The U.S. Govt fell even deeper into debt during 2010 with net liabilities grew to $2.080 Trillion Dollars for the fiscal year which ended on the 30 September
More here from Reuters
Related: Omnibus Spending bill printing costs more than $78,000 to print–Washington Times
Unemployed Jobless Benefit New York and Columbus, Ohio Free Yoga
In March the Congressional Budget Office said that should Obama’s 2011 Budget be enacted the U.S. Government would add an additional $9.8 Trillion Dollars to the nations accrued debt over the next decade.
While its clear that President Obama has no grasp on fiscal sanity racking up $3 Trillion Dollars of debt in just two years in office, the White House has announced that the American Taxpayers are prepared to Bailout the European Union.
Who will Bailout the United States when President Obama Bankrupt’s Our Country?
More here from CNBC
Related: Folly of a European Bailout –Market Watch
European Union Launches Antitrust Probe Into Google –Washington Times
Just in time for the mid-term campaigns, the Congressiona Budget Office reports today, that the federal budget deficit this year will exceed $1.3 Trillion Dollars.
Measured as a share of the total economy the federal budget deficit is 9.1% of Gross Domestic Product, the second largest budget shortfall in 65 years.
In 2009 the federal budget deficit was a record high of $1.4 Trillion Dollars or 9.9% of GDP
CBO forecasts projected deficits totaling $6.2 Trillion for a decade starting in 2011
Remember when Obama campaigned on the pledge to restore fiscal discipline instead the Democrat-Socialists who control Congress along with Obama have blown up the deficit which ran about 3% during George Bush’s last year as President.
During Obama’s Watch—Unsustainable Federal Budget Deficit Government Debt held by the public has gone up from 40% of GDP during Bush’s last year as President to 63% of GDP today and is anticipated to be 90% of GDP by 2020
Related Post: The ObamaCare Disaster—American Spectator
While Obama traveled to Michigan today to cheer all of his accomplishments, one may want to take a breath and stop to reflect upon what he has done to kill jobs and opportunities.
Thanks to Obama and the Democrat-Socialists that control Congress:
2010 Gross Domestic Product fell to 2.4% in the 2nd Quarter
Michigan Unemployment has risen from 12% in 2009 to 13.6% losing 112,000+ jobs
The Government Job Creation Myth Via Real Clear Politics
The federal deficit has quadrupled during Obama’s Watch
Federal Budget Deficit is on an Unsustainable Path
A Bleak Picture of Government Debt, by Thomas Sowell Via Real Clear Politics
Consumer Confidence falls to the lowest level since February
Obama is still failing the Gulf of Mexico States
Related Post: Obama’s OMB Nominee Received $900,000 after CitiGroup Bailout
Democrats expect voters not to notice or care if they do notice, that legislators have not passed a budget for next year’s federal spending.
The Pelosi-Reid Leadership Team have gone off the grid of congressional practice and not even pretended to care about spending targets and deficit projections. Humming, “que sere sere” whatever will be will be, they twirl toward Summer Vacation and the November Elections beyond.
President Obama and his Congressional allies expect to be assisted in their casual shuffling off the most basic of Article 1 duties by a Manhattan-Beltway media elite, quick to assure their dwindling audiences that the abandonment of budgeting isn’t completely without precedent. Lefty pundits can and will point to a year or two where the pressures of business ended the hope of a formal budget.
The President’s Pals in the Press will be hard-pressed though, to find any years in which the effort wasn’t even begun and there is no example of a year wherein a deficit like the one the country faces today went unaddressed by a national budget plan.
Rest here by Hugh Hewitt Via The Washington Examiner
The U.S. Federal Budget Deficit is about $13 Trillion Dollars give or take a hundred million or so.
Since Obama became President despite all of his (broken) promises that he would cut the federal budget deficit the national debt has Quadrupled during Obama’s watch.
With nearly a 10% unemployment rate less revenue is going going into the U.S. Treasury.
Democrat-Socialists love spending other peoples money and have now promised the European Union that the U.S. will guarantee $54 Billion of their debts obligations why are the American Taxpayers now bailing out Europe?
We don’t nearly have enough money to pay our own debts that are bankrupting our nation.
Related Post: Our Unsustainable Debt: America is on the verge of financial disaster
Despite a record $1.4 Trillion Dollar Federal Budget Deficit during Obama’s watch the Treasury plans to borrow an additional $78 Billion Dollars that future taxpayers will be saddled with.
Democrat-Socialists that control Congress have the Power of the Purse and continue to waste taxpayers money.
California Congressional Democrats Rep. Jerry McNerney and Rep. Dennis Cardoza request $243 Million in Congressional earmarks in the 2011 Budget for such projects as $1 Million Dollars for an after school program in Manteca and $200,000 for a Stockton based gang outreach program.
California Democrat Rep. Lynn Woolsey and Rep. Mike Thompson want the taxpayers to pay $80 Million Dollars for salmon restoration in California; Rep. Mike Honda, D-CA requested $593,000 for a shark research project at San Jose State University.
Rep. Barbara Lee, D-CA is seeking $2.5 Million Dollars for a new ferry service between Berkeley and San Francisco
Related: Pig Book Exposes Excess Pork Via Miami Herald
Thirty Two African American Republicans Running for Congress in 2010
Asian American Conservative Republican Congressional Candidate Charles Kong Djou
How did the Democrat-Socialists Majority in Congress and the Obama Administration authorize spending $61 Million Dollars for Expo 2010 in Shanghai?
Its not their money—USA Pavilion Expo 2010 Expenditures:
Pavilion Costs: $13.248 Million Dollars
One can build an entire high rise in Shanghai for that kind of money.
Finish non-show spaces and VIP Lounge $2.3 Million
Show Construction and Installation: $23.72 Million
Administrative Costs: $2.28 Million
Rest here from Shanghai Scrap
The fiscal train wreck is happening sooner than we thought a leading bond market traders says, which is why Investors are now telling the U.S. Government it will have to pay more to borrow money.
Bot as much more as Greece but enough to constitute a shot across the Obama bow by what we call the bond vigilantes, investors who try to punish governments that splash to much red ink across national ledgers.
The passage of the health Care bill has focused investor attention on the runaway deficit situation and its long term consequences. The deficit which ran around 3% of GDP in George Bush’s final year, is now exceeding 10%—Government Debt held by the public has gone from 40% og GDP when George Bush was President to 63% now and will hit 90% by 2020
Full article here from The Weekly Standard
Related: Obama Promotes Fiscal Restraint, Big Spending
Via FOX News
Since FDR’s New Deal, America’s entitlements have consistently grown faster than projected in size, scope and costs. Like unwanted house guests, they cost money that we don’t have and they can’t be kicked out.
Between 1934 the first fiscal year in which FDR and Congressional Democrats had full control of the federal budget, FDR never spent more than 12% of Gross Domestic Product.
Compare that to today, Hoax & Chains will spend 25.4% of GDP this year, 25.1% in 2011 and 23.2% in 2012
In January the CBO released a detailed report on the nations budgetary outlook covering the period from 2010-2020
Key Findings Include:
$6 Trillion Dollars in additional Deficit Spending–$1.35 Trillion that we will see this year;
By the end of 2020 public debt is expected to be 67% of GDP;
Interest payments to service Obama’s Budget Deficits will skyrocket;
Annual spending on interest will triple;
More here and here from Reason Magazine
Related: Drowning in Debt: Obama Quadruples Federal Budget Deficit