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California may be in better shape than the United States. The Obama trillion dollar deficits as far as the eye can see, will, within five years, kill the national economy.
"Lost amid last month's passage of the new health care law, the Congressional Budget Office issued a report showing that within this decade, President Obama's own budget sends the U.S. government to a potential tipping point where the debt reaches 90 percent of gross domestic product.
Economists Carmen Reinhart of the University of Maryland and Kenneth Rogoff of Harvard University have recently shown that a 90 percent debt-to-GDP ratio usually touches off a crisis."
Thanks to Obama we can NEVER have a balanced budget. "One advantage the United States has - and it is a big one - is that it issues the world's reserve currency and so can print dollars to service its debt.
The Obama budget will add $10 trillion to the national debt in the next decade and will not stabilize the deficit, the CBO found. Deficits are expected to dip as the recovery takes hold, but never below $724 billion a year. Interest costs alone will consume $5.6 trillion this decade. A balanced budget has been widely ruled out as unattainable."
We need a voter revolt, to return Constitutional government and economic literacy to the national scene..
The bad news is that we have ObamaCare. The good news is that ObamaCare will throw our nation into economic crisis, forcing even the bluest of Democrats out of office.
The only question is whether the GOP can turn the Obama Titanic around?
More...
"Lost amid last month's passage of the new health care law, the Congressional Budget Office issued a report showing that within this decade, President Obama's own budget sends the U.S. government to a potential tipping point where the debt reaches 90 percent of gross domestic product.
Economists Carmen Reinhart of the University of Maryland and Kenneth Rogoff of Harvard University have recently shown that a 90 percent debt-to-GDP ratio usually touches off a crisis."
Thanks to Obama we can NEVER have a balanced budget. "One advantage the United States has - and it is a big one - is that it issues the world's reserve currency and so can print dollars to service its debt.
The Obama budget will add $10 trillion to the national debt in the next decade and will not stabilize the deficit, the CBO found. Deficits are expected to dip as the recovery takes hold, but never below $724 billion a year. Interest costs alone will consume $5.6 trillion this decade. A balanced budget has been widely ruled out as unattainable."
We need a voter revolt, to return Constitutional government and economic literacy to the national scene..
The bad news is that we have ObamaCare. The good news is that ObamaCare will throw our nation into economic crisis, forcing even the bluest of Democrats out of office.
The only question is whether the GOP can turn the Obama Titanic around?
More...