$10 trillion in additional deficits lie ahead
You thought last month’s grotesque $3.6 trillion budget was bad. It turns out that the projected deficits are now $2.3 trillion worse than the estimate made just last month. Incredible. AP:
$1 trillion deficits seen for next 10 years…The Congressional Budget Office figures released Friday predict Obama’s budget will produce $9.3 trillion worth of red ink over 2010-2019. That’s $2.3 trillion worse than the administration predicted in its budget just last month.
Worst of all, CBO says the deficit under Obama’s policies would never go below 4 percent of the size of the economy, figures that economists agree are unsustainable. By the end of the decade, the deficit would exceed 5 percent of gross domestic product, a dangerously high level. The latest figures throw a major monkey wrench into efforts to enact Obama’s budget, which promises universal health care for all and higher spending for domestic programs like education and research into renewable energy…
“What we will not cut are investments that will lead to real growth and prosperity over the long term,” Obama said. “That’s why our budget makes a historic commitment to comprehensive health care reform. That’s why it enhances America’s competitiveness by reducing our dependence on foreign oil and building a clean energy economy.”
Which would be worse: (a) Obama has no idea what he’s doing; or (b) Obama knows just what he is doing? We ask again, where is the adult supervision in the Democratic Party?
March 21st, 2009 at 9:29 am
I’m coming to the conclusion that we have just elected the most religious president in this nation’s history. But claims to the contrary, his religion isn’t Christianity. It’s leftist socialism.
He is trying to do the things he has been doing because his religion tells him that they are right. It’s all dogma and basic belief; there’s no intellectual attempt to try to find cause-and-effect. He knows that “clean energy” and universal health care will work and isn’t concerned with anyone’s objections as to why they won’t.
This administration is the triumph of ideology. Thought and analysis aren’t needed. And as to trillion dollar deficits? Well, they won’t be a problem because… well, because they won’t be. The ideology says so. That’s all.
March 22nd, 2009 at 7:30 am
Barry has said that he wishes to undo the evils of the Reagan era… Obviously retroactively losing the Cold War is one part of the strategy… And destroying the Earth’s most successful economic system ever is another.
Barry is beyond socialism… It’s Leninism… Leninism holds that capitalism can only be overthrown by revolutionary means; that is, any attempts to reform capitalism from within, such as Fabianism and non-revolutionary forms of democratic socialism, are doomed to fail…
The Visigoths are sacking Rome. Class warfare is in full swing. Bus loads of agitators are visiting the homes of AIG executives…
March 22nd, 2009 at 10:07 pm
Sunday links…
It’s ACORN that is running those AIG bus tours in CT - meaning that this is being done on our nickel (ACORN was given $2 billion in the stimulus). Remarkably, Conyers plans probe of ACORN.
The Global Warming Three are on thin ice. This was …
March 23rd, 2009 at 2:20 am
Where’s the graph, it’s just a one year spike, and everything goes back to normal. Honest. This time it’ll be different. My 401K is safe. My job is safe. There’s nothing to see here, move along.
I’m voting against all the incumbents.