The actual numbers ( as opposed to the PR) have finally come out on President Obama's ridiculous budget, and they aren't pretty:
The government will have to borrow nearly 50 cents for every dollar it spends this year, exploding the record federal deficit past $1.8 trillion under new White House estimates.
Budget office figures released Monday would add $89 billion to the 2009 red ink -- increasing it to more than four times last year's all-time high as the government hands out billions more than expected for people who have lost jobs and takes in less tax revenue from people and companies making less money.
The unprecedented deficit figures flow from the deep recession, the Wall Street bailout and the cost of President Barack Obama's economic stimulus bill -- as well as a seemingly embedded structural imbalance between what the government spends and what it takes in.
In the meantime the economy under President Obama continues to hemmorage jobs, with unemployment in April rising to 8.9 percent, the highest in 25 years.The only sectors of the economy showing any growth at all are government and health care.
I also don't buy the fact that Obama inherited this mess. After all, he ran on the basis that he supposedly could fix it - when in actuality, he's made it worse. As I predicted, the so-called stimulus bill wasn't going to provide any major number jobs for years. Meanwhile, the money's changing hands with little or no oversight or accounting.
Another interesting thing to consider is where these deficit funds are going to come from. The answer's aimple - we'll simply print it.
Bernie Madoff, of course, was put behind bars for doing substantially the same thing.If he had the Obama Administration's ability to just crank up the presses and issue a trillion or so dollars, he'd have never spent a day in jail.
(Graphic cheerfully swiped from Waystupid.Com)
6 comments:
Of course if the Government simply prints the money this means the dollar is worth less. This probably means hyper inflation. If the dollar is worth less, this means the Chinese and other holders of US debt simply dump their treasuries.
The debt load was a major problem even BEFORE Obama came into office and made it even worse. With the debt as it was PRE-OBAMA the United States was all but finished as a major world power. It would appear that Obama has simply sped the process along.
Unless Obama changes course we will likely have hyper inflation and high unemployment. If this happens, his days in office will not be very long. At best, he will be a one term president. At worst, he gets impeached.
Maybe he plans to stay in office by having the police and the military attack the citizens who turn out to vote and protest against him. Maybe this is how he expects to remain in power. After all its worked many times and many places around the world in the past. Will it work here? I don't think so but I don't know. I hope and pray Mr. Obama changes course so we don't have to find out.
I also don't buy the fact that Obama inherited this mess.yeah, well, the majority of people in the US don't read J/P.
the majority of people in the US are as dumb as a sack of hair.
BUT IT'S OBAMAAAA......
ye won't print it, ye'll borrow it from the FED and pay interest on it.
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