Deficits - how will history judge us? WJ this morning

[malaise]

I don't remember this question once during the Bush years.
Lady host dismisses a caller who says stop spending on the military.

[asdjrocky]

1. Yeah, me neither.

And they never seem to mention who left us with this debt.

[SpiralHawk]

2. "Smirk." - xCommander AWOL Bush (R)

"You forget, we are republicon homelanders, and we just don't DO responsibility. We blame others for our gross faults. Since we OWN the freaking corporate media propaganda pimps, it works like a freaking charm every time. Smirk."

- xCommander AWOL Bush (R)
http://2.bp.blogspot.com/_NUZ_fM-TQKQ/SI5BJ1wa7ZI/AAAAAAAAGy8/EaGv2ydzDmE/s400/baby+finger+bush+deficits.jpg

[bluestateguy]

3. The "deficit" is nonsense and is just a theory

More research is needed to determine if this alleged problem even exists at all.

[DrDan]

4. you really need to use that sarcasm thingie - I read your post and moved on to another thread

before realizing I was sucked in.

Shame on you.

[Statistical]

5. There is a limit on how much money can spend when they don't have it.

We are approaching that limit.



It isn't just the size of the deficits. I remember being in shock when smirk broke - $400B per year. Now we are talking -$3,500B over next 3 years. Longer term 10 year projections are all above -$400B.

It isn't just the number of deficits. Projection is for deficits for next decade and no surplus until 2023. Likely long before 2023 some other emergency will turn that negative too.


Before anyone gets ahead of themselves. The projections are from CBO. They include
* recession ending in 2009, and 2.5% growth in 2010 & 2011 before 3.5% growth in 2012+
* Bush tax cuts expiring in 2011.
* Spending for Iraq being reduced 90% by 2012.
* Spending for Afghanistan being reduced 90% by 2014.
* Repayment of TARP

Basically the projections are likely as good as it is going to get.

Every negative dollar spent needs to be bought. There is a limited appetite for US debt on world markets.

[sinkingfeeling]

6. Dear WJ, how do you remember St. Ronnie? He and the 2 Bushes are responsible for most of our

current debt? Debt is what really counts, not a yearly deficit.