Sunday, August 23, 2009

Obama's war on the economy

Maybe he doesn't like the word victory in the war in the Middle East, but he can see it clearly and his aim is straight in his war on the American economy (O woe). He is following the Democrats' template of the 1930s and digging us a deeper hole.
    From WaPo Aug. 22: "The nation would be forced to borrow more than $9 trillion over the next decade under President Obama's policies, the White House acknowledged late Friday, bringing their long-term budget forecast in line with independent estimates.

    The new projections add approximately $2 trillion to budget deficits through 2019. Earlier this year, the administration had predicted that Obama's policies would require the government to spend $7.108 trillion more than it collects in tax revenue over the next decade.

    An administration official, speaking on the condition of anonymity because the report will not be formally released until Tuesday, said the change is due primarily to updated projections of economic growth that are far less rosy than data used when the White House released its first long-term budget outlook in February. At that time, the White House predicted the economy would shrink by 1.2 percent this year; in fact, the economy shrank at an annualized rate of 6.4 percent in the first quarter, the sharpest drop since 1980." link


black said...

I think his approval ratings have gone down because he promised us change, and all we got is change...(coins-leftovers). Terrible!!! Now, that’s all we are left with..some pocket change.

Hamster said...

Here's some interesting news today

WASHINGTON (Reuters) Aug. 23, 2009
“- The $787 billion stimulus package passed in February will fuel a recovery in the moribund U.S. economy this year, Congress’ non-partisan budget watchdog said on Tuesday.”

“Economic activity will begin to rebound in the second half of 2009, largely the result of fiscal stimulus,” the Congressional Budget Office said in its assessment of the federal budget and U.S. economy.