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  1. #1
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    Mar 2005
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    Bush Crime Gang Bankrupting America

    A 'Fiscal Hurricane' on the Horizon
    Economists Say Unchecked Spending Will Trigger Recessions and Worse

    By Richard Wolf, USA TODAY

    WASHINGTON (Nov. 15) - The comptroller general of the United States is explaining over eggs how the nation's finances are going to hell. "We face a demographic tsunami" that "will never recede," David Walker tells a group of reporters. He runs through a long list of fiscal challenges, led by the imminent retirement of the baby boomers, whose promised Medicare and Social Security benefits will swamp the federal budget in coming decades.

    The breakfast conversation remains somber for most of an hour. Then one reporter smiles and asks, "Aren't you depressed in the morning?"

    Sadly, it's no laughing matter. To hear Walker, the nation's top auditor, tell it, the United States can be likened to Rome before the fall of the empire. Its financial condition is "worse than advertised," he says. It has a "broken business model." It faces deficits in its budget, its balance of payments, its savings — and its leadership.

    Walker's not the only one saying it. As Congress and the White House struggle to trim up to $50 billion from the federal budget over five years — just 3% of the $1.6 trillion in deficits projected for that period — budget experts say the nation soon could face its worst fiscal crisis since at least 1983, when Social Security bordered on bankruptcy.

    Without major spending cuts, tax increases or both, the national debt will grow more than $3 trillion through 2010, to $11.2 trillion — nearly $38,000 for every man, woman and child. The interest alone would cost $561 billion in 2010, the same as the Pentagon.

    From the political left and right, budget watchdogs are warning of fiscal trouble:

    · Douglas Holtz-Eakin, director of the non-partisan Congressional Budget Office, dispassionately arms 535 members of Congress with his agency's stark projections. Barring action, he admits to being "terrified" about the budget deficit in coming decades. That's when an aging population, health care inflation and advanced medical technology will create a perfect storm of spiraling costs.

    http://aolsvc.news.aol.com/business/..._ccc=5&cid=403

  2. #2
    umdkook Guest

    Re: Bush Crime Gang Bankrupting America

    o what does all that matter, afterall Bush and Comp. will be well taken care of by that point....who cares about lil old us???

    at least we will have good conservative christian based morals though to guid eus through the hard times...

  3. #3
    Join Date
    Jun 2005
    Posts
    1,222

    Re: Bush Crime Gang Bankrupting America

    Quote Originally Posted by dchristie
    A 'Fiscal Hurricane' on the Horizon
    Economists Say Unchecked Spending Will Trigger Recessions and Worse

    By Richard Wolf, USA TODAY

    WASHINGTON (Nov. 15) - The comptroller general of the United States is explaining over eggs how the nation's finances are going to hell. "We face a demographic tsunami" that "will never recede," David Walker tells a group of reporters. He runs through a long list of fiscal challenges, led by the imminent retirement of the baby boomers, whose promised Medicare and Social Security benefits will swamp the federal budget in coming decades.

    The breakfast conversation remains somber for most of an hour. Then one reporter smiles and asks, "Aren't you depressed in the morning?"

    Sadly, it's no laughing matter. To hear Walker, the nation's top auditor, tell it, the United States can be likened to Rome before the fall of the empire. Its financial condition is "worse than advertised," he says. It has a "broken business model." It faces deficits in its budget, its balance of payments, its savings — and its leadership.

    Walker's not the only one saying it. As Congress and the White House struggle to trim up to $50 billion from the federal budget over five years — just 3% of the $1.6 trillion in deficits projected for that period — budget experts say the nation soon could face its worst fiscal crisis since at least 1983, when Social Security bordered on bankruptcy.

    Without major spending cuts, tax increases or both, the national debt will grow more than $3 trillion through 2010, to $11.2 trillion — nearly $38,000 for every man, woman and child. The interest alone would cost $561 billion in 2010, the same as the Pentagon.

    From the political left and right, budget watchdogs are warning of fiscal trouble:

    · Douglas Holtz-Eakin, director of the non-partisan Congressional Budget Office, dispassionately arms 535 members of Congress with his agency's stark projections. Barring action, he admits to being "terrified" about the budget deficit in coming decades. That's when an aging population, health care inflation and advanced medical technology will create a perfect storm of spiraling costs.

    http://aolsvc.news.aol.com/business/..._ccc=5&cid=403
    I read that story in USA Today along with another story that says that Bush's ratings have fallen again to a new low. I was just wondering how our conservative cohorts, the Bush apologists on this board, will spin it. I was thinking that......

    One of them will tell us that there is no deficit because he's good at numbers and his research hasn't shown a deficit and no one can prove that there is a deficit.

    One of them will go into a mad dog tirade and say that Richard Wolf is a gutless scumbag who reports manufacted stories and that he should be killed or at the very least should commit suicide.

    And I am sure that one of them will say that the economy is booming because there are at least 5 reports out there that say so. He will go on to tell us that the vodoo economics of tax cuts for the rich has worked and that it was Clinton who put the country into a recession that it was the ecomomic policies of Bush that saved us.

  4. #4
    Join Date
    Oct 2005
    Posts
    82

    Re: Bush Crime Gang Bankrupting America

    Even though I am rabidly anti-Bush... the bankrupting of the USA is not ALL his fault. The young people need to get out and vote when they have the opportunity. The coalition of aging people in the country have great power because they vote and they have the time and crotchitiness to give their Congresspeople hell when they do things they don't agree with.

    It's democracy at work. The organizations mentioned in this article need help from the citizens of this country. The only way things will change is if we stand up and demand them to. Either that or move to Australia.

    ;)

  5. #5
    Join Date
    Sep 2005
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    Aspartame Island
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    920

    Re: Bush Crime Gang Bankrupting America

    And how about that Federal Reserve ?.....

  6. #6
    Join Date
    Mar 2005
    Posts
    14,663

    Re: Bush Crime Gang Bankrupting America

    Quote Originally Posted by bairdi
    I read that story in USA Today along with another story that says that Bush's ratings have fallen again to a new low. I was just wondering how our conservative cohorts, the Bush apologists on this board, will spin it. I was thinking that......

    One of them will tell us that there is no deficit because he's good at numbers and his research hasn't shown a deficit and no one can prove that there is a deficit.

    One of them will go into a mad dog tirade and say that Richard Wolf is a gutless scumbag who reports manufacted stories and that he should be killed or at the very least should commit suicide.

    And I am sure that one of them will say that the economy is booming because there are at least 5 reports out there that say so. He will go on to tell us that the vodoo economics of tax cuts for the rich has worked and that it was Clinton who put the country into a recession that it was the ecomomic policies of Bush that saved us.
    LOL....You've got these Monkeys pegged.
    I bet we could even match that sequence of typically twisted right-wing prattle with the likely sources.
    Last edited by dchristie; 11-16-2005 at 02:25 AM.

  7. #7
    umdkook Guest

    Re: Bush Crime Gang Bankrupting America

    over 100 billion dollars spent, over 100,000 american soldiers there rite now fighting for their lives..

    it just doesnt make any sense to me at all

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