Obama says trillion-dollar deficits may last years
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adaydream
Barack Obama inherits an $8Trillion deficit from his predicessor. And there is no way to get the economy up and running with out spensing money. No where compared to what george bush spent, but money is going to have to be spent to be able to build the country's economy. < :-)
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Tatanka
Just wait until Obama turns the government printing presses into high gear to pay for all the spending programs -- I expect the yen to shoot up to 75 due to the devaluation of the dollar...
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adaydream
Tatanka did you complain about george bush's spending or is it just now time to complain about Barack.
We wouldn't be where we are if the republicans had used restraint and we hadn't choisen to attack Iraq. < :-)
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JoeBigs
Well maybe after we get rid of the No-Bid-Contract friends of Dick, maybe some of the bleeding will end.
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Sarge
"heavy spending is need"
No, Obama, spending restraint is needed.
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SushiSake3
Sarge - "No, Obama, spending restraint is needed."
That's funny - we never heard you say that during the first 6 years of Bush's watch when Republicans rubber-stamped every spending bill he put in front of them.
Why have you so obviously changed your tune now?
I think it is because you are now finally beginning to realize just how badly Bush has scerewed up your country's finances.
But that's partly becuase you vited for him - twice - so you share the blame for the current financial crisis.
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GJDailleult
A better question than whether or not the spending is needed is will it actually work. This is pretty much uncharted territory for the USA and for everybody else, and the problems are about a lot more than just Bush and US politics.
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buddha4brains
Compare that with what Clinton left for Bush to play with in 2000.
And Tatanka and Sarge, you are a pair of dreamers! Where in the world did you think the money came from to pay for 2 poorly planned wars? War can be a bonanza if well planned, but wars are usually chaotic and very, very expensive. Your tut-tutting of Obama is a joke - and not a very funny one either.
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apecNetworks
The choice of Panetta may be good. I had first hand view of Agency Personnel fighting to take control of legal jurisdiction w/in the US. Former Chief of Staff Panetta may be able to restore the supreme legal jurisdiction w/in the US back to the FBI and local law enforcement where Agency Personnel would have external jurisdiction. It was the FBI and local law enforcement who shut down a terrorist conspiracy on the West Coast in the late 1990's, not Agency Personnel. Intelligence should be subordinate to the FBI and police as intended by the Founding Fathers of the US Constitution - waterboarding conducted overseas can be done domestically when there is no adherence to the US Constitution. If former Chief of Staff Panetta is pusuing a viable constitutional framework for the US, he would be a top choice. If the CIA is going to be used for domestic surveillance, Gen. Hayden would be the choice. Whatever happens, Pres. elect Obama has a full plate of problems.
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USAFdude
Amen, brother.
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VOR
i hope he does it. Already repositioned my assets to take advantage of the devaluation of the dollar and inflation like we've never seen it before.
There is always money to be made in any situation. When governments over reach expect the economy to react negatively. FDR only made things worse when he implemented his programs. It took a World War to put everyone back to work and to get the economy chugging again.
Don't get caught with your pants down.
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Tatanka
So Buddha do you think Obama is going to curtail the war? Think not. You are probably too young to remember how Johnson did it with Vietnam. Quietly debased our currency to pay for a war and almost a trillion dollars for his social programs -- most of which failed. As you and others pointed out, the Treasury is empty, so Bush and now Obama has no option but to print money. Fortunately, all the other world currencies are in the dumper and the safest one is the greenback, so Obama can turn the printer speed dial to HIGH...
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HeathenCabin
Print prosperity, Obama Dollars!
Yeah trillions upon trillions in debt- this money will just magically come out of the air! Or the countries/people of the world continue to finance US debt- which I do not think is going to continue. Too bad the government just does not understand that it will take doing something severe and drastic like reduce spending by an insane amount, get rid of laws/regulations, decrease government size, sound currency, not debt backed notes, no more taxes. In fact I wonder how that is going to work out, with everyone paying high taxes while losing jobs! Either way the US government should jump off a cliff, the results would be astounding.
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smithinjapan
sarge: "No, Obama, spending restraint is needed."
Funny, how much has been spent on Iraq, again, sarge? and how much did bush put the US in debt? I sure didn't hear you complain about spending then!
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smithinjapan
HeathenCabin: "Either way the US government should jump off a cliff, the results would be astounding."
Good idea. bush and co. SHOULD do this when they head out the door. The incoming government deserves a bit of a chance first before they're asked to do the same.
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SuperLib
Welcome to Japan Today. You're going to learn that for some it's never not about George Bush.
