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Thread: US Federal Budget deficit at $1.42 trillion - more than entire economy of India

  1. #1
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    US Federal Budget deficit at $1.42 trillion - more than entire economy of India

    There's not much hope for the US Dollar. The US deficit is out of control. So far this year the US deficit has surpassed the value of the entire economy of India.

    2009 federal deficit surges to $1.42 trillion - Yahoo! News

  2. #2
    Well, if Obama keeps his campaign promise, he will likely continue the spending spree for the next couple of years, but will cut the deficit in half during 2012, just before the next election. As if that makes it look like less of a problem.

    I just hope that the dollar does not crash before then. If that happens, we are all in deep doo-doo.
    "Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote." -- Benjamin Franklin


  3. #3
    The USD is almost right on par now with the CAD. This is the like the 4th time in the last year this had happened record breaking events.. I bet the only reason it hasn't sunk well below the CAD is becuase their artificial inflating it.
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  4. Quote Originally Posted by TopDogger View Post
    Well, if Obama keeps his campaign promise, he will likely continue the spending spree for the next couple of years, but will cut the deficit in half during 2012, just before the next election. As if that makes it look like less of a problem.
    The only ways to cut the deficit are to cut spending (which he won't do) or raise taxes (which he will do).

    Welcome to the 90% tax bracket!
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  5. #5
    Quote Originally Posted by Will.Spencer View Post
    The only ways to cut the deficit are to cut spending (which he won't do) or raise taxes (which he will do).

    Welcome to the 90% tax bracket!

    I feel sorry for the entrepreneurs in USA, there probably going to get targeted for higher taxes. Although that would the wrong way to do it.... have you ever played that game called Sim City 4? Its a simulation of building a city and managing it. If you mismanage your funds, you have to end up taxes all the businesses, cut funs to the police, and medical services, close schools, whatever you have to do to get your budget out of red ink. It takes about 5-10 years of game time, for you get your head above the water. But in the mean time by the end of it, all your businesses will close up shop and move out, along with all your well to do citizens. The city turns into a slum, with lots of abandoned buildings and the crime rate skyrockets in the game, then you got to fix that problem. Lesson learned here, USA was mismanaged at some point in time.

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  6. #6
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    Quote Originally Posted by Keldorn View Post
    I feel sorry for the entrepreneurs in USA, there probably going to get targeted for higher taxes. Although that would the wrong way to do it.... have you ever played that game called Sim City 4? Its a simulation of building a city and managing it. If you mismanage your funds, you have to end up taxes all the businesses, cut funs to the police, and medical services, close schools, whatever you have to do to get your budget out of red ink. It takes about 5-10 years of game time, for you get your head above the water. But in the mean time by the end of it, all your businesses will close up shop and move out, along with all your well to do citizens. The city turns into a slum, with lots of abandoned buildings and the crime rate skyrockets in the game, then you got to fix that problem. Lesson learned here, USA was mismanaged at some point in time.
    It took around 5-10 years for New York to hit bottom after the 1973-1975 recession. This time it's a little different. There's been a freeding frenzy on real estate the last ten years. More or less there's a lot of money out there.

    Additionally, the Federal stimulus to Cities and States has stopped the pain.
    I think that the response to crime was what really destroyed the cities. It wasn't until Mayor Gulliani cleaned up Times Square that New York started to turn around.

    In 1975, Mayor Abraham Beame was unsuccessful in obtaining a federal bailout from President Ford.



    Quote Originally Posted by TopDogger View Post
    Well, if Obama keeps his campaign promise, he will likely continue the spending spree for the next couple of years, but will cut the deficit in half during 2012, just before the next election. As if that makes it look like less of a problem.

    I just hope that the dollar does not crash before then. If that happens, we are all in deep doo-doo.
    Tough to say what will happen. It really depends on China. As long as China continues to absord our inflation and ship cheap goods. The dollar won't crash.

    Quote Originally Posted by Will.Spencer View Post
    The only ways to cut the deficit are to cut spending (which he won't do) or raise taxes (which he will do).
    Welcome to the 90% tax bracket!
    The Obama team is smarter than that. There will use inflation to rob the wealth.

    Taxes are going up though. Probably to 60%. The Democrats don't really care how high taxes go. They don't pay them anyway. 50% of Americans now pay zero income tax and even members of the Obama administration have tax problems.

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