http://bit.ly/9TQB9u - - - About two weeks ago the Obama Administration was blushing as it boasted about the "favorable" numbers its administration received from the Congressional Budget Office (CBO). The fact that the CBO is appointed by members of the President's own party (the majority in Congress are Democrats) made some skeptical. However, the experts outside of the CBO and the White House looked at the numbers and said, "wait a minute!" The numbers are scary and the budget is pointing at a direction that will make the US appear to be little more than a typical debtor nation. This is not something "down the road," but just a few years away.
Now, the Congressional Budget Office itself is releasing new numbers that make it appear it has had its own rude awakening. The Hill is reporting "The federal government would record total deficits of 9.8 trillion between 2011 and 2020 under President Obama's fiscal 2011 budget, according to an analysis released Wednesday by the Congressional Budget Office. The deficit would be $1.5 trillion in 2010 and and would decline to 8.9 percent of gross domestic product or $1.3 trillion in 2011, $346 billion more than the deficit that CBO projects in its March 5 baseline, based on current policies and laws not changing." Ironically, the Administration made the case for health care reform on the March 5th numbers. The "mistake" could not have been at a better time for Obama, Speaker Pelosi and Sen. Reid, and I'm sure the corrections will be used to make the case for more tax increases. "Isn't that convenient." The article also goes on to point out that "under the president's budget debt held by the public would grow from $7.5 trillion or 53 percent of GDP at the end of 2009 to $20.3 trillion, or 90 percent of GDP, at the end of 2020, about $5 trillion more than under the assumptions underlying the baseline." These numbers have horror picture written all over them and show huge weaknesses in the fundamentals of our economy in the very near future. - - - If this is not criminal malfeasance, or high crimes & misdemeanors, then why did we put bother putting that piker Madoff in jail? - Publius -- "It ought never to be forgotten, that a firm union of this country, under an efficient government, will probably be an increasing object of jealousy to more than one nation of Europe; and that enterprises to subvert it will sometimes originate in the intrigues of foreign powers, and will seldom fail to be patronized and abetted by some of them. Its preservation, therefore ought in no case that can be avoided, to be committed to the guardianship of any but those whose situation will uniformly beget an immediate interest in the faithful and vigilant performance of the trust." [Federalist Papers #59] _______________________________________________ Post Messages to: ProFox@leafe.com Subscription Maintenance: http://leafe.com/mailman/listinfo/profox OT-free version of this list: http://leafe.com/mailman/listinfo/profoxtech Searchable Archive: http://leafe.com/archives/search/profox This message: http://leafe.com/archives/byMID/profox/56f880751003300433r464ccc7p34fe78ba3e3d0...@mail.gmail.com ** All postings, unless explicitly stated otherwise, are the opinions of the author, and do not constitute legal or medical advice. This statement is added to the messages for those lawyers who are too stupid to see the obvious.
