If he does it I'll give him credit-Obama to cut deficit 50%

[Tim Elston]

Oh. Well, call me a pessimist, but with the economic policies since the creation of the Federal Reserve System to today, especially with the "stimuli" both Bush and the current administration are touting, we are certainly heading down a path that will lead us to said collapse.

Yes, that seems to be the case. From what I've studied, our monetary system demands that, on average, the economy must grow each year in absolute terms more than the amount of annual interest we pay on the national debt, and since growth occurs through borrowing, the amount of annual interest that growth must exceed is ever rising. This is an inherent recipe for collapse, because it forces growth to chase after itself rather than allows it to track with actual input and output. Unless we fundamentally change our monetary system, there is no escaping our system's collapse.

[rjjunior]

WASHINGTON (AP) — And, he has vowed to scale back spending and improve government efficiency by eliminating programs that don't work.

Two years of hearing this...still waiting for ONE example.

[Tim Elston]

WASHINGTON (AP) — And, he has vowed to scale back spending and improve government efficiency by eliminating programs that don't work.

Two years of hearing this...still waiting for ONE example.

Thirty-four days in office, and he still has not danced for you.

[Full Quiver]

Really, how on earth will he cut the national debt in half while spending money that does not exist in this country? He will have to borrow money to pay for his stimulus plan.

[Tim Elston]

Really, how on earth will he cut the national debt in half while spending money that does not exist in this country?

It's the annual deficit he hopes to halve, not the national debt.

[bibleguy]

Looking at Tim's avatar, it occurred to me:

Obama and Oregon both start with "O." Coincidence? I think not...

[Full Quiver]

OK Tim. His plan appears will cost us up to 40% of the GNP in the coming years. This sounds like huge deficits.

[Tim Elston]

OK Tim. His plan appears will cost us up to 40% of the GNP in the coming years. This sounds like huge deficits.

How do you come to that number?

[Tim Elston]

Looking at Tim's avatar, it occurred to me:

Obama and Oregon both start with "O." Coincidence? I think not...

You're sitting in the seat of the scornful again, I see.

[Full Quiver]

I didn't Tim; Congress did when they proposed the bill.

[Tim Elston]

I didn't Tim; Congress did when they proposed the bill.

The last I heard, the US's GNP was $14.5 trillion. Forty percent of that would be $5.8 trillion. Are you saying that you project the deficit to be that much in coming years, based on the stimulus package? The stimulus bill was about $800 billion, which is 5.5% of GNP, and its cost will be spread over the years during which that amount is spent, whether one, two, or more.

[DaJudge]

This from the AP, which is definitely not a conservative leaning new organization:

WASHINGTON (AP) - President Barack Obama's ambitious goal of cutting the federal deficit in half relies on a perfect - some might say improbable - convergence of factors: a recovered economy, a tax boost for the rich and success in easing foreign entanglements.

Read the rest here

http://apnews.myway.com/article/20090223/D96HJ1GO1.html


Sounds like pie in the sky to me.

[EagerBeaver]

Looking at Tim's avatar, it occurred to me:

Obama and Oregon both start with "O." Coincidence? I think not...

'scuse me, I am from the Great Beaver State. "Offensive" starts with "O" too, mister.

[bibleguy]

So does "Oops," I guess..


And Oklahoma...

[EagerBeaver]

So does "Oops," I guess..


And Oklahoma...

Hey now, I like Okies.