The Obama administration spending money "like it grows on trees" or you have your own printing press. Oh! I forgot he has the Treasury and they have a printing press. Beside the point the more they print the less the dollar is worth. Hey! But, let's just print some more.
Several noted economist say that this administration in a few short months in office has the largest deficit in history. A former CBO administrator said in an interview that the way the Obama administration is spending America cannot reduce the deficit anytime soon. Is Obama on the road to bankrupting America or is part of the 12 step plan for America to join other nations in becoming a communist/socialist country. More on 12 step plan….http://www.cpusa.org BE
Greenspan proves he's not a Krugman-Keynesian, calling for no new stimulus and a wait-and-see approach to the nascent recovery. He issued his harshest words for the out-of-control debt and deficit numbers saying we are nearing the Def-Con 5 level for Treasury's capacity to fund our grand debt experiment.
21 straight months of job losses,
the longest stretch in 70 years.
6 Americans for every 1 job opening... 7 million jobs gone since Dec 2007.
We are on track for almost 3% growth in the fourth quarter.
We will penetrate the 10% unemployment barrier and stay there for a while.
"NO NEW STIMULUS!" No new stimulus because only 40% of the first stimulus has been used, and there is a lot of debate in the economics community as to just how effective this is (tell me about it!)...stimulus still has 60% left to go.
"If you try to do too much to help the recovery, you can actually be counterproductive."
"This is what a recovery looks like."
"Medicare is only 50% funded."
"...quite concerned about the debt and deficit levels and projections for future levels. The national debt cushion we have kept for generations is being threatened."
AP: 'The Obama administration projects deficits will total $9.1 trillion over the next decade unless corrective action is taken. 'SHOT -- PETER ORSZAG, White House budget director, in a statement yesterday revealing a record $1.42 trillion deficit for year ending Sept. 30, more than triple the figure for the previous year: 'As part of the FY 2011 budget policy process, we are considering proposals to put our country back on firm fiscal footing.
--Wash Post lead story, 'Record-High Deficit May Dash Big Plans: $1.4 Trillion in Red Ink Means Less to Spend On Obama's Ambitious Jobs, Stimulus Policies,' by Lori Montgomery and Neil Irwin: 'The federal budget deficit soared to a record $1.4 trillion in the fiscal year that ended in September, a chasm of red ink unequaled in the postwar era that threatens to complicate the most ambitious goals of the Obama administration, including plans for fresh spending to create jobs and spur economic recovery. Still, the figure represents a significant improvement over the darkest deficit projections, which had been as much as $400 billion higher earlier this year, when the economy was wallowing in recession. ... At about 10 percent of the overall economy, the gap between federal spending and tax collections is the largest on record since the end of World War II, and bigger in nominal terms than the past four years of deficits combined. Next year is unlikely to be much better, budget analysts say. And Obama's current policies would drive the budget gap into the trillion-dollar range for much of the next decade.'
