Obama budget plan shows interest owed on national debt quadrupling in next decade
MsMorrisine
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I knew it would happen.
<< <i>It's obvious that there is no middle ground. It was a luxury that we no longer have. >>
You are either free or you're not. There aren't varying degrees of freedom. There are however varying degrees of tyranny.
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
SSDElection
Vote one in and they go overboard for themselves, vote the other in and it's their version of overboard.
Does the public matter beyond who each side can trick into voting for them?
This is and has been more about power than right or wrong.
He who has power must be right because that's what the people voted for and thus "wanted."
They don't stop to consider that it's more like voters are voting against people rather than for people.
Who can vote "for" either side in a smear campaign?
What's less reliable than a weather forecast?
A government forecast.
The Obama budget's assumptions include a substantial increase in rates. It predicts that the interest rate on 10-year Treasury notes will climb from 3 percent this year to 3.6 percent next year. It forecasts rates of 5 percent by 2015 and 5.3 percent at the end of the decade.
And that's pretty pathetic growth they are forecasting.
Contributors will be on the hook for more than that per year.
<< <i>Frank will be along shortly to tell you it's all Bush's fault. >>
DON'T WAKE HIM UP !!!
GM union workers are getting record bonuses, Wall Street is getting record bonuses, State and Federal budgets are flat busted at the same time and they all want to raise taxes? Bribe money, uh, I mean "stimulus money" is "free", right?
I knew it would happen.
Union's getting into everything and driving wages up and up and up has driven business out of this
country which is not a good thing as we lose jobs.
Now with unions in government we will have a hard time getting things under control.
Box of 20
Yuup, the union battle is underway as you post. The unions are under attack. The same rule applies, when you reach for a guys wallet, you find out what is what. Watch which kind of slimey woodland creatures crawl out from under their rocks to fight for the unions, it will be an interesting study. This will be a battle royale and this is likely one of the first lethal arrows fired at the unions and all that support them.
As the lines become more distinct, there will be howling and weeping and moaning from those on the receiving side of these public bennies and that noise will grow to a shrill cry as they are skinned alive, one by one, by the voters that are historically hosed for the tab. This is going to be very public and very ugly with lots of name callling, lots of children thrown in to the camera view, lots of speeches and posturing. Methinks it is all for naught as tax payers aren't going to pay for it any more lest their property and sales taxes get seriously hiked and that's not likely.
What's sad is the Wisconson union folks are moaning and complaining about having to pay 12% of their healthcare costs, and throw in 5% to their own pension funds.
The free ride needs to be over. Topple some of these unions and then we can tackle the other big 3, otherwise I'm all for a repeat of the USSR breakup here.
Unions didn't do it!
Greedy corporate CEO's shipping our jobs to slave labor country's with the gov'ts blessings!
Special interest with only the shareholders interest in mind! JMO
I pay half of all my healthcare costs (3k is my share for an individual) and they moaning about a mere 12% and I work in a company employing around 80 people. You will get no sympathy from me. Sorry but this taxpayer would just rather have less government, not more even if they have to let people go through attrition or any other means.
Box of 20
<< <i>I lay the blame for the financial meltdown at Bush's feet, and Paulson's, and Geithner's, and Bernake's, and Dodd's, and Frank's, and Carter's, and Fuld's, and Raines', and Soros, and Obama, and Pelosi and Acorn and SEIU and Congress in 1999 and Clinton in 1999, and FASB, and the top execs at Bank of America, and Countrywide, and Citibank, and Wells Fargo, and JP Morgan, and Congress in 2003 and 2006 and 2008, and and and and... >>
While the seeds were initially planted in 1913, they got additional boosts from the New Deal then the floating of all currencies in 1971. But even with all that, I think the final turn to financial destruction was charted in the early 1990's with Robert Rubin and his team coming into the Clinton Administration. Rubin cut his teeth on Goldman Sachs' London gold trading desk in the mid-1960's trying to manipulate gold during an inflationary period. While that ultimately failed by 1968, that same knowledge was brought back to the 1990's in a means to supress metal prices while parading around "the strong dollar" policy. It was imperative that they also reworked BLS and economic models so CPI and other stats would not trigger alarm bells. The game then morphed into overdrive with high-tech otc derivatives, especially interest rate derivatives that could artificially depress long term rates. That unleashed the nuclear option on the financial world. Up until then it was only a conventional financial "war." With gold, economic stats, and interest rates all rigged, the economic alarm systems were essentially disabled while waiting for the certain shipwreck to indicate the vessel had been off course in uncharted waters for years. Rubin lead that team for a while but then handed the reigns over to his protege Larry Summers who only until the past year had his hands in the works. Rubin went back to work for the too-big-to-fail banks to reap the rewards from the policies he helped institute. There were a lot of hands that got involved but I think the Rubin-Summers team was the super-glue that kept it all churning for 15 years. If there was an even higher level influence behind those guys, it's not yet been revealed.
