We call this a budget?By Silvio Canto, Jr. | Tuesday, February 2nd, 2010 at 10:24 am
By now, we’ve heard the details and it’s not pretty.
This is from Power Line — Obama Parts Company With Reality:
Today the Obama administration unveiled its budget for FY 2011. The budget ostensibly covers the next ten years, but its projections for future years are meaningless. The only year for which it has any significance is 2011, in which it anticipates $3.8 trillion in spending and an astonishing $1.6 trillion deficit. In 2006, the last year in which the Republicans controlled Congress, the deficit was $248 billion–one-seventh what Obama proposes for next year.
Pres BO’s presentation was something out of The Twilight Zone. He blamed everybody for everything. He blamed Pres Bush but forgot to say that the current deficits are 3 times larger than anything before.
Dick Morris posted this — Behind Obama’s Phony Deficit Numbers:
In 2008, Bush ran a deficit of $485 billion. By the time the fiscal year started on October 1, 2008, it had gone up by another $100 billion due to increased recession-related spending and depressed revenues. So it was $600 billion. That was the real Bush deficit.
But when the fiscal crisis hit, Bush had to pass TARP in the final months of his presidency which cost $700 billion. Under the federal budget rules, a loan and a grant are treated the same. So the $700 billion pushed the deficit — officially — up to $1.3 trillion. But not really. The $700 billion was a short term loan. $500 billion of it has already been repaid.
So what was the real deficit Obama inherited? The $600 billion deficit Bush was running plus the $200 billion of TARP money that probably won’t be repaid (mainly AIG and Fannie Mae and Freddie Mac). That totals $800 billion. That was the real deficit Obama inherited.
Then…he added $300 billion in his stimulus package, bringing the deficit to $1.1 trillion. And falling revenues and other increased welfare spending pushed it up to $1.4 trillion.
So, effectively, Obama came close to doubling the deficit.
He also blamed “tax cuts” for the rich. He blamed Iraq. Unfortunately, Pres BO did not take any responsibility for current spending or the increase in spending last year.
It was bizarre. It was Obama!
P.S. These deficits are also a threat to our national security! (Deficit Balloons Into National-Security Threat) In other words, the federal government will borrow 1 of every 3 dollars it spends!
You can read this and other articles by Dallas businessman Silvio Canto on his blog MY VIEW by Silvio Canto, Jr. You can also listen to his twice weekly radio program, Canto Talk, on Tuesday and Thursday afternoons (check schedule for segment times).
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2 Responses to “We call this a budget?”
February 15th, 2010 at 12:38 pm
When will Obama’s lies be exposed? When the media stops giving him a free pass by letting him make idiotic references to the spending problems or the financial crisis as belonging solely to George W. Bush. Of course Bush participated in the creation of the disasters we face. And the Democrats have been willing conspirators in this mismanagement in almost every step of the way by instigating laws that favor their political constituency through creeping entitlements, pork and most recently flaunting their single party control of the federal government by trying to jam their deeply flawed health plan down the throats of an unwilling nation. The campaign ploy of whitewashing Obama with the moronic explanation that all of our problems were due to the last eight years needs to be thrashed by the media. What are they waiting for? They are too busy bowing five times a day to their “chosen one.” The number of times you repeat a lie doesn’t transform it into the truth. Wake up the media. They need to catch up with the wisdom of the “ploughmen” — as Thomas Jefferson labelled us “folks” — because we happen to be the ones TJ thought would show the best judgment on tough decisions facing the nation.
February 15th, 2010 at 1:13 pm
Just today Barry H. signed into law a $1.9 trillion increase in the federal government’s borrowing limit increasing the total borrowing capacity to $14.3 trillion, a 15.3% increase. Bill, if indeed your statement is correct, then I think Barry has just ended that streak with a bang!