CBO - Current budget would lead to a 90% debt to GDP ratio by 2020

[paul1454]

Under the President's current budget, debts are expected to consistently out-pace the economy over the next ten years. According to the CBO, the proposed budget would cause the US debt to grow from 7.5 trillion (as of the end of 2009) to 20.3 trillion by the end of 2020. Based on their estimates, the CBO predicts a debt to GDP ratio of 90 percent by 2020 - a level not seen since WWII.

See the report here: http://www.cbo.gov/ftpdocs/112xx/doc11231/03-05-apb.pdf

 

[rjd970]

We have got to curb spending, taxing has reached the point of diminishing returns.

 

[MG1968]

no sacrifice is too great at the altar of economic and social justice. Obama and co. think that the US can be turned into a larger version of Sweden

 

[volinbham]

Wait, you mean Team Obama missed on another financial projection? Say it ain't so.

 

[droski]

the disturbing part is these numbers are too low.

 

[paul1454]

the disturbing part is these numbers are too low.

Obama's certainly are. The report I posted was after the CBO adjusted for a more realistic economic picture (their first used a fairly high expected GDP growth). I can't remember the amended GDP projections, but it was significantly lower than Obama's expected GDP growth of 4%. I think the CBO used somewhere around 2.1%. Of course, their estimate may be a little too optimistic as well.

 

[BigPapaVol]

Bam Keynes says this is what we need. Throw in a little dose of ignoring inflation and we're home free.

We'll show those Chinese when all is said and done.

 

[volinbham]

My favorite part is that if we just continued with the current budget (revenues and spending) the total debt would be over $3 trillion less over the same time period.

 

[droski]

My favorite part is that if we just continued with the current budget (revenues and spending) the total debt would be over $3 trillion less over the same time period.

that's why we need to provide millions of new people with healthcare so we can save this country billions.

 

[BigPapaVol]

that's why we need to provide millions of new people with healthcare so we can save this country billions.

It's deficit neutral.

 

[KB5252]

I love how the more liberal posters and Obama apologists have avoided this thread like a meth whore with open sores.

 

[bam15]

Bam Keynes says this is what we need. Throw in a little dose of ignoring inflation and we're home free.

We'll show those Chinese when all is said and done.

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