Growing U.S. Debt Threatens Economy, Report Says (CBS)

[West Coast Democrat]

http://www.marketwatch.com/news/yhoo/story.asp?guid=%7B290285A0-6066-437B-B116-A5D43D5C7AD7%7D&siteid=myyahoo&dist=myyahoo

CBO: Debt levels are long-term worry
Entitlement spending will be major burden

WASHINGTON (CBS.MW) -- Rising health-care costs will force the government to raise taxes or make deep cuts in Social Security, Medicare and Medicaid entitlement spending -- or both, in coming years, congressional budget watchers warned Monday.

(snip)

"An ever-growing burden of federal debt held by the public would have a corrosive and potentially contractionary effect on the economy," the CBO warned.

Rapidly rising health costs and the upcoming retirement of the baby-boom generation are the key factors behind the gloomy outlook. Spending on Social Security, Medicare and Medicaid are set to claim a "sharply increasing share" of the nation's economic output in coming decades.

(more....)

[tom_paine]

1. Wow, like, who could have seen THAT coming?

:puke: :puke: :puke:

Everyone who didn't have their heads up their asses. Do the math.

[GAspnes]

4. they did see it coming

"Starve government until it's small enough to drown in a bathtub." Wasn't that Grover Nordquist, of Islamic-lobbying fame?

[reprobate]

2. Well, we knew that. They are doing it on purpose.

Remember what Grover Norquist said? "We'll drown gov't in a bathtub"?

That's why the tax breaks for the rich.

That's why the soft money policy.

Their purpose was and is to bankrupt the country so that they can us it to argue that SS and Medicare are no longer affordable. They want to cancel all social programs and limit entitlements to only corporate giva aways. Thanks George. When you lose in 04, better have your attorneys prepare for your trial for treason. We want retribution.

[West Coast Democrat]

10. Will they destroy the entire US Economy in the process?

I wonder just how far they are willing to go to kill the federal government. It's not just the poor who rely on social security and medicare to get by.

Meanwhile, where I live, we're already seeing a local tax increase which comes due April 2004. Any federal tax breaks I receive are going directly into the county tax coffers.

[Heddi]

3. Wait! This can't be!

Some recent poll just showed that 246% of Americans think that Bush is doing GREAT. Another 28756% of Americans think that the Economy is on a rebound!

:eyes:

[nadinbrzezinski]

5. Didn't Krugman write this

oh almost a year ago, well before the GAO?

Just asking

[RedEarth]

6. ''Starve the Beast".....Krugman

This is part of the repub plan to be "forced into cutting" SS and Medicare. Krugman had an editorial that called it "Starve the Beast"....the beast being SS and Medicare. Now that the repubs have control of the senate and house.....watch out...here come the cuts.

[CarlosNH]

7. Not only that, but...

I received an email from someone I know in the mortgage business. Since I cannot start new threads yet, I will insert it here. Her email follows...


Just another way Chimpy DOESN'T care about veterans. He is increased the funding fee (the mortgage insurance for VA homeloans) - making it less affordable for vets to buy homes. Instead of paying 3% of the purchase price, now they will have to pay 3.3%.

This is somthing very little known to everyone, and probably wouldn't make mainstream news - but maybe it should, since * nickels and dimes vets to death.


The Veterans Administration has just announced a change in the funding fee structure that affects certain VA purchase and cash-out refinance loans that will close on or after January 1, 2004.

<snip>

1. Zero Down Payment Purchase Transactions and Cash-Out Refinances

• For loans closing on or after January 1, 2004 through September 30, 2004, the funding fee percentage for Active Duty and Veterans using their entitlement for the first time, and making no down payment, increased from 2.0% to 2.20%
• For loans closing on October 1, 2004 through September 30, 2011, the funding fee percentage for Active Duty and Veterans using their entitlement for the first time, and making no down payment, will be 2.15%.
• For loans closing on or after January 1, 2004 through September 30, 2011, the funding fee percentage for Active Duty, Veteran, Reserves or National Guard with subsequent use of their entitlement and making no down payment, increased from 3.00% to 3.30%

[area51]

14. Welcome

Welcome to DU, CarlosNH.

[readmylips]

8. But the white public see it as...

the kkkristian bushies are getting rid of welfare mothers and getting rid of minority aid. They follow the law of jezzus, 'when down, kick them again,'

[TopesJunkie]

9. Big shock!

If the Dem candidate doesn't paint Bush with this stroke over and over and over again next year, I'm going to pull what's left of my hair out.

[izzie]

11. Bet that is what Baker is really doing. Blackmail to .......

get countries to put money over here.

[Ksec]

12. And I also heard that high prices lead to inflation.

[are_we_united_yet]

13. Horsesh#t!!!

63% of these fine morally aligned flag waving patriots in the Gallup poll think * is doing a fine job with the economy. Don't worry, and be happy. W has it under control. What do ya think the W administration is incompetent or something? Jeez. I mean can't you folks see how friggin great everything is? Are you blind

.
.
.
.
.
OK Now


:puke: :puke: :puke: :puke:

(edited cause I forgot the all important puke sign)