CBO report on Obama Debt.

T

TuTu Monroe

A Realist
Does this make you all warm and fuzzy, liberals?

CBO report: Debt will rise to 90% of GDP
By David M. Dickson President Obama's fiscal 2011 budget will generate nearly $10 trillion in cumulative budget deficits over the next 10 years, $1.2 trillion more than the administration projected, and raise the federal debt to 90 percent of the nation's economic output by 2020, the Congressional Budget Office reported Thursday.

In its 2011 budget, which the White House Office of Management and Budget (OMB) released Feb. 1, the administration projected a 10-year deficit total of $8.53 trillion. After looking it over, CBO said in its final analysis, released Thursday, that the president's budget would generate a combined $9.75 trillion in deficits over the next decade.

"An additional $1.2 trillion in debt dumped on [GDP] to our children makes a huge difference," said Brian Riedl, a budget analyst at the conservative Heritage Foundation. "That represents an additional debt of $10,000 per household above and beyond the federal debt they are already carrying."

The federal public debt, which was $6.3 trillion ($56,000 per household) when Mr. Obama entered office amid an economic crisis, totals $8.2 trillion ($72,000 per household) today, and it's headed toward $20.3 trillion (more than $170,000 per household) in 2020, according to CBO's deficit estimates.

That figure would equal 90 percent of the estimated gross domestic product in 2020, up from 40 percent at the end of fiscal 2008. By comparison, America's debt-to-GDP ratio peaked at 109 percent at the end of World War II, while the ratio for economically troubled Greece hit 115 percent last year.

"That level of debt is extremely problematic, particularly given the upward debt path beyond the 10-year budget window," said Maya MacGuineas, president of the bipartisan Committee for a Responsible Federal Budget.
For countries with debt-to-GDP ratios "above 90 percent, median growth rates fall by 1 percent, and average growth falls considerably more," according to a recent research paper by economists Kenneth S. Rogoff of Harvard and Carmen M. Reinhart of the University of Maryland.

CBO projected the 2011 deficit will be $1.34 trillion, not much different from the administration's estimate of $1.27 trillion. However, CBO's estimate of the 2020 deficit at $1.25 trillion significantly exceeds the administration's $1 trillion estimate.

The Washington Times



 
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TuTu Monroe said:
Does this make you all warm and fuzzy, liberals?

CBO report: Debt will rise to 90% of GDP
By David M. Dickson President Obama's fiscal 2011 budget will generate nearly $10 trillion in cumulative budget deficits over the next 10 years, $1.2 trillion more than the administration projected, and raise the federal debt to 90 percent of the nation's economic output by 2020, the Congressional Budget Office reported Thursday.

In its 2011 budget, which the White House Office of Management and Budget (OMB) released Feb. 1, the administration projected a 10-year deficit total of $8.53 trillion. After looking it over, CBO said in its final analysis, released Thursday, that the president's budget would generate a combined $9.75 trillion in deficits over the next decade.

"An additional $1.2 trillion in debt dumped on [GDP] to our children makes a huge difference," said Brian Riedl, a budget analyst at the conservative Heritage Foundation. "That represents an additional debt of $10,000 per household above and beyond the federal debt they are already carrying."

The federal public debt, which was $6.3 trillion ($56,000 per household) when Mr. Obama entered office amid an economic crisis, totals $8.2 trillion ($72,000 per household) today, and it's headed toward $20.3 trillion (more than $170,000 per household) in 2020, according to CBO's deficit estimates.

That figure would equal 90 percent of the estimated gross domestic product in 2020, up from 40 percent at the end of fiscal 2008. By comparison, America's debt-to-GDP ratio peaked at 109 percent at the end of World War II, while the ratio for economically troubled Greece hit 115 percent last year.

"That level of debt is extremely problematic, particularly given the upward debt path beyond the 10-year budget window," said Maya MacGuineas, president of the bipartisan Committee for a Responsible Federal Budget.
For countries with debt-to-GDP ratios "above 90 percent, median growth rates fall by 1 percent, and average growth falls considerably more," according to a recent research paper by economists Kenneth S. Rogoff of Harvard and Carmen M. Reinhart of the University of Maryland.

CBO projected the 2011 deficit will be $1.34 trillion, not much different from the administration's estimate of $1.27 trillion. However, CBO's estimate of the 2020 deficit at $1.25 trillion significantly exceeds the administration's $1 trillion estimate.

The Washington Times
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But people will be healthier and, thus, happier. :)
 
As ususal, Tutu relies on the carefully excerpted report of a right wing news source (this one owned by Rev. Moon).

For those interested in a more objective report, check this out: It ain't a rosy picture, but to place ALL blame on Obama, and all in the negative is misleading:

http://www.cbo.gov/ftpdocs/112xx/doc11231/frontmatter.shtml

For 2010, CBO’s estimate of the deficit under the President’s budget is $56 billion less than the Administration’s figure, largely because of differences in baseline estimates of spending. In contrast, largely because it projects lower baseline revenues in future years, CBO estimates deficits that are $75 billion higher for 2011 and $1.2 trillion greater over the 2011–2020 period than what the Administration anticipates under the President’s budget.


Other policies would have smaller but still significant effects on the budget and would largely offset one another. Freezing Medicare’s payment rates for physicians at the current level through 2020, as the President proposes, would boost the cumulative deficit by $0.3 trillion. Various changes that the President proposes to the Pell Grant program would add another $0.2 trillion to the deficit between 2011 and 2020. Other proposals would reduce projected deficits. Defense spending under the President’s budget would total $0.3 trillion less than the amount projected in the baseline, largely because of the smaller sums assumed for war-related activities. A proposal to limit, to 28 percent, the rate at which itemized deductions reduce an individual’s tax liability would decrease the deficit by $0.3 trillion. The President’s proposal to expand insurance coverage and make other changes to the health care system would lower the deficit by $0.2 trillion. Other proposals would have smaller effects over the 10-year period.
 
