Dept Will Rise To 90% Of Gdp....

[FirefightnRick]

The Washington Times: http://www.washingtontimes.com/news/2010/mar/26/cbos-2020-vision-debt-will-rise-to-90-of-gdp/

President Obama's fiscal 2011 budget will generate nearly $10 trillion in cumulative budget deficits over the next 10 years, $1.2 trillion more than the administration projected, and raise the federal debt to 90 percent of the nation's economic output by 2020, the Congressional Budget Office reported Thursday.

"An additional $1.2 trillion in debt dumped on [GDP] to our children makes a huge difference," said Brian Riedl, a budget analyst at the conservative Heritage Foundation. "That represents an additional debt of $10,000 per household above and beyond the federal debt they are already carrying."

The federal public debt, which was $6.3 trillion ($56,000 per household) when Mr. Obama entered offic amid an economic crisis, totals $8.2 trillion ($72,000 per household) today, and it's headed toward $20.3 trillion (more than $170,000 per household) in 2020, according to CBO's deficit estimates.

That figure would equal 90 percent of the estimated gross domestic product in 2020, up from 40 percent at the end of fiscal 2008. By comparison, America's debt-to-GDP ratio peaked at 109 percent at the end of World War II, while the ratio for economically troubled Greece hit 115 percent last year.

Rick

Edited March 28, 2010 by FirefightnRick

[DeepGreen]

Where do I begin in my praise of the Obama administration for all they have done for my country in such a short time?

[Quoner]

Where do I begin in my praise of the Obama administration for all they have done for my country in such a short time?

A college sports message board?

[MeanGreenTexan]

A college sports message board?

YAY SPORTZ! LOL!

Love him, or hate him, Obama could come on here and easily hang... the dude knows his sports. As a matter of fact, I hope someday, he does join the Mean Green Nation.

Go USA! Go Mean Green!

[TheTastyGreek]

YAY SPORTZ! LOL!

Love him, or hate him, Obama could come on here and easily hang... the dude knows his sports. As a matter of fact, I hope someday, he does join the Mean Green Nation.

Go USA! Go Mean Green!

I'm pretty sure he's a lurker on the Harambee Stars team forum.

[Quoner]

YAY SPORTZ! LOL!

Love him, or hate him, Obama could come on here and easily hang... the dude knows his sports. As a matter of fact, I hope someday, he does join the Mean Green Nation.

Go USA! Go Mean Green!

Careful. People have been banned for much less.

[Censored by Laurie]

Careful. People have been banned for much less.

And rightfully so. Sheesh.

[MeanGreenTexan]

Careful. People have been banned for much less.

You sir, have a keen eye. will you speak on my behalf at my ban hearing?

[UNTflyer]

Seriously, 90% of the GDP? Only 11 nations in the world have a higher debt to GDP ratio - Zimbabwe, Lebanon, Jamaica, Singapore, St Kitts, and Sudan are among them.

We the People, no matter what political alignment or party affiliation, need to send a message to Congress that our spending policy is ridiculous. No... not ridiculous, it is dangerous.

We need a balanced budget amendment. And if Congress won't do it, then we need to form a Constitutional Convention and pass it ourselves.

[FirefightnRick]

And if Congress won't do it, then we need to form a Constitutional Convention and pass it ourselves.

Oh, you and I might call it a Constitutional Convention but the left biased national media will call it a Tea-bagging, hate-citing group no doubt.

Rick

Edited March 31, 2010 by FirefightnRick

[Quoner]

Oh, you and I might call it a Constitutional Convention but the left biased national media will call it a Tea-bagging, hate-citing group no doubt.

Rick

I know I'm not the national media, but I know people. Can I call it a hate-citing group if it says hate-citing things?