Skip to comments.Who's Obama Kidding? (Rosy Delusions on GDP Growth)
Posted on 03/10/2009 7:44:14 AM PDT by SeekAndFind
In 2007, the federal budget deficit was $162 billion (1.2% of gross domestic product). For 2009, the budget deficit is projected to be 11 times larger: $1.752 trillion.
This World War II-like deficit (12.3% of GDP) is not all on President Obama. Much of it is due to policies put in place by President Bush, Hank Paulson and last year's Congress. President Obama's "stimulus" bill will certainly raise the deficit, but, to be fair, it is not the predominant digger of this year's large fiscal hole.
Nonetheless, contrary to the spin of big-government types, these deficits are not just temporary. In fact, the Obama administration uses every trick in the book to convert an understandable and potentially temporary budget lapse this year into a structural lack of fiscal responsibility.
Despite the rosiest economic projections we have possibly ever seen, as well as one of the largest tax hikes in history, President Obama's budget fails to achieve balance at any time in the next decade. The smallest deficit (at least as far as the eye can see) will be $533 billion in 2013. This is amazing, especially when the economic growth forecast is considered. Team Obama suggests that real GDP will grow significantly faster in the years ahead than it has in the past.
To top it off, that $533 billion deficit in 2013 assumes we have largely withdrawn our military from Iraq. In other words, if we look at just domestic spending, the budget deficit is growing even more rapidly.
It is impossible to blame tax cuts for this situation. By 2013, the Bush tax cuts enacted in 2001 and 2003 would no longer be in place.
(Excerpt) Read more at forbes.com ...
[To top it off, that $533 billion deficit in 2013 assumes we have largely withdrawn our military from Iraq. In other words, if we look at just domestic spending, the budget deficit is growing even more rapidly.]
It also presumes there will be no wars in the future from any source.
Obambi’s rosy economic and financial forecast and scenario defies logic even sanity!
Obama’s economic advisors are not honest, not disinterested, not unbiased.
Obama’s stem cell research advisors are not honest, not disinterested, not unbiased.
Obama is a baby killer.
He’s kidding no one, for the American people are incapable of picking the charlatan out of the line-up.