And the debt keeps right on rising...

Posted by Bobby Eberle
August 26, 2009 at 7:06 am

No matter how Barack Obama and his media admirers spin the past eight months, unemployment continues to rise, and the debt burden America faces continues to go through the roof.

The new numbers released by the White House Office of Management and Budget (OMB) on Tuesday show a 10-year projected deficit of more than $9 trillion. That's $2 trillion more than Obama's team predicted earlier this year. The White House budget director is now saying that getting deficits under control is a "top priority." Gulp! Whenever something becomes a top priority of the White House, that's when we should all run for cover!


Here is what Obama's own budget chief, Peter Orszag, had to say about the latest figures according to a Bloomberg.com report:

U.S. unemployment will surge to 10 percent this year and the budget deficit will be $1.5 trillion next year, both higher than previous Obama administration forecasts because of a recession that was deeper and longer than expected, White House budget chief Peter Orszag said.

The Office of Management and Budget forecasts a weaker economic recovery than it saw in May as the gross domestic product shrinks 2.8 percent this year before expanding 2 percent next year, according to the administration’s mid-year economic review issued today. The Congressional Budget Office, in a separate assessment, forecast the economy will grow 2.8 percent next year. Both see the GDP expanding 3.8 percent in 2011.

Bloomberg.com notes that the 2010 deficit "would mark the second straight year of trillion-dollar deficits." The Congressional Budget Office also released an economic outlook report this week, and its numbers paint an equally dismal picture of the economy.

As a side note, just look how MSNBC's Chris Matthews (the guy who gets a tingly feeling down his leg for Obama) describes the current state of economic affairs:

video at the link http://www.gopusa.com/theloft/?p=1874

As FOXNews.com reports, "The White House report showed the public debt doubling by 2019 and reaching three-quarters the size of the entire national economy." Of course, the White House is still singing the same tune as it did when Obama came to power. The gloomy forecast is caused by "the economic crisis and the practices of the previous administration."

Blame, blame, blame... yet the only solutions offered are more government spending and more government control. Put more money back into the hands of people who earn it, and I guarantee the economy will turn around. Yet, the only thing Obama wants to do is take more money from tax payers so that he can do things the "government" way. Well... that is not the American way!

The FOXNews.com report sums up both the OMB and CBO reports in this way: "But both offices warned that with higher deficits leading to higher national debt, in turn increasing the federal government's interest payments on that debt, the economy is in serious trouble."

The spending has to stop, and it has to stop now. Reduce spending, cut taxes, and the economy will start to produce more jobs which will bring in more revenue.

It's not that Obama and his advisers don't understand how capitalism works. They do. The problem we face is that Obama and his team detest how capitalism works, and they are doing everything they can to transform America into something of their liking. We are now seeing the effects, and all of us will pay the price.

http://www.gopusa.com/theloft/?p=1874