Posts Tagged ‘Congressional Budget Office’
January 2, 2013 – Welcome to Obama’s world. I hope you folks got exactly what you voted for. -JRoycroft
“I am EMBARRASSED by our so called leaders. This fiscal cliff “deal” is a scam and a farce. For the President to now come out and and say he’s for budget cuts and fiscal responsibility??? How dumb must he think we are! You who voted for him and his party, have no one but yourselves to blame. I warned you… but you wanted to believe the lies. Our posterity will pay the price for your foolishness.
May God have mercy on this great Republic.” -Rusty Humphries
…And there’s a whole lot more coming!
- Children born today will inherit a per capita share of the national debt exceeding $1.5 million, a new study reveals. Republican analysts on the Senate Budget Committee used figures from the Congressional Budget Office to calculate the relative share of the national debt–currently $16 trillion and counting–among different age groups.
The office of Senator Jeff Sessions, ranking member on the Senate Budget Committee, sends along this chart, showing that ‘America’s Per Capita Government Debt is Worse Than Greece,’ as well as Ireland, Italy, France, Portugal, and Spain.
Without much fanfare, US debt to GDP hit 101% with the latest issuance of $32 billion in 2 Year Bonds. If the moment when this ratio went from double to triple digits is still fresh in readers minds, is because it is: total debt hit and surpassed the most recently revised Q4 GDP on January 30, or just three weeks ago. Said otherwise, it has taken the US 21 days to add a full percentage point to this most critical of debt sustainability ratios.
Given the current level of debt, this deficit forecast, and the normal monthly pattern of federal receipts and outlays, rather than hitting the debt limit sometime in early 2013, as expected when the Budget Control Act was signed, the federal government is likely to max out its credit card on or about Election Day, which should make for an especially entertaining spectacle.
A message for those of you who continue to support Obama and plan to vote for him…
If you have contributed to the Obama campaign in any way, or if you vote for him then you are guilty of aiding Obama in the destruction of our Republic! You are an enemy of the United States of America!
I dare you to sit down with your children tonight and explain to them why you have intentionally set them up to be slaves of the government so that they can pay for your foolish decision of allowing a Marxist to continue destroying our Republic. Why are you going to vote for him again? Is it because he makes everything more fair for you by taking it from those who actually earned it? Go ahead and explain to your children how much you love them and how you voted for Obama because you were thinking about them. Keep the cycle of government dependance going just like your parents did for you. Keep collecting those EBT cards that you use in the middle of the night at Walmart when you think no one will see you. And don’t forget to teach them that after your 99 weeks of unemployment benefits are used up how they can find a crooked lawyer who will help you extend your moocher benefits by getting that social security disability check started. Yea, life’s been pretty damn good for you under the food stamp president Obama hasn’t it? But you want to know something really interesting? Who are you going to steal from when the governments tit runs dry after there’s no one left to take from? Oh, but you aren’t smart enough to understand the consequences of your vote now are you? You’re just a dumb government educated moron without a clue. When your children grow up and are left paying for your stupid decisions I can only hope that they one day sit down with you and ask what you did to try and stop the insanity, or maybe ask what the hell were you thinking?! -JRoycroft
- Study: Each Child Born Today Will Inherit $1.5 Million Of National Debt (5440fight.com)
- These 10 Countries Are Struggling With The Deepest Debt In The World (businessinsider.com)
- | The 10 Countries Deepest in Debt! (truthaholics.wordpress.com)
- [FEAR]: Paul Ryan, Jeff Sessions Warn Obama’s Budget Could Spur Greek-Style Debt Crisis (jhaines6.wordpress.com)
- Economic Indicators : Debt/GDP Ratio (niravisms.wordpress.com)
- 55 Interesting Facts About The American Economy In 2012 (zionistoutrage.com)
February 16, 2012 – That Obama guy sure has some of his dumb followers fooled -
From Fox Nation:
“The rate of unemployment in the United States has exceeded 8 percent since February 2009, making the past three years the longest stretch of high unemployment in this country since the Great Depression. Moreover, the Congressional Budget Office (CBO) projects that the unemployment rate will remain above 8 percent until 2014. The official unemployment rate excludes those individuals who would like to work but have not searched for a job in the past four weeks as well as those who are working part-time but would prefer full-time work; if those people were counted among the unemployed, the unemployment rate in January 2012 would have been about 15 percent. Compounding the problem of high unemployment, the share of unemployed people looking for work for more than six months—referred to as the long-term unemployed—topped 40 percent in December 2009 for the first time since 1948, when such data began to be collected; it has remained above that level ever since.”
