Liberalism: Do You Agree We've Had Enough of It? Message Board

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Politics : Liberalism: Do You Agree We've Had Enough of It?

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From: TimF	2/26/2009 12:44:12 PM
	2 Recommendations of 224748

Considering GM's situation, and our government's apparent willingness to provide bailout, after bailout, I suppose GM's about to become a ward of the state ------ GM posts $9.6B 4Q loss, burns through $6.2B cash Email this Story Feb 26, 7:40 AM (ET) By TOM KRISHER and KIMBERLY S. JOHNSON DETROIT (AP) - General Motors Corp. (GM) (GM) posted a $9.6 billion fourth-quarter loss and said it burned through $6.2 billion of cash in the last three months of 2008 as it fought the worst U.S. auto sales climate since 1982 and sought government loans to keep the century-old company running. The nation's biggest domestic automaker said Thursday it lost $30.9 billion for the full year and expects an opinion from its auditors as to whether the company remains a "going concern" when its annual report is issued in March. That means the auditors will determine whether there is substantial doubt about the automaker's ability to continue operations... apnews.myway.com ---- Meanwhile Obama budget plan forecasts $1.75 trillion deficit By Caren Bohan and Jeff Mason WASHINGTON (Reuters) - President Barack Obama forecast the biggest U.S. deficit since World War Two in a budget on Thursday that urges a costly overhaul of the healthcare system and would spend billions to arrest the economy's freefall. An eye-popping $1.75 trillion deficit for the 2009 fiscal year is projected in Obama's first budget. That is equal to 12.3 percent of U.S. gross domestic product -- the largest share since 1945 when the country ran a shortfall of 21.5 percent of GDP. reuters.com I find it interesting that this deficit is called "the biggest since WWII", while Bush's (and Regan's) smaller deficits where called "the biggest ever". That's because Bush's and Reagan's where more often measured in nominal dollars (in which case you get a lot of "biggest ever" as long as we keep running deficits, while Obama's is measured (properly IMO, but that should also have applied to the earlier deficits) as a percentage of GDP.

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