Nothing like something to make your Saturday a bit more gloomy. Knowing that the Globetrotter in chief is basically spending your Country into a economic black hole.
Via the AP:
President Barack Obama’s budget would produce $9.3 trillion in deficits over the next decade, more than four times the deficits of Republican George W. Bush’s presidency, congressional auditors said Friday.
The new Congressional Budget Office figures offered a far more dire outlook for Obama’s budget than the new administration predicted just last month — a deficit $2.3 trillion worse. It’s a prospect even the president’s own budget director called unsustainable.
In his White House run, Obama assailed the economic policies of his predecessor, but the eye-popping deficit numbers threaten to swamp his ambitious agenda of overhauling health care, exploring new energy sources and enacting scores of domestic programs.
The dismal deficit figures, if they prove to be accurate, inevitably raise the prospect that Obama and his Democratic allies controlling Congress would have to consider raising taxes after the recession ends or else pare back his agenda.
By CBO’s calculation, Obama’s budget would generate deficits averaging almost $1 trillion a year of red ink over 2010-2019.
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.
Here is the real kicker, what are the so-called “Liberal Experts” saying is the solution to the above? Spending more money! But of course!
As Washington Post columnist Steven Pearlstein pointed out, the numbers confirm that “the recession is worse than they thought when they did these things last time,” and thus “the more urgent it is for us to spend more money to stimulate the economy.
It is indeed a scarey time to be an American. The mental cases are running the asylum.
Others:
- Tobin Harshaw / The Opinionator: Weekend Opinionator: Obama’s Communication Breakdown
- Right Wing News: Former CBO Director Now Finds CBO Numbers Not So Good
- James Joyner / Outside The Beltway: Trillion Dollar Deficits as Far as the Eye Can See
- Jeremy Pelofsky / Reuters: U.S. Budget Office offers darker economic and deficit outlook
- David Kramer / LewRockwell.com Blog: $1 trillion deficits seen for next 10 years