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mommy2Alex
3 babies for me :)
Member since 5/05 6683 total posts
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Is anyone else worried about the out of control spending of this administration?
This article is scary. Inflation is going to thru the roof....where are all his campaign promises about cutting wasteful spending and getting this country on track. How is this country going to pay for all of this....There is no way that only those making over $250,000 a year can be taxed to pay for all of this.
THE ASSOCIATED PRESS
March 21, 2009
WASHINGTON - President Barack Obama's budget would generate unsustainably large deficits averaging almost $1 trillion a year over the next decade, according to new estimates released Friday.
The new Congressional Budget Office figures predict Obama's budget will produce $9.3 trillion worth of red ink over 2010-2019. That's $2.3 trillion worse than the administration predicted in its budget just last month.
The CBO also says the deficit under Obama's policies would never go below 4 percent of the size of the economy, figures that economists agree are unsustainable. By the end of the decade, the deficit would exceed 5 percent of gross domestic product, a dangerously high level.
The latest figures could throw a major monkey wrench into efforts to enact Obama's budget, which promises universal health care for all and higher spending for domestic programs like education and research into renewable energy.
The dismal deficit figures, if they prove to be accurate, inevitably raise the prospect that Obama and his allies controlling Congress would have to consider raising taxes after the recession ends or else pare back his agenda.
White House budget chief Peter Orszag said that the CBO's long-range economic projections are more pessimistic than those of the White House, private economists and the Federal Reserve and that he remained confident that Obama's budget, if enacted, would produce smaller deficits.
Even so, Orszag acknowledged that if the CBO projections prove accurate, Obama's budget would produce deficits that could not be sustained.
Deficits so big put upward pressure on interest rates as the government offers more attractive interest rates to keep attracting borrowers. "I think deficits of 5 percent (of GDP) are unsupportable," said Mark Zandi, chief economist at Moody's Economy.com.
Republicans immediately piled on. "This report should serve as the wake-up call this administration needs," said House Minority Leader John Boehner (R-Ohio). "We simply cannot continue to mortgage our children and grandchildren's future to pay for bigger and more costly government."
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Posted 3/21/09 9:25 AM  |
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Tabitha
Member since 2/07 2029 total posts
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Re: Is anyone else worried about the out of control spending of this administration?
yes, im concerned. im worried about the future of our country in general. in some ways, we are setting up a pretty abismal future for our grandchildren.
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| Posted 3/21/09 9:52 AM |
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evnme
My little lamb
Member since 8/05 12633 total posts
Name:
aka momma2b
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Re: Is anyone else worried about the out of control spending of this administration?
Posted by Tabitha
yes, im concerned. im worried about the future of our country in general. in some ways, we are setting up a pretty abismal future for our grandchildren.
ITA
this is what happens when people with a socialist/crazy leftist liberal agenda who want to expand government and make the people totally dependant on government is in charge....
it is the death of capitolism my friends...
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| Posted 3/21/09 10:07 AM |
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mommy2Alex
3 babies for me :)
Member since 5/05 6683 total posts
Name:
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Re: Is anyone else worried about the out of control spending of this administration?
Posted by evnme
Posted by Tabitha
yes, im concerned. im worried about the future of our country in general. in some ways, we are setting up a pretty abismal future for our grandchildren.
ITA
this is what happens when people with a socialist/crazy leftist liberal agenda who want to expand government and make the people totally dependant on government is in charge....
it is the death of capitolism my friends...
ITA! I can't wait for 2012 so maybe we can get some real change....Hopefully, Obama will not be re-elected.
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| Posted 3/21/09 10:18 AM |
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evnme
My little lamb
Member since 8/05 12633 total posts
Name:
aka momma2b
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Re: Is anyone else worried about the out of control spending of this administration?
Posted by mommy2Alex
Posted by evnme
Posted by Tabitha
yes, im concerned. im worried about the future of our country in general. in some ways, we are setting up a pretty abismal future for our grandchildren.
ITA
this is what happens when people with a socialist/crazy leftist liberal agenda who want to expand government and make the people totally dependant on government is in charge....
it is the death of capitolism my friends...
