So says the Director of the Congressional Budget Office, and I’d say he’s a fairly reputable source!
Jake… I just posted this same thing under the Nationalized Healthcare thread (Reply #222), and the sad thing is this is BEFORE nationalized healthcare and Cap and Tax (trade)… :rolleyes
To me, the scariest part of that blog was this paragrapgh at the end…
“The current recession and policy responses have little effect on long-term projections of noninterest spending and revenues. But CBO estimates that in fiscal years 2009 and 2010, the federal government will record its largest budget deficits as a share of GDP since shortly after World War II. As a result of those deficits, federal debt held by the public will soar from 41 percent of GDP at the end of fiscal year 2008 to 60 percent at the end of fiscal year 2010. This higher debt RESULTS IN PERMANENTLY HIGHER SPENDING to pay interest on that debt. Federal interest payments already amount to more than 1 percent of GDP; unless current law changes, that share would rise to 2.5 percent by 2020.”
Think about that for a second… the interest on all the spending that had been done up until Obama took office (over 200 years), the interest amounted to 1% of GDP, and with all the spending that is taking place, that interest will JUMP to 2.5% of GDP in ONLY 10 YEARS TIME, and this is WITHOUT nationalized healthcare and Cap and TAX (trade)…
When are people going to WAKE-UP!!!
I think he just needs more time,I mean gosh it’s only been 6mnths.Give him more time to figure out what comes after trillions. :anon
I wish I could borrow some of that majic dust he uses on the zombies,I could make a killin on houses with it. :bs