Unsustainable
That pretty much sums up the Obama economic program in a word.
WASHINGTON - 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.
Remember when Democrats (and their allies in the MSM) were falsely labeling the Bush deficits as "record deficits"? Remember when a deficit of $162 billion and 1.2% of GDP in 2007 was something to be concerned about? Remember when deficits of about 2% of GDP were cited as a reason to elect Democrats instead?
Now Obama is declaring that budget deficits of at least five times that amount in dollars and ten times that amount as a percent of GDP are "a new era of 'responsibility'".
Suckers!
I have one question for everyone who fell for that and who voted for Obama: how's that working out for you?
WASHINGTON - 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.
Remember when Democrats (and their allies in the MSM) were falsely labeling the Bush deficits as "record deficits"? Remember when a deficit of $162 billion and 1.2% of GDP in 2007 was something to be concerned about? Remember when deficits of about 2% of GDP were cited as a reason to elect Democrats instead?
Now Obama is declaring that budget deficits of at least five times that amount in dollars and ten times that amount as a percent of GDP are "a new era of 'responsibility'".
Suckers!
I have one question for everyone who fell for that and who voted for Obama: how's that working out for you?