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...
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...
Grrr, my comment got eaten. It was brilliant, too. Really. heh
ReplyDeleteAnyway.
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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ReplyDeleteJust wanted to drop by and say I that I really like your blog... keep up the great work!!
ReplyDeleteSteve
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