DISASTER CONTINUES: Obama Administration Will Break Their Record 2009 Budget Deficit
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?