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HeathenCabin
Good idea. bush and co. SHOULD do this when they head out the door. The incoming government deserves a bit of a chance first before they're asked to do the same.
Actually, I really meant the entire government. Both Federal and the States. Every single government idiot should jump off a cliff. Then again everyone expects government to "fix" government created problems.
2010= 60+ trillion in debt. Not republicans fault, not democrats fault, straight up idiocy that governs fault.
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VOR
The final nail in the coffin could come when Obama pays the unions back for their votes. Watch for restrictions on imports and penalties on US companies that moved their manufacturing overseas. If you have assets, think hard about how a trade war will affect your portfolio. If you have no assets, you better hope you have the type of job that can survive a very wild ride or at least have a plan b in the works.
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adaydream
There is no way of continueing to run the country if we don't put out a lot of money. At least till we change our own conditions.
We've got to pay the debts that have been created the last 8 years.
We have to create jobs to put people back to work. Work creates wages, taxes and it gives money to spend in the community. Without the cycle of money, everything dies.
We're going to have to spend to find new sourses of energy. Petroleum has become a commodity that is too expensive, makes us reliant on foreign companies and can be substituted by other sourses of fuel.
Health care. It's come a time when we need to set up a program of health care that ensures that everybody has access to available and affordable. Everybody can't afford health care and those that can't need to be helped.
This is just a short list. We've gotten ourselves in so deep, we just can't quit digging.
I heard a republican leader complaining that the Obama plan will create debts that his grandchildren will have to repay. No, that was done during the last 8 years already. Now we have to dig to get us out from under those debts created by the republicans.
I'm just hoping that Barack Obama can get the parties together and that we can work together to create what's needed to work through the damage done. < :-)
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HeathenCabin
We've got to pay the debts that have been created the last 8 years.
We have to create jobs to put people back to work. Work creates wages, taxes and it gives money to spend in the community. Without the cycle of money, everything dies.
We're going to have to spend to find new sourses of energy. Petroleum has become a commodity that is too expensive, makes us reliant on foreign companies and can be substituted by other sourses of fuel.
Health care. It's come a time when we need to set up a program of health care that ensures that everybody has access to available and affordable. Everybody can't afford health care and those that can't need to be helped.
This is just a short list. We've gotten ourselves in so deep, we just can't quit digging.
I heard a republican leader complaining that the Obama plan will create debts that his grandchildren will have to repay. No, that was done during the last 8 years already. Now we have to dig to get us out from under those debts created by the republicans.
I'm just hoping that Barack Obama can get the parties together and that we can work together to create what's needed to work through the damage done. < :-)
You fail. You mean that the US needs to pay everything until "things change." Things will never change with what you propose. Paying the debts created in the last 8 years??? Where have you been? Did you not realise the debts since the late 60s? The US has always been in debt, and guess what, your socialist gift of social security/welfare/government handouts will literally drive the debt to levels you can never imagine! Seeing as how you fail to grasp that debt, financed by debt, does not pay for anything which means all of what you propose will only add to more debt!!! YOU FAIL!
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HeathenCabin
I also must say only the market can create jobs, and only the market can dictate wages. Work does not create wages, the market does. Only to see the person who produced to get taxed heavily to subsidize some idiot elsewhere in the economy since that person is unprofitable. Gotta love socialism and central planning.
Great Leader Barack Obama has decreed that no Jobs shall ever be lost!!!! Dear Leader has said everyone will have jobs!
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adaydream
HeathernCabin, we've doubled our debt the last eight years. We went from a deficit of around $4Trillion with a plan to get out of debt and your wonderful leader this past eight years, gave away $4Trillion in one swoop move. Created a war in Iraq that will cost us over a $2Trillion and created lucritive ways to send jobs over seas.
Most of that has to all be reversed. < :-)
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adaydream
We also see what the republicans did to the markets. Deregulated them right into bankruptsy. Oh-h-h-h-h tell me more. < :-)
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LIBERTAS
Obama's team should get in a 4-year supply of extra strength Pepto-Bismol. They're going to need it with all the stomach acid this economy is going generate for them. Amazing: Clinton leaves a surplus and peace. Bush leaves debt, death, destruction and a depression. We ALL need some Pepto-Bismol too!
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SuperLib
daydream's numbers are mostly made up on the spot.
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adaydream
SuperLib correct me then. Show us where I'm wrong. < :-)
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adaydream
http://www.cedarcomm.com/~stevelm1/usdebt.htm
http://zfacts.com/p/318.html
There's a couple of links that back me up. < :-)
0
Ninefingers
This "debt size" is the change that those who voted for him wanted.
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