close in 2010 as an angry citizenry will take out the trash at the polls.


This is why we see such an extreme push, such a rush from Obama and his administration. They know the people aren't for it, but in their arrogance they believe that they know what's best.Yes, I think you're right. And frankly If they were smarter about it, they could have been very successful given how weak the GOP is.

But frankly I think the wheels are coming off now. I just don't know if they will recover from the wreckless spending, record debts, losing the war in Afganistan, the economic situation, etc. Throw in a massive hurricane or natural disaster and we may just have a repeat of Bush's 2nd term going on here IMO.

[stoopified]

Up to our eyeballs and sinking.