Sound harsh? In reality, that’s not harsh enough. We here at ToOurRepublic.com have been trying to sound the alarm even while Obama was on the campaign trail and we spoke against against President Bush’s bailouts as well. Liberals and big government GOPers are still trying to say that these plans are working. They are not. Obama, while hiding on vacation, released the horrendous news, unemployment to stay at near 10% (far above where he said it would be if his Stimulus Porkfest passed), with deficits exploding by over 22% over the next 10 years due to his spending…in 7 months. Worse yet, they are killing our ability to be productive in the present and in the future:
The federal government faces exploding deficits and mounting debt over the next decade, White House officials predicted Tuesday in a fiscal assessment far bleaker than what the Obama administration had estimated just a few months ago.
Figures released by the White House budget office foresee a cumulative $9 trillion deficit from 2010-2019, $2 trillion more than the administration estimated in May. Moreover, the figures show the public debt doubling by 2019 and reaching three-quarters the size of the entire national economy.
Obama economic adviser Christina Romer predicted unemployment could reach 10 percent this year and begin a slow decline next year. Still, she said, the average unemployment will be 9.3 in 2009 and 9.8 percent in 2010.
I wonder people like Arlen Specter still feel good about themselves about passing that deficit exploding bill that produced nothing except an unemployment rate that will continue to climb into 2010. I distinctly recall, not even three weeks ago Obama saying,
“While we have rescued our economy from catastrophe, we have also begun to build a new foundation for growth.”
Bumping the national debt up to $9 trillion dollars and unemployment staying near 9.8% in 2010 is not a “catastrophe?” Does Obama even know what economics or reality is? He can not truly believe this. This has to be his ego talking. Nobody can be that disillusioned about the economy.
Some members of the media are seeing the extreme danger in Obama’s deficit bloating and are calling him out on it, not even allowing him to use his “Blame Bush,” excuse anymore, because, well, it’s a huge lie:
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.
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.
White House budget chief Peter Orszag said that CBO’s long-range economic projections are more pessimistic than those of the White House, private economists and the Federal Reserve and that he remained confident that Obama’s budget, if enacted, would produce smaller deficits.
Even so, Orszag acknowledged that if the CBO projections prove accurate, Obama’s budget would produce deficits that could not be sustained.
Oh, so we’re supposed to feel good about Peter Orszag saying the he thinks the CBO is too pessimistic? This is he same guy in whom Obama relied to tell us that unemployment would not go above 8% if his Stimulus Bill passed, the man who was so far off the mark in all his projection (all on the wrong side) that people are starting to demand he resign. This is who they roll out to try and convince the American people that Obama knows what he’s doing and that his numbers can be trusted? From all appearances, I wouldn’t let this guy balance my check book. Remember this picture, which it now appears that the CBO was probably too optimistic when it came up with their figures?
If you haven’t already read Pete DuPont’s article from The Wall Street Journal entitled, “The High Cost of Liberalism,” you owe it yourself to do so. It’s a stunning look into the future at just some of the tax increases that are going to have a tremendously negative impact on all Americans, from Main Street to Wall Street. For the record, he mentions that it’s possible that the Democrats will keep most of President Bush’s tax cuts (which need to stay into place…and FYI if you have a a Roth 401(k) that was a result of Bush’s tax legislation as well) but I don’t buy it. The Democrats have put us in such dire straits that they’re going to look for every penny they can get their hands on. The people who will face the greatest impact if the Bush Tax Cuts expire? The people making between $26,500 and $32,500 who face an 87% tax increase if they let the Bush tax cuts expire. We’re losing our ability to compete and maybe even earn a decent living in the present and the future if we continue down this path. The madness must be stopped.