Good news: Obama hikes 10-year deficit projection from $7 trillion to $9 trillion

posted at 6:23 pm on August 21, 2009 by Allahpundit

A late Friday afternoon candygram from the White House to help you get the weekend started right. And to think, China’s starting to doubt that American debt is a smart investment.

It’s a good thing our massive new health-care bureaucracy’s going to be deficit-neutral. Imagine how much higher this number would be if it wasn’t.

The Obama administration will raise its 10-year budget deficit projection to roughly $9 trillion from $7.108 trillion in a report next week, a senior administration official told Reuters on Friday.

“The new forecasts are based on new data that reflect how severe the economic downturn was in the late fall of last year and the winter of this year,” said the official, who is familiar with the plans.

“Our budget projections are now in line with the spring and summer projections that the Congressional Budget Office put out.”

The CBO said in June that deficits between 2010 and 2019 would total $9.1 trillion.

This would be the same CBO that’s been warning us for months that ObamaCare will be a massive boondoggle. (And even CBO might be lowballing it.) I wonder: How many economic projections has Team Barry utterly cocked up so far? Is anyone keeping a list? Off the top of my head, there’s this one, the infamous guesstimate that the stimulus would keep unemployment under eight percent, and the Cash for Clunkers funding that was supposed to last three months and ran out in a week. In these capable hands does the financial viability of universal health care rest. Exit question: Is this the stake in the heart of ObamaCare? One of the main reasons The One’s polling is deteriorating is public skittishness about deficits. Suddenly, in one fell swoop, the problem’s fully 30% worse than the White House thought, which all but destroys the credibility of their health-care projections going forward. (Not that they had much credibility to begin with.) It’s time to walk away, Blue Dogs.

Update: Sounds like he dumped this almost literally as he walking out the door for his 10-day summer vacation. Unbelievable.


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Obama hikes 10-year deficit projection from $7 trillion to $9 trillion…

AND THEN HE FLIES AT TAXPAYER EXPENSE TO MARTHA’S VINEYARD FOR A WEEK! TAXPAYERS TOLD TO STAY AWAY! Change! Non-transparency!

Lourdes on August 22, 2009 at 1:01 PM

Late Friday gutless last second data dump = Mom Jeans fastball.

T J Green on August 22, 2009 at 1:17 PM

Okay. I confess to being old and stupid. I was just getting my mind around the concept of a “billion”; that’s one thousand millions, right?

So someone help me out here. How big is a “trillion” again? Just give me one, I think I’ll be okay multiplying by 9.

I appreciate the help.

oldleprechaun on August 22, 2009 at 1:25 PM

I don’t think Obama is “on vacation” so much. I think it is more like “in hiding.”

Star20 on August 22, 2009 at 1:52 PM

It’s only 2 trillion dollars, you guys act as if it’s significant…sarc
Actually it does work out to be about $18,000 per family.

Here’s is the question…if they gave every family $18,000, what would that do to the economy?
How about giving each family the whole $158,000?

How about everyone with assets less then 10 million…everyone family would receive over $200,000…
What would that do to the economy?
*
And make it so it can be spent only on U.S. products…what would that do to our economy?
Autos, Homes, landscaping, vacations, drugs (it would happen), hookers, clothing, schooling (give them special incentives for that). They can only bank 10%, and only donalte 10% to non-profits, 80% has to be spent within 2 years, only deviation would be tuition could be paid now, and cover 4 or 5 years.
I think we would be out of our slump in about 60 days…

right2bright on August 22, 2009 at 2:33 PM

I appreciate the help.

oldleprechaun on August 22, 2009 at 1:25 PM

1 followed by 12 zeroes…
If they were seconds, it would be almost be 32,000 years…so you could spend $1,400,000 per hour for 80 years, and you would have a few million left over.

right2bright on August 22, 2009 at 2:42 PM

Ahh, may the Lord smile on ya for helpin’ out an Old Leprechaun. Thank you!

Now I just need to multiply by 9. Or 10. Or forty-eleven.