View The CBO Report HERE : http://www.cbo.gov/ftpdocs/127xx/doc12757/02-16-Unemployment.pdf
February 6, 2012 - Ruler Obama promised in 2009 that he would “cut the deficit we inherited by half by the end of my first term in office.”
How can you tell when this president lies? Uh huh…when he opens his mouth. During Obama’s first three years as ruler he has managed to increase our deficit by over $1 trillion every year. This guy spends our money like a pissed off woman during a divorce.
- $1.4 trillion in 2009
- $1.3 trillion in 2010
- $1.3 trillion in 2011.
According to the CBO’s numbers, Obama is on track to have another year of over $1 trillion in deficits. The CBO predicts the deficit will rise $1.08 trillion in 2012.
Obama’s deficit for 2012 will be the largest deficit ever recorded between 1947 and 2008.
You ask what was the largest deficit our country has ever had prior to 2008? I’m so glad you asked… how about $458 billion.
According to the CBO estimates, the jobless rate will rise to 8.9% by the end of 2012 and to 9.3% in 2013.
Just imagine four more years of this spending insanity! New Zealand is looking pretty sweet these days. -JRoycroft
- Who’s up for another trillion-dollar deficit? (hotair.com)
- CBO report predicts 30% higher taxes and trillion-plus dollar deficit (winteryknight.wordpress.com)
- The bombshell CBO report and why Obama should be worried (hotair.com)
- U.S. Government Will Run $1.1 Trillion Deficit, CBO Says (businessweek.com)
- Obama runs up another trillion-dollar deficit… (politico.com)
- Federal budget deficit to dip to $1.1T, CBO says (seattletimes.nwsource.com)
- Federal budget deficit to dip to $1.1T, CBO says (newsok.com)
August 8, 2011 – Obama talked big back in 2009, yet now he takes no responsibility for what he has done to our nations economy… And this is what we get when we have 47% of Americans who don’t pay taxes, and then vote for a living. Standard and Poor downgrades the US credit rating along with Fannie Mae and Freddie Mac. Some are wondering if they will also downgrade individual states credit ratings. US markets plunged to 633 today, the lowest since 2008, as Obama said nothing to reassure America in his speech on the economic disaster he and his band of socialist misfits have put upon our nation. How many days has it been and he still hasn’t managed to get a budget set? If anything positive could come from today’s news, it should be that the Obama administration has put yet another nail in his presidential election coffin.
Democrat Senator John Kerry blames Tea Party, saying, “I believe this is, without question, the tea party downgrade…” David Axelrod, a former senior adviser to President Obama also blamed the Tea Party.
That’s exactly the kind of blame game that led Standard & Poor’s, one of three key credit-ratings agencies, to strip the U.S. federal government of its AAA status Friday night and reducing it to AA+ for the first time in the nation’s history.
David Beers, the head of S&P’s government debt-rating unit, said during an appearance on “Fox News Sunday” – “Congress and the administration are jointly responsible for the conduct of fiscal policy. So, this is not really about either political party.”
Sen. Lindsey Graham defended the tea party and said that without the movement, trillions of dollars in spending cuts wouldn’t be possible.
“Thank God they’re here,” he said on CBS’ “Face the Nation.”
“This is the first time we’ve ever raised the debt ceiling where we tried to actually reduce spending. That’s a good thing, but we’re woefully short,” he said. “The tea party hasn’t destroyed Washington. Washington was destroyed before the tea party got here. The hope is that the tea party and middle-of-the-road people can find common ground to turn this country around before we become Greece.”
- John Roycroft
- Democrats seek to pin credit downgrade on tea party (fellowshipofminds.wordpress.com)
- Dems Use Downgrade to Amplify Anti-Tea Party Charges (foxnews.com)
- Ron & Rand Paul: Don’t blame the Tea Party (cbsnews.com)
So… do you plan on getting involved this time, or are you content to just sit on your butt and allow this to happen again?
