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  #1  
Old 08-22-2009, 01:31 AM
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TGIF! Bad News Dump!

W.H. hikes deficit estimate by $2 trillion!

The White House is likely to dramatically increase its projected 10-year budget deficit estimate next week by nearly $2 trillion, senior administration officials said Friday.
Obama administration officials have concluded the economy was much worse last year — and tax revenues much lower — than they had initially assumed, which means that the estimated budget deficit will increase from $7 trillion to about $9 trillion over the coming decade.
The planned revision was first reported by Reuters, and White House officials confirmed that account for POLITICO.
There’s no doubt the revision will be interpreted as bad news for an administration whose deficit spending has emerged as a political Achilles' heel.
Already, Republicans have been gaining political traction by accusing Obama of budget-busting spending.
Earlier in the week, even billionaire investor Warren Buffett — a political supporter of Obama — wrote in an op-ed that massive spending leaves the nation in “uncharted fiscal territory.” Still, echoing the Obama line, he said stimulus spending is necessary in the short term, but that the government must take aggressive steps to curtail spending after the economy begins to grow again.
That’s why any worsening of the deficit forecast is likely to be seen as bad news inside the White House. The timing of the story’s release fits a classic Washington media strategy of dumping bad news late on Fridays, as voters are less likely to hear about news that breaks on Friday nights and appears on a Saturday.


Read more: http://www.politico.com/news/stories/0809/26352.html#ixzz0Ot2bI4Td
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  #2  
Old 08-22-2009, 12:41 PM
Palangi's Avatar
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No worries.........

Candidate Obama said he would cut the deficit in half.
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  #3  
Old 08-22-2009, 07:04 PM
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Bush did it
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  #4  
Old 08-23-2009, 07:11 AM
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Sort-term spending to jumpstart the economy made sense, but unfortunately, the economic turnaround will be torturously slow in this country because WE DON'T MAKE ANYTHING!!! We just spend and consume!!!
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  #5  
Old 08-23-2009, 07:26 AM
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Quote:
Originally Posted by G-Benz View Post
Sort-term spending to jumpstart the economy made sense, but unfortunately, the economic turnaround will be torturously slow in this country because WE DON'T MAKE ANYTHING!!! We just spend and consume!!!
How many people can afford stuff made by workers getting paid 40 bucks an hour + health benefits?
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  #6  
Old 08-23-2009, 10:53 AM
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Quote:
Originally Posted by G-Benz View Post
Sort-term spending to jumpstart the economy made sense, but unfortunately, the economic turnaround will be torturously slow in this country because WE DON'T MAKE ANYTHING!!! We just spend and consume!!!
That's just it: Short-term spending, which I fear will evolve into long-term spending. Failing big businesses are not yet finished extorting money from us. And why should the government not throw more of our money at these white-collar criminals? After all, when you have a bottomless pit of money & taxpayers lining up like sheep to the slaughter, the spending will never stop. This bailout crap has set a dangerous precedent. It never should have started to begin with.
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Old 08-23-2009, 12:35 PM
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Originally Posted by 280EZRider View Post
That's just it: Short-term spending, which I fear will evolve into long-term spending. Failing big businesses are not yet finished extorting money from us. And why should the government not throw more of our money at these white-collar criminals? After all, when you have a bottomless pit of money & taxpayers lining up like sheep to the slaughter, the spending will never stop. This bailout crap has set a dangerous precedent. It never should have started to begin with.
Given that there is no crystal ball to look at the future, would have been wise to go ahead and let the economy continue tanking without any government assistance whatsoever?
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  #8  
Old 08-23-2009, 12:39 PM
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Quote:
Originally Posted by Palangi View Post
No worries.........

Candidate Obama said he would cut the deficit in half.
He knew there was a "2" in his estimates and equations...he just got the "divide by" and "multiply by" signs mixed up...

Don't worry. He's going to promise to fix that little mixup soon...
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  #9  
Old 08-23-2009, 12:43 PM
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Quote:
Originally Posted by 280EZRider View Post
That's just it: Short-term spending, which I fear will evolve into long-term spending. Failing big businesses are not yet finished extorting money from us. And why should the government not throw more of our money at these white-collar criminals? After all, when you have a bottomless pit of money & taxpayers lining up like sheep to the slaughter, the spending will never stop. This bailout crap has set a dangerous precedent. It never should have started to begin with.
Our current Boobermint is following the MasterCard system of financial responsibility...spend first, then figure out WHO is going to pay for it...


It looked like Christmas there for a bit...didn't it?

Now, it's getting old, cold and where just hitting the 1st of January...
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'10 - Dakota SXT - Daily Ride / ≈ 172.5K
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......'85 - 4WINNS 160 I.O. / 140hp
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  #10  
Old 08-23-2009, 01:29 PM
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Quote:
Originally Posted by G-Benz View Post
Given that there is no crystal ball to look at the future, would have been wise to go ahead and let the economy continue tanking without any government assistance whatsoever?
Bush's "everybody thinks it's the right thing to do" was the Iraq war. Obama's is spending billions like it was Monopoly money.
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