Upon Rubin's retirement (1999), Clinton called him the "greatest secretary of the Treasury since Alexander Hamilton." On April 18, 2010, in an interview on ABC’s “This Week” program, Clinton said Rubin was wrong in the advice he gave him not to regulate derivatives. ....ya think?
roadrunner
<< <i>When we got in bed with China Reds that's when it started.
Unions didn't do it! >>
I agree gsa, but its just easier for people to point the finger at unions and collective bargaining.
So lets go ahead and cut municipal job funding, then we can come and cry about how our kids arent getting the 1 on 1 attention they need because there are 35 other students in the class. Or how it took the cops 12 minutes to respond to my 911 burglary call.
But hey,...atleast your taxes will go down right? LOL...yeah right. You will pay the same for less services.
MY GOLD TYPE SET https://pcgs.com/setregistry/type-sets/complete-type-sets/gold-type-set-12-piece-circulation-strikes-1839-1933/publishedset/321940
Yuup, I think that's what they are talking about, smaller government, a lot smaller.
"...cry about how our kids arent getting the 1 on 1 attention they need because there are 35 other students in the class."
Well, at 20/class we are seeing that 49% of urban schoolers fail to graduate; so 35/class might run that number up significantly? People that are paying for 20 should expect better than they are getting right now. U S international math, science, and reading ranking It's a quick read, actually it's a chart so nobody even has to read...Slovacia, really?
"You will pay the same for less services."
As opposed to paying more for the same service? Call it class warfare or spreading the wealth or taxpayer revolt, the result is going to be the same...those that have to pay for it want a say in how it happens; it doesn't seem to be a particularly outrageous concept.
It will be interesting to see how this plays out, especially if it begins to touch the stock market or metals.
MY GOLD TYPE SET https://pcgs.com/setregistry/type-sets/complete-type-sets/gold-type-set-12-piece-circulation-strikes-1839-1933/publishedset/321940
Actually, it seems that they only want the public sector employees to contribute a little more of their public pay check to their own personal health insurance and pension fund. Probably the alternative is to significantly raise taxes on homeowners and businesses; I think that's the issue on the table.
As a nifty alternative strategy, it would seem like a good time to have a statewide VAT and life can go on as it does now without new property taxes. If there was a state wide VAT, everyone would pay a little extra to fund public services; just a thought and if you take it just an incremental step farther, a little bump to the state gasoline tax might not be ill timed right now either.
So, 3 things are most likely to happen: they can raise taxes on the worker bees and keep things the way they are right now with nothing gained or they can not raise taxes and cut the things that they can't pay for right now and attempt to make budget, or the involved parties can let this revolt play out into a full blown crisis. What was that quote from Mr. Emanuel..."You never want a serious crisis to go to waste."? Door #3 might be the way this goes if recent history is a good indicator.
Edited for spelling...
<< <i>Frank will be along shortly to tell you it's all Bush's fault. >>
Look, these forecasts about unsustainable debt have been published and well known for 40 years, notably
Harry Brown in 1970 and Howard Ruff in 1979. People knew this was coming, and nobody had the guts to act
on a solution. Trying to pin this on Obama is a cheap shot.
He's pouring gasoline on the fire and asking us to think that it's flame retardant. That's ridiculous.
I knew it would happen.
Frank, go back to sleep!