Gas price (per gallon)
Consumer Price Index*
* February 2011 data
Slopping up the Obamamedia Drool
April 7, 2011 – Liberals can certainly come up with some imaginative explanations of the great and glorious accomplishments of Barack Obama. That’s not all that hard when you consider virtually any growth of government or dependence on government to be an achievement. It’s hard, though, to even find the most mindless of progs who will say that Barack Obama is the paragon of fiscal responsibility. Until you trip across a Time Magazine senior correspondent named Michael Grunwald in some dark irrational wasteland. NewsBusters has this gem from Grunwald: “[Obama]‘s been a paragon of fiscal responsibility compared with Bush, but he’s still blamed for the megadeficits primarily created by Bush’s tax cuts and the Great Recession.”
First of all, the idea that our megadeficits were “primarily caused by the Bush tax cuts” is something that only a wealth-envy buffoon would believe. The Congressional Budget Office will even admit that the Bush tax cuts have not expanded budget deficits – outrageous spending has been the reason for our deficit increases. Also remember, “Repealing all of those Bush tax cuts, for rich and middle class alike, gets you about $3 trillion — over ten years. The deficit is running from a third to almost half that every year.” You might present the story differently if you happen to be a prog who wants to foment wealth envy for your own political purposes.
But let’s move on to the claim that Obama “been a paragon of fiscal responsibility compared with Bush.” It doesn’t take a government-educated bureaucrat and a 0.3 second Google search to figure out that this is flat-out false. But just because I’m such a nice guy .. and get paid well above the pay grade of a government-educated bureaucrat .. I will give you a little bit of the research myself. This is from the WSJ:
- Consider that from Jan. 20, 2001, to Jan. 20, 2009, the debt held by the public grew $3 trillion under Mr. Bush—to $6.3 trillion from $3.3 trillion at a time when the national economy grew as well. By comparison, from the day Mr. Obama took office last year to the end of the current fiscal year, according to the Office of Management and Budget, the debt held by the public will grow by $3.3 trillion. In 20 months, Mr. Obama will add as much debt as Mr. Bush ran up in eight years.
- Mr. Obama’s spending plan approved by Congress February 2009 calls for doubling the national debt in five years and nearly tripling it in 10.
- Mr. Bush’s deficits ran an average of 3.2% of GDP, slightly above the post World War II average of 2.7%. Mr. Obama’s plan calls for deficits that will average 4.2% over the next decade.
- Team Obama has been on history’s biggest spending spree, which has included a $787 billion stimulus which was a complete and absolute failure, a $30 billion expansion of a child health-care program, and a $410 billion federal spending bill that increased nondefense discretionary spending 10% for the last half of fiscal year 2009. Mr. Obama also hiked nondefense discretionary spending another 12% for fiscal year 2010.
Let’s pause for a moment on this last point. Since taking office, Barack Obama increased nondefense discretionary spending by 10% for the last half of the 2009 fiscal year. Then for the next fiscal year (2010), he increased nondefense discretionary spending another 12%. So we have double digit discretionary spending increases every year under Barack Obama. Now … just why are our wonderful politicians in Washington on the verge of a government shutdown? As of now they just can’t seem to reach a compromise on discretionary spending cuts. The Republicans want $61 billion in cuts. This $61 billion represents less than 2% of our total budget, less than 4% of our deficit, less than 5% of our discretionary spending and less than 10% of Obama’s three-year spending increase. According to the Cato Institute, this $61 billion is just one-sixth of this year’s spending increase, the increase from 2010 to 2011. And now Harry Reid comes along and says, “We have been willing to do what is fair in ratcheting down very, very hard on programs dealing with domestic discretionary spending.
We can’t go any more.” Can’t go any more? After all the spending increases I’ve outlined from the paragon of fiscal responsibility, we can’t cut spending by less than 10% of The Community Organizer’s three-year spending increase total? Do you think these people up there are really serious? Seriously? Isn’t it pretty clear that we have to go back into tea party mode to keep these power-hungry miscreant’s feet to the fire? - By Neal Boortz