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Post by ed1066 on Mar 8, 2011 0:18:01 GMT -5
I'm sad and scared for my children... The federal government posted its largest monthly deficit in history in February, a $223 billion shortfall that put a sharp point on the current fight on Capitol Hill about how deeply to cut this year’s spending. That one-month figure, which came in a preliminary report from the Congressional Budget Office, dwarfs even the most robust cuts being talked about on the Hill, and underscores just how much work lawmakers have to do to get the government’s finances in balance again. The Senate plans to vote Tuesday on competing proposals to cut spending, but Democrats have rejected GOP-backed cuts of more than $50 billion, and Republicans have ruled out Democrats’ cuts of less than $10 billion, meaning neither plan will draw the 60 votes needed to overcome a filibuster and pass. www.washingtontimes.com/news/2011/mar/7/government-posts-biggest-monthly-deficit-ever/
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fairlycrazy23
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Post by fairlycrazy23 on Mar 8, 2011 0:28:59 GMT -5
Just think in 2007 the entire yealy deficit was only about 161 billion, we surpassed that in just a month.. and there is not end in sight.
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Politically_Incorrect12
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Post by Politically_Incorrect12 on Mar 8, 2011 0:44:54 GMT -5
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mmhmm
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Post by mmhmm on Mar 8, 2011 7:15:02 GMT -5
I hope Obama can right the ship, Demi. I can say with absolute certainty I wouldn't have wanted his job, and I wouldn't want it now. I don't believe Bush can be blamed, solely, for the mess we're in. The ship in question has been leaking for many, many years, and a lot of mistakes have been made by more than just these two men.
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mmhmm
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Post by mmhmm on Mar 8, 2011 7:34:07 GMT -5
I completely agree, Demi. The president was faced with an absolute financial crisis. It's not the first we've faced, and probably won't be the last. Because none of us really knows all the information available to those who are trying to make the real, and very difficult decisions, it's easy to sit back and quarterback the whole thing from our computer chairs. What's more difficult is to actually do what's necessary to get the job done! We need a plan and I'm sure glad I'm not the one who was faced with developing it, considering the mess in which we find ourselves.
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burnsattornincan
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Post by burnsattornincan on Mar 8, 2011 8:10:08 GMT -5
but Obama will right the ship
Every single policy so far has not "righted" anything, only made it far far worse. Real austerity will mean riots and great civil unrest. This is guaranteed. Do you remember what fiscan told you?
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Post by privateinvestor on Mar 8, 2011 8:47:21 GMT -5
Obama is spending our country to death
News Flash ...how can this be true since as you know our Federal Government does NOT have an approved 2011 Federal Budget yet and Obama and Congress are miles apart for the 2012 Federal Budget....just a little bit of data worth considering...IMHO
Two of the major sticking points for the 2011 Federal Budget are Defense Spending and Entitlements....
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ugonow
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Post by ugonow on Mar 8, 2011 9:06:54 GMT -5
In one budget,Obama spent our country to death......all a part of his communist takeover agenda.....
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mmhmm
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Post by mmhmm on Mar 8, 2011 9:10:33 GMT -5
In one budget,Obama spent our country to death......all a part of his communist takeover agenda..... Ack! The sky is falling yet again! Obama has knocked the props from under the sky!
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Post by privateinvestor on Mar 8, 2011 9:38:21 GMT -5
Obama is spending our country to death
Yea but we now have a new sheriff in town ....Speaker John Boehner with his right hand man Congressman Paul Ryan who might just lock up Obama and throw away the key if he doesn't approve their proposed budget cuts ....even the Dems in the senate want to reduce spending more than Obama does...so they may have gotten the message about our National Debt, I guess?
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mmhmm
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Post by mmhmm on Mar 8, 2011 10:07:44 GMT -5
Instead of predicting the end of life as we know it, why don't we wait and see if these guys can work together to come up with something workable that will serve to make things better?
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Value Buy
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Post by Value Buy on Mar 8, 2011 10:17:46 GMT -5
Deminmaine states: The debt level, scary as it is, is sustainable in the short term.
Our Government leaders have said that for something like 50 years now. How "short" is short term? I think we have passed that time frame...... We are beyond sustainable, and tax increases may be part of the solution, but expenditures must be reduced, in every phase of Government. The Federal Government, and to a lessor extent, the states must come to grip with reality, that the socialist payouts bankrupted Eastern Europe and will do the same here.
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Post by Savoir Faire-Demogague in NJ on Mar 8, 2011 10:31:22 GMT -5
Such is the result of the Bush economic meltdown, but Obama will right the ship. Unemployment is now under 9% for the first time in two years.
I'd expect a more intelligent response from an intelligent poster such as yourself. No one has yet to put forth any evidence, or point to a single Bush policy that could remotely be tied to the financial market meltdown. It is interesting to point out the economy was chugging along at a nice clip until the Dems took over both houses of congress in Jan 2007. The economy did not tank until well over 20 months later. Under Bush, we enjoyed a rising financial market, and 54 consecutive months of job growth.
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Post by Savoir Faire-Demogague in NJ on Mar 8, 2011 10:32:53 GMT -5
While Obama is way in over his head, it is congress who controls the purse strings and decides the spending. The dem party has controlled congress since Jan 2007. It has been four years.