ITA! I can't wait for 2012 so maybe we can get some real change....Hopefully, Obama will not be re-elected.
OMG ITA!!
with some more coaching, Bobby Jindal should be ready and DH thinks they'll try Sarah Palin again.
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| Posted 3/21/09 10:20 AM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Is anyone else worried about the out of control spending of this administration?
YES!! it is utterly rediculous!!!!!
I seriously cannot believe the amounts of money the Gov't throwing at failing companies   
LET THEM FAIL!!!!!!!!!!!!! that's capitalism! you don't profit, goodbye.
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| Posted 3/21/09 10:29 AM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Is anyone else worried about the out of control spending of this administration?
and where exactly is this change that we can believe in??
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| Posted 3/21/09 10:30 AM |
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lakadema
LIF Adult
Member since 5/08 1180 total posts
Name:
Danielle
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Re: Is anyone else worried about the out of control spending of this administration?
It's only a matter of time before the administration will have to tax those that are not considered wealthy to sustain the amount of money they are spending.
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| Posted 3/21/09 11:38 AM |
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babymakes3
Almost there!
Member since 7/06 7376 total posts
Name:
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Re: Is anyone else worried about the out of control spending of this administration?
I'm worried.
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| Posted 3/21/09 12:09 PM |
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bigspender
Back to school
Member since 4/07 1385 total posts
Name:
Irene
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Re: Is anyone else worried about the out of control spending of this administration?
I am worried about how much they will start taxing us once the economy does better. They have to pay this money back and in 2or 3 years when things are better, they will increase the taxes on our income.
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| Posted 3/21/09 12:24 PM |
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donegal419
St. Gerard, pray for us.
Member since 7/07 7650 total posts
Name:
K
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Re: Is anyone else worried about the out of control spending of this administration?
Posted by evnme
Posted by Tabitha
yes, im concerned. im worried about the future of our country in general. in some ways, we are setting up a pretty abismal future for our grandchildren.
ITA
this is what happens when people with a socialist/crazy leftist liberal agenda who want to expand government and make the people totally dependant on government is in charge....
it is the death of capitolism my friends...
Exactly!!!!! And it's not just the fed. either. look at NYS--- we live in one of the most highly taxed states in the country... and what do we get for it --NOTHING! the state taxes are going up, they're adding a payroll tax, the MTA fares are going up, all while people are losing their jobs and salaries are shrinking!
it's time that the people WAKE up and start electing people that actually do what they say they will...and if they don't dont re-elect them! we have had the same bone head representatives in Washington and Albany for years and it's the same stupid games.
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| Posted 3/21/09 12:41 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Is anyone else worried about the out of control spending of this administration?
Thats ok because when he continues down this path, he will be outta here in four years.
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| Posted 3/21/09 12:57 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Is anyone else worried about the out of control spending of this administration?
Has the country ever faced this in your lifetime? Not that I'm aware.
It will take many years and many different programs to get us to the point of prosperity again. This didn't happen overnight and it won't be fixed overnight.
There is a ton of money being spent and I agree it's unprecedented, but to say that that any other person who night have become President wouldn't have done this as well is short sighted. Also, it's been two months in office. If he succeeds in turning this around we will all love him again. Every single economist can say what they will, but they don't know either. They look at it in pieces, not as a whole picture. No one knows what will really happen and for me that is the scary part.
Seems to be when home prices and values were going up everyday and people's 401(k) was going up everyday no one complained about the lack of regulation.
Now that it's all come crashing down and things are being done to try to stabilize things, we are all crying, get rid of the bum.
I said this before. The person that won this election will have the hardest job ever and I would never wish it on anyone.
I don't think any one of the candidates could have done better at this point. There are many scenarios that could have played out. All of them suck. No one has the magic bullet. I don't want to bail out crooks either but give it time to see how it works out. There will be many changes over the next few months, year and 2 years. We're not going to like all of it, we as a nation never have with any sitting president let alone one who has this catastrophe to fix.
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| Posted 3/21/09 1:59 PM |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: Is anyone else worried about the out of control spending of this administration?
