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Thread: The Emperor will be the gift that keeps on giving (unfortunately for decades)

  1. #1
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    The Emperor will be the gift that keeps on giving (unfortunately for decades)

    And the truth is it will actually be $550+ BILLION due to his adventure in Iraq which he conveniently does not include

    My whole generation is fu[b]c[/b]ked, as are my kids and their kids... we'll be paying off his (and Reagan's & H.W.'s + some from Bubba) debt and the interest we owe on it for decades. Not only that, but we'll be paying it off with devalued dollars which imho are one step up from a 3rd world currency... and Bernanke and whomever the next fed (read: fraud) chairmen are likely to devalue it more. Who knows, we might even be paying them off in Ameros instead... hurray :rolleyes:


    I am pissed... who is with me?!?? :steamin: :shakehead :steamin:

    ___________________________________________________

    Administration official projects record deficit
    Deficit for next year to approach $490 billion amid sagging economy
    The Associated Press
    updated 11:24 a.m. ET, Mon., July. 28, 2008

    WASHINGTON - [b]The next president will inherit a record budget deficit of $482 billion, according to a new Bush administration estimate.

    A Bush administration official said the deficit was being driven to an all-time high by the sagging economy and the stimulus payments being made to 130 million households in an effort to keep the country from falling into a deep recession. A $482 billion deficit approaching billion would easily surpass the record deficit of $413 billion set in 2004.[b]

    Government officials confirmed the $482 billion figure Monday on condition of anonymity because the new estimate had not been formally released. Administration officials were scheduled to do that at a news conference later in the day.

    [b]The new figure actually underestimates the deficit, since it leaves out about $80 billion in war costs. In a break from tradition — and in violation of new mandates from Congress — the White House did not include its full estimate of war costs.[b]

    White House press secretary Dana Perino had no comment on the new deficit number. But she told reporters that the White House and lawmakers acknowledged months ago that they were going to increase the deficit by approving a short-term boost for the slumping economy.

    “Both parties recognized that the deficit would increase, and that that was going to be the price that we pay,” Perino said.

    In fact, the White House had included cost estimates for an economic stimulus bill in its earlier projections, so the new figures represent a considerable deterioration in the government’s fiscal health.

    The White House had predicted in February that next year’s deficit at $407 billion, which puts the increase in the projections since at $72 billion.

    Figures for the 2008 budget year ending Sept. 30 will actually drop from an earlier projection of $410 billion to $389 billion, the officials said.

    The numbers represent about 3 percent of the size of the economy, which is the deficit measure seen as most relevant by economists. That’s considerably smaller than the deficits of the 1980s and early 1990s, when Congress and earlier administrations cobbled together politically painful deficit-reduction packages.

    Still, the new figures are so eye-popping in dollar terms that it may restrain the appetite of the next president to add to it with expensive spending programs or new tax cuts. In fact, pressure may build to allow some tax cuts enacted in 2001 and 2003 to expire as scheduled at the end of 2010, with Congress also feeling pressure to curb spending growth.

    The deficit for 2007 totaled $161.5 billion, which represented the lowest amount of red ink since an imbalance of $159 billion in 2002. The 2002 performance marked the first budget deficit after four consecutive years of budget surpluses.

    That stretch of budget surpluses represented a period when the country’s finances had been bolstered by a 10-year period of uninterrupted economic growth, the longest period of expansion in U.S. history.

    In his first year in office, helped considerably by projections of continuing surpluses, Bush drove through a 10-year, $1.35 trillion package of tax cuts.

    However, the country fell into a recession in March 2001 and government spending to fight the war on terrorism contributed to pushing the deficit to a record in dollar terms in 2004.

    House Budget Committee Chairman John Spratt, D-S.C., said the $490 billion figure confirms “the dismal legacy of the Bush administration: under its policies, the largest surpluses in history have been converted into the largest deficits in history.”

    The figures to be released later will paint a picture of the financial health of the government that President Bush’s successor will inherit, as well as updated predictions of the health of the economy.

    White House budget director Jim Nussle and Edward Lazear, chairman of the president’s Council of Economic Advisors, were scheduled to release the administration’s updated forecasts at an early afternoon news conference.

