Where is the US economy headed?

(AP) A senior Bush administration official says the budget deficit for this year will set a record in dollar terms, approaching $490 billion.

The official said Monday the deficit was being driven to record levels by the sagging economy and the stimulus payments being made to 130 million households in an effort to keep the country from falling into a deep recession. A deficit approaching $490 billion would easily surpass the current record deficit of $413 billion set in 2004.

http://www.cbsnews.com/stories/2008/07/28/national/main4298697.shtml

Quote:

(AP) A senior Bush administration official says the budget deficit for this year will set a record in dollar terms, approaching $490 billion.

The official said Monday the deficit was being driven to record levels by the sagging economy and the stimulus payments being made to 130 million households in an effort to keep the country from falling into a deep recession. A deficit approaching $490 billion would easily surpass the current record deficit of $413 billion set in 2004.

Thanks Republicans!

I note that we don't hear any Republicans crowing about how good the Bush economy has been, how many jobs have been created, none of that crap any longer. I suppose it's plainly obvious to everyone at this point that the gains over the last few years were speculative and transitory in nature; we certainly are seeing a reversal right now. And those who were so quick to tout gains should own losses as well. But they won't.

Cycloptichorn

http://www.cbsnews.com/stories/2008/07/28/national/main4298697.shtml

Quote:

(AP) A senior Bush administration official says the budget deficit for this year will set a record in dollar terms, approaching $490 billion.

The official said Monday the deficit was being driven to record levels by the sagging economy and the stimulus payments being made to 130 million households in an effort to keep the country from falling into a deep recession. A deficit approaching $490 billion would easily surpass the current record deficit of $413 billion set in 2004.

Thanks Republicans!

I note that we don't hear any Republicans crowing about how good the Bush economy has been, how many jobs have been created, none of that crap any longer. I suppose it's plainly obvious to everyone at this point that the gains over the last few years were speculative and transitory in nature; we certainly are seeing a reversal right now. And those who were so quick to tout gains should own losses as well. But they won't.

Cycloptichorn

Cycloptichorn wrote:

http://www.cbsnews.com/stories/2008/07/28/national/main4298697.shtml

Quote:

(AP) A senior Bush administration official says the budget deficit for this year will set a record in dollar terms, approaching $490 billion.

The official said Monday the deficit was being driven to record levels by the sagging economy and the stimulus payments being made to 130 million households in an effort to keep the country from falling into a deep recession. A deficit approaching $490 billion would easily surpass the current record deficit of $413 billion set in 2004.

Thanks Republicans!

I note that we don't hear any Republicans crowing about how good the Bush economy has been, how many jobs have been created, none of that crap any longer. I suppose it's plainly obvious to everyone at this point that the gains over the last few years were speculative and transitory in nature; we certainly are seeing a reversal right now. And those who were so quick to tout gains should own losses as well. But they won't.

Cycloptichorn

I am surprised myself. In only 20 months, the Democratic Congress really f***** things up. I figured it would take then at least 36 months before things got this bad.

When Bush destroyed our economy in 72 months, it's going to take at least 172 months to see any daylight of economic progress.

When Bush destroyed our economy in 72 months

It's the opposite of destroyed.

mcg wrote :

Quote:

What? Are you suggesting that Chase is at fault for these peoples complete idiocy? Do you believe that a bank like Chase would be thinking ""you want money ? how much will it be ? " and figured they'd just foreclose on the borrower if things shouldn't work out.""

why don't you tell us what YOU THINK the chase people did before they advanced the $450,000 ?
do you believe they properly evaluated the risk - or is that not part of their business practices ?
do they just hand money over to anyone asking for a $450,000 loan ?
the chase must have had an extremely smart loan manager :wink: !
hbg

even i comin out of abject poverty can notice the horrendous damage done to our economy.


Smoked blueberry kush in a while? NOT SINCE BUSH CAME INTO OFFICE!

IT ALL CAME FROM CANADA AND THEY MAKE NO PROFIT EXPORTING HERE ANYMORE!

GHETTONOMICS one OH one!


seriously. if you think our economy is fine your clinically insane.

SAN FRANCISCO (Reuters) - Department store chain Mervyn's LLC will file for bankruptcy protection in the next few days barring a last-minute cash infusion, the Wall Street Journal reported on Monday on its website, citing people familiar with the situation..

H2O_MAN wrote:

It's the opposite of destroyed.

Your knowledge of the US economy is "broken."