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Value Buy
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Post by Value Buy on Mar 8, 2011 10:35:47 GMT -5
While Obama is way in over his head, it is congress who controls the purse strings and decides the spending. The dem party has controlled congress since Jan 2007. It has been four years. True. But the question is, do our now elected officials, Republicans, have the cahones to do the right thing?
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Post by Savoir Faire-Demogague in NJ on Mar 8, 2011 10:38:43 GMT -5
But the question is, do our now elected officials, Republicans, have the cahones to do the right thing?
The pubs contol the house. Spending bills still need to go through the Senate, then signed by the prez. Washington is just rearranging the deck chairs on the Titanic. They are arguing about nickel and dime stuff. Trillions need to be cut. I find it all quite comical, but then I am a bit twisted and demented.
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fairlycrazy23
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Post by fairlycrazy23 on Mar 8, 2011 10:42:31 GMT -5
The spending is very scary, it is scary because it is projected to continue at this unsustainable rate. And raising taxes is not really an option, we can't really have tax revenue of over 20% of gdp for any sustained period in today's global economy. mises.org/daily/5094/Whats-Wrong-with-Government-Debt
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Post by Savoir Faire-Demogague in NJ on Mar 8, 2011 10:56:13 GMT -5
The spending is very scary, it is scary because it is projected to continue at this unsustainable rate. And raising taxes is not really an option, we can't really have tax revenue of over 20% of gdp for any sustained period in today's global economy.
There is roughly $60 trillion in wealth held by US citizens. Much of it in stock, homes, real estate, business', retirement plans, endowments, pensions, etc. Govt(at all levels) is on the hook for well over $200 trillion in future liabilities.
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fairlycrazy23
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Post by fairlycrazy23 on Mar 8, 2011 11:13:04 GMT -5
I think at some point there will be a push to force citizens to shift some percentage of 401k's into US Treasuries, all in the name of protecting there retirement, but really to have citizens to start to buy us debt since all other buyers will have dried up.
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Post by Savoir Faire-Demogague in NJ on Mar 8, 2011 11:19:15 GMT -5
I think at some point there will be a push to force citizens to shift some percentage of 401k's into US Treasuries, all in the name of protecting there retirement, but really to have citizens to start to buy us debt since all other buyers will have dried up.
I may be mistaken but hasn't that idea been floated around recently?
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verrip1
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Post by verrip1 on Mar 8, 2011 11:41:12 GMT -5
Senate Republicans put out the bill with $60 billion spending reductions.
Senate Democrats put out their bill with only $6 billion spending reductions.
Therefore, one party holds that spending reductions are ten times more of a priority than the other party. Guess which one is which.
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texasredneck
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Post by texasredneck on Mar 8, 2011 11:44:52 GMT -5
Savior Faire Much of the 60 billion in assets you speak of has or is being degraded. Homes and real estate that is underwater. Pensions under attack. Businesses about to fail. Stocks held up by hype. Retirement plans in trouble.
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fairlycrazy23
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Post by fairlycrazy23 on Mar 8, 2011 11:45:24 GMT -5
Senate Republicans put out the bill with $60 billion spending reductions. Senate Democrats put out their bill with only $6 billion spending reductions. Therefore, one party holds that spending reductions are ten times more of a priority than the other party. Guess which one is which. Neither one puts a dent even in the single month of February deficit. I guess it is a start.
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Post by Savoir Faire-Demogague in NJ on Mar 8, 2011 11:53:20 GMT -5
Savior Faire Much of the 60 billion in assets you speak of has or is being degraded. Homes and real estate that is underwater. Pensions under attack. Businesses about to fail. Stocks held up by hype. Retirement plans in trouble.
Tex, I did say Trillion and not Billion... you may have made a typo, and I did say roughly because the total does fluctuate. Actually 401ks and IRAs, as well as pension funds should be in good shape. The equities markets are up nearly 100% since the lows of 2009. Housing is essentially regional, and yeah, many are underwater.
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Post by Savoir Faire-Demogague in NJ on Mar 8, 2011 11:56:49 GMT -5
Neither one puts a dent even in the single month of February deficit. I guess it is a start.
Such insignificant numbers are resulting in near all out brawls in both houses of Congress. Mass protests equipped with pitchforks and torches are storming state capitals across the country. Elected officials can only come up with $6 and $60 billion, when we need to be talking about $100s of billions and even trillions.
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mmhmm
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Post by mmhmm on Mar 8, 2011 12:33:22 GMT -5
I agree, patstab. It's time for us to stop playing world cop and start cleaning our own house.
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Post by ed1066 on Mar 8, 2011 15:03:05 GMT -5
That is damn good advice right there...
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Post by Savoir Faire-Demogague in NJ on Mar 8, 2011 15:14:37 GMT -5
That is damn good advice right there...
Everything except rapidly paying down debt, either mortgage or consumer debt.
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henryclay
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Post by henryclay on Mar 8, 2011 22:24:46 GMT -5
The Dems want to "trim" a year's budget by 6 billion, and the pubs want to trim it by ten times as much. Whoop ti doo. We're going in debt 5 billion a DAY. www.usdebtclock.org/#
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burnsattornincan
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Post by burnsattornincan on Mar 8, 2011 22:39:37 GMT -5
Looks like they've updated the display on that site. Even more numbers to contemplate. None of them are good. You have the worst President possible at the helm at this point in time. He will never do the things that need to be done now, yesterday actually. There is no time to wait for 2012. Probably will end up being every man for himself.
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