DISASTER CONTINUES: Obama Administration Will Break Their Record 2009 Budget Deficit
Posted by Jim Hoft on Saturday, July 24, 2010, 9:03 AM
Barack Obama is the worst president in history on job creation–
According to data from the U.S. Bureau of Labor Statistics, the U.S. shed 2.3 million jobs since February 2009, Obama’s first full month in office. Since Obama’s election in 2008, the US economy has shed 4.4 million jobs. That’s worse than Herbert Hoover.
The US economy lost another 125,000 jobs last month.
Barack Obama’s Keynesian policies have failed miserably. Democrats blew a Trillion dollars on a failed stimulus bill and all they managed to do was triple the national deficit in one year.
The national debt will represent 62% of the nation’s economy by the end of this year, the highest percentage since just after World War II.
Just when you thought things could not get any worse – The Obama Administration announced this weekend that they will break their record deficit from last year.
The AP reported:
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.
Guess that spend your way to wealth plan didn’t work out so well, huh?
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Published February 8, 2012 at 8:42 pm - 47 Comments
Melvin Winter commented:
Democrats Celebrate Milestone as National Debt Becomes Mathematically Impossible to Pay Back http://optoons.blogspot.com/2010/06/democrats-celebrate-milestone-as.html
mmm commented:
When you create an unstable and uncertain business environment by turning the law on its head, governing by fiat, targeting american companies and groups what do you think will happen??? He has lost the trust of a growing majority of the people. I truly feel he is at war with capitalism and the American dream of individual liberty.
Espresso Logic - The 6th Sense commented:
Do you realize that we need to create 100,000 jobs a month just to keep up with the population growth?
If we lose 125,000 jobs we are really down 225,000.
It’s sad having an asshat for POTUS.
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Bill Fabrizio commented:
Companies in private industry set the “hurdle rate” higher each year to effect performance improvements from their employees. Government sets a lower “hurdle rate” each year to avoid doing the hard things required to improve the performance of its employees. Most Americans see a problem with this picture!
snopercod commented:
The Peter Vitale pool table plant in our little town closed down last month, putting 6% of the population of the town out of work and Lord only knows how many others at the stores and restaurants they used to frequent.
Scott commented:
I wouldn’t believe much of those deficit numbers. The true data are probably much worse. Obama and the dems shifted some TARP money back into the Treasury to mitigate what would have been a 1.8 to 2.0 Trillion dollar 2009 deficit…
Scott commented:
They are about to raise taxes in this recession/depression by allowing the Bush tax cuts to expire…That will work wonders for the economy I’m sure. In addition to cap gains increases and dividend taxes the grim reaper tax on estates will go back to 55% for estates over 1 million…Hope all the rich whites who voted these clowns into office have good accountants to hide their wealth…Otherwise, they might lose a good chunk of their children’s inheritance, their businesses, and money they intended other purposes. The government stealing money from estates, money that has already been taxed many times over in a lifetime is an “unnatural act.” This dirty tax should be killed forever!
Scott commented:
Oh, I don’t know why the trillion dollar stimulus fell flat. I mean, Obama has more czars than the Romanoffs of nineteenth century Russia…And, most of them were tremendous in their academic and advocacy roles for such things as save the whales and gay marriage. Can’t figure out why they can’t turn the world’s largest economy around.
Scott commented:
Trillion dollar stimulus that failed to stimulate? I think the bible said something about “Fools and their money soon parting.”
xxx commented:
What is the debt issued under OSTupid?
5.4 trillion now? We have not started to pay-off the new medical bills. I bet Ostupid will go play golf and not worry too much. He has over $10 million in the bank, so who cares. He funds Hamas $400 billion but wants America to die.
WTF is this fool doing in our office?