I am not an economist and from what I gather even economist are speculators. They truly do not have a crystal ball. With failing companies that are leading issuers of mortgages/funds for not just the US but abroad you can't let the institution crumble - unless someone is willing to buy it. US gov't is not in the position to buy banks to keep them afloat (not even sure if it would be legal) but they can give our tax dollars to keep them running enough to fix themselves. What big business did with the money they received was take it and instead of investing in fixing their problems they are doing business as usual which is toxic for all of us. Obama stated "I made a mistake" - he did, he needed strings on that bill to say we give you money and this is is how your spending it. Not here is the money and spend how you want. But it's amazing, he admits fault and is trying to fix it by either taxing the money or receiving the money back.
Infrastructure: How many years are we going to wait while our bridges and roadways go into disrepair and people need jobs = Obama's infrastructure plan.
Stimulus: Instead of Bush's one check which everyone turned around and used to pay off bills instead of purchasing new products and services, the $5-$20 + per paycheck helps you have a little more each check to spend on something through out the year. You are more likely to spend it and invest in your local economies with that amount then the big check.
I am not ready to say I made a huge mistake voting for Obama, I do agree that I am not that into all of the plans on spending but at least it is spending WITH IN OUR COUNTRY and not going somewhere else. How much did our past presidents give out to other foreign countries? I think the numbers would make anyone's head spin.
Message edited 3/21/2009 2:40:18 PM.
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| Posted 3/21/09 2:27 PM |
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evnme
My little lamb
Member since 8/05 12633 total posts
Name:
aka momma2b
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Re: Is anyone else worried about the out of control spending of this administration?
the national debt is already doubled beyond what bush left us with.
ALREADY!!!!!!!!!!! and how long has Barry been in office??.... geez!
even if (hopefully he will be) Barry is outa here after 4 yrs, we will still feel the repercussions of his and pelosi's actions for generations to come.
Message edited 3/21/2009 2:40:44 PM.
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| Posted 3/21/09 2:38 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Is anyone else worried about the out of control spending of this administration?
Posted by evnme
the national debt is already doubled beyond what bush left us with.
ALREADY!!!!!!!!!!! and how long has Barry been in office??.... geez!
even if (hopefully he will be) Barry is outa here after 4 yrs, we will still feel the repercussions of his and pelosi's actions for generations to come.
and spending what we did on a war we couldn't "win" and letting deregulation run rampant had no part of this? Blame who you want, but we are not in this mess because of Obama. At least he is doing something. Like I said before, no one could do any better-anyone else's plans could have been worse or the same. There is no easy fix.
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| Posted 3/21/09 2:49 PM |
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dandr10199
Grace is growing up too fast!
Member since 10/05 11561 total posts
Name:
Dina
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Re: Is anyone else worried about the out of control spending of this administration?
Posted by SweetestOfPeas
YES!! it is utterly rediculous!!!!!
I seriously cannot believe the amounts of money the Gov't throwing at failing companies
LET THEM FAIL!!!!!!!!!!!!! that's capitalism! you don't profit, goodbye.
ITA.
I really wanted Obama to do well. Honestly. I know I have been pretty outspoken against him during the election, but when he was the pres elect honestly, I wanted him to succeed. I truly did. I wanted the US to climb out of this recession.
I am so disappointed in his choices of administration members (some with scandals attached) and all the $$$$$ he is spending. People are still being laid off, times are still tough, the first stimulus DID NOT WORK...WHY have another one??? and I heard on one of the news outlets they are planning a third stimulus???? WTH is going on? Our poor children and grandchildren will not only be left with a planet in peril but an enormous deficit  . I am so sad about how much money is being spent to save the AIG's of the world when they should FAIL. The gov will never let AIG fail b/c all gov pensions are with AIG. YET they all got bonus' last month, after being bailed out. UGH. I cannot WAIT until 2012. A few months in and I am already where is the "change we can believe in" ????? Same 'ole shite, different pres.
ETA: I know Bush spent $$$ on Iraq and he is equally at fault for the recession. BUT Obama was elected on the pretense that he would:
1) bring change to Washington
2) get us out of the recession
3) pull out of Iraq
4) help "main street" instead of "Wall Street"
5) Curb frivolous spending in Washington
NONE of the above has happened YET. I am still waiting for "change" I can believe in.
