I'm a Pundit Too

Thursday, December 10, 2009

The Obama Deficit Lie

President Barack Obama and Democratic Congressional leaders have hypocritically promised since taken office in January that are going to be “deficit hawks”. We have not even reached the one-year anniversary of the Inauguration and the same Democratic leaders are raising the debt ceiling by $1.8 trillion. The national debt is already nearing $12.1 trillion and the economic geniuses in DC have realized that their historic deficit spending has made it imperative to raise the ceiling.

The federal deficit for last fiscal year that ended at the end of September was around $1.4 trillion. To put that into perspective, the federal budget for all of 2008 was $2.9 trillion. To be fair, and to prevent my left-leaning friends from hyperventilating, some of that deficit belongs to President Bush, but in the first 2 months of this fiscal year the Obama administration has spent $296.7 billion in the red. Project that out for the next 12 months and the 2010 federal deficit will be about $1.8 trillion. Of course we have to consider that the “emergency” stimulus spending has not really even started to be spent.

Based on President Obama’s penchant for socialist government, you can guarantee his response to the crippling deficit and ever-increasing debt will be to raise taxes. His tax increases will be “targeted” towards only the “rich”, but it will soon become apparent that the definition of rich will be continually redefined until the majority of the middle class will be hit as well. Of course the net result of his tax hikes will be an even bigger hit to the economy than his disastrous policies have already been. "There is no such thing as government money - only taxpayer money." William Weld

The bureaucrats in Washington have expelled so much hot air making promises about deficits, bailouts, Afghanistan, Guantanamo, and health care that if I believed in the global warming hoax, I would be worried about a real life Day After Tomorrow. Thank God the carbon dioxide being spewed out in DC has no effect on our climate. Unfortunately the idiotic economic policies coming out of Washington will have lasting effects that our children and grandchildren will feel. To borrow a line from the President’s campaign, “It is time for Change!”

Labels: , , ,

0 Comments:

Post a Comment

Subscribe to Post Comments [Atom]



<$I18N$LinksToThisPost>:

Create a Link

<< Home