Home -> Law Blog Directory -> Loan Modification Blogs -> Mortgage Lender Implode-o-Meter

Loan Modification

: Mortgage Lender Implode-o-Meter

NIA Projects Multi-Trillion Dollar Budget Deficits

By Implode-Explode Heavy Industries

``Any proposed spending cuts coming out of Washington today are so small that they are a waste of time even discussing. The truth is, the total cost of Social Security, Medicare, Medicaid, and other mandatory programs alone will be $2.2 trillion in 2011. Then when you add in the projected $205 billion in interest payments on our national debt in 2011, we will have a budget deficit of $235 billion right there without including any of the government's $891 billion in security and $496 billion in non-security discretionary spending. Obama's proposed freeze on non-security discretionary spending will only save $406 billion over the next 10 years, which is absolutely nothing. If Obama didn't just freeze discretionary spending, but he cut all discretionary spending down to zero, we would still have a budget deficit... It is absolutely insane for the White House to be projecting nominal 5% GDP growth per year, with inflation of only 2% per year. There is absolutely no chance of the U.S. economy seeing real GDP growth of 3% per year, which would be higher than our average real GDP growth during the biggest artificial boom in U.S. history.''

Full post as published by Mortgage Lender Implode-o-Meter on February 18, 2011 (boomark / email).