Where will the total debts and deficit be?
The Congressional Budget Office says, it will be around 5,800,000,000,000 US$.
The analysts of Goldman Sachs say it will be around
4,500,000,000,000 US$.
Both could not take into account the costs of holding troops in Iraq.
The Gov’t says, the deficit will rise only this and next year, but go down significantly after that…. (at the moment, it is about 300,000,000,000, next year will add about 475,000,000,000 US$).
Who do you trust ?
In 1998 the CBO(of the Clinton Administration) estimated $150,000,000 surpluses for 1999, 2000, 2001, 2002 and 2003. Since then it has been shown that the Clinto Administration fudged their #s(because they were headed into a recession that they didn’t want recognized, so Algore would have a shot at the presidency), so the CBO #s were wrong.
The CBO’s #s cannot estimate the effect of the Bush tax cuts on the economy(creating consumer spending) just as it cannot estimate the overspending Bush Administration nor the OVER-SPENDING of the US Congress.
I don’t trust the estimated #s, period!
the thing to realize is though, the US govt is one of the few bodies that can owe money almost ad infinitum without repaying it.
the thing to realize is though, the US govt is one of the few bodies that can owe money almost ad infinitum without repaying it.
And as long as they can, they will. Another thing, is that the govt. creates a lot of new debt, in order to pay off their old debt (Treasury bonds, anyone?)
exactly. i wish i could do that, and get away with it.
exactly. i wish i could do that, and get away with it.
And while we’re getting away with stuff, what about Social Security?
puh, social security
Hey I want my SS $$$ now! according to my last statement I could pay off the Mortgage!
@Grigoriy:
the thing to realize is though, the US govt is one of the few bodies that can owe money almost ad infinitum without repaying it.
And as long as they can, they will. Another thing, is that the govt. creates a lot of new debt, in order to pay off their old debt (Treasury bonds, anyone?)
But once the bubble bursts, the whole world will have a severe problem…
I must admit, i am kind of looking forward to that ;)
Eh, America loans billions of $$'s to other countries too. Don’t want to see America calling in those loans too…
Still waiting for repayment of those WWII loans made to a few unnamed countries. :roll:
Got a lo–-ng wait…
eternity.
