President Barack Obama’s profligate spending programs, in aggregate totaling many trillions of dollars, translate to the act of printing money at a rate never seen in human history, writes Doug Ross in a post today. Experts, from the nonpartisan Congressional Budget Office to Democrat economists, believe that these plans put America on a glide-path to catastrophe over the next ten years.
Ross continues:
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 [CBO] 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 percent of the size of the economy, figures that economists agree are unsustainable. By the end of the decade, the deficit would exceed 5 percent of gross domestic product, a dangerously high level.
And consider the spending itself: a stimulus bill that sends billions of taxpayer dollars to a “criminal enterprise” like ACORN and spews hundreds of billions to pork-laden construction projects. A budget that includes 9,000 earmarks. Mortgage rescue packages for deadbeats and real-estate flippers. Trillions of dollars going out the front door and the back door of the Federal Reserve.
The full faith and credit of the U.S. financial system hangs in the balance. The dollar, once the strongest currency in the world, is on a trajectory to rival a third-world medium of exchange.
The national debt just hit $11 trillion, which reflects only the “on-the-books” amount. The true debt — including Social Security and Medicare — is now $56 trillion. This translates to: $483,000 per American household!
That amount of debt is, quite obviously, unsustainable.
To read the rest of this excellent piece, visit Doug Ross@Journal.
1 response so far ↓
1 jeanniejo // Mar 22, 2009 at 9:31 am
http://lamecherry.blogspot.com/2009/03/clueless.html
Clueless
“This is a serious slap by Barack Obama at the French people. It does not matter if someone voted for Mr. Sarkozy or not. It matters that the French Republic has just had it’s free elections which free Frenchmen have died for has just been negated by B. H. Obama.
What B.H. has just done is worse than the humiliation he just heaped upon British Prime Minister Gordon Brown, his wife and their 2 children. Obama just negated the French elections by telling a person with no more power than Jimmy Carter he is going to be working with him.
Chirac is an old Citizen of France and that is it.
This is what is the breach in Obama has now antagonized the three most important allies America has in England, France and the Israeli state.
These actions are deliberate by Mr. Obama to break the western alliance and supplant it with the central Europeans who started Obama’s original Marxist dogma which he laps upon.
This is why I’m not so amused at this as this is not Obama being clueless, but Obama being deliberated. It is going to have horrendous terms for America and the rest of the world.”
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