<< <i>hammerman, I believe you will see smaller government, I just dont think it will reap the benefits that people anticipate. Its sad to see whats going on in Wisconsin. Here you have middle class people, getting up everyday to earn a modest living, contributing to society, paying taxes, and we want to take away thier benefits? While all the while, you have 20 something or 30 something year olds who dont work, dont pay taxes (but get tax refunds), get free health care, collect Social Security, contribute absolutely nothing to society all because of thier anxiety "disability". >>
Hammer...meet nail.
<< <i>Frank will be along shortly to tell you it's all Bush's fault. >>
Yes, his and all the other past administrations for the last 30 years!
Box of 20
<< <i>hammerman, I believe you will see smaller government, I just dont think it will reap the benefits that people anticipate. Its sad to see whats going on in Wisconsin. Here you have middle class people, getting up everyday to earn a modest living, contributing to society, paying taxes, and we want to take away thier benefits? While all the while, you have 20 something or 30 something year olds who dont work, dont pay taxes (but get tax refunds), get free health care, collect Social Security, contribute absolutely nothing to society all because of thier anxiety "disability". >>
As a 20-30-year-old, I object. I pay into social security, and due to the declining birth rate, I may never see a lot of that money when I'm older.
Free health care? What?
MY GOLD TYPE SET https://pcgs.com/setregistry/type-sets/complete-type-sets/gold-type-set-12-piece-circulation-strikes-1839-1933/publishedset/321940
<< <i>Pink, Im talking about government entitlements that are being doled out to able body people who choose not to work for a living. >>
Gotcha.
<< <i>Trying to pin this on Obama is a cheap shot.
He's pouring gasoline on the fire and asking us to think that it's flame retardant. That's ridiculous. >>
He's too afraid to say what the reality is...
We're in deep dookey and he can't do much to change the spending that is taking place.
The one word he is avoiding is "crisis" or "critical."
(I guess war bonds are out of the question.)
((and I'm surprised no one is looking into eliminating the $600 hammers and toilet seats))
(((There's a lot of blame to go around.)))
Someone once suggested to us that the wife's not-for-profit could benefit by seeking out direct research funding from congressmembers. Using the Feds as an ATM. Disgusting!
<< <i>I view both sides of the aisle as the problem.
SSDElection
Vote one in and they go overboard for themselves, vote the other in and it's their version of overboard.
Does the public matter beyond who each side can trick into voting for them?
This is and has been more about power than right or wrong.
He who has power must be right because that's what the people voted for and thus "wanted."
They don't stop to consider that it's more like voters are voting against people rather than for people.
Who can vote "for" either side in a smear campaign? >>
I get a kick out of the people on either side, or any of their supporters who point fingers at the other group. There is plenty of blame to go around. If you think this mess is the result of the mistakes or policies of one party, you are either stupid or incredibly naive.
<< <i>Union's getting into everything and driving wages up and up and up has driven business out of this
country which is not a good thing as we lose jobs.
Now with unions in government we will have a hard time getting things under control. >>
They did a nice job of destroying the steel industry and the auto industry in the USA and, as you well note, driving these corporations overseas. I might add that gobs of state and fed government regulation and taxes drives corporations outta the USA.
<< <i>
<< <i>Frank will be along shortly to tell you it's all Bush's fault. >>
Look, these forecasts about unsustainable debt have been published and well known for 40 years, notably
Harry Brown in 1970 and Howard Ruff in 1979. People knew this was coming, and nobody had the guts to act
on a solution. Trying to pin this on Obama is a cheap shot. >>
Right. Gobs of people to blame. The problem is that it can no longer be ignored because it has to be fixed now or we're shortly belly up.
Debt Clock Time Machine shows the US National Debt in 2015 to be at 22 trillion
I have a very strict gun control policy: if there's a gun around, I want to be in control of it - Clint Eastwood
<< <i>
<< <i>Frank will be along shortly to tell you it's all Bush's fault. >>
Look, these forecasts about unsustainable debt have been published and well known for 40 years, notably
Harry Brown in 1970 and Howard Ruff in 1979. People knew this was coming, and nobody had the guts to act
on a solution. Trying to pin this on Obama is a cheap shot. >>
Exactly.