Message edited 3/21/2009 3:18:33 PM.
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| Posted 3/21/09 3:13 PM |
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RoleModel
LIF Adolescent
Member since 4/08 500 total posts
Name:
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Re: Is anyone else worried about the out of control spending of this administration?
Posted by dandr10199
ETA: I know Bush spent $$$ on Iraq and he is equally at fault for the recession. BUT Obama was elected on the pretense that he would:
1) bring change to Washington
2) get us out of the recession
3) pull out of Iraq
4) help "main street" instead of "Wall Street"
5) Curb frivolous spending in Washington
NONE of the above has happened YET. I am still waiting for "change" I can believe in.
It's been only two months, get over yourself. At this point, the only person that would be able to fix the US that fast is Jesus 
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| Posted 3/21/09 3:50 PM |
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Re: Is anyone else worried about the out of control spending of this administration?
I am extremely worried, especially because the dollar was devalued and China will stop lending us money at this rate. I also think that there was too much Pork in the stimulus bill and nothing is being done to address the housing crisis or rising unemployment. I am worried that Obama will spend us into oblivion. In addition, those who are super wealthy are pulling their money out of the country, so it falls back on the upper middle class.
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| Posted 3/21/09 4:25 PM |
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mommy2Alex
3 babies for me :)
Member since 5/05 6683 total posts
Name:
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Re: Is anyone else worried about the out of control spending of this administration?
Posted by munchkinfacemama
I am extremely worried, especially because the dollar was devalued and China will stop lending us money at this rate. I also think that there was too much Pork in the stimulus bill and nothing is being done to address the housing crisis or rising unemployment. I am worried that Obama will spend us into oblivion. In addition, those who are super wealthy are pulling their money out of the country, so it falls back on the upper middle class.
I agree. They are going to tax the heck out of us on everything from energy costs to our income. Obama wants to remove the mortgage interest deduction, yeah that will help the housing crisis.
The bill was loaded with Pork, that is why my mom and I have nicknamed Pelosi...Porky Pelosi. I can't wait until she is gone!
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| Posted 3/21/09 4:58 PM |
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dandr10199
Grace is growing up too fast!
Member since 10/05 11561 total posts
Name:
Dina
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Re: Is anyone else worried about the out of control spending of this administration?
Posted by RoleModel
Posted by dandr10199
ETA: I know Bush spent $$$ on Iraq and he is equally at fault for the recession. BUT Obama was elected on the pretense that he would:
1) bring change to Washington
2) get us out of the recession
3) pull out of Iraq
4) help "main street" instead of "Wall Street"
5) Curb frivolous spending in Washington
NONE of the above has happened YET. I am still waiting for "change" I can believe in.
It's been only two months, get over yourself. At this point, the only person that would be able to fix the US that fast is Jesus
Well, how does CHANGE happen when you have spend more than FDR did in your first 2 months? HOw does CHANGE happen when the people you want to be in your cabinet (Gitener, Dashele and others) have admitted to cheating on their taxes and tax evasion, even though they cleared it up...what does that mean? Ummm Timothy Gitner is running the WHOLE multiple stimulus packages show and HE CHEATED on HIS TAXES!!! AND he wants the AIG execs to give back their bonuses??? I am sorry CHANGE I could believe in would be appointing someone who can financially run the country who was not a liar and a cheat.
I thought that Obama would be more careful appointing people to his inner circle. That would really be a CHANGE in Washington. I do not expect him to waves a magic wand over all the problem in the US, I DO EXPECT Obama to do what he promised...be accountable, appoint people who are accountable and honest, not spend trillions of tax payer's money on bailouts. Hey if they were working, even then I would be upset but I could at least say , "Hey he's the pres, what he is doing is working" I cannot say that.
So I will get over myself as soon as I see some REAL CHANGE (Accountability, integrity, HONESTY) and not BS campaign promises telling me that change has come... EXPLAIN to me WHAT exactly has changed? I don't get it.
Message edited 3/21/2009 5:03:19 PM.
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| Posted 3/21/09 5:01 PM |
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bigspender
Back to school
Member since 4/07 1385 total posts
Name:
Irene
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Re: Is anyone else worried about the out of control spending of this administration?