    © 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

    [url]http://www.msnbc.msn.com/id/25884806/[/url]

  2. #2
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    If he's an "Emperor", why are we having an Election soon?

  3. #3
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    I didn't really understand the concept behind the stimulus checks from the get-go. This is the reason why.

  4. #4
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    [QUOTE=pauliec;2651395]I didn't really understand the concept behind the stimulus checks from the get-go. This is the reason why.[/QUOTE]

    no it's not the reason why

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    [QUOTE=Warfish;2651389]If he's an "Emperor", why are we having an Election soon?[/QUOTE]

    dude you're so 20th century... we haven't had a Presidential election since 1996. It's now install whomever they want

  6. #6
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    [QUOTE=Tanginius;2651415]no it's not the reason why[/QUOTE]

    No, I mean it's the reason why I didn't understand it. As in, "won't this just add to our existing debt?"

  7. #7
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    [QUOTE=pauliec;2651420]No, I mean it's the reason why I didn't understand it. As in, "won't this just add to our existing debt?"[/QUOTE]

    oh I see... I misunderstood


    it certainly will, however the "theory" is that most of that stimulus money gets pumped back into the economy, which means more tax dollars (at least putting a dent in the cost of the stimulus money) and a better economy. The problem is that it's just a theory and real life doesn't work like that... a lot of people payed down debt on stuff they already bought (so that was no help to the economy) or bought sh!t from other countries (which helps the economy, but not as much as busy US goods) since we import almost everything now, etc

    any tax cut or tax break that happens when the gov't is already deep in the red only digs us deeper in...


    and under W, we've gone from 5+ trillion to 10+ trillion when he's out of office (including this budget which will cover the first 8.5 months of McSame of nOchange's tenure)

  8. #8
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    This country has needed a correction for a long time. People talk about the United States being one of the world's wealthiest countries, but when you look at how much we owe other countries, or how much Americans owe on credit cards, we may be the poorest.

    Why? Because fifty percent of Americans feel like they should live like kings. Guys making 50 grand think they belong in 700k houses and need to drive Mercedes instead of Accords so people won't think they're poor. To paraphrase Suze Orman- we overspend to impress people that they we don't even know or like.

    So we need to spend more money than we have and we go to foreign countries. Because we have to pay for ridiculously large houses, and gas guzzling giant trucks to navigate the rough terrain of the suburbs. It's embarrassing.

    Add to that our ridiculous war costs for a battle that we're losing and throw in the greed of CEO's who outsource jobs so they can have their insane yearly bonuses and we really have very little middle class anymore. We have people who appear to be middle class, but they're up to their ass in debt. And now they're losing their houses.

    And we're supposed to feel sorry for these people who are losing their homes because they took mortgages that were obviously risky? When I got my mortgage the bank would have given me $150k more than I took. Would I have liked a house $150k more? Of course. But ten minutes of math told me I'd be in huge trouble if I took the extra cash.

    The men of WWII made this country great by working hard and living in moderate houses. The houses that people consider starter homes today are the same home that raised 8-10 kids years ago. With all the patriotic bs we've been raised on, we feel we are entitled to everything. Like a family with too much debt, our country's bubble is about to burst. And lifestyles are going to change.

  9. #9
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    the stimulus package is a fundemental keynesian tactic, learned after the depression. It does what it does, and while certainly won't reverse a recession it helps things by any objective measure.

    the problem is military spending in Iraq or Afghanistan has no guaruntee of return on investment.

    we are going into debt for alot of things the question is it a debt we need or a debt we can avoid?

  10. #10
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    [QUOTE=bitonti;2651485]the stimulus package is a fundemental keynesian tactic, learned after the depression. It does what it does, and while certainly won't reverse a recession it helps things by any objective measure.

    the problem is military spending in Iraq or Afghanistan has no guaruntee of return on investment.

    we are going into debt for alot of things the question is it a debt we need or a debt we can avoid?[/QUOTE]

    Bit, this estimate may not include the cost for the returning wounded veterans who may need care for decades also.

