$9.8 trillion debt in 2008 will exceed 70% of the country's GDP

[protect freedom impeach bush now]

http://hollings.senate.gov/~hollings/press/2003730539.html

$455 Billion Deficit?
Try $500 Billion
...with 2 Months Left in the Fiscal Year

skip.........

"When the President's mid-session budget review says that the deficit will be $455 billion, it does not include the money borrowed from the trust funds, which he spends on everything but the trust funds. When those borrowed dollars are included, as the Treasury Department accurately reports every day, the deficit is much higher, and as of today, it's over $500 billion. With our constant loss of jobs and our lack of fiscal sanity, there's no wonder consumer confidence took a plunge."

A 29-year veteran on national budget matters, Hollings has consistently criticized the Bush Administration for its "Enron Accounting" - its concerted effort to mask and misrepresent the true state of the nation's finances.

Earlier this month, the Office of Management and Budget indicated on page one of their mid-session budget review that the deficit will be $455 billion this year. Yet on page 57, the last page of the same report, their bookkeeping clarifies that it will reach $698 billion. The document's figures also clarify that the nation's debt will increase $3.6 trillion over the next 6 years. These figures are highly significant to the nation's financial picture: a deficit of $698 billion this year is 6.5% of the nation's GDP, and the resulting $9.8 trillion debt in 2008 will exceed 70% of the country's GDP, both indicators of dangerous fiscal decline.

more..............

[JHB]

1. It's the same old song....

"Future on the Rocks" by the Red Ink Republicans

[pansypoo53219]

2. so much

for the repugnicants fiscal responsibility.

[prolesunited]

3. Apparently, their plan

to bankrupt the federal government is on track.

Norquist must be smiling.

According to hard-right Republicans, killing off government to make way for corporate rule is truly at the core of the so-called "conservative agenda." For example, the lead cheerleader for Bush's tax-cutting fervor is a man named Grover Norquist, well known to every politician in Washington.

"I don't want to abolish government," Norquist told National Public Radio's Mara Liasson in a May 25, 2001 Morning Edition interview. "I simply want to reduce it to the size where I can drag it into the bathroom and drown it in the bathtub."

http://www.commondreams.org/views03/0225-10.htm

[ProfessorGAC]

9. "Starving The Beast"

That term is now being liberally used in conservative publications right now. (Sorry for the oxymoron.)

They are unashamedly admitting that the purpose is to cripple government and force its depletion/minimization through financial pressure.

This has been considered for some time, but nobody ever admitted to it. Until now.
The Professor

[meti57b]

4. we're draining our nation's wealth into the pockets of ...

duhbie's wealthiest friends and into Iraq.

[loudsue]

5. This is mind-boggling....

And the sheeple are sleeping, unaware their votes are stolen by right-wing software. Gawd, I'm discouraged!! What has happened to our country????

:kick:

[jwcomer]

6. 70% of GDP try 80+% of GDP

Keep in mind that the OMB's estimate is assuming growth in the economy. 9.8BB in debt is 91% of 2003 GDP. To get to 70% the GDP would have to be 14TT in 2008 which requires a highly optimistic 5.5% growth rate. If we use the most recent annualized growth rate of 2.6% we find that the debt will be 80% of GDP by 2008. If we subtract out 1% off which was due to increased military spending and use 1.6% instead, then the debt will come in at 84% in 2008. Of course, the OMB estimate is almost certainly counting on that 5.5% GDP growth to increase tax revenues. If this doesn't happen the deficits will be worse, and the total debt will be higher, so a more honest estimate might be in the 85-90% range.

Come on folks, all at once now.
"Give me an A - R - G - E - N - T - I - N - A. Go Team! Whoo hooo!".

[Ress1]

7. When they reach 100% of GDP,

it will be the end of government by and for the people and their mission will be completed.

[Jacobin]

8. And when interest rates go through the roof.....

The interest payments on the 8 trillion will finish off the country.

All empires come to an end. This one is being hurried to its death by the neo-cons.

Of course, once we conquer the Middle East for Israel, they'll have no more need for us.