That is the deficit that Obama claims we’ll have this year:
The White House raised the 2009 budget deficit projection to a staggering $1.8 trillion today. For context, it took President Bush more than seven years to accumulate $1.8 trillion in debt. It also means that 45 cents of every dollar Washington spends this year will be borrowed.
President Obama continues to distance himself from this “inherited” budget deficit. But the day he was inaugurated, the 2009 deficit was forecast at $1.2 trillion — meaning $600 billion has already been added during his four-month presidency (an amount that, by itself, would exceed all 2001-07 annual budget deficits). And should the president really be allowed to distance himself from the $1.2 trillion “inherited” portion of the deficit, given that as a senator he supported nearly all policies and bailouts that created it?
The president also talks of cutting the deficit in half from this bloated level. But even after the recession ends and the troops return home, he’d still run $1 trillion deficits — compared to President Bush’s $162 billion pre-recession deficit. In other words, the structural budget deficit (which excludes the impacts of booms/recessions) would more than quintuple.
Polls suggest the public tolerates these large deficits because they erroneously believe them to be temporary.
People do understand borrowing a bit to get things set up and then pay off the debt – what the people aren’t being told (by Obama or the MSM) is that these deficits are permanent. And, I’ll bet, not even close to what we’ll actually have. Obama, of course, has his rosy scenario of 3.5% growth next year – working from the tried and true liberal theory that the more you spend the more you have. When it all comes a cropper, I’ll bet that both the FY 2009 and FY 2010 deficits exceed $2 trillion. Try to grasp the figures we’re talking about – for most of us, $1,000.00 is still a good chunk of money…if someone were to spent $1,000.00 per day, he’d blow through a trillion dollars in a quick 2,739,726 years.
Its all a bunch of fiscal smoke and mirrors and, truth be told, I don’t think Obama has the first clue about what he’s doing – he probably believes that he’s doing things which will help. After all, every college professor he ever had probably told him that FDR’s New Deal revitalized America’s economy and, indeed, that government is a magic wand for calling forth all that is best in the world. He’s screwing us over and thinks he’s doing us a favor.
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