On The Road To Socialism? We've Arrived!
'Where the U.S. government usually consumes 21% of gross domestic product, this Obama budget spends 28% in 2009 and runs a deficit of $1.75 trillion, or 12.7% of GDP. That is four times the largest deficit of George W. Bush and twice as large a share of the economy as any deficit run since World War II."
"Add that 28% of GDP spent by the U.S. government to the 12% spent by states, counties and cities, and government will consume 40% of the economy in 2009."
"Since the budget was released, word has come that the U.S. economy did not shrink by 3.8% in the fourth quarter, but 6.2%. All the assumptions in Obama's budget about growth in 2009 and 2010 need to be revised downward, and the deficits revised upward. Look for the deficit for 2009 to cross $2 trillion."
"In his speech to Congress, Obama promised new investments in energy, education and health care. Every kid is going to get a college degree. We're going to find a cure for cancer....Who is going to pay for all this? The top 2%, the filthy rich who got all those Bush tax breaks, say Democrats. But the top 5% of income earners already pay 60% of income taxes, while the bottom 40% pay nothing...Those paying a federal tax rate of 35% will see it rise to near 40% and will lose a fifth of the value of their deductions for taxes, mortgage interest and charitable contributions."
I can't wait...we're phucked. :leaving:
'Where the U.S. government usually consumes 21% of gross domestic product, this Obama budget spends 28% in 2009 and runs a deficit of $1.75 trillion, or 12.7% of GDP. That is four times the largest deficit of George W. Bush and twice as large a share of the economy as any deficit run since World War II."
"Add that 28% of GDP spent by the U.S. government to the 12% spent by states, counties and cities, and government will consume 40% of the economy in 2009."
"Since the budget was released, word has come that the U.S. economy did not shrink by 3.8% in the fourth quarter, but 6.2%. All the assumptions in Obama's budget about growth in 2009 and 2010 need to be revised downward, and the deficits revised upward. Look for the deficit for 2009 to cross $2 trillion."
"In his speech to Congress, Obama promised new investments in energy, education and health care. Every kid is going to get a college degree. We're going to find a cure for cancer....Who is going to pay for all this? The top 2%, the filthy rich who got all those Bush tax breaks, say Democrats. But the top 5% of income earners already pay 60% of income taxes, while the bottom 40% pay nothing...Those paying a federal tax rate of 35% will see it rise to near 40% and will lose a fifth of the value of their deductions for taxes, mortgage interest and charitable contributions."
I can't wait...we're phucked. :leaving:
