DISCLAIMER: This is not about partisanship. This is a post about how our nation is taking it in the @ss while politicians continue to spend hand over fist. Yes, Bush's administration along with the Republican and Democratic led congress ran up record deficits, but the past cannot be changed and it does not justify further incompetence and frivolous spending by the other side now. This is about the here and now.

And yes, this is FOX news. Don't attack the source. I cannot find it on any other site yet, but I'm not posting this as the end of the world either, it's just a heads-up of what is possible to come and written on the assumption that it turns out to be true.

END DISCLAIMER

http://www.foxnews.com/politics/2009/08/21/official-obama-increase-year-deficit-trillion/

The projected deficit is about to be re-estimated by the White House to be $9 trillion over the next 10 years, up two trillion from earlier this year. let that sink in... we are expected to nearly double our deficit from a year ago in the next 10 years.

Right now, we are fast approacing 12 trillion dollars. We are within $2T dollars of our national GDP last year. This is scary stuff. If the deficit reaches that much higher in the next decade, we will be paying half our income (adjusted for income with the current rates) to the federal government JUST TO PAY THE INTEREST ON OUR DEBT!

If you're willing to sit idly by and allow our elected officials to piss away every dime of our funding, so be it. I feel sorry that you are so easily duped and led to the slaughter. We need accountability. We need to stand against this.

We are in a vicious circle right now. We are increasing spending that is increasing our debt which, in turn, increases our interest liabilities every year, decreasing expendible income and further increasing borrowing, speeding up the whole process. This is no longer about benefits for all or wartime spending. This is about the end of the US as we know it.

There are two ways out of this that are likely to happen (fiscal responsibility being the third that is not probable): default, and suffer the international consequences (our collapse as a superpower as we are cut off from international manufacturing), or raise taxes.

I expect the latter.

Shrink government.

It's to darn big.

President Barack Obama will propose a budget blueprint Thursday that foresees cutting the red ink in half in four years, a senior administration official said Saturday.


OHHH February seem so long, ago...........

Yeah, this stuff is pretty scary and you didn't even mention Economic Warfare.

When a country owns enough of another country's debt, they can threaten to destroy their economy. The country whose debt is owned must capitulate to the demands of their "owners". We did it to England in the past, don't think China (who owns about half our debt) wouldn't do it to us.

Considering that during a recession the deficit should be the last worry of the government.

China is dependant upon our market.

We can't buy, their economy suffers.

They are smart enough to know that.

Why?

I know don't consider the source, but when it comes to Fox, who is out to make sure Obama does not succeed....

Sorry Andrew, but what's a trillion or two between friends.. Ok ok, just sick of this stuff at this point.

I would really like to hear the logic in this answer. Considering how the bugdet determines what happens to 70% of the average americans income, seriously, how does government spending and taxes NOT affect our economy?

I pretty much take this with a grain of salt as Fox is the only one reporting it thus far. I'm just saying that if it turns out to be true, it's some scary **** how much we are setting ourselves up for the ultimate failure. and btw, while fox is definitely against him, MSNBC can't seem to get his wang out their mouths long enough to criticize a thing. there are always both sides and they will reverse based on who is in office.


and I too, dragoness, am curious as to your logic. why should the government not be concerned with the deficit and what should the primary concern be. please show your work.