jamiebk wrote:You have displayed the result of the economic trauma we have been subjected to...not the cause of it. The spending is an attempt to ease us out of this mess we are in. YOu can argue whether that is the correct path, but I do not believe that the graph would look anything like it does if we had not enetered a severe recession at the end of the Bush white house.
How many times can you say that? The cause of that red ink currently sits at 1600 Penn. Ave. It's his budget (not even talking about the "stimulus") His. The recession was bad but not on Depression standards and certainly not on any standards that risk the future of our country’s financial health.
And, if you’ll recall, my original statement is that the world’s powers, alarmed at the current proposed levels of spending
are looking for another global currency.
And BTW, the chart is apparently wrong, it worse than the chart shows. Robert J Samuelson, who’s been doing this stuff a long time (and whose recent book The Great Inflation I highly recommend to my fellow economic amateurs interested in the longer view on how we got here), put it this way in a WAPO column
earlier this week:
Even these totals may be understated. By various estimates, Obama’s health plan might cost $1.2 trillion over a decade; Obama has budgeted only $635 billion. Next, the huge deficits occur despite a pronounced squeeze of defense spending. From 2008 to 2019, total federal spending would rise 75 percent, but defense spending would increase only 17 percent. Unless foreign threats recede, military spending and deficits might both grow.
Obama’s engaged on a scale of spending never seen in our country. We are in unknown and uncharted waters and that situation is giving the rest of the world pause and anxieties on the future of the U.S. Dollar.
The Democrat controlled government is totally and completely in charge of developing this horrendous planned spending and the blame will lie on them when your grandchildren realize what they will have to pay for their grandparent’s profligacy, Democrats.