• Price Change UP Icon Gold $2,191.00 +15.00
  • Price Change UP Icon Silver $24.59 +0.20
  • Price Change DOWN Icon Platinum $904.00 -4.00
  • Price Change UP Icon Palladium $1,006.00 +0.00
Diversification
August 9, 2023

Will Obama’s agenda, with $3.2 Trillion increase in the national debt in first two years, cripple capitalism?

AP, by Andrew Taylor in
Share On Social Media

“Deficits so big put upward pressure on interest rates as the government offers more attractive interest rates to attract borrowers.

‘I think deficits of 5 percent (of GDP) is unsupportable,’ said economist Mark Zandi, chief economist at Moody’s Economy.com. ‘It will lead to higher interest rates to the point where it will force policymakers to make changes.’

Republicans immediately piled on.

‘Under the President’s plan, our debt will increase to shocking levels that are simply unsustainable and will devastate future economic opportunities for our children and grandchildren,’ said Sen. Judd Gregg, R-N.H., the top Republican on the Budget Committee.

But without referencing the figures, Obama insisted on Friday that his agenda is still on track.

‘What we will not cut are investments that will lead to real growth and prosperity over the long term,’ Obama said. ‘That’s why our budget makes a historic commitment to comprehensive health care reform. That’s why it enhances America’s competitiveness by reducing our dependence on foreign oil and building a clean energy economy.’

Many Democrats were already uncomfortable with Obama’s budget, which promises to cut the deficit to $533 billion in five years. The CBO says the red ink for that year will total $672 billion.

The worsening economy is responsible for the even deeper fiscal mess inherited by Obama. As an illustration, CBO says that the deficit for the current budget year, which began Oct. 1, will top $1.8 trillion, $93 billion more than foreseen by the White House.

The 2009 deficit, fueled by the $700 billion Wall Street bailout and diving tax revenues stemming from the worsening recession, is four times the previous $459 billion record set just last year.

The CBO’s estimate for 2010 is worse as well, with a deficit of almost $1.4 trillion expected under administration policies, about $200 billion more than predicted by Obama.”

*This information is solely an excerpt of a third-party publication and is incomplete. Please subscribe to the referenced publication for the full article. This is not an offer to buy or sell precious metals. Investors should obtain advice based on their own individual circumstances and understand the risk before making any investment decision.

Get Your Free Report
A Rising Storm
All form fields are required *
Thank You

Want your kit sooner?

Faster delivery
is available by phone.

800-444-8317

Download Your Report

Enter your phone number to be connected to a Monex Account Representative.

Thank You
Want your kit sooner?

Faster delivery is

available by phone.

800-444-8317
All form fields are required *
Embed Spot Prices!
Copy and Paste below code into your HEAD tag / before end tag of body to embed chart.
Copy and paste code below wherever you want your chart displayed.
Copied to clipboard
Embed This Chart!
Copy and Paste below code into your HEAD tag / before end tag of body to embed chart.
Copy and paste code below wherever you want your chart displayed.
Copied to clipboard
FREE REPORT OFFER
A Rising Storm
Thank You
Please check your email for a confirmation link and Free Report!
I agree to receive news and promotional material from this website and understand I can cancel at any time. Privacy Policy