Posted by Blu-ize
Posted by evnme
the national debt is already doubled beyond what bush left us with.
ALREADY!!!!!!!!!!! and how long has Barry been in office??.... geez!
even if (hopefully he will be) Barry is outa here after 4 yrs, we will still feel the repercussions of his and pelosi's actions for generations to come.
and spending what we did on a war we couldn't "win" and letting deregulation run rampant had no part of this? Blame who you want, but we are not in this mess because of Obama. At least he is doing something. Like I said before, no one could do any better-anyone else's plans could have been worse or the same. There is no easy fix.
We are not in this mess due to Obama it is a combination of the last couple of Presidents Clinton/ Bush. But Obama is making it worse not better. Yeah your right he is doing something, making matters worse. When things get better and they start taxing our income more than they already do to pay this deficit down, who will be prassing Obama. I am not a Bush supporter and the war in Iraq was the stupidist move we made, but Obama can bring our troops home if he wanted to. I know he has not been in office very long but honestly to do what he has done to the deficit in that amount of time is insane. Everyone will say he didn't get into this mess alone, no he did not, but we have to stop looking backwards and start moving forward. This new deficit is on Obama and no one else.
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| Posted 3/21/09 5:10 PM |
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Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
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Re: Is anyone else worried about the out of control spending of this administration?
Posted by Tabitha
yes, im concerned. im worried about the future of our country in general. in some ways, we are setting up a pretty abismal future for our grandchildren.
ITA! I was not a fan of Bush, but Obama has put us in more debt the few months he has been in office than the debt Bush put us in for the war over 8 yrs.
I tihnk this is going to be a nightmare. I think this is going to be a nightmare for our children and our children's children. Pretty soon other country's are going to smarten up and stop lending us money and Obama is not going to be able to shake the money tree in the back of the White House b/c the dollar is going to lose its value.
I didn't vote for him...I think he is a good speaker and has a great speech writer. That's about it. But, I was hoping he would prove me wrong and turn things around. I feel like we are going in a worse direction than we did with Bush.
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| Posted 3/21/09 6:06 PM |
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Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
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Re: Is anyone else worried about the out of control spending of this administration?
Posted by mommy2Alex
Posted by munchkinfacemama
I am extremely worried, especially because the dollar was devalued and China will stop lending us money at this rate. I also think that there was too much Pork in the stimulus bill and nothing is being done to address the housing crisis or rising unemployment. I am worried that Obama will spend us into oblivion. In addition, those who are super wealthy are pulling their money out of the country, so it falls back on the upper middle class.
I agree. They are going to tax the heck out of us on everything from energy costs to our income. Obama wants to remove the mortgage interest deduction, yeah that will help the housing crisis.
The bill was loaded with Pork, that is why my mom and I have nicknamed Pelosi...Porky Pelosi. I can't wait until she is gone!
OMG...if you read between the lines Obama loves to tax people. He wants to get ride of mortgage interest deductions on top of other itemized deductions.
People thought with his tax cuts in their paycheck they would be getting back big bucks...what is it, $52? You can't even take your family to the movies with that.
Message edited 3/21/2009 6:09:56 PM.
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| Posted 3/21/09 6:08 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Is anyone else worried about the out of control spending of this administration?
obama has laid out a plan to bring the troops home. You can't just pull out of there.
If we let the companies fail that are not profitable (there's more than you think) then watch unemployment skyrocket even further. Foreclosure rates will skyrocket even further as well when even more of your neighbors are unemployed. Then your house is worth less. It will take even more time to recover from such a calamity.
Obama's appointees are scrutinized much more than any other presidents picks. Do you think that none of past appointees cheated on their taxes? Honesty in Washington? They are all politicians. I don't trust any of them but Obama is doing something to try to fix things. Too much too soon? Amounts of money that are mid boggiling? Yep..scares the crap out of me too but I can't blame someone that has had the freakin job 2 months for what has happened over the last 10-12 years to cause this mess.
I'm hopeful he can turn things around but as I said before it will take a while.
He is in a no win situation. He's damned if he does and damned if he doesn't.
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| Posted 3/21/09 6:12 PM |
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