Today, Mr. Obama announced a revised deficit for FY 2009:
President Barack Obama charted a dramatic new course for the nation Thursday with a bold but contentious budget proposing higher taxes for the wealthy and the first steps toward guaranteed health care for all — accompanied by an astonishing $1.75 trillion federal deficit that would be nearly four times the highest in history.
Denouncing what he called the “dishonest accounting” of recent federal budgets, Obama unveiled his own $3.6 trillion blueprint for next year, a bold proposal that would transfer wealth from rich taxpayers to the middle class and the poor.
Congressional approval without major change is anything but sure. The plan is filled with political land mines including an initiative to combatglobal warming that would hit consumers with considerably higher utility bills. Other proposals would take on entrenched interests such as big farming, insurance companies and drug makers.
Obama blamed the expected federal deficit explosion on a “deep and destructive” recession and recent efforts to battle it including the Wall Street bailout and the just-passed $787 billion stimulus plan. The $1.75 trillion deficit estimate for this year is $250 billion more than projected just days ago because of proposed new spending for a fresh bailout for banks and other financial institutions.
As the nation digs out of the most serious economic crisis in decades, Obama said, “We will, each and every one of us, have to compromise on certain things we care about but which we simply cannot afford right now.”
There seems to be a daily drip drip in the deficit projections that the Obama White House keeps putting out. Every day, the President and his friends continue to add new “investments” and “projects” under the guise of economic stimulus. Unfortunately, this form of economic trickery isn’t stimulus; it’s a lot of wasteful spending and hidden tax increases. A new climate tax that will raise the cost of home electricity but will supposedly deter polluters through the purchase of permits, a new health care reserve fund costing over $600 billion, reduced tax deductions for higher income earners, redundant education spending, billions for new rail projects, and obviously the list goes on. I can’t name a time in our history when with a projected deficit increase by 400% over one year, spending increases not seen before, and an unfunded tax cut to 95% of Americans, that we’ve moved out of a rut and into furthered prosperity. Seems pretty crazy to me.
February 27th, 2009 at 1:27 am
Meh. What’s another $250,000,000,000…
February 27th, 2009 at 1:34 am
“We will, each and every one of us, have to compromise on certain things we care about but which we simply cannot afford right now.”
So where’s Obama’s compromise in a $1.75 trillion deficit? Was he considering $2 trillion and backed off?
February 27th, 2009 at 1:41 am
Well, my prediction is by March 31st, the updated projection will be at 2.2 Trillion after a totally new health care system is unveiled. And then, we forget about a social security overhaul as well…get ready.
February 27th, 2009 at 2:23 am
I just feel helpless.
February 27th, 2009 at 7:44 am
Anthony, is the link at “trickery” right? I don’t think you meant to link back to this site’s URL for some reason. It’s a dead end, and the format for the HTML file isn’t typical for WordPress.
As to the budget, I don’t know whether to poop or go blind…
February 27th, 2009 at 8:47 am
When I’ve continually warned everybody that this guy is a serious SOCIALIST, most of you have covered for him to one degree or another. I hope you now understand where this guy is coming from and where he is trying to take this country.
I hope you all saw Putin’s comments a few days ago when he warned the USA not to go down the path of Socialism/Communism like the soviets had done. This should have been huge news, all over the media, and we certainly should have had a front page posting on here about it. Think about it! But, there was barely any mention of it after it was posted as a link. I was so dissappointed that people on here don’t recognize a good political opportunity when it is presented to us.
February 27th, 2009 at 11:31 am
Welcome to Pork-upine economics 101.
Lesson # 1. When you are in debt, increase spending.
I can not accuse the Democrats of fooling us. They made it quite clear before election day that they wanted to increase spending for various projects and programs. Senator McCain warned us about earmarks, and we Americans laughed him off stage. After all, we are in a new economy where old rules of fiscal responsibility just don’t matter anymore. Earmark reform – how silly. Surely there are no Pork-upines in Washingtonk DC.
Now the Pork-upine wing of the Democratic Party is in charge and they are doing exactly what they told us they would. We voted for the Pork-upines, we got poked, and now we are surprised.
February 27th, 2009 at 11:32 am
Washingtonk = Washington
February 27th, 2009 at 12:23 pm
Do you think the stimulus and the housing plan will work? I wonder. The deficit is going up and inflation may be just around the corner. I saw a good article on this on
http://www.recessioninfocenter.com
February 27th, 2009 at 12:48 pm
Well I’m interested to see whether one high school doper with the nation’s checkbook can bankrupt this fine country in just one term. Anyone taking bets?
February 27th, 2009 at 1:49 pm
He scares the heck out of me Liz.
February 27th, 2009 at 5:50 pm
Mr. Obama is not going to be able to simply vote present and go home anymore. He is now accountable. So far he is a truly fine display of incompetence. Unless of course you are now measured by your ability to spend a country into oblivion. However from what I have seen from him I really wish he would simply vote present and get the devil out of this countries way.
He so far does nothing to raise anyones hope, there is little hope he will ever!
Big Buckets of fried chicken would have more fitting than melons.