Friday, March 20, 2009

Obama on track to financial ruin in 2019

Obama administration "incorrect" about deficit estimates

From the National Taxpayers Union:

An AP article entitled "$1 trillion deficits seen for next 10 years" explains that:

* "Congressional Budget Office figures predict Obama's budget will produce $9.3 trillion worth of red ink over 2010-2019. That's $2.3 trillion worse than the White House predicted in its budget." Since economic forecasts have not worsened in the few weeks since the Adminstration made its proposal public, it means that they underestimated the debt they're piling on future generations by a full 30% with no excuse to be made about changing forecasts.

* "Worst of all, CBO says the deficit under Obama's policies would never go below 4 percent of the size of the economy, figures that economists agree are unsustainable. By the end of the decade, the deficit would exceed 5 percent of gross domestic product, a dangerously high level."

Nobody who has been paying attention is surprised by this news. But now that it's come from the CBO instead of from evil supporters of liberty and free markets, maybe the public and -- dare I say it -- Democratic legislators will start pushing back against the destruction of our nation's economy.

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