"The deficit for the 2009 budget year, which ended on Sept. 30, set an all-time record in dollar terms of $1.42 trillion. That was $958 billion above the 2008 deficit, the previous record holder."
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God forbid we should feel some pain today to save our children a 90% tax rate. These policies are mind boggling.Comment -
And no feasible solution has yet to be proposed by this clown. Instead he is warning of an EVEN LARGER mess next year. LOL!Comment -
come on guys. Give Obama a chance. He is doing the best he can.Comment -
Oh right. I forgot that he was handed all this trouble. We shouldn't expect him to do anything with his presidency because of the failures of those before him, he gets a pass.Comment -
Boner, the guy said he could fix this mess and he has proven utterly inept. In fact he has only exacerbated the issues. IMPEACH HIM NOW!Comment -
The typical liberal song-and-dance: throw the plebes some free stuff and the masses will love you and keep electing you.
Perfect example of penny wise, pound foolish. I don't think there's a person in the country with or without health insurance that wouldn't agree that the system needs some work. However, the answer to the problem is not "give it to the people no matter what the cost".
Whenever I see these liberal agendas I always think of the movie "Gladiator" when the two senators are talking:
Gracchus: Fear and wonder, a powerful combination.
Falco: You really think people are going to be seduced by that?
Gracchus: I think he knows what Rome is. Rome is the mob. Conjure magic for them and they'll be distracted. Take away their freedom and still they'll roar. The beating heart of Rome is not the marble of the senate, it's the sand of the coliseum. He'll bring them death - and they will love him for it.Comment -
i was kidding
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Oh I know Buz, sarcasm is lost on internet text.
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Sure.
Its not like he inherited an economy which had lost 4 million jobs over the previous year and was headed towards a certain depression or anything.
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Hate to be the bearer of bad news but the bulk of the 2009 budget year was set in 2008.
But I'm sure educated people here already know how federal budgets work right?Comment -
You actually expect neonitwits to know facts?
Not likely.Comment -
Originally posted by daggerkobe
It's Obama's fault Bush signed off on the 2009 federal budget.
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A newspaper columnist I like to read who writes about financials had this to say:
That pretty much sums it up. In short, start buying your Tips now.Most of us know that the real costs of this health-care bill will exceed projected costs by orders of magnitude. The costs of every government involvement exceeded congressional projections by enormous numbers. The future costs of this health-care bill will explode your tax bill, become a monkey on the back of the national debt and will become the genesis of a virulent inflation spiral. The government could be printing trillions of dollars of new money, and this excess supply of dollars will lead to "demand-pull" inflation, simply defined as too much money chasing too few goods. And the only way this huge debt (soon to be $11 trillion) will be repaid is for the government to inflate its way out of debt. Essentially, this debt will be paid back with newly printed, cheaper dollars. And it's happening now. My dad used to say, "Don't ascribe short events to long-term consequences." Inflation isn't surging now, but don't for a second believe that inflation will remain low in 2011, 2012 or 2013. Americans are so obsessed with the short term that we ignore long dangers.Comment -
WwrdComment -
Didn't W and Comrade Paulson ask for the bailout?
Didn't W hand-CRAFT a WMD lie to justify some seriously expensive, off-budget, no-bid $3T profiteering in the sand?
Didn't W sign a ridiculously stupid tax cut leading to the current state of affairs with respect to both debt and deficit?
So, yes. It's Bush's fault.
And to keep things in perspective. During the Bush years, the energy and oil industries received close to 2 trillion in subsidies and tax credits & continued to enjoy them even after they were turning in record profits. Tax cuts for the rich totaled 1.2 trillion.
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Shafty, Bush certainly is not blameless but i am not impressed at all with this Brother in the White House. Gotta love how he is already prepping the masses for an even more devastating deficit in 2010. I'm sure he will not take any responsibility for it though and blame Whitey.Comment -
The only way to solve the debt problem is to completely quit the 2 wars & bring every single one of our world wide troops home as Mr. Ron Paul & Dennis Kucinich have stated, start paying back the chinese & japanese who we are borrowing from to fund the wars.
