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$26.3 trillion — Total NEW debt, by 2021

hypocritexposer

Well-known member
Looks like obama is going to punt.


The obama administra­tion is using a 4.9% GDP growth in its projection­s. The CBO is using 2.8%, and most economists are using 3.2%. The highest survey estimate is at 3.6%. I wonder what the deficiit numbers look like with realistic estimates. Meanwhile, debt service costs are expected to triple to 3.1% of GDP.



$3.73 trillion — total spending this year (25 percent of GDP, highest levels since World War Two).

$46 trillion — total spending over the next decade.

$8.7 trillion — total new spending over the same period.

$26.3 trillion — Total new debt, including entitlement obligations, predicted by 2021.

$7.2 trillion — Total deficit predicted by the end of the decade.

$1.1 trillion — How much the White House estimates the proposal will reduce the deficit over the next ten years.

$4 trillion — How much the president’s deficit commission recommended reducing the deficit over the next ten years to avoid financial catastrophe.

$1.6 trillion — The projected annual deficit for 2011 (11 percent of GDP), up from $1.3 trillion in 2010.

$2 trillion — Amount the budget will raise taxes on business and upper-income families over the next ten years, which includes letting the Bush-era tax rates expire in 2012 (for incomes $250,000 and up).

$50 billion — Amount the administration plans to spend this year on infrastructure and transportation “investments.”

$30 billion — Amount dedicated to a “National Infrastructure Bank to invest in projects of regional or national significance to the economy,” including the much-touted high-speed rail initiative.

$77.4 billion — Funding allocated for the Department of Education, a 22 percent increase from 2010 levels, and a 35 percent increase from 2008 levels.

$29.5 billion — Total spending on the Department of Energy, a 22 percent increase from 2008 levels.

$9.9 billion — Funding allocated for the Environmental Protection Agency (EPA), a 30 percent increase from 2008 levels.

$150 billion — Total amount the White House plans to spend next year on research and development programs.

8.2 percent — Predicted unemployment rate in 2012.

Zero — Political risk the president was willing to assume by proposing meaningful reform to entitlement programs. That said, Republicans haven’t exactly been willing to stick their necks either, at least not yet.

http://www.nationalreview.com/corner/259691/obamas-spending-spree-andrew-stiles




From one of obama's biggest fans


They have to lead, because this president is too weak, too cautious, too beholden to politics over policy to lead. In this budget, in his refusal to do anything concrete to tackle the looming entitlement debt, in his failure to address the generational injustice, in his blithe indifference to the increasing danger of default, he has betrayed those of us who took him to be a serious president prepared to put the good of the country before his short term political interests. Like his State of the Union, this budget is good short term politics but such a massive pile of fiscal bull**** it makes it perfectly clear that Obama is kicking this vital issue down the road.


To all those under 30 who worked so hard to get this man elected, know this: he just screwed you over. He thinks you're fools. Either the US will go into default because of Obama's cowardice, or you will be paying far far more for far far less because this president has no courage when it counts. He let you down. On the critical issue of America's fiscal crisis, he represents no hope and no change. Just the same old Washington politics he once promised to end.

http://andrewsullivan.theatlantic.com/the_daily_dish/2011/02/obama-to-the-obama-generation-youre-on-your-own.html
 
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