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Politics : Liberalism: Do You Agree We've Had Enough of It? -- Ignore unavailable to you. Want to Upgrade?

To: Kenneth E. Phillipps who wrote (61727)	3/23/2009 12:54:42 PM
From: JakeStraw	2 Recommendations Respond to of 224769

Obama will exceed 5% of GDP easily...

To: Kenneth E. Phillipps who wrote (61727)	3/23/2009 12:55:09 PM
From: TideGlider	1 Recommendation Respond to of 224769

That is total nonsense Kenneth. How long did it take you to double think that one? The GDP is projected of course as are the tax revenues, yet the spending will be very real.

To: Kenneth E. Phillipps who wrote (61727)	3/23/2009 3:39:16 PM
From: DizzyG	2 Recommendations Respond to of 224769

Again, you are wrong, Kenneth... Doubling the National Debt President Obama's pledge to halve the budget deficit by 2013 is hardly ambitious. The budget deficit will quadruple in 2009 to $1.75 trillion, and cutting that level in half would still leave deficits twice as high as under President Bush. Furthermore, three expected developments—the end of the recession, withdrawal of troops from Iraq, and phaseout of temporary stimulus spending— would halve the budget deficit by 2013. The President's budget shows deficits averaging $600 billion even after the economy recovers and the troops return home from Iraq.[13] That is not good enough. President Bush presided over a $2.5 trillion increase in the public debt through 2008. Setting aside 2009 (for which Presidents Bush and Obama share responsibility for an additional $2.6 trillion in public debt), President Obama's budget would add $4.9 trillion in public debt from the beginning of 2010 through 2016— nearly double the amount accumulated under President Bush over the same number of years. Overall, the public debt level would double over the next decade to $15.4 trillion ($12.5 trillion in inflation-adjusted dollars). (See Chart 1.) At 67 percent of GDP, this would constitute America's largest debt burden since immediately following World War II.[14] heritage.org Diz-