As jobs come back we could begin by going back to the tax levels of the Clinton years. Our federal tax revenues will increase and the more they increase the faster we could pay back that debt as long as we keep governemnt spending at a steady level. It would take 10 to 15 years, however this will never hapen since neither side of the aisle would dare quit the wars worldwide and raising taxes would be political suicide.Comment -
Originally posted by DwightShrute
He is horrible blind to what our issues are he just happy to be the first black man as a presidentComment -
daggerkobe you got that right. These guys don't want to even give him a chance here. I guess they are thinking he can perform miracles in only 9 months.Originally posted by daggerkobe
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Soon the repubs will sweep and get this country back on track.Comment -
Dagger, the shitbag demoncrats in Congress phucked up America far worse than Bush ever could. He was not blameless but the bulk of the crisis in the financial system rests on the shoulders of the dems.Originally posted by daggerkobeSure.
Its not like he inherited an economy which had lost 4 million jobs over the previous year and was headed towards a certain depression or anything.Comment -
I don't think the GOP is going to do that much better. I will be able to tell you next spring what is going to happen. I do see an awful lot of unhappy people right now with both parties buztah not just one. I have to agree. I think both have poor leadership right now.Comment -
Barack Obama has suffered the worst third quarter decline in his public approval rating of any elected president in the post-World War II era.
Obama’s average quarterly approval rating has slipped from 62 percent in the second quarter to 52.9 percent in the third quarter, according to Gallup polling.
That 9 percentage point decline is twice the amount of any other post-war elected president. Dwight Eisenhower, Jimmy Carter and Ronald Reagan saw their standing decline 4 points between the two quarters. No other elected president has declined more than 4 points since 1953.Comment -
You know that chart is wrong... the Obama stimulus bill alone was $700 billion. If you're going to use facts, please use accurate facts.Originally posted by Shafted69Didn't W and Comrade Paulson ask for the bailout? Didn't W hand-CRAFT a WMD lie to justify some seriously expensive, off-budget, no-bid $3T profiteering in the sand? Didn't W sign a ridiculously stupid tax cut leading to the current state of affairs with respect to both debt and deficit? So, yes. It's Bush's fault. And to keep things in perspective. During the Bush years, the energy and oil industries received close to 2 trillion in subsidies and tax credits & continued to enjoy them even after they were turning in record profits. Tax cuts for the rich totaled 1.2 trillion. http://www.prospect.org/csnc/blogs/b...t_the_republic
And, as you may have learned in school, all spending bills originate in the House, which has been run by the Dems for how long now?
I'm not worried about it tho. All your grandchildren will pay for it. Not my problem.Comment -
and in more good news!
U.S. Foreclosure Filings Surpass 300,000 for 8th Straight Month
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By Dan Levy
Nov. 12 (Bloomberg) -- U.S. foreclosure filings surpassed 300,000 for an eighth straight month as unemployment made it tougher for homeowners to pay their bills, RealtyTrac Inc. said.
A total of 332,292 properties received a default or auction notice or were seized by banks in October, up 19 percent from a year earlier, Irvine, California-based RealtyTrac said today. One in every 385 households received a filing. The tally fell 3 percent from September, the third consecutive monthly decline.
“The foreclosure problem is still with us and will keep prices down,” Stephen Miller, chairman of the economics department at the University of Nevada at Las Vegas, said in an interview. “The real issue is we don’t know what inventory banks are holding that they have yet to put on the market.”
Distressed real estate transactions accounted for 30 percent of all home sales in the third quarter as the median price fell 11 percent from a year earlier to $177,900, according to the National Association of Realtors. U.S. unemployment surged to a 26-year high of 10.2 percent in October as payrolls fell by 190,000 workers, the Labor Department said last week.
Housing will reach a bottom by March 2010, with lower- priced properties recovering value more quickly than expensive homes, First American CoreLogic said last month.
“The fundamental forces driving foreclosure activity in this housing downturn -- high-risk mortgages, negative equity, and unemployment -- continue to loom over any nascent recovery,” James Saccacio, chief executive officer of RealtyTrac, said in the statement. “We continue to see foreclosure activity levels that are substantially higher than a year ago in most states.”
RealtyTrac sells default data collected from more than 2,200 counties representing 90 percent of the U.S. population.
Coming on Market
About 7 million properties likely to be seized by lenders haven’t yet hit the market, Amherst Securities Group Managing Director Laurie Goodman wrote in a Sept. 23 report.
Housing indicators that show price increases in some areas of the U.S. are being distorted by government efforts to reduce foreclosures, which are temporarily limiting sales of seized homes, said Scott Simon, managing director at Pacific Investment Management Co. in Newport Beach, California.
“Part of that is the back end of the foreclosure moratoriums and people trying to work through modifications” of their home loans, Simon said in an interview. “At some point, these have to come through the pipeline.”
