The CBO report says that Obama's budget would raise the debt to $21 trillion by 2020. Whatcha think of this?
I bet liberals will say "These are made up numbers", but when it comes to good numbers, they give full credit to Obama and say the numbers are right.
- The SolutionLv 79 years agoFavorite Answer
Debt Ceiling raised to $16.2 Trillion to Include 2012 Spending.
Mr. Obama's proposed FY 2013 Budget Deficit = $1.3 Trillion
Deficits have been growing 7% per year for the last 5 years. I don't see them going down any time soon.
So, 4 more years, X $1.3 Trillion or so per year is $5.2 Trillion more, added to the current $16.2 Trillion equals $21.4 Trillion Public Debt when he leaves office in 2016. (we'd have to increase Tax Revenue by 400% every year until 2020 to ONLY be $21 Trillion in Debt by 2020, CBO is wrong. Or we would have to CUT ALL Spending about 30% if Taxes remain constant to ONLY be at $21 Trillion in 2020.)
The Public Debt was ~$10.4 Trillion when Mr. Obama Took Over. ~$21.4 Trillion when he leaves.
That is $11 Trillion in 8 years. Mr. Bush accumulated $4.9 Trillion in 8 years.
Numbers are so Telling.
Yes, they will blame 2 wars, the recession, etc, etc, but it still comes down to Irresponsibility on the part of those who are Charged with the Care of our Government, and that Includes BOTH Parties, BOTH Houses of Congress, and the President.
We should be outraged, Liberal and Conservative alike.
- Show Me The Doh!Lv 69 years ago
The first top-to-bottom audit of the Federal Reserve uncovered eye-popping new details about how the U.S. provided a whopping $16 trillion in secret loans to bail out American and foreign banks and businesses during the worst economic crisis since the Great Depression. An amendment by Sen. Bernie Sanders to the Wall Street reform law passed one year ago this week directed the Government Accountability Office to conduct the study. "As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world," said Sanders. "This is a clear case of socialism for the rich and rugged, you're-on-your-own individualism for everyone else."Source(s): Good link, thanks.
- 338 edgeLv 69 years ago
If we get to that level of debt, those buying our debt will demand a greater interest rate and inflation will go through the roof. This will cut U.S buying power and we won't be able to buy the goods and resources to maintain our current standard of living. This collapse would come before the 21 trillion mark.
- 9 years ago
We have a magic money machine. It creates wealth and money from thin air! As long as we keep ink in the money machine deficits dont matter.
I mean do you really think we will ever pay off 21 trillion. The only thing government and the bankers can do is keep printing until like all fiat currencies the dollar returns to its real value which is the piece of paper its printed on.
But dont worry. The international bankers will be ready with their new currency and scheme to swoop in and save the day!Source(s): FUBAR
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- SarahLv 79 years ago
I gees you just failed to read the ENTIRE CBO report, where it proves that everyone else running for president will raise the deficit even higher than Obama, except Paul.
- ingsoc1Lv 79 years ago
which part, is that the part that they looked at savings that the states will receive not covering the uninsured. Did it put the in relation to the fact health care was already rising uncontrollably?
- spottyLv 69 years ago
I guess my grandchildren better have pretty good jobs.
- Anonymous9 years ago
yes but the republick party will balance the budget--in the year 2040.
- Dr. InternetLv 59 years ago
It will probably get there by 2015
- Anonymous9 years ago
More proof we can't afford more of 0bongo's "change".
SANTORUM 2012. It's time for a new direction in this country.