Yet another $Trillion$ dollar deficit....

[Corruptbuddha]

..with no end end sight until at least 2017.

“The federal budget remains out of balance throughout the decade,” the report reads. “The resulting accumulation of debt, along with rising interest rates, drives up the cost of financing that debt; in CBO’s projections, net interest costs grow significantly from 1.4 percent of GDP this year to 2.5 percent in 2022.”

Read more: http://www.politico.com/news/stories/0112/72205.html#ixzz1l40B29Tz

What sort of nation are we leaving to our children and grandchildren?

My guess? A broke one.

 

[Zam-Zam]

When Greece went broke, they ran to the EU and IMF.

Who will we run to?

 

[Days]

Greece never went any way near as broke as we are. But they have monetary laws fastened to them from the euro. We have no such chains. The whole world buys our debt but... keep abusing that and it could flip over on a dime... same way the housing bubble did... welcome to the federal debt bubble.

 

[Corruptbuddha]

Nowhere.

it simply doesn't look good at the moment.

 

[mark14]

Smallest one since 2009. They would all have been smaller without the Bush tax cuts for the 1%.

 

[mark14]

When Greece went broke, they ran to the EU and IMF.

Who will we run to?

The Fed. The Greeks use the Euro. We print our own money.

 

[888888]

Put people back to work is the name of the game, but since they shipped so many overseas we are in a waiting game. It will take time before the cost to produce in other countries and ship here will turn around. It's happening but slowly.

People who have a lot of money sitting on the side need to be patriotic and understand that how they got their money was because of the workers, now need to bite the bullet, do some hiring and pay fair taxes and it will get better for all of us.

 

[Corruptbuddha]

Right, down to half a trillion.

Still too much.

The federal government confiscate two trillion dollars a year right now.

Why is that not enough?

 

[Corruptbuddha]

It will take time before the cost to produce in other countries and ship here will turn around.

It will NEVER happen.

Ever.

The jobs we've lost to India and China....are gone for good.

 

[OldGaffer]

It will NEVER happen.

Ever.

The jobs we've lost to India and China....are gone for good.

So time for the Calcutta Option?