View Full Version : INCONVENIENT TRUTH OF THE DAY 02/03/12

02-03-2012, 05:13 AM
CBO reveals that Obama economic plan is a disater of heretofore unimaginable proportions. (http://townhall.com/columnists/donaldlambro/2012/02/02/obamas_failing_cbo_report_card_on_jobs_debt_and_we akening_economic_growth)

<span style='font-size: 26pt'><span style='font-family: Arial Black'><u>LET THE DENIALS BEGIN!</u></span></span>

02-03-2012, 02:32 PM
WASHINGTON - The Congressional Budget Office gave us a forecast preview Wednesday of the frightening fiscal catastrophe that threatens to engulf the government in a sea of debt.

The CBO report by Congress's nonpartisan budgeteers reads like one of those disaster movies in which America is under attack by an alien enemy that destroys everything in its path.

But this isn't science fiction. It's happening now and it is going to make Europe's financial crisis look like an empty piggy bank.

CBO said that under President Obama's out-of-control spending policies, we are running up another $1 trillion-plus budget deficit.

Our monster $15.2 trillion national debt will become a $21.6 trillion debt in 10 years. Medicare's hospital insurance trust fund will be virtually emptied by 2022, two years earlier than President Obama predicted last year.

Social Security's disability trust fund will run out of cash in five years, and the Medicaid health care program for the poor will explode under a crush of applicants as a result of a massive expansion under Obamacare.

Medcaid enrollment is now expected to skyrocket from 67 million people in 2011 to about 95 million in 2022.

CBOs economic forecasts, which to a large degree will determine whether Obama is re-elected to a second term, are even gloomier.

December's ballyhooed 8.5 percent unemployment rate -- which some of Obama's liberal supporters dismissed as "a statistical fluke" -- will climb to nearly 9 percent in the last three months of this year and rise to 9.2 percent in the first three months of next year.

Forget all the sugarcoating the nightly news shows are giving Obama's dismal economic score card. CBO director Douglas W. Elmendorf doesn't mince words about the looming disaster that awaits us.

"We have not had a period of such persistently high unemployment since the [Great] Depression," he said.

CBO threw cold water on those rosy growth scenarios that the Commerce Department joyously crowed last week when it reported the economy grew at a 2.8 percent rate in last year's fourth quarter.

Instead, CBO said that if there is no change in current law, economic growth, i.e. the gross domestic product, would slow down to an even weaker 2 percent rate this year and then to a feebler 1.1 percent next year.

Any GDP rate at around 1 percent or lower would mean that the economy has virtually stopped growing and would be teetering on the edge of another recession.

02-03-2012, 02:40 PM
frightening fiscal catastrophe threatens engulf sea of debt
disaster movies attack alien enemy destroys everything
Europe's financial crisis empty piggy bank
out-of-control spending monster virtually emptied
run out of cash explode under a crush of applicants massive expansion
skyrocket gloomier
ballyhooed "a statistical fluke" sugarcoating dismal doesn't mince words looming disaster
persistently high unemployment since the [Great] Depression threw cold water rosy growth scenarios joyously crowed
slow down weaker feebler
virtually stopped growing teetering on the edge another recession

02-03-2012, 02:41 PM
I will wait for the moovie.
Another dizaster moovie.

02-04-2012, 12:53 AM
Townhall???????? LOL.

For starters.

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">CBO's baseline projections are not intended to be a forecast of future budgetary outcomes; rather, they serve as a neutral benchmark that legislators and others can use to assess the potential effects of policy decisions. Consequently, they incorporate the assumption that current laws governing taxes and spending will remain unchanged. In particular, the baseline projections in this report are based on the following assumptions:

Sharp reductions in Medicare's payment rates for physicians' services take effect as scheduled at the end of 2011;
Extensions of unemployment compensation, the one-year reduction in the payroll tax, and the two-year extension of provisions designed to limit the reach of the alternative minimum tax all expire as scheduled at the end of 2011;
Other provisions of the 2010 tax act, including extensions of lower tax rates and expanded credits and deductions originally enacted in the Economic Growth and Tax Relief Reconciliation Act of 2001, the Jobs and Growth Tax Relief Reconciliation Act of 2003, and ARRA, expire as scheduled at the end of 2012; and
Funding for discretionary spending increases with inflation rather than at the considerably faster pace seen over the dozen years leading up to the recent recession.

From the actual report.

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">The Budget Outlook

..Under current law, CBO projects, budget deficits will drop markedly over the next few years—to $1.1 trillion in 2012, $704 billion in 2013, and $533 billion in 2014. Relative to the size of the economy, those deficits represent 7.0 percent of GDP in 2012, 4.3 percent in 2013, and 3.1 percent in 2014. From 2015 through 2021, the deficits in the baseline projections range from 2.9 percent to 3.4 percent of GDP. </div></div>

link (http://www.cbo.gov/doc.cfm?index=12039)


02-04-2012, 10:51 AM

02-04-2012, 02:18 PM
frightening FISCAL catastrophe
threatens engulf sea of DEBT
disaster movies ATTACK
ALIEN enemy destroys everything
Europe's FINANCIAL crisis
out-of-control spending MONSTER
virtually emptied run out of CASH
EXPLODE under a crush of applicants
MASSIVE expansion
SKYROCKET gloomier
BALLYHOOED "a statistical fluke"
SUGARCOATING dismal doesn't mince words
looming DISASTER
persistently high UNEMPLOYMENT
the [GREAT] Depression
ROSY growth scenarios
SLOW DOWN down weaker feebler
virtually STOPPED growing
TEETERING on the edge

So we hav the lyrics for the song.
And the words for the placards.
We need music.
And a GOP dillon lookalike.