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dena

Meanwhile, back at the ranch........

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our government is running the credit card up to new record levels.

This can't be a good thing, can it.

When is the card maxed out, what is the limit?

Or, is it better not to know till we hit the limit?

 

Here's a blurb from the Moonie paper, The Washington Times.

 

 

The federal government recorded its worst monthly deficit in history in February, according to a preliminary report Wednesday from the Congressional Budget Office that said the deficit in fiscal year 2012 is already more than half a trillion dollars.

 

The CBO's figures show that despite repeated efforts to trim spending, the government has borrowed 42 cents of every dollar it spent during the first five months of this fiscal year.

 

The nonpartisan agency projected the government will run a deficit of $229 billion in February, the highest monthly figure ever. The previous high was $223 billion a year ago, in February 2011.

 

It is the 41st straight month the government has run a deficit — itself a record streak that dates back to the final months of President George W. Bush's tenure. Before now, the longest streak on record was 11 months.

 

For all of fiscal year 2012, which began Oct. 1, the budget analysts said the government has raised $869 billion in revenue but spent $1.5 trillion so far.

 

Congress and President Obama sparred for most of last year on how to cut spending, but the CBO's figures show that spending has actually remained flat in 2012 once the timing of certain payments has been adjusted.

 

Mr. Obama last month released a budget that showed the government averaging $1 trillion deficits for the rest of this decade. House Republicans are working to write their own budget now, while Senate Democratic leader Sen. Harry Reid of Nevada has said he doubts his chamber will write a budget this year.

 

© Copyright 2012 The Washington Times, LLC

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Silly, Dena. It's okay because they don't hate women...duh.

 

 

 

 

 

$20 trillion by end of his next term if elected. That sounds maxed out to me...and Greece.

 

 

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Incredible amount of road work going on in my area. Re-paving, new curbs and sidewalks, all stuff that needed to be done too. Gotta be Obama dollars involved somewhere.

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Our problems are/were NOW, not in the future. I applaud anyone that addresses them regardless of political affiliation.

 

I remember when the big hue and cry was that the Japenese were buying up all of America. Funny how things seem to work themselves out over time.

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no doubt the debt IS a problem,



 



I just get sick of Right wingers acting as if it became a problem when Obama was sworn in.



 



For years I've been railing about Borrow and Spend policies,



railing about wars we can't afford.



 



and the same people who are whining today were offering me "Economics 101" lessons back then.



 



While I agree the debt is a problem,



I tend to get grouchy when some people are giving the lecture.


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Our problems are/were NOW, not in the future. I applaud anyone that addresses them regardless of political affiliation.

 

 

 

Reinhart and Rogoff believe that the massive national debt accruing NOW will reduce future GDP:

 

Public Debt/GDP > 90% reduces GDP growth rate ~ 0.5% -1.5%.

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Quote:

Originally Posted by John M View Post

 

229 billion will buy a bunch of rubbers lol........

 

we need to slash spending now, we spend too much.

 

yup,

 

and roll back the "stimulus" tax cuts.

 

 

 

 

 

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yup,

and roll back the "stimulus" tax cuts.

 

 

 

 

I assume you mean those dopey payroll tax cuts they keep fighting about. all they do is speed up SS going broke.

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Quote:

Originally Posted by John M View Post

 

I assume you mean those dopey payroll tax cuts they keep fighting about. all they do is speed up SS going broke.

 

and all the Bush "stimulus" tax cuts.

 

 

 

the notion that cutting taxes increases revenues has been proven to be a lie,

 

it's time to both address spending AND move taxes back up to a responsible rate.

 

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and all the Bush "stimulus" tax cuts.

 

the notion that cutting taxes increases revenues has been proven to be a lie,

it's time to both address spending AND move taxes back up to a responsible rate.

 

they were nto stimulus were they?

 

either way im always for cutting taxes, but im even morein favor of slashing spending.

 

rate are fine, we spend to much slash spending.

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Quote:

Originally Posted by John M View Post

 

either way im always for cutting taxes, .

 

yup

 

and keep borrowing,

 

and whining about the debt.

 

 

 

it's the GOP way.

 

 

 

 

 

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yup

and keep borrowing,

and whining about the debt.

 

it's the GOP way.

 

 

 

 

nope not at all slash spending, I keep saying it, you never hear me though....oh well.

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