Paying socialism forward

Discussion in 'Politics' started by Revmitchell, May 18, 2009.

  1. Revmitchell

    Revmitchell
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    President Obama has proposed massive increases in federal government spending and trillion dollar deficits as far as the eye can see. But last week, he said such deficit spending was "unsustainable." He's right.

    Not four months into his term of office, President Obama has:

    * doubled the fiscal year deficit by adding $460 billion to the Bush budget he inherited;

    * proposed an astounding $1.8 trillion deficit for FY 2010, and

    * projected adding $9 trillion over 10 years to the existing accumulated U.S. debt of $8 trillion.

    Obama's pledge to "cut the deficit in half" by the fourth year of his term is to be achieved first by tripling the deficit this year, then cutting that amount in half three years later – still leaving a deficit in FY 2012 bigger than any year since 1945. And that's if Congress doesn't spend more than the president asks for – which is what Congress does every year.

    ..............Printing money is the other way to cover spending money you don't have. In the private sector, this is known as "forgery." The Federal Reserve is currently buying Treasury debt with what the New York Times calls "money out of thin air." Jimmy Carter tried this solution in the '70s, and hyper inflation was the result.

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    #1 Revmitchell, May 18, 2009
    Last edited by a moderator: May 18, 2009
  2. targus

    targus
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    My guess is that the "deficit spending is unsustainable" talk in the face of all of his historically high deficit spending is simply the preamble to historically high tax increases to come.
     

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