Obama Taxes And Spends America Into Ruin While He Invents His Own Statistics

Obama's eye-popping 2 trillion dollar one-year (!) deficit
by Jim Backlin
www.cc.org
May 28, 2009

Barack Obama's budget numbers were recently revised and the deficit now is expected by the Obama administration to top an incredible eye-popping $1.8 trillion for 2009. Some economists actually expect that even this historic deficit total is based on rosy scenarios and will actually top $2 trillion. This is on top of the sobering news that the deficits over the next decade caused by Obama's budgets will be larger than those created by all the previous 43 presidents combined from George Washington to George W. Bush!

The Associated Press reported that Obama's 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." On Fox News' Special Report, it was reported that "The Administration is conceding the economy is not recovering as fast as it would hope and that means these budget deficits, historically large, are probably going to continue for a while.'"

Obama said yesterday that his nearly trillion dollar (with interest added in) stimulus bill which he signed into law, has already created "or saved" 150,000 jobs. By using weasel words such as "jobs saved," the Obama administration will be able to use just about any figure they want to pull out of the air, such as "my administration saved or created 10 million jobs during my first 4 years."

This deception is not going unnoticed by even the liberal media. Recently, McClatchy reported that the White House "projected 2009 and 2010 federal budget deficits far higher than it forecast just two and a half months ago, even as it continued to defy most experts and predict that the economy is headed for a strong comeback starting late this year." Echoing many economists in scoffing at the Obama administration's economic forecasts, Brian Bethune, the chief US financial economist at IHS Global Insight, said, "If they keep playing this game, they're going to have real credibility problems."

The bottom line is -- regardless of deceptive forecasts and misleading statements about results -- if Obama's gargantuan spending programs and his high tax policies and his strangulating regulations regime do not reduce unemployment from its current 9% or so -- and possibly going to 10% according to some economists by next year -- to something like around 5% or 6% unemployment by 2012, his reelection chances will be greatly diminished. Indeed, if there is little improvement by the summer of next year, Obama and his allies in Congress will suffer a big blow during November's congressional elections.