    Good job GWB and his supporters.....

  11. #11
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    [QUOTE=Tanginius;2651416]dude you're so 20th century... we haven't had a Presidential election since 1996. It's now install whomever they want[/QUOTE]

    So come January, we'll be saying "All Hail Presidemperor Obama! Lord, Master and Ally of Previosu Emperor Bush!"

    Cool. So if we're an Empire, were are my ass kicking Imperial Star Destroyers and cool "Imperial March" theme music?

  12. #12
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    [QUOTE=Warfish;2651566]So come January, we'll be saying "All Hail Presidemperor Obama! Lord, Master and Ally of Previosu Emperor Bush!"

    Cool. So if we're an Empire, were are my ass kicking Imperial Star Destroyers and cool "Imperial March" theme music?[/QUOTE]

    it pretty much appears that way. I'll do my part though, by writing-in The Good Doctor Ron Paul


    You watch too many movies I guess... but here you go, I give you the USS Ronald Reagan in front of the USS Arizona (cool shot I might add):

    [img]http://capnbob.us/blog/wp-content/uploads/2007/12/uss-ronald-reagan-cvn-76.jpg[/img]

    And since you're so into movies, why don't you check out this one (I normally don't recommend movies with less than a 7.5 rating but what the heck):
    [url]http://www.imdb.com/title/tt0058085/http://www.imdb.com/title/tt0058085/[/url]

  13. #13
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    We have not seen anything yet, the housing bailout, national healthcare, highways, bridges that are falling apart.

  14. #14
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    [QUOTE=MnJetFan;2651628]We have not seen anything yet, the housing bailout, national healthcare, highways, bridges that are falling apart.[/QUOTE]

    doh

  15. #15
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    Don't worry all Obama will put a chicken in every pot!

  16. #16
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    [QUOTE=MnJetFan;2651628]We have not seen anything yet, the housing bailout, national healthcare, highways, bridges that are falling apart.[/QUOTE]

    hey didn't you hear that AL Gore is a kook because he said we are in a national crisis

  17. #17
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    McSame chimes in today:


    "I have an unmatched record in fighting wasteful earmarks and unnecessary spending in the U.S. Senate and I have the determination and experience to do the same as President. [i]As President, I have committed to balancing the budget by the end of my first term. Today's news makes that job harder[/i], but should not change our resolve to make the tough decisions and the genuine effort to reach across the aisle that are needed to ensure a lasting solution to the spending problem that threatens the very stability of our economy."

  18. #18
    Waterboy
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    [QUOTE=Tanginius;2651460]oh I see... I misunderstood


    it certainly will, however the "theory" is that most of that stimulus money gets pumped back into the economy, which means more tax dollars (at least putting a dent in the cost of the stimulus money) and a better economy. The problem is that it's just a theory and real life doesn't work like that... a lot of people payed down debt on stuff they already bought (so that was no help to the economy) or bought sh!t from other countries (which helps the economy, but not as much as busy US goods) since we import almost everything now, etc

    any tax cut or tax break that happens when the gov't is already deep in the red only digs us deeper in...


    and under W, we've gone from 5+ trillion to 10+ trillion when he's out of office (including this budget which will cover the first 8.5 months of McSame of nOchange's tenure)[/QUOTE]


    I don't know about other people, but when I got my stimulus check I put half in a high yield savings account and used the other half to pay a credit card bill. I didn't stimulate ****.

  19. #19
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    [QUOTE=MnJetFan;2651637]Don't worry all Obama will put a chicken in every pot![/QUOTE]

    we can possibly do that if we send all the corn we pay/subsidize farmers to grow to Mr. Perdue and have him grow more :D

  20. #20
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    [QUOTE=pauliec;2651665]I don't know about other people, but when I got my stimulus check I put half in a high yield savings account and used the other half to pay a credit card bill. I didn't stimulate ****.[/QUOTE]

    Just as I suspected, although it's good you saved some. And it's not entirely true that you didn't "stimulate sh!t"... the 50% in the savings account has [i]some[/i] positive downstream effects on the economy, take some comfort in that :D

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