If we remember correctly, the Obama administration gave us some rosy estimates of the budget deficit which were still obscene, but not as obscene as the true estimates from the Congressional Budget Office, a non-partisan number crunching entity for congress.
To put this in perspective, last year’s deficit was a mere $459 billion which should make you pause for just a second about what Obama is selling us into for the next decade.
The story from WaPo:
President Obama’s ambitious plans to cut middle-class taxes, overhaul health care and expand access to college would require massive borrowing over the next decade, leaving the nation mired far deeper in debt than the White House previously estimated, congressional budget analysts said yesterday.
In the first independent analysis of Obama’s budget proposal, the nonpartisan Congressional Budget Office concluded that Obama’s policies would cause government spending to swell above historic levels even after costly programs to ease the recession and stabilize the nation’s financial system have ended.
Tax collections, meanwhile, would lag well behind spending, producing huge annual budget deficits that would force the nation to borrow nearly $9.3 trillion over the next decade — $2.3 trillion more than the president predicted when he unveiled his budget request just one month ago.
Although Obama would come close to meeting his goal of cutting in half the deficit he inherited by the end of his first term, the CBO predicts that deficits under his policies would exceed 4 percent of the overall economy over the next 10 years, a level White House budget director Peter R. Orszag yesterday acknowledged would “not be sustainable.”
The result, according to the CBO, would be an ever-expanding national debt that would exceed 82 percent of the overall economy by 2019 — double last year’s level — and threaten the nation’s financial stability.
“This clearly creates a scenario where the country’s going to go bankrupt. It’s almost that simple,” said Sen. Judd Gregg (N.H.), the senior Republican on the Senate Budget Committee, who briefly considered joining the Obama administration as commerce secretary. “One would hope these numbers would wake somebody up,” Gregg said.
One of the problems is that Obama is anti-business and anti-growth, based on his policies. Therefore, how does he expect the private sector to generate money to be taxed for his plans? He is sucking capital from the private sector and will continue to do so for the next decade.
Here’s the numbers in all this from USAToday:
WASHINGTON (AP) — President Obama’s budget would generate unsustainably large deficits averaging almost $1 trillion a year over the next decade, according to new estimates released Friday.
The new Congressional Budget Office figures 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% of the size of the economy, figures that economists agree are unsustainable. By the end of the decade, the deficit would exceed 5% 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.
Common sense says we can’t afford Obama and his nanny state policies and the numbers back that common sense up. We can’t afford it, the notion that we can somehow borrow from ourselves to pay ourselves is even more insane.
I’ll defer to Glenn Beck for a deeper illustration of Obama’s economic policies and what they will do to America:
It’s madness and the deficit stories confirm the danger in Obama’s policies. Obama is using failed socialist policies of the past to usher in a new era of government control. Hopefully America will put a stop to it in 2010 before most of policies take hold.