$1.75 trillion federal budget deficit

[MrFun]

And only slightly smaller deficits for years to come.

Commence indigestion. We're going to be paying this off for generations.

God, we need some bankers to hang.

So you would rather have a depression rather than a recession in the interest of not spending anymore money.

[Zkribbler]

And only slightly smaller deficits for years to come.

Commence indigestion. We're going to be paying this off for generations.
.

True. We're still paying off Reagan's deficits and of course Bush's deficits.

Obama's deficits do have an upside potential. The bail out monies going to GM and Chrysler were loans. IF they survive, we can make money on the deal. Similarly, in exchange for the bail out monies going to CitiGroup, we took back equity. We now own 40% of CitiGroup. IF it goes up in value, we can sell and make a profit.

Some of our bailed-out companies will fail, sure, and that money will be down the drain. But some companies will succeed, and we'll make money off their success.

[Kuciwalker]

IF they survive

[Lorizael]

I've read that mathematicians do not even use the term trillion!

I know. What's with this 1x10^12 stuff anyway?

[Zkribbler]

I know. What's with this 1x10^12 stuff anyway?

If I were a betting man, I'd bet Chrysler is going to fail, CitiGroup will survive.

[I just checked InTrade.com, but it doesn't have this type question.]

[Kidlicious]

We're still paying off Reagan's deficits and of course Bush's deficits.

No we aren't.

[Japher]

GM: $5.3 Billion burn rate per quarter?!!

Are we really going to bail them out>?!

[Zkribbler]

No we aren't.

Are too, too, too.

[Kidlicious]

Are too, too, too.

The debt is not meant to be paid off. It's meant to be continuous.

[rah]

So you would rather have a depression rather than a recession in the interest of not spending anymore money.

What proof/reasoning do you offer that all this spending will prevent a depression, or that one will happen if we don't spend?

So far, all I've heard is Obama's fear mongering about things getting worse.
Similar to what the REPUG are always accused of when talking about the war on terror.

[Naked Gents Rut]

It appears very few people on Poly actually know what DanS's politics are. He's always seemed like a sensible fiscal conservative to me.

[Naked Gents Rut]

To address the topic of the thread, my spirit has been completely broken by the ever increasing deficit. Obama complained about the failed economic policies of Bush, but then proceeded to add more long-term debt obligations in a month than Bush managed in 8 years. I've just accepted that the Baby Boomers are going to do everything possible to **** up the country while they're in power and there's absolutely nothing I can do to stop it. The real question for me is whether I want to stick around and try to fix the country or just bolt to sweet, low-tax Ireland...

[Victor Galis]

And only slightly smaller deficits for years to come.

Commence indigestion. We're going to be paying this off for generations.

You have way more faith in the American political system than I.

[Zkribbler]

What proof/reasoning do you offer that all this spending will prevent a depression, or that one will happen if we don't spend?

1929, 1930, 1931 & 1932.
Plus, projections from lots of economists.

So far, all I've heard is Obama's fear mongering about things getting worse.
Similar to what the REPUG are always accused of when talking about the war on terror.

His focus on how bad things were was during the lead up to the stimulous package. If you watched him Tuesday, he briefly acknowledge our economic problems, but then laid out an optomistic plan on how we're going to get out of them.

[MrFun]

What proof/reasoning do you offer that all this spending will prevent a depression, or that one will happen if we don't spend?

So far, all I've heard is Obama's fear mongering about things getting worse.
Similar to what the REPUG are always accused of when talking about the war on terror.

I don't have proof myself. But what proof do you have that "doing nothing" or "tax cuts without additional spending" is the best route?