The new Congressional Budget Office (CBO) 10-year budget baseline provides a sobering picture of a federal government that has committed itself to trillions more in spending than taxpayers can afford. Once the baseline is scrubbed of several unrealistic assumptions that Congress demands CBO use, the more realistic baseline shows that massive spending increases are set to keep the budget deficit to $1.4 trillion in 2010 and drive it to $1.9 trillion by 2020.
Heritage Foundation, Brian Riedl – Realistic Budget Baseline Shows $13 Trillion in Debt over the Next Decade.
Comments 15
I wonder if the Social Security, Medicare and OmniFreeCare
deathquality of life counselling committees will reduce expected lifespan (based on state of health, genetics, etc) by a certain equal number of years, or will they establish a fixed maximum age at which all will be counselled and gently assisted in doing the right thing thing for the planet and their fellow citizens.January 26th, 2010 at 3:29 pm
some of you may have to go ungently
January 26th, 2010 at 4:18 pm
Dead men incur no debts. Most of the time.
January 26th, 2010 at 4:42 pm
@ CK MacLeod:
Story is, the family pays. Some countries, the bill can be as little as six cents.
The occasional export-quality organ volunteered by the soon-to-be-deceased prisoner is nice, too.
January 26th, 2010 at 5:02 pm
Real Bad #s CK,
(1) 20Trillion$s+ were created in 2008 & 2009 to make 0%loans to Banks so they could use those loans to buy Government paper. Where do those IOUs appear?
(2) We are currently borrowing $100 Billion monthly just to meet our ongoing cash needs.
(3) 100% of Social Security funds are still being raided. Where is the Accounting for that Debt?
Be ready to refigure all those deficits when interest rates start to rise.
January 26th, 2010 at 5:21 pm
An entertainment for the Zombies:
http://www.marketwatch.com/story/capt-bernanke-sinks-the-uss-titanic-2010-01-26
January 26th, 2010 at 5:32 pm
Rex Caruthers wrote:
The linked article explains the assumptions on interest rates. I personally don’t believe that the chart describes what actually “will happen.” It’s what would happen if the system remains relatively closed. If we have an interest rate and/or inflation spike, or a big war or two, or other crisis, or deflationary crisis, then who knows whether the “baseline” will even be available.
BTW – did you happen to see the story on the new Democrat campaign talking points for creating division among conservatives, the intention being to separate Republicans from the Tea Party base by asking “difficult” questions?
January 26th, 2010 at 5:40 pm
yes,no,no,maybe(But a Weak One),yes
Also, I don’t think corporations are individuals for any purpose,and I don’t think that financial contributions are “Free Speech”
January 26th, 2010 at 5:54 pm
In order to make a statement on a politician prior to an election – or at all? SO I assume that means all the media businesses should just fall on their sword. The NY Times is a corporation that pays money to make political speech. How are they exempt and not the others?
I see – so you are a socialist too?
January 26th, 2010 at 6:08 pm
Oh and once again – why does gold have value?
January 26th, 2010 at 6:11 pm
JEM wrote:
Oh and once again – why does gold have value
For the same reason paper does.
January 26th, 2010 at 6:21 pm
Then what’s the difference?
January 27th, 2010 at 5:59 am
Then what’s the difference?
Value per oz or Pound,when the government puts a $25 value on a piece of paper,that bears no connection to the value of a piece of paper. An Oz of Gold is priced by the market in terms of dollars. It’s value remains somewhat stable,the fiat money’s “value” changes daily.
January 27th, 2010 at 5:43 pm
@ Rex Caruthers:
Also, printing cost is trivial relative to the value assigned by government to a piece of fiat money.
The cost to extract a mined commodity is a significant factor in its value that is actually reflective of economic realities. That doesn’t make a mined commodity perfect as a standard of value; but it does tend to limit the manipulations that can be done by government and it does tend to dampen speculation by forcing speculators to realize that a rapid increase in price will eventually result in more mining activity and thus production of the commodity.
January 28th, 2010 at 6:29 am
@ Rex Caruthers:
Also, printing cost is trivial relative to the value assigned by government to a piece of fiat money.
The cost to extract a mined commodity is a significant factor in its value that is actually reflective of economic realities. That doesn’t make a mined commodity perfect as a standard of value; but it does tend to limit the manipulations that can be done by government and it does tend to dampen speculation by forcing speculators to realize that a rapid increase in price will eventually result in more mining activity and thus production of the commodity
100% my opinion Sully,everyone thinks I’m a goldbug.I’m not,But Now,under the current conditions,it is needed. Nothing is forever in Economics except the need to GAME whatever system is at hand.
January 28th, 2010 at 7:40 am