One thing about the president's $790 billion stimulus package is certain: It will jack up the federal debt.
Whether or not it succeeds in producing jobs and taming the recession, tomorrow's taxpayers will end up footing the bill.
Forecasters expect the 2009 deficit — for the budget year that began last Oct 1 — to hit $1.6 trillion including new stimulus and bank-bailout spending. That's about three times last year's shortfall.
The torrents of red ink are being fed by rising federal spending and falling tax revenues from hard-hit businesses and individuals.
The national debt — the sum of all annual budget deficits — stands at $10.7 trillion. Or about $36,000 for every man, woman and child in the U.S.
Interest payments alone on the national debt will near $500 billion this year. It's already the fourth-largest federal expenditure, after Medicare-Medicaid, Social Security and defense.
This will affect us all directly for years, as well as our children and possibly grandchildren, in higher taxes and probably reduced government services. It will also force continued government borrowing, increasingly from China, Japan, Britain, Saudi Arabia and other foreign creditors
Erik P. Official 2GNT thread Hijacker Some say that he's driven over more Covenant than he's shot, and that his grenades aren't where you'd expect them to be... All we know is, He's not The Stig... But he is The Stig's Spartan cousin!
#38955, "RE: and people wonder why the bailouts piss me off..." In response to Reply # 0
Right there with you, Erik. I read that article. It's basically all bullshit window dressing and it will extend far beyond your grandchildren-that's IF and for HOW LONG it will hold up. We're in a sorry state of affairs. Buy a gun, plant some seeds, and figure where your water will come from because it's going to be a dog eat dog world soon enough.
#38967, "RE: and people wonder why the bailouts piss me off..." In response to Reply # 0
Originally posted by RoninEclipse2G http://news.yahoo.com/s/ap/20090214/ap_on_go_co/stimulus_stakes_who_gets_whatQUOTE: National debt: One thing about the president's $790 billion stimulus package is certain: It will jack up the federal debt. Whether or not it succeeds in producing jobs and taming the recession, tomorrow's taxpayers will end up footing the bill. Forecasters expect the 2009 deficit — for the budget year that began last Oct 1 — to hit $1.6 trillion including new stimulus and bank-bailout spending. That's about three times last year's shortfall. The torrents of red ink are being fed by rising federal spending and falling tax revenues from hard-hit businesses and individuals. The national debt — the sum of all annual budget deficits — stands at $10.7 trillion. Or about $36,000 for every man, woman and child in the U.S. Interest payments alone on the national debt will near $500 billion this year. It's already the fourth-largest federal expenditure, after Medicare-Medicaid, Social Security and defense. This will affect us all directly for years, as well as our children and possibly grandchildren, in higher taxes and probably reduced government services. It will also force continued government borrowing, increasingly from China, Japan, Britain, Saudi Arabia and other foreign creditors
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