"To announce that there must be no criticism of the president, or that we are to stand by the president, right or wrong, is not only unpatriotic and servile, but is morally treasonable to the American public." -- Theodore Roosevelt


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Friday, July 23, 2010

White House is Predicting $1.47 Trillion Deficit for 2010


It's kind of amusing to watch Andrew Taylor of the AP try to spin this into good news-- or at least not dreadful news.

From the article:

"New estimates from the White House on Friday predict the budget deficit will reach a record $1.47 trillion this year. The government is borrowing 41 cents of every dollar it spends.

"That's actually a little better than the administration predicted in February.

"The new estimates paint a grim unemployment picture as the economy experiences a relatively jobless recovery. The unemployment rate, presently averaging 9.5 percent, would average 9 percent next year under the new estimates.

"The Office of Management and Budget report has ominous news for President Barack Obama should he seek re-election in 2012 — a still-high unemployment rate of 8.1 percent. That would be well above normal, which is closer to a rate of 5.5 percent to 6 percent. Private economists don't think the unemployment rate will drop to those levels until well into this decade."

[...]

"The gaping deficits are of increasing concern to voters. But Obama and Democrats controlling Congress are mostly taking a pass on deficit reduction this year as they await possible recommendations from Obama's deficit commission.

"While there's a slight improvement in the deficit for the current year compared to the administration's February forecast, next year's predicted $1.42 trillion worth , next year's predicted $1.42 trillion worth of red ink — that's 37 cents of borrowing for every dollar spent — is looking worse. It's about $150 billion more than previously predicted, because of still-slumping tax revenues."

Personally I find the line "But Obama and Democrats controlling Congress are mostly taking a pass on deficit reduction this year as they await possible recommendations from Obama's deficit commission" to be most amusing.

Hmm, I really wonder why the deficits are so huge? It wouldn't have anything to do with a $787 billion dollar political pay off... uh, I mean stimulus package, or that $1 trillion+ health insurance control... um, I mean refrom law-- for starters. Oh, what on Earth can we do to reduce the deficit? We'll have to wait from a partisan commission's recommendations on that... But we'll get back to at date TBD.

Geez...

4 comments:

  1. Grrr, my comment got eaten. It was brilliant, too. Really. heh

    Anyway.

    I am just aggravated because much as BO wants to blame President Bush, I seriously don't see what Bush did that HCR or porkulous "fixed." Nothing, actually, that BO has done has addressed anything that Bush did. Yes, I know, it's just talk, but he should be asked this stuff, made to explain how his tripling the deficit in the specific ways he has has done a thing about the Bush deficits we all thought so high.

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  4. Just wanted to drop by and say I that I really like your blog... keep up the great work!!

    Steve
    common cents
    http://www.commoncts.blogspot.com

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