CBO Report doesn't look good

CBO projects grim budget outlook under Trump

Payments the U.S. government makes to China and others holding U.S. debt would surpass projected Social Security spending in 2048, the report found. Interest payments will also exceed discretionary spending, the amount that Congress approves for defense and nondefense spending each year, which is projected to hit 5.4 percent of gross domestic (GDP) product by 2048.

I'm not here to discuss whether or not this is Trump's fault or whatever other stupid garbage people want to argue over.

I just wanna know if my kids will have a country to call home in 40 years.

They talk about the GOP tax cuts and other measures that I view, personally, as a good thing. However, they can't and won't be a good thing forever if spending isn't curbed in a significant way, and right now the ball is in the court of Donald Trump and the republicans. I say this because it's not like this information is hidden or a secret or buried in millions of lines of text. It's right there in black and white, yet I've heard nothing from Congress or this Administration about how we intend to reduce our debt to manageable levels.

Currently we are seeing a fantastic economy with plenty of jobs and pay is inching higher. How long will that last? What are our priorities. We have a lot of issues in this country and all of them call for the spending of much more money than we have to make it possible.

The President campaigned on a wall...Where's that money coming from? Don't say Mexico either because that was just an asinine thing to say. He also campaigned on modernized infrastructure, to include airports and railways, but I have not yet heard where that money is coming from either. Same with the military. I'm all for increasing pay for soldiers and the acquisition of newer, better equipment, but what are we cutting to achieve this?

Even if we pulled out of South Korea and Japan, that only represents a paltry $12 billion between the two per year without adding the cost sharing initiatives.

This isn't something that can be kicked down the road to the next administration. Mr. President we voted for you to get things done, and while I have been pleased to see that things are getting done and we are benefiting from tax cuts and reductions in onerous regulations, when are we gonna attack the 800lbs gorilla in the room? The US National Debt will eventually crush us. It's time to address how we're gonna get out from under it.

a reply to: projectvxn


It is time to take all of our leaders to task.

The Congressional Budget Office was WAAAAY off first estimates regarding ObamaCare.

a reply to: projectvxn

I think we have been well past that time to tackle the gorilla. I often think that maybe all this BS in the news about Trump and before him Obama and Hillary is just a slide of hand. Want you to look over here so you don't see how big the gorilla is getting. Just a thought. Doesn't mean its true.

They are going to replace it with a system similar to Estonia or with something on the block-chain IMO and I think some of the world leaders already know this.

e-estonia.com...

Named ‘the most advanced digital society in the world’ by Wired, ingenious Estonians are pathfinders, who have built an efficient, secure and transparent ecosystem that saves time and money. e-Estonia invites you to follow the digital journey.

For reference.

They've alredy kicked the can down the road so any tmes that the government just accepts all the debt as the norm and do expect the future to take care of itself.

Only positive/negative is all first world countres are doing the same so when we falter we all do it globally together. Won't that be a fun time? Dark ages coming around.

No one has the balls to cut Government spending and we waste too much money on pointless wars. It isn’t rocket science what needs to happen.

The problem with CBO estimates is they do not account for recent and future variables that come with a stagnating or climbing economy. That's the same for curves and perceived patterns. For example, a head and shoulders pattern would be a horrible thing, but the pattern is not complete until its well into a drop or climb. The budget and spending is what is sent to the Whitehouse. As dysfunctional as the legislature has been I don't see us righting this ship until something has been done with the special interest groups and quid pro quo that hangs as a dark cloud over our democracy.


Ideologues will blame the administration's policies, but all in all stagnation, obstruction, special interest, pork barrel spending solely lies on the legislator. The legislator needs to do away with the special rules implemented and go back to the simple majority like the way it was intended.

a reply to: projectvxn

He pushed the Omnibus bill through...i have little hope. He's not a fiscal conservative, and until our nation finds that we are going to speed headlong into austerity by necessity.

People worried about debt. Money is created by debt, not lost, and that's what the US runs on.

The debt is really just a number at this point. As long as inflation outpaces the interest rate (which can be controlled to a certain extent), and there is at least minimal growth in the economy, it is not unmanageable. Don't misunderstand, it is a concern that it could easily get out of hand.

Social security/medicare, however, is something that needs to be addressed immediately. I would suggest a small increase In payroll deduction, and some means testing as a place to start.

None of this mess can be blamed on Trump (yet). Is has been ignored for decades.

a reply to: projectvxn

He also campaigned on modernized infrastructure, to include airports and railways, but I have not yet heard where that money is coming from either.

I don't see how it's going to be possible to get $1.5 trillion for infrastructure. Like I said in another thread: YTD, the national debt has grown 81.5% more than in the same period of 2016.

This President has had the good fortune of coming in with a strong economy. Obama came in for the Great Recession and Bush 43 for the tech bubble.

The GOP has successfully enacted most of what has been their agenda since the 80's — tax cuts (supply-side economics), mass deregulation, etc.

I think after 8 years of constant alarm sounding over the national debt, this is pretty much their put up or shut up moment.

a reply to: theantediluvian

This President has had the good fortune of coming in with a strong economy.

bahahaha

that must be that lalaland you guys live in

uhhh yeah stagflation meets inflation but Obama so = good to liberals

I forgot to point out, if the economy was in such great standing then explain Bernie Sanders and Trump

I'M JUST SAYING!! YALL LIVE IN A DIFFERENT REALITY!

a reply to: projectvxn

Modern Capitalism cannot survive without credit. Credit is borrowing from the future. Not just government but to many of us with credit cards have been borrowing from the future for decades and decades, living life styles beyond the means of our daily abilities to pay.

The advertising industry is the front lines of capitalism, pushing us to believe that we need things that we really only want. It has turned ''wants'' into ''needs'' that can be paid for only by credit or borrowing from the future.

Those ''capitains of industry'' need consumers to buy their stuff, stuff that they can produce in almost endless supply and the only way to do that is to convince people that they need what is produced. And that is the job of advertising which is nothing less than propaganda insuring the sale of their stuff.

Advertising, credit, debt, materialism and capitalism are five fingers that all fit into one glove working together the steal from future.

a reply to: toysforadults

Was the economy not recovering?

The markets at least were:

a reply to: TerryMcGuire

it really has nothing to do with that

it has everything to do with printing money causing inflation and taxes also causing inflation but what it really has to do with is the regulatory environment otherwise known as protections

it has to do with government subsidizing business's that would otherwise crash and get bought up by competitor's with better business models

government subsidizing things removing the incentive to create a better quality product at a lower cost

government regulations making smaller business's with lower margins have to sell to bigger corporations

I'm forgetting other stuff but that's the jist of it

a reply to: Greven

oh the economy recovered greatly for some, there's no doubt about it

then they squeeeeeeeeezzzzeeeddddd everyone working for them for every penny and every hour of production while giving themselves big fat bonuses

Glad he cut taxes, but he should also have cut spending as well and set in motion plans to get this other debt taken care of

a reply to: projectvxn

I applaud you for being impartial and looking at the numbers for what they are. There really are no fingers to point here, they all collectively got us here.

S&F.

Oil, gas, gold, silver, copper, land, sheep, goats....etc.....there's not enough of it in existence to cover ALL of the debt in play in the world.

www.nationaldebtclocks.org...