Is anyone else worried about the out of control spending of this administration?

This article is scary. Inflation is going to thru the roof....where are all his campaign promises about cutting wasteful spending and getting this country on track. How is this country going to pay for all of this....There is no way that only those making over $250,000 a year can be taxed to pay for all of this.


THE ASSOCIATED PRESS
March 21, 2009
WASHINGTON - President Barack Obama's budget would generate unsustainably large deficits averaging almost $1 trillion a year over the next decade, according to new estimates released Friday.

The new Congressional Budget Office figures predict Obama's budget will produce $9.3 trillion worth of red ink over 2010-2019. That's $2.3 trillion worse than the administration predicted in its budget just last month.

The CBO also says the deficit under Obama's policies would never go below 4 percent of the size of the economy, figures that economists agree are unsustainable. By the end of the decade, the deficit would exceed 5 percent of gross domestic product, a dangerously high level.

The latest figures could throw a major monkey wrench into efforts to enact Obama's budget, which promises universal health care for all and higher spending for domestic programs like education and research into renewable energy.



The dismal deficit figures, if they prove to be accurate, inevitably raise the prospect that Obama and his allies controlling Congress would have to consider raising taxes after the recession ends or else pare back his agenda.

White House budget chief Peter Orszag said that the CBO's long-range economic projections are more pessimistic than those of the White House, private economists and the Federal Reserve and that he remained confident that Obama's budget, if enacted, would produce smaller deficits.

Even so, Orszag acknowledged that if the CBO projections prove accurate, Obama's budget would produce deficits that could not be sustained.

Deficits so big put upward pressure on interest rates as the government offers more attractive interest rates to keep attracting borrowers. "I think deficits of 5 percent (of GDP) are unsupportable," said Mark Zandi, chief economist at Moody's Economy.com.

Republicans immediately piled on. "This report should serve as the wake-up call this administration needs," said House Minority Leader John Boehner (R-Ohio). "We simply cannot continue to mortgage our children and grandchildren's future to pay for bigger and more costly government."

Re: Is anyone else worried about the out of control spending of this administration?

yes, im concerned. im worried about the future of our country in general. in some ways, we are setting up a pretty abismal future for our grandchildren.

Re: Is anyone else worried about the out of control spending of this administration?

Re: Is anyone else worried about the out of control spending of this administration?

Re: Is anyone else worried about the out of control spending of this administration?

Re: Is anyone else worried about the out of control spending of this administration?

YES!! it is utterly rediculous!!!!!

I seriously cannot believe the amounts of money the Gov't throwing at failing companies

LET THEM FAIL!!!!!!!!!!!!! that's capitalism! you don't profit, goodbye.

Re: Is anyone else worried about the out of control spending of this administration?

and where exactly is this change that we can believe in??

Re: Is anyone else worried about the out of control spending of this administration?

It's only a matter of time before the administration will have to tax those that are not considered wealthy to sustain the amount of money they are spending.

Re: Is anyone else worried about the out of control spending of this administration?

I'm worried.

Re: Is anyone else worried about the out of control spending of this administration?

I am worried about how much they will start taxing us once the economy does better. They have to pay this money back and in 2or 3 years when things are better, they will increase the taxes on our income.

Re: Is anyone else worried about the out of control spending of this administration?

Re: Is anyone else worried about the out of control spending of this administration?

Thats ok because when he continues down this path, he will be outta here in four years.

Re: Is anyone else worried about the out of control spending of this administration?

Has the country ever faced this in your lifetime? Not that I'm aware.

It will take many years and many different programs to get us to the point of prosperity again. This didn't happen overnight and it won't be fixed overnight.

There is a ton of money being spent and I agree it's unprecedented, but to say that that any other person who night have become President wouldn't have done this as well is short sighted. Also, it's been two months in office. If he succeeds in turning this around we will all love him again. Every single economist can say what they will, but they don't know either. They look at it in pieces, not as a whole picture. No one knows what will really happen and for me that is the scary part.

Seems to be when home prices and values were going up everyday and people's 401(k) was going up everyday no one complained about the lack of regulation.

Now that it's all come crashing down and things are being done to try to stabilize things, we are all crying, get rid of the bum.

I said this before. The person that won this election will have the hardest job ever and I would never wish it on anyone.

I don't think any one of the candidates could have done better at this point. There are many scenarios that could have played out. All of them suck. No one has the magic bullet. I don't want to bail out crooks either but give it time to see how it works out. There will be many changes over the next few months, year and 2 years. We're not going to like all of it, we as a nation never have with any sitting president let alone one who has this catastrophe to fix.

Re: Is anyone else worried about the out of control spending of this administration?