My head hurts, I’m going to take a nap.

oldleprechaun on August 22, 2009 at 4:53 PM

Dude, if he raises the deficit by less than 15 trillion, I’ll be craping out unicorns with Obambi.

jhffmn on August 22, 2009 at 6:14 PM

It’s only 2 trillion dollars, you guys act as if it’s significant…sarc
Actually it does work out to be about $18,000 per family.

You do realize that the budget deficit was inherited from the brilliant one himself, W? It’s not going down anytime soon, even if you nix healthcare reform. At this point, it’s a structural problem in the country’s balance sheet that will take a decade or longer to fix.

Good ol’ W added $4 tril to the deficit over 8 years after inheriting a budget surplus from Clinton. There was no banking system collapse or any other reason for the massive deficiet spending- except that it sure was nice to give all those Wall Street bankers a big tax break. Forget about 9-11 and all that, it’s Bush’s fiscal policies that will be the most unforgetable and painful part of his legacy.

foreverright on August 22, 2009 at 9:39 PM

Good time as any for the revised moveon.org Child’s PLay commercial remix.

WashJeff on August 22, 2009 at 11:16 PM

What exactly does cocked up mean?

Is that similar to wee weed?

Is it still better to be wee weed off, or wee weed on?

Is it still better to have hillary on the inside of the tent we weeing out, that on the outside we weeing in?

I’m just trying to get a load of this new jive yo.

ted c on August 21, 2009 at 6:30 PM

ROFLOL.

A Depends moment.

GrannyDee on August 23, 2009 at 2:55 AM

foreverright says:
Good ol’ W added $4 tril to the deficit over 8 years after inheriting a budget surplus from Clinton.
But from the article:

Obama, who has promised to halve the deficit by the end of his four-year term and likes to remind constituents he inherited a $1.3 trillion deficit from former President George W. Bush

$1.3T rather than $4T. Over 8 years. If Obeyme continues the way he is, he will more than double that in half the time. Of course, technically, we should blame Congress in both cases. Since that is who actually authorizes and directs the spending.

SunSword on August 24, 2009 at 8:53 AM

SPENDEMIC!

Dr. Charles G. Waugh on August 24, 2009 at 10:19 AM

I have a liberal friend. He’s a teacher so I don’t blame him too much. Not many people make it through so many years of heavy liberal indoctrination and live to tell about it. Anyways he’s always been a strong advocate for “Free” health care. I’d always tell him that it is just not economically feasible and that more privatization is the answer. He’d say that privatization is what got us into this mess. I’d remind him that what we have now isn’t really private. Now that we see the nation going into a full blown heated exchange over public health care I can tell that he is starting to see my point after all these years. Let’s just keep it up people. Stick to the message and we can win this thing. Even a lot of democrats are starting to see what is going on here.

Heftyjo on August 24, 2009 at 1:48 PM

Good ol’ W added $4 tril to the deficit over 8 years after inheriting a budget surplus from Clinton. There was no banking system collapse or any other reason for the massive deficiet spending- except that it sure was nice to give all those Wall Street bankers a big tax break. Forget about 9-11 and all that, it’s Bush’s fiscal policies that will be the most unforgetable and painful part of his legacy.

foreverright on August 22, 2009 at 9:39 PM

Obama doubled the deficit in just 6 months…what took George 8 years (and yes we conservatives are pissed about it), it took Obama just 6 months, and then he will double it again in the next couple of years…so a four fold in half that time….mathematically that ends up being 8 times worse…
You consider that a success?
Obama will be known to be a fiscal disaster, social disaster, and how is Afghan going lately??? a Foreign distater…he will be, like Carter, winning the tri-fecta of total losers.

right2bright on August 24, 2009 at 4:32 PM

Spending up 23%.

Revenues up 17%.

Looks like it is much more due to drunken liberal syndrome than falling revenues.

jukin on August 24, 2009 at 8:19 PM

SIGH, Revenues down 17%.

Is preview your friend or what?

jukin on August 24, 2009 at 8:20 PM

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