Deficit's impact a concern (Economists fear fiscal time bomb as spending

[Tom Yossarian Joad]

soars.)

http://www.chicagotribune.com/news/nationworld/chi-0311250273nov25,1,7033012.story?coll=chi-newsnationworld-hed

WASHINGTON -- As Congress brags about its 2003 accomplishments, many analysts fear its biggest legacy will be a soaring budget deficit that will last as far as the eye can see, ultimately inflicting severe damage on the U.S. economy.

Economists and budget analysts have expressed increasing concern about what they termed a lack of fiscal discipline on the part of Congress and the White House in this year's session.

They said mounting federal debt is a fiscal time bomb that could ultimately result in higher taxes, inflation and a lower standard of living.

Whether the deficit damages President Bush's chances for re-election in 2004 is open to question.

Democrats already are making the deficit an issue in the campaign, although the red ink in the short term could help speed up the economic recovery.

Analysts said the negative economic consequences might not appear for years.
<snip>

[Mari333]

1. Thats why Im playing the ant now and not the grasshopper

I foresee NO Social Security Widows benefits for me in 2013...even tho my husband paid into it...I foresee my savings being dried up if I dont relocate/downsize and I am going back to school to get an LPN lisence...(liberal arts majors dont get jobs I found out)...
And Im 52...so I dont have much time. I foresee a LOT of death and destruction and poverty in this country as the giant sucking sound of the WAR on ABSTRACTS (as my husband calls it) never ends. The * admin has destroyed and is destroying the United States.

[ixion]

9. wars on abstractions... that's what I call them, too...

Your husband is not alone. Noam Chomsky refers to the War on Terrorism and the War on Drugs as wars on abstractions, as well, because that's precisely what they are. It is a dangerous tweak in the semantic defintion of war, and should never have been accepted in the first place, but the sheeple let slip through, because of Ray-gun's fear campaign about nameless, faceless drug users that were lurking everywhere. The people bought it, and it paved the way for this war on shadows that we've created from the collective unconscious.
It really doesn't say much for humanity, collectively speaking, except that as a group, we're still frightened by shadows on the wall and of things we don't understand.

*sigh*

</mini_rant>

[izzie]

2. Well yar but the greedy men in congress are not statemen

They are just getting all they can to bring home so they can be voted in. We need congress men to be paid the ave. wage of an American worker. Giving them high pay so they would not steal has not worked. Now that is a party that all would get with. Get the greed out party. Or in other words get the GOP out.

[really-looney]

10. We need to pay them less so only the rich can serve

I don't think that that is such a good idea.

[izzie]

3. Well yar but the greedy men in congress are not statemen

They are just getting all they can to bring home so they can be voted in. We need congress men to be paid the ave. wage of an American worker. Giving them high pay so they would not steal has not worked. Now that is a party that all would get with. Get the greed out party. Or in other words get the GOP out.

[izzie]

4. Well yar but the greedy men in congress are not statemen

They are just getting all they can to bring home so they can be voted in. We need congress men to be paid the ave. wage of an American worker. Giving them high pay so they would not steal has not worked. Now that is a party that all would get with. Get the greed out party. Or in other words get the GOP out.

[izzie]

5. Well yar but the greedy men in congress are not statemen

They are just getting all they can to bring home so they can be voted in. We need congress men to be paid the ave. wage of an American worker. Giving them high pay so they would not steal has not worked. Now that is a party that all would get with. Get the greed out party. Or in other words get the GOP out.

[izzie]

Well yar but the greedy men in congress are not statemen

They are just getting all they can to bring home so they can be voted in. We need congress men to be paid the ave. wage of an American worker. Giving them high pay so they would not steal has not worked. Now that is a party that all would get with. Get the greed out party. Or in other words get the GOP out.

[izzie]

6. Well yar but the greedy men in congress are not statemen

They are just getting all they can to bring home so they can be voted in. We need congress men to be paid the ave. wage of an American worker. Giving them high pay so they would not steal has not worked. Now that is a party that all would get with. Get the greed out party. Or in other words get the GOP out.

[Frodo]

7. You feel strongly about this I take it?

[Tom Yossarian Joad]

8. LOL He must. n/t

[Jeff in Cincinnati]

14. Interesting tactic for increasing the Post Count, though!

[really-looney]

11. Not real smart

I am not a really smart person. I did not take Economics. They did not offer it in my high school. That is as far as I got. Can some smart guy/girl here at DU tell me if I am right on this thought? The economy should be growing because just like in the Reagan years we are spending lots, lots, lots, more money than we are bringing in. Tax cuts + increased spending= growth in economy also that creates a train wreck someplace in the future. If I am wrong please correct me so I don’t go around making a fool of myself

[NNN0LHI]

12. Try spending your way to out of debt sometime and see what happens

It won't be a very pretty picture.

Don

[ramapo]

13. Smarter than the collective Congress, et. al.

You don't need a degree in economics, only some common sense.

The federal budget is no different than your own. If you had a cut in pay (decreased tax revenue) and then went on a spending spree with your credit card (deficit spending), then at some point, you'd be in big trouble.

Yes this is very simplistic and you can find plenty of excuses while the deficit spending and federal debt isn't so bad, but I firmly believe that sooner or later, this debt-laden economy will topple and the result will not be pretty.

[jacksonian]

15. however a big difference

between your budget and the feds is that you go to jail for printing more money.

Still, people have to see this is fucked. We've had the biggest government giveaway in the history of the universe and we're celebrating about 1/20th of a good time. There are no new markets, overcapacity in the markets that exist, private debt is still way out of control, saving is pointless, and the future is shaping up to be endless bidding wars for essential services.

Enjoy your turkey.