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In an article in Money News, Warren Buffett states that the US could very well turn into the Banana Republic.

Banana

In a May 09 blog called Obama’s Debt Tsunami by David Henderson, we learn:
In 2008, the net federal debt as a percent of GDP was 40.8 percent. By 2019, it would have risen, under current law as defined above, to 56.1 percent of GDP. Under the Obama budget, it would double to 82.4 percent of GDP, a whopping 47 percent increase from the baseline.
Since the Congressional Budget Office (CBO) last issued its baseline projections, in January 2009, the out­look for the budget deficit has deteriorated further.1 Enactment of stimulus legislation and omnibus appropri­ations, a worsening of the economic outlook, and other factors have increased CBO’s projections of the deficit by more than $400 billion in both 2009 and 2010 and by smaller amounts thereafter. As a result, if current policies remain the same, CBO now anticipates that the deficit will total almost $1.7 trillion (11.9 percent of gross domestic product, or GDP) this year and $1.1 trillion (7.9 percent of GDP) next year,
the largest deficits as a share of GDP since 1945……..As someone said, prediction is difficult, especially about the future. Nevertheless, we need to try. And the Congressional Budget Office (CBO) has tried. In March, the CBO published its comparison of the Obama budget proposals with the baseline. The baseline takes as given current law, and current law includes the assumption that laws that are set to expire will expire. So, for example, the CBO baseline includes the assumption that the Bush tax cuts will expire. Also, because the Obama “stimulus” bill is now law, that’s also priced into the base line. Those facts are what make the Obama budget all the more striking.

From Rush…
...when are we gonna wake up here? We are borrowing money from the ChiComs, and why? We are going in debt in part to build a bunch of worthless windmills and electric cars that nobody wants. We’re going all green. We’re going to come up with this new green technology and we’re going to create all of these new jobs, never mind that there hasn’t been one created yet. We’ve gotta get rid of our use of oil. It’s destroying the planet; it’s causing global warming, and meanwhile the ChiComs who also tell us screw you on Kyoto, screw you on carbon output, they’re out buying up as much oil as they can while we borrow money from them to invest in a bunch of energy options that are worthless. Good grief, you know, it is scary how dangerous these people are, scary how dangerous the people running this country are…

Dangerous indeed…

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