Veer Right

“But what is not just worrisome but dangerous are the growing trillion dollar deficits in the latter years of the Obama budget. These deficits are so large for a prosperous nation in peacetime — three times safe levels — that they would cause the debt burden to soar toward banana republic levels. That’s a recipe for a permanent drag on growth and serious pressure on the Federal Reserve to inflate, not the new era of rising prosperity that Mr. Obama and his advisers foresee.” – Michael Boskin, WSJ

Obama said again yesterday that his budget is going to “cut the deficit in half.”  This is an outright lie.  His budget will quadruple the deficit and then after ten years is supposed to cut that in half.  It is utter nonsense.   I looked at the budget closely immediately after it was released and America is going to have another economic meltdown, but this time it will be due to Obama’s spending.  Yes the economy is recovering.  It has shown growth over the past few weeks.  This is due to the cut in interest rates and the fall in real estate prices.  Obama’s stimulus has not had a chance to take effect yet.  Of course Obama is going to take credit for the economy.  Don’t be fooled.  The reality of his economic policies are going to come back to roost.  Just like the Fannie Mae debacle which was stonewalled by the Democrats, but went off like a bomb last Fall.  The same is going to happen with the economy once more.  It will be due to this egregious spending of his administration and this Democrat Congress.

The budget is bad for America.  We are in a recession and Obama wants to double foreign aid, enact cap and trade taxes, socialize health care, and not cut taxes across the board.  This is a very sad day for America.  My children won’t have the same opportunities because of Obama.  The tax burden because of this massive spending spree of Obama and Democratic party will equate to $163,000 per family.  Got that?  Every Americans standard of living is going down.  The Upper Middle Class will become the middle class.  The middle class will get squeezed.  Unless this madness stops, it will end up where we will have the rich and poor – no middle class – just like any other third world country.

Below are the deficits from George W. Bush on the left (Actual) and the projected deficits for Obama (Projected). Obama is bankrupting America plain and simple.