I am not an economist and from what I gather even economist are speculators. They truly do not have a crystal ball. With failing companies that are leading issuers of mortgages/funds for not just the US but abroad you can't let the institution crumble - unless someone is willing to buy it. US gov't is not in the position to buy banks to keep them afloat (not even sure if it would be legal) but they can give our tax dollars to keep them running enough to fix themselves. What big business did with the money they received was take it and instead of investing in fixing their problems they are doing business as usual which is toxic for all of us. Obama stated "I made a mistake" - he did, he needed strings on that bill to say we give you money and this is is how your spending it. Not here is the money and spend how you want. But it's amazing, he admits fault and is trying to fix it by either taxing the money or receiving the money back.

Infrastructure: How many years are we going to wait while our bridges and roadways go into disrepair and people need jobs = Obama's infrastructure plan.

Stimulus: Instead of Bush's one check which everyone turned around and used to pay off bills instead of purchasing new products and services, the $5-$20 + per paycheck helps you have a little more each check to spend on something through out the year. You are more likely to spend it and invest in your local economies with that amount then the big check.

I am not ready to say I made a huge mistake voting for Obama, I do agree that I am not that into all of the plans on spending but at least it is spending WITH IN OUR COUNTRY and not going somewhere else. How much did our past presidents give out to other foreign countries? I think the numbers would make anyone's head spin.

Message edited 3/21/2009 2:40:18 PM.

Re: Is anyone else worried about the out of control spending of this administration?

the national debt is already doubled beyond what bush left us with.
ALREADY!!!!!!!!!!! and how long has Barry been in office??.... geez!

even if (hopefully he will be) Barry is outa here after 4 yrs, we will still feel the repercussions of his and pelosi's actions for generations to come.

Message edited 3/21/2009 2:40:44 PM.

Re: Is anyone else worried about the out of control spending of this administration?

Re: Is anyone else worried about the out of control spending of this administration?

Posted by SweetestOfPeas

YES!! it is utterly rediculous!!!!!

I seriously cannot believe the amounts of money the Gov't throwing at failing companies

LET THEM FAIL!!!!!!!!!!!!! that's capitalism! you don't profit, goodbye.

Message edited 3/21/2009 3:18:33 PM.

Re: Is anyone else worried about the out of control spending of this administration?

Posted by dandr10199

ETA: I know Bush spent $$$ on Iraq and he is equally at fault for the recession. BUT Obama was elected on the pretense that he would:

1) bring change to Washington
2) get us out of the recession
3) pull out of Iraq
4) help "main street" instead of "Wall Street"
5) Curb frivolous spending in Washington

NONE of the above has happened YET. I am still waiting for "change" I can believe in.

Re: Is anyone else worried about the out of control spending of this administration?

I am extremely worried, especially because the dollar was devalued and China will stop lending us money at this rate. I also think that there was too much Pork in the stimulus bill and nothing is being done to address the housing crisis or rising unemployment. I am worried that Obama will spend us into oblivion. In addition, those who are super wealthy are pulling their money out of the country, so it falls back on the upper middle class.

Re: Is anyone else worried about the out of control spending of this administration?

Re: Is anyone else worried about the out of control spending of this administration?

Posted by RoleModel

Posted by dandr10199

ETA: I know Bush spent $$$ on Iraq and he is equally at fault for the recession. BUT Obama was elected on the pretense that he would:

1) bring change to Washington
2) get us out of the recession
3) pull out of Iraq
4) help "main street" instead of "Wall Street"
5) Curb frivolous spending in Washington

NONE of the above has happened YET. I am still waiting for "change" I can believe in.

It's been only two months, get over yourself. At this point, the only person that would be able to fix the US that fast is Jesus

Message edited 3/21/2009 5:03:19 PM.

Re: Is anyone else worried about the out of control spending of this administration?

Re: Is anyone else worried about the out of control spending of this administration?

Re: Is anyone else worried about the out of control spending of this administration?

Message edited 3/21/2009 6:09:56 PM.

Re: Is anyone else worried about the out of control spending of this administration?

obama has laid out a plan to bring the troops home. You can't just pull out of there.

If we let the companies fail that are not profitable (there's more than you think) then watch unemployment skyrocket even further. Foreclosure rates will skyrocket even further as well when even more of your neighbors are unemployed. Then your house is worth less. It will take even more time to recover from such a calamity.

Obama's appointees are scrutinized much more than any other presidents picks. Do you think that none of past appointees cheated on their taxes? Honesty in Washington? They are all politicians. I don't trust any of them but Obama is doing something to try to fix things. Too much too soon? Amounts of money that are mid boggiling? Yep..scares the crap out of me too but I can't blame someone that has had the freakin job 2 months for what has happened over the last 10-12 years to cause this mess.

I'm hopeful he can turn things around but as I said before it will take a while.

He is in a no win situation. He's damned if he does and damned if he doesn't.