Tag: GNP

Why is it “Deficits don’t matter” — whenever THEY are in Charge?

Let me jog your memory, about one of the more memorable things the Former VP said to a ‘fiscally responsible’ Treasury Secretary — right before he fired him

Former Treasury Secretary Paul O’Neill was told “deficits don’t matter” when he warned of a looming fiscal crisis.

OnTheIssues.org

[…]

O’Neill said he tried to warn Vice President Dick Cheney that growing budget deficits-expected to top $500 billion this fiscal year alone — posed a threat to the economy. Cheney cut him off. “You know, Paul, Reagan proved deficits don’t matter,” he said, according to excerpts. Cheney continued: “We won the midterms (congressional elections). This is our due.” A month later, Cheney told the Treasury secretary he was fired.

Source: Adam Entous, Reuters, on AOL News Jan 11, 2004

Maybe “deficits don’t really matter” — whenever the Gophers have the National “Credit Card” in THEIR Pockets — Then it’s Party time, for their friends and buddies in the corporate boardrooms?

Otherwise — it’s “evict the lazy bastards”.  

Cut the Funds for something — NOW!

The ‘Elephant of Debt’ in Alan Simpson’s Entitlement Room

Bipartisan Elephants, Endless Debt and Entitlements, Cats without Food … Oh My!

What IS all this fuss about?

Sometimes a picture is worth a 1000 rants.

CONGRESS OF THE UNITED STATES

CONGRESSIONAL BUDGET OFFICE – CBO

The Long-Term Budget Outlook

JUNE 2010 – (Revised August 2010)



larger

Image: Federal Debt Held by the Public as a Percentage of Gross Domestic Product

Under Two Budget Scenarios

CBO — The Long-Term Budget Outlook (pdf)

OK sometimes not … What does that Picture mean to me?

2035, Haah!  that’s like a quarter century from now …  you got to be kidding me …