Nevada had the highest foreclosure rate for the 34th consecutive month, with one in 80 households receiving a filing. The number of filings fell 4 percent from the previous year, the first year-over-year decrease since January 2006. The total declined 26 percent from September.
California, Florida
California ranked second, with filings for one in every 156 households. Florida was third, at one in 168, RealtyTrac said.
Arizona, Idaho, Illinois, Michigan, Georgia, Maryland and Utah rounded out the top 10 highest foreclosure rates.
California led in total filings, with 85,420, up 50 percent from a year earlier. Default notices in the most populous state more than doubled and auction notices rose 73 percent, according to RealtyTrac.
Florida ranked second with 51,911 filings, down 4 percent from October 2008, the first year-over-year decrease since July 2006. Filings fell 6 percent from the previous month.
Illinois was third at 19,946, up 57 percent year-on-year and 56 percent from September, making it the only state with a foreclosure rate in the top 10 to have a monthly gain in filings. The total for Illinois was the highest in RealtyTrac records dating to January 2005.
Michigan ranked fourth with 16,468, up about 45 percent from a year earlier, RealtyTrac said.
Nevada, Arizona, Georgia, Texas, Ohio and New Jersey completed the 10 states with the most filings.
East Coast
Filings fell 12 percent from a year earlier in New Jersey, which had the 13th highest rate. They dropped 26 percent to 2,306 in Connecticut, and rose 28 percent to 4,797 in New York.
Las Vegas had the highest foreclosure rate among metropolitan areas with populations of 200,000 or more. One in every 68 households got a notice, more than five times the national average. Even so, filings decreased 27 percent from September.
California had seven cities among the top 10. Vallejo- Fairfield ranked second and Modesto was third, both with a rate of one in 81 households. Riverside-San Bernardino was fourth and Bakersfield, Merced and Stockton ranked sixth through eighth, respectively. Sacramento came in 10th.
Cape Coral-Fort Myers and Orlando-Kissimmee, both in Florida, ranked fifth and ninth, respectively.Comment -
Hey, according to Nobel Prize winner Paul Krugman, Obama is a tightwad. He needs to loosen up and start spending more, and then some more. He should be spending twice what we are spending now. Okay, he can compromise and just shoot for a round number like $2 trillion for 2010.
If kids are dumb after going to school for 12 years, the answer is always spend more on education. So if we are in debt, the obvious answer must be borrow more money to pay the debt off.Comment -
Originally posted by bombCanada
BUSH signed the 2009 spending budget therefore he & the entire congress owns it. It's not a one way street by any means. Spending appropriations requests came from both sides of the aisle.
According to the CBO, $185 Billion of the $787 Billion Stimulus will be spent in 2009 and the rest will be unleashed in 2010. So the 2009 charts are accurate. You're the one who needs to get your facts straight before you start your bigoted trolling.Comment -
Americans, sadly, are getting what they wished for!
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Here's the classic Obama supporter. "Bigoted trolling"Originally posted by Shafted69
If you disagree, you must be a racist.Comment -
Shafted69 is a left-wing lunatic with an intelligence level slightly below that of a carrot.
It was the republicans who showed all the resistance to the TARP bailout when they correctly voted down the measure the first time.
The democrats had full control of both houses of congress when the measure was approved and only a true IDIOT like Shafted would fully attribute the bill to Bush.
How can you possibly have a rational conversation with an individual who pins $1.2 TRILLION of the 2009 deficit on Bush even though he was in office for only the first 20 days of 2009?
The democrats are going to get absolutely trashed next year as they just can't help themselves. They are committing the exact same mistake as they did in 1994 and history obviously teaches them nothing.
Barack Obama is NOT an idiot. He knows the vast majority of Americans strongly oppose his socialized medical plan and yet he is trying to streamroll it through congress. While he was successful at twisting the arms of the moderate democrats in the house, he is not going to have the same luck in the senate and no real socialized medical legislation is going to pass.
However, the damage has already been done and the democrats are going to pay for their SELFISHNESS next year.
Harry Reid (D), the senate majority leader of my state Nevada is an underdog to maintain his senate seat.
As it stands now, the republicans are even money to gain 35 seats in the house and that number is sure to climb unless Obama drops his ridiculous socialized medicine agenda.Comment -
Originally posted by buztah
Yeah, because the GOP is known for balancing the budget and making the government smaller. Yeesh, trade one crappy political party for another identical one and call it "[getting] back on track." Pathetic.Comment -
Are you being ironically racist?Originally posted by buztah
Like it's funny, "haha, look at me, I can be racist"
It's not funnyComment
