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Obama's real numbers - a record $1.8 trillion deficit
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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.
( see more stories on stories on JoshuaPundit )
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