Whoa, Nelly! Apparently the President wasn't the only player overlooked in the Special Olympics draft. His entire economic team missed the cut, according to the Congressional Budget Office.
President Barack Obama's budget would generate unsustainably large deficits averaging almost $1 trillion a year over the next decade, according to new estimates released Friday. The new 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 administration predicted in its budget just last month.They're pretty much just throwing darts at this point, aren't they?
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.When questioned about the independently arrived-at reality check, Obama replied, "Uh...I guess it's true you can't spend your way to prosperity. Uh... My bad. We'll get you, ah, something that works in a jiffy."
The latest figures throw a major monkey wrench into efforts to enact Obama's budget, which promises universal health care for all and higher spending for domestic programs like education and research into renewable energy."A major monkey wrench." Ya think?
At least now we know Nancy Pelosi wasn't losing it when she, not once but twice, talked about 500 million Americans a month losing their jobs in future.
I'd file this one under "Bwahahahaaa!" if I and my children to the biblical third and fourth generation of those that hate him weren't footing the bill.
No wonder the stock market gave up a week's worth of gains today.
I'll give you a stock tip... Load up on makers of dry dog food, because that's what we'll be eating for he next 50 years when Obama still rams this through.