The federal public debt, which was $6.3 trillion ($56,000 per household) when Mr. Obama entered office amid an economic crisis, totals $8.2 trillion ($72,000 per household) today, and it's headed toward $20.3 trillion (more than $170,000 per household) in 2020, according to CBO's deficit estimates.

That figure would equal 90 percent of the estimated gross domestic product in 2020, up from 40 percent at the end of fiscal 2008. By comparison, America's debt-to-GDP ratio peaked at 109 percent at the end of World War II, while the ratio for economically troubled Greece hit 115 percent last year.

Change...anyone got some change?
 
apple0154 said:
But people will be healthier and, thus, happier. :)
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Must agree with you 100% sir. I was out tonight and told several dinner tables that since we are all in this together health care wise that they should not order dessert. After the initial shock at my comment they actually agreed and gave back their dessert menu.

We all must contribute.
 
Ice Dancer said:
The federal public debt, which was $6.3 trillion ($56,000 per household) when Mr. Obama entered office amid an economic crisis, totals $8.2 trillion ($72,000 per household) today, and it's headed toward $20.3 trillion (more than $170,000 per household) in 2020, according to CBO's deficit estimates.

That figure would equal 90 percent of the estimated gross domestic product in 2020, up from 40 percent at the end of fiscal 2008. By comparison, America's debt-to-GDP ratio peaked at 109 percent at the end of World War II, while the ratio for economically troubled Greece hit 115 percent last year.

Change...anyone got some change?
Click to expand...


:palm: Someone PLEASE teach these folks to read carefully and comprehensively! Hell, it ain't paradise, but given the course we were already on, it ain't the end of the world either (if you buy into all this monopoly money projected and estimated stuff in the first place).

http://www.cbo.gov/ftpdocs/112xx/doc...ntmatter.shtml

For 2010, CBO’s estimate of the deficit under the President’s budget is $56 billion less than the Administration’s figure, largely because of differences in baseline estimates of spending. In contrast, largely because it projects lower baseline revenues in future years, CBO estimates deficits that are $75 billion higher for 2011 and $1.2 trillion greater over the 2011–2020 period than what the Administration anticipates under the President’s budget.


Other policies would have smaller but still significant effects on the budget and would largely offset one another. Freezing Medicare’s payment rates for physicians at the current level through 2020, as the President proposes, would boost the cumulative deficit by $0.3 trillion. Various changes that the President proposes to the Pell Grant program would add another $0.2 trillion to the deficit between 2011 and 2020. Other proposals would reduce projected deficits. Defense spending under the President’s budget would total $0.3 trillion less than the amount projected in the baseline, largely because of the smaller sums assumed for war-related activities. A proposal to limit, to 28 percent, the rate at which itemized deductions reduce an individual’s tax liability would decrease the deficit by $0.3 trillion. The President’s proposal to expand insurance coverage and make other changes to the health care system would lower the deficit by $0.2 trillion. Other proposals would have smaller effects over the 10-year period.
 
Taichiliberal said:
:palm: Someone PLEASE teach these folks to read carefully and comprehensively! Hell, it ain't paradise, but given the course we were already on, it ain't the end of the world either (if you buy into all this monopoly money projected and estimated stuff in the first place).

http://www.cbo.gov/ftpdocs/112xx/doc...ntmatter.shtml

For 2010, CBO’s estimate of the deficit under the President’s budget is $56 billion less than the Administration’s figure, largely because of differences in baseline estimates of spending. In contrast, largely because it projects lower baseline revenues in future years, CBO estimates deficits that are $75 billion higher for 2011 and $1.2 trillion greater over the 2011–2020 period than what the Administration anticipates under the President’s budget.


Other policies would have smaller but still significant effects on the budget and would largely offset one another. Freezing Medicare’s payment rates for physicians at the current level through 2020, as the President proposes, would boost the cumulative deficit by $0.3 trillion. Various changes that the President proposes to the Pell Grant program would add another $0.2 trillion to the deficit between 2011 and 2020. Other proposals would reduce projected deficits. Defense spending under the President’s budget would total $0.3 trillion less than the amount projected in the baseline, largely because of the smaller sums assumed for war-related activities. A proposal to limit, to 28 percent, the rate at which itemized deductions reduce an individual’s tax liability would decrease the deficit by $0.3 trillion. The President’s proposal to expand insurance coverage and make other changes to the health care system would lower the deficit by $0.2 trillion. Other proposals would have smaller effects over the 10-year period.
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I agree. All those years of Greenspan touting the "free economy" and projecting how great it would be for future generations, and then came the wake-up call.

As far as I'm concerned any projections and hypotheticals are fun to debate but can't be automatically assumed as factual.
 
TuTu Monroe said:
I couldn't be healthier and happier than I am right now. :)
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That happy with the Obama administration are ya?

Then how come on numerous occasions you have said things like: Obama and his ilk makes you sick, makes you sick to your stomach, makes you feel nauseous, makes you feel physically ill, etc, etc, etc...

Never been happier, eh?

LIAR!
 
Ummmm, dummy, my private life has never been happier.

ZappasGuitar said:
That happy with the Obama administration are ya?

Then how come on numerous occasions you have said things like: Obama and his ilk makes you sick, makes you sick to your stomach, makes you feel nauseous, makes you feel physically ill, etc, etc, etc...

Never been happier, eh?

LIAR!
Click to expand...
 
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