Out of Control Budget?

verybdog · Sep 12, 2003

People: are we fvcked or what?

Here

The depth of the problem became clear on Sept. 7, when the President asked Congress for $87 billion, including $51 billion for military operations in Iraq and $11 billion for Afghanistan. Reconstruction would get an additional $20 billion. That amounts to an 11% hike in discretionary spending. Federal spending next year would be nearly 20.5% of U.S. gross domestic product, the highest in a decade, while tax revenues will fall to barely 16%, the lowest level in 50 years. Says Robert L. Bixby, executive director of the Concord Coalition, a budget-watchdog group: "The Administration is pursuing a big-government agenda but is unwilling to pay for it."

The U.S. now has 180,000 troops in and around Iraq, according to the Congressional Budget Office. The CBO estimates that 67,000 troops would cost $14 billion annually. Steven M. Kosiak, director of budget studies at the Center for Strategic & Budgetary Assessments, projects the five-year cost of a 90,000-strong occupation at $105 billion. Bush's request "could just be the first of many installments," says Representative John M. Spratt Jr. [D-S.C.], top Democrat on the House Budget Committee.

The costs of rebuilding Iraq are even more uncertain. The White House concedes the tab might be $75 billion, but Kosiak says it could top $100 billion over five years. The Administration insists those extra costs would be picked up by U.S. allies and by the sale of Iraqi oil. But so far that hasn't happened -- and it may never happen.

Such costs add to an already soaring deficit. Instead of the 10-year surplus of $5.6 trillion that Washington anticipated two years ago, Goldman, Sachs & Co. now estimates the nation faces a $5.5 trillion deficit in the decade 2004-13.
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Like Elaine in Sienfeld said - "War, What's it Good For?" She's right, what is this war good for?

I think we are fvcked and stuck.

To quote Soup Nazi - "no more soup for you!" Mr. President.

BenReilly · Sep 12, 2003

Yes, we're totally fvcked. Unfortunately, people don't seem to care about budget deficits, even though Bush has managed to put the average household $5000 in the hole this year. I just wish every American household could see that $5000 bill staring them in the face. Five f-ing thousand dollars!!! Just this year!!

CrewDust · Sep 12, 2003

Big Deal, we can just put it on our credit card. Besides Federal debt is one of the few truely safe investments.

Emiliano240 · Sep 14, 2003

Well i'm still bitter about how much we went into debt post WW2. I mean c'mon! What were we thinking rebuilding Germany and Japan! Damn Wilson.

The soup nazi would even be more pissed given that scenerio i'm sure...

Roel · Sep 15, 2003

Every US taxpayer needs to work 5.5 days to pay for the Iraqi invasion, occupation and so-called re-building effort. And Bush is not even close to finished when it comes to asking for money he doesn't have.

verybdog · Sep 16, 2003

Originally posted by CrewDust
Big Deal, we can just put it on our credit card.
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This is America:

1) credit card debt stands at $1.6 trillion
2) average family carries a balance of more than $8,000
3) personal bankruptcies are in all time high

Ha, at least now there is an example to follow in the federal level...

Northcal19 · Sep 16, 2003

I think this will work out okay, because in 2 years we'll have a Democrat back in the White House and he can instill some fiscal responsibility.

These kind of debts are to be expected when you have the "borrow and spend" Republicans doling out financial favors. Remember we never thought we could get out of the deficits Reagan and Bush the elder created, but Bill Clinton was able to repair the economic damage.

BenReilly · Sep 16, 2003

Originally posted by Northcal19
I think this will work out okay, because in 2 years we'll have a Democrat back in the White House and he can instill some fiscal responsibility.

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I hope not! If Republicans are determined to run up massive deficits, we have no choice but to let them. The only thing Clinton accomplished was that he gave Bush a really big check to write.

The next Democrat should focus on national healthcare and other social issues.