The nonpartisan agency said yesterday the deficit will remain above 4 percent of the nation’s gross domestic product for the foreseeable future while the publicly held debt will zoom to $20.3 trillion, amounting to 90 percent of GDP by 2020. By then, interest payments on the debt will have quadrupled to more than $900 billion annually, the report said.
Deficits between 2011 and 2020 would total $9.76 trillion, the CBO said.
Economists generally consider deficits topping 3 percent of GDP to be unsustainable because that means government debt is growing faster than the ability to pay back the money.
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The CBO's numbers will be way off also because they assume a good economy in a few years which isnt going to happen.
ReplyDeleteNotice the Real Trends in the Economy. Things are not improving but they are collapsing. By the way, you may copy and past this anywhere with my blessing.
ReplyDelete[B][U]Construction Spending[/U][/B]
Jan -0.6%
Dec -1.2%
[B][U]Pending Home Sales [/U][/B]
Jan -7.6%
[B][U]NEW HOME SALES[/U][/B]
JAN 2010 309 K
DEC 2009 348 K
NOV 2009 370 K
OCT 2009 430 K
[B][U]EXISTING HOMES SALES[/U][/B]
JAN 2010 5.05 M
DEC 09 5.45 M
NOV 09 6.54 M
[B][U]Durable Goods - Ex Transportation[/U][/B]
Jan -0.6%
[B][U]FHFA Housing Price Index [/U][/B]
Dec -1.6%
[B]Case-Shiller 20-city Index[/B]
Dec -3.08%
[B][U]BUILDING PERMITS[/U][/B]
JAN 2010 621K
DEC 2009 653 K
[B][U]UNEMPLOYMENT INSURANCE CLAIMS (This is scary as Satan himself!)[/U][/B]
3,100,000 in January 2010
2,500,000 in December 2009
2,300,000 in November 2009
2,200,000 in October 2009
2,000,000 in September 2009
2,000,000 in August 2009
[B][U]DATE…..AUTO SALES……TRUCK SALES[/U][/B]
JAN 2010…….3.80 M……. 4.40 M
DEC 2004…….5.90 M……. 8.70 M
DEC 2003…….5.80 M ……. 9.10 M
DEC 2002…….6.10 M ……. 8.70 M
[B][U]RETAIL SALES[/U][/B] Just flip flopping around like a fish out of water.
JAN 2010 +0.5%
DEC 2009 – 0.1%
NOV 2009 +1.3%
OCT 2009 +1.1%
SEP 2009 – 2.3 %
And part of the retail sales gain recently was because stores have shut down increasing same store sales distorting the number and increasing gasoline prices. Retail sales probably didnt increase in reality because state sales tax is still down.
ReplyDeletePlease Barry, do the country a favor and resign! Take Biden with you and nuke the House before you leave.
ReplyDeleteWe can't handle this any more!
5:58
ReplyDeleteBush and Cheney may have started this, but Barry could do all he can to stop it and he chooses to drive the country further into the bottomless pit black hole we are headed for.
As a white guy, I really wanted him to be the best POTUS we have ever had, it would have been a triumph for black Americans, instead he will be a one-term POTUS and go down as a huge mistake, setting back the black American community back to the days of Fredrick Douglas.
Notice I never said "African American". I have a bunch of kids in my neighborhood that claim "Brown Pride". I ask them, "were you born in Mexico?" They say "no". Then I tell them, "you are NOT Mexican"! "You are an AMERICAN! Drop this "Brown Pride" shit right now!
MLK surly did much for the black Americans, but after reading the autobiography of Fredrick Douglas, I wounder why we don't have an entire month dedicated to his memory.
BTW, I do not fuck Jesus.
I am Locked and Loaded and I WIll SACRIFICE my miserable life to preserve Freedom and Liberty for my future Americans.
Enough said.
What if we quit measuring housing? We have more than enough structures with roofs over them that we should have no homeless. The only way to put more Americans into houses and homes is to lower the cost. Shows you that the whole real estate bubble was set up as a lending activity to benefit the banks only.
ReplyDeleteI met someone from Habitat for Humanity who stated that in order to get the fourth and fifth generation out of housing projects, Habitat offers mortgages with zero percent interest rates. Stop measuring housing! Let's concentrate on how many finished their homework or read Shakespeare or learned a skill.