Posted on 01/26/2010 12:36:18 PM PST by smoothsailing
The CBO has a new report predicting huge deficits, a slow economic recovery, and a $75 billion cost overrun on President Obama's stimulus package.
From Stephen Dinan at the Washington Times:
The CBO now says the stimulus package, passed by Congress last February, will cost $862 billion over 10 years because of the added unemployment-related costs. The program had originally been estimated to cost $787 billion when Mr. Obama signed it in February...Already, the deficit for fiscal year 2010, which began in October, is likely to reach $1.3 trillion -- the second largest deficit on record, behind 2009's final $1.4 trillion.
And Democrats are taking a page out of David Plouffe's playbook: Blame the other guy.
House Democratic leaders said a report by the Congressional Budget Office (CBO) showing a $1.35 trillion deficit in 2010 was the result of policies put in place by President George W. Bush and Republicans in Congress..."90 percent of the projected deficit is due to the cost of the Bush economic collapse and Bush policies like his unpaid for tax cuts for the wealthy," said House Democratic Caucus Chairman John Larson (Conn.)...
(Excerpt) Read more at washingtonexaminer.com ...
And the year after next.
These meatheads. The total national debt is now 100% of GDP. This is good news?
In 2010, we turn over more than 2 trillion dollars worth of short term Treasuries, and sell new Treasuries amounting to 1.5 trillion dollars.
We cannot do this much longer, because we will reach a tipping point where this debt will have no hope of being repaid.
The last Republican Congress budget deficit FY2007 was $160 billion. So I guess the Democrats have to drive the deficit up in two years to $3 TRILLION to fix the Republicans $160 billion dollar deficit.
The Cloward–Piven strategy is right on schedule...................
A teachable moment..
The President Proposes, the Congress disposes.
Who has been in control of the ‘purse strings’ for the past 3 years?
http://uspolitics.about.com/od/usgovernment/l/bl_party_division_2.htm
I wish I was a cartoonist.
I’d have Pelosi, Reid, Obama, and a few others gathered in a nursing home with the caption, “It was that damned Bush’s fault!”.
They can blame Bush all the way to the unemployment line for all I care. Nobody’s buying it any more
And the band played on.....
Next step is to raid the 401Ks or people and pension funds by forcing them to buy Treasury Debt.
No one wants to address the decades old practice of raiding SS taxes to pay current benefits and other forms of spending. The debt keeps increasing because that number is also increasing.
The Obama Morph:
11/08: “Yes we can!”
5/09: “Its worse than we thought - Bush’s fault.”
1/10: “Don’t blame us - Bush’s fault.”
Apparently, they missed the memo that said they are now the official owners of the debt, the economy, etc., etc., etc.
That Bush is sure one incompetent SOB....sheeeetttt...he’s so incompetent, he’s overrunning the budget as we speak.....
Moderator: President Obama. Over the past 4 years, the deficit has averaged in excess of $1.5 Trillion every year, and with mandated future entitlement spending created during your first term, over $10 Trillion has been added to the national debt.
Pres. Obama: I need to stop you right there. Let me be clear. Bush's Fault!
“We have always been at war with East Asia....”
A well-meaning, inexperienced, ignorant incompetent president is still an inexperienced, ignorant incompetent president ! ! !
Just stating the obvious.
bttt
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