NYT: Budget Office Says 10 Years of Deficits Could Total $5 Trillion

Discussion in 'Politics, Religion, Social Issues' started by zimv20, Aug 26, 2003.

  1. macrumors 601

    zimv20

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    #1
    http://www.nytimes.com/2003/08/26/business/26CND-BUDGET.html?hp=&pagewanted=print&position=

     
  2. macrumors 65816

    Ambrose Chapel

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    #2
    i saw this...and i loved the white house's response - if it doesn't agree with their predetermined course of action then it's obviously worthless. nothing new there...
     
  3. thread starter macrumors 601

    zimv20

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    #3
    local news reported on a bush statement regarding the report (they paraphrased it, and i'm paraphrasing them, so standard disclaimers apply):

    "i'm concerned w/ people getting jobs, not numbers on a piece of paper."

    nice soundbite, but i think it belies the fact that bush doesn't have the first clue what those numbers mean.
     
  4. macrumors 68040

    pseudobrit

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    #4
    And ironically, the unemployment problem isn't going away either. But I guess everyone on the rolls is just a number too. :rolleyes:
     
  5. macrumors 68000

    mcrain

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    #5
    No, everyone on the rolls is just another low paid slave for corporate America and the people who run it like the Dick Cheneys, George Bush, George Bush Jr, etc...
     
  6. macrumors 68040

    mactastic

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    #6
    I don't believe those numbers reflect projected spending in Iraq or Afghanistan beyond what's been allocated already. Nor does it include the effects of the next round of tax cuts. In addition, it assumes a relatively robust 3% annual growth rate over that time period; so, unless the current tax cuts stimulate us significantly more than many expect, these numbers will get worse and worse.
     
  7. thread starter macrumors 601

    zimv20

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    #7
    and then there are those who've given up completely trying to find a job and who aren't even counted anymore...
     
  8. thread starter macrumors 601

    zimv20

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    #8
    correct. it doesn't take into account the $1 billion/week spent in iraq. i assume the same non-counting for afghanistan.

    is there another round? i thought i heard bush say he wasn't going to push for any more.

    from what i understand, the estimate assumes that the sunshine provisions on the tax cuts are deleted, something which bush is pushing for. perhaps that's what you meant by "next round."
     
  9. Ugg
    macrumors 68000

    Ugg

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    #9
    and then corporate America is exporting even more jobs overseas. India and China are booming. But, CEO salaries are rising as though there is no tomorrow.
     
  10. macrumors 68040

    mactastic

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    #10
    I wish I did. No, there is yet another round of tax cuts being talked about, probably due to be reaching a vote around election time. And from what I read, I think these numbers are projections based on the assumption that the sunset provisions will take effect. If they are continued, it will add to this number. I'll try to find some verification on this, but I think I read that somewhere.
     
  11. macrumors 68040

    mactastic

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    #11
    Link

     
  12. macrumors 68040

    mactastic

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    #12
    And now this!

    Tens of billions in the next year.... not good.
    We better get some international help on this. I sure don't want to get stuck with this bill as a taxpayer.
     
  13. macrumors 6502a

    simX

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    #13
    Haha. Unfortunately, there's no reason for any other country to help out -- we went in unilaterally, and so we should pay unilaterally as well.

    I also hope that I won't have to foot the bill as a taxpayer, but I'm definitely not holding my breath.
     
  14. macrumors 68040

    pseudobrit

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    #14
    No, your children will pay.

    Perhaps when our whole economy collapses from the bankruptcy of America.

    If Reagan maxed out the credit cards, Bush mortgaged the house. Next step: collection agencies start calling.
     
  15. thread starter macrumors 601

    zimv20

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    #15
    the US can prop up its own debt 'cuz of a historical basis on which it makes good. if world confidence in the US economy collapses, that doesn't just sink the stock market -- it will have a catastrophic effect on every aspect of the economy: trade, lending/borrowing, etc.
     
  16. thread starter macrumors 601

    zimv20

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    #16
    you can thank all the bozos who supported the invasion. san felipe's famous "70%".

    thanks for the links, btw.
     

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