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Do you agree with Bernanke’s statement? Or CBO numbers?
April 20th, 2010 | 
Author: “Unless we as a nation demonstrate a strong commitment to fiscal responsibility, in the longer run we will have neither financial stability nor healthy economic growth,” Bernanke said in a speech, regarding the Budget.
“Unless we as a nation demonstrate a strong commitment to fiscal responsibility, in the longer run we will have neither financial stability nor healthy economic growth,” Bernanke said in a speech, regarding the Budget.
“U.S. fiscal policy is unsustainable, and unsustainable to an extent that it can’t be solved through minor changes,” Congressional Budget Office (CBO) Director Douglas Elmendorf told reporters at a Christian Science Monitor breakfast.
* CBO predicts president’s budget to lead to $1.5 Trillion deficit in 2010 and $1.36 Trillion in 2011.
* CBO Baseline Predicts deficit for 2010 to be $1.35 Trillion and $995 Billion in 2011.
* Under President’s budget, we will not see a single deficit under $700 Billion – ever. Under Baseline, we will never see a deficit under $400 Billion.
* Under President’s Budget, the deficit in 2020 will be $1.2 Trillion. More than $9 Trillion added to national debt, over next decade.
* Baseline CBO prediction says deficit in 2020 will be $683 Billion and more than $5.9 Trillion added to national debt in next decade.
* In 2008, the deficit was 3.2% of the GDP. The deficit is now 9.9% of the GDP.
* President’s budget will lead to deficit being more than 10% of GDP in 2010 and 8% of the GDP in 2011.
* Baseline CBO prediction says deficit will be 9.3% of GDP in 2010 and 6.6% of GDP in 2011
SOURCES:
CBO Historical Tables http://www.cbo.gov/ftpdocs/100xx/doc10014/March2009_HistoricalTables.pdf
CBO President’s Budget and Tables/Baseline Predictions http://www.cbo.gov/ftpdocs/112xx/doc11231/03-05-apb.pdf
CBO Director http://thehill.com/blogs/on-the-money/budget/91161-congressional-budget-office-fiscal-policy-is-unsustainable
Quotes from: http://thehill.com/blogs/on-the-money/budget/91161-congressional-budget-office-fiscal-policy-is-unsustainable
In order for a question like this to make sense, the two statements MUST contradict each other. Those two statements do not do that.
I agree with both statements.
Posted in Christian Debt Financial
both show if we do not shrink government we will collapse
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He would know and that VAT Tax will probably be hitting us very soon! Then the Depression will come next.
Obama would never shrink govt- he wants more votes!!!
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In order for a question like this to make sense, the two statements MUST contradict each other. Those two statements do not do that.
I agree with both statements.
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I would actually like to see some synthesis of this raw data because I don’t understand economics
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Bernanke. The CBO told the dems that they were double counting the $500 billion in medicare funds in their health care bill, but they didn’t fix it. Now the end numbers the dems gave them came out the way they wanted, but they were’nt accurate and they knew it!!
So, I do trust Bernanke more,
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The only person I believe is Peter Schiff. Greenspan also said something similar to Bernanke. Schiff tore Krugman apart in the Times for his idiotic delusions. I’ll try to find it so you can see how delusional Nobel Prize winning Krugman is.
http://www.lewrockwell.com/blog/lewrw/archives/53394.html
Very interesting…..
http://www.europac.net/pschiff-article.asp?id=18508&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+PeterSchiffsEconomicCommentary+%28Peter+Schiff%27s+Economic+Commentary%29&utm_content=FeedBurner
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It’s easy to say that you want to be fiscally responsible. The hard part is deciding what spending to cut. To that end I offer the following:
It’s time to quit wasting our money "democratizing" third world hellholes and start using it to improve our own economy rather than theirs.
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i don’t believe anything that lier says, he told ron paul that he didn’t know anything about a billion dollars in cash being shipped over to iraq in crates in 2003 from the federal reserve. then ron paul showed him a speach bernanke made in 2003 explaining that same shipment to the congress. ron caught him in a bold faced lie
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