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February 26th, 2009

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06:16 pm - $3.55 trillion...wow...that's a lot of money...
Obama unveils $3.55 trillion budget, says 'hard choices lie ahead'


The USA has $3.55 trillion?  Well, no I guess not since it says "U.S. President Barack Obama unveiled a $3.55 trillion US fiscal plan that will hike taxes on the wealthy, revamp Medicare and saddle the country with a massive deficit", if it has this much money there wouldn't be a deficit.  I'm puzzled, where does all this money actually come from??  I mean I think just about every country at some point in time has run a budget on a deficit, but when a country is in debt...who is it indebted to?  Other countries would be the most obvious answer, but if that's the case...which country in the current situation has so much money to loan to the US when everyone's scrambling to save their own asses?

Well in any case, at least Obama's doing something.  The guy hasn't pulled a miracle yet, but he's only been in office about a month, and he's trying.

P.S. Mr. President, there's a certain sector of your economy that takes up about 50% of your annual budgets, you should look into decreasing it since the USA is already far, far, far ahead of any potential competition in that area currently. 

(5 comments | Leave a comment)


Date:February 27th, 2009 01:24 am (UTC)

Steal from the next generations

Simple, if the country has good reserve (saving) then they use that reserve (i.e. China). But if the country doesn’t have any reserve, then they can steal from the next generations (i.e. USA) and that is legal. Laws are created to just protect the living-generations.
[User Picture]
Date:February 27th, 2009 04:19 am (UTC)

Re: Steal from the next generations

Oh that's true! I totally forgot about the whole layering debt on the future generations option @____@ I think one statistic I saw somewhere years ago was saying Canadians are already spending the money of our children's children x___X By now it's probably children's children's children...and after this economic crisis we'll have to add another children to that list.

Another reason not to have kids, lol, to prevent them from hating our guts for having stole from them before they're even born.
[User Picture]
Date:February 27th, 2009 05:07 am (UTC)
I really dislike the "hiking taxes for the rich". I have many problems with it actually (though I'm sure someone could convince me otherwise). Firstly, I'm of the belief that no matter HOW much you tax the "rich", they will find a way around it. If they get taxed more and are big business owners, then the employees down the line will lose money (pay cuts, being fired, whatever). I just think that it sounds good on paper, but ultimately ends up back-firing. (Like Communism XD)
[User Picture]
Date:February 27th, 2009 06:53 am (UTC)
which country in the current situation has so much money to loan to the US

Simple. China.

But they're not going to call their loans in, cos they're already so intertwined with the US economy that a US crash would automatically sink China too.

"Its a trap!" O__o

Ps. True!
Date:March 1st, 2009 10:03 am (UTC)
When a state goes into debt they issue bonds, which is the governmental version of debt (though it is more secure than personal debt). Anyone from states to corporations and private citizens can buy them (during WW2 the government sold a lot of 'war bonds to US citizens). These bonds can be held until the government pays them off or sold like currency. The biggest purchaser of US bonds is China (which has over $1tr of the stuff), but all the 'Tiger' economies, which all have giant surpluses, are buying up.

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