Senator Judd Gregg (R-NH) appearing on Lou Dobbs show. Discussing how Obama’s budget increases taxes in order to grow the size of the government.. ….March 25th.
Senator Judd Gregg on Sean Hannity from Feb. 26th
Senator Gregg: This budget does nothing to get under control what I call the fiscal tsunami which is this huge cost that is coming at our country and specifically at the next generation to support my generation as we retire. And it will basically overwhelm our children and our grand children… Basically, it will bankrupt our country… The spending in this budget expands. In my opinion there is excessive spending on the entitlement side which is where we should have savings rather than new spending. And, of course, there is a lot of new taxes here about 1.4 trillion dollars.
Sean Hannity: Senator, you say it is going to bankrupt the country…
Senator Gregg: It is going to bankrupt the country.
Obama budget makes US worse than Cuba
Breitbart
President Barack Obama’s 3.55-trillion-dollar budget plan will leave the United States with a worse budget deficit than Cuba, a leading Republican critic warned Tuesday. “This creates for us a higher deficit than Cuba’s. This is not the kind of position we want to put the United States in,” Republican Minority Leader Mitch McConnell told reporters.
Other Republican critics of Obama’s spending policies, including his nearly 800-billion-dollar economic stimulus package, have variously warned that he risks turning the country into Argentina, France, Germany, or Zimbabwe.
Asked for the figures underpinning the charge, a McConnell aide pointed to a report from the non-partisan Congressional Budget Office that warned the US budget deficit for fiscal year 2009, ending September 30, would swell to 13.1 percent of Gross Domestic Product.
According to official Cuban government figures, Cuba’s projected deficit in 2009 will run to 5.6 percent of GDP, less than the 6.7 percent it reached in 2008.
Wild Thing’s comment……….
What is equally disturbing about this report is who is buying the debt. We are selling ourselves down the river to the Chinese and the Arabs. In a few months we are our the way to becoming a Third World country. And all this to satisfy the vain ambition of a inexperienced marxist confidence man, and the self-serving crooks and megalomaniacs in Congress.
Obama is setting America up for one of the greatest economic falls in history. Deficeit spending and national debt have been with us for many years. We have complained about it and yet the politicians continue to spend. Now, in two short months Obama has spent more than we can possibly manage and run our national debt off the meter.
Obama and a dominent Democrat Congress are destroying America. They are doing so economically and morally.
As an engineer, I know that it is all a question of numbers. The politicians who spend more than we take in but less than we take in plus economic growth still leave the country better off. Bush pushed things to the edge but he did not go over the line except in 2005, by less than 1%, and in 2008. (You would kind of expect that from a jet jockey who was also a Harvard MBA but riding in the his rear seat is not much fun) All of the other years he kept things even or better and averaged what would have put the United States in sweet spot territory in less than ten years. (Six additional years of Bush grade results would put everything in positive numbers, not too bad for fighting a war at the same time.) That went to hell in 2008.
The numbers are:
A) America has about a 13 Trillion Dollar economy, but the economy is now shrinking at 2% per year.
B) A 3% growth rate gives about 390 billion that we can over spend, 4% growth gives 520 billion.
Do these numbers look familiar? Like maybe Bush’s, budget deficits?
C) The national debt is about 9 Trillion dollars or 69% of GDP. If you remember your home economics that a household is in trouble if it has more than 2 and half years of household income in debt. A little over 22 trillion additional dollars debt puts the United States in an unrecoverable condition. That is the abyss.
D) The Laffer Curve point in an economy is between 28% and 33% of taxation, depending on the types of taxation. All regulation of an economy is taxation. 4.2 Trillion per year the maximum possible Government regulations and taxation before we slide into a Laffer Depression.
E) Obama plans(!) on adding 9 Trillion in debt over the next eight years.
F) Obama wants to regulate the whole carbon energy economy into bankruptcy!
G) Obama intends to nationalize Health industry, which is 17% of GDP that will no longer be profitable
H) The United States has the expenses of the baby boom generation starting into retirement (1946+65 years = 2011)
I) The United States is facing the greatest technological disruption in all history before 2020 with the attendant need for capital investments. There are a number of books on the technological disruptions we face:
“The Approaching Singularity”
“The Coming Convergence”
“The Nanoconvergence”
“Engines of Creation”
The bottom line is that after eight years of Bush the United States is in much better shape than most people think. However, Obama is even worse than the pessimistic think and we cannot survive eight years of Obama. It will be too late and we can survive four years only if we send the Congress packing at the same time.
Tom, thank you for the information about deficeit spending and national debt. I never knew that much about it before except that we had it and it seemed back then it was almost just how it was depending on who was president it would go more or a little down.
You are so right about what Obama is doing. I just don’t see how in many lifetimes it would ever be paid.
Avitar, thank you for the information. That is really interesting.
I agree 8 years would do us in for sure.
I prya he only gets 4 and that will be a nightmare on it’s own. But he is doing things so fast it really is freaking me out. Not one day goes by he does not mess with something.