That is how much deficit spending Obama’s plans will create over the next 10 years:
President Barack Obama’s budget would generate deficits averaging almost $1 trillion a year over the next decade, according to the latest congressional estimates, significantly worse than predicted by the White House just last month.
The Congressional Budget Office figures, obtained by The Associated Press Friday, predict Obama’s budget will produce $9.3 trillion worth of red ink over 2010-2019. That’s $2.3 trillion worse than the White House predicted in its budget.
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.
The latest figures, even worse than expected by top Democrats, 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.
The figures should make everyone stop for a moment and realize that even if you’re a liberal’s liberal, its time to retrench – to pare down spending to the most crucial basics and get ourselves out of debt. After that is done, we can go into a liberal spending frenzy, if that is still desired. If we go Obama’s route it will mean not just a lot of debt, but an entirely crushed economy in the United States and around the world.
And its not just the money, folks: this will cost lives. Right now, we have a certain level of surplus wealth which allows us to help out, via private and government action, various impoverished groups around the world. As Obama’s crushing deficits make us progressively poorer, there will be less and less available for the most vulnerable around the world – we need to make wealth, Obama wants to soak it all up in deficit spending which will grind down not just the ability to make wealth, but to maintain the wealth we’ve already got.
A human catastrophe is coming our way, unless we can stop this madness by Obama and his Democrats.