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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upinak
They’re finding lots of whale blubber at the Kennedy Compound.

TexasJew on August 21, 2009 at 6:48 PM

DrW on August 21, 2009 at 6:45 PM

Thanks for the quick rundown.

Weight of Glory on August 21, 2009 at 6:49 PM

Will someone, who’s really smart about economics, please explain to me how inflation is still so low?

Weight of Glory on August 21, 2009 at 6:29 PM

Remember that inflation is “too much money chasing too few goods.”

So much capacity has been built up over the years (manufacturing plants, housing, etc.), that it’s going to take a while for it to work itself out.

Anybody who says we’re in for a wild inflationary ride in the near-term should take this into consideration first.

Tak_Bulgogi on August 21, 2009 at 6:49 PM

I saw the Precedent make remarks again on the boob tube today. So what else is new right?

Anyone else see it and notice how gray his hair is turning?

Knucklehead on August 21, 2009 at 6:49 PM

This guy is like the teenager who walks into mom’s house, dumps his laundry and asks for $50 before slamming the door and walking out on friday night.

So, he drops this little ditty on Friday night then heads out on vacation, a big Eff you America–Eff you and pay the bills, right Champ.

He’s daring us to impeach him.

ted c on August 21, 2009 at 6:50 PM

Things have to turn around at some point (when freaks aren’t running the show) but when it does… how do we fix this?

ConservativeJawa on August 21, 2009 at 6:50 PM

What does trillion mean? Is that a lot? I’m sorry, I only have a 5th grade education and I’ve been a Community Instigator……..I mean organizer my whole life….

Cinday Blackburn on August 21, 2009 at 6:52 PM

upinak
They’re finding lots of whale blubber at the Kennedy Compound.

TexasJew on August 21, 2009 at 6:48 PM

to bad we can’t cook it down into oil. it is just sitting there… going rancid.

upinak on August 21, 2009 at 6:52 PM

“Hey Rahm, have we tweaked up the conservatives enough this week?”

“Eff no, BO!”

“Okay, drop that deficit thing on ‘em, pack yo’ sh!t—then let’s hit da trail, yo”

“Aaaahhhhight, boss!”

ted c on August 21, 2009 at 6:53 PM

ConservativeJawa on August 21, 2009 at 6:50 PM

We need to somehow stop it before we need to fix the looming disaster, like holding a position against an enemy army so you don’t have to fight twice for the same ground.

The problem is how to stop it. We have no one in Washington or the media fighting for us. Somehow, if not us, then who?

Liam on August 21, 2009 at 6:54 PM

A trillion here a trillion there a trillion or 2 for Obamacare .Real soon we are talking about real money.God help us. I don,t know if the country can last until 2010?

thmcbb on August 21, 2009 at 6:41 PM

I wonder about that too. And even if the election is a landslide for conservative candidates, I don’t think there is any way they can fix this. It’s just too much.

Yakko77 on August 21, 2009 at 6:54 PM

They’re finding lots of whale blubber at the Kennedy Compound.

TexasJew on August 21, 2009 at 6:48 PM

What, did MO wash ashore?

farright on August 21, 2009 at 6:54 PM

Is this the stake in the heart of ObamaCare?

I just finished watching the Fox panel and the third guy (not Krauthammer or Juan) said that this was the death knell or whatever way he put it. I don’t know, I used to watch Dark Shadows and it was pretty difficult to finish off Barnabas.

TxAnn56 on August 21, 2009 at 6:54 PM

And notice how we now simply talk in “trillions”, when just a few months ago it was “billions”. Pretty quick we’re going to be talking about a lot of money! Bush would have been boiled in oil for even thinking about doing was this idiot has already done.

GoldenEagle4444 on August 21, 2009 at 6:55 PM

And if not now, when?

Liam on August 21, 2009 at 6:55 PM

Not news. MSM: Whats $2,000,000,000,000 among friends? Boooooooooooosh’s fault.

clorensen on August 21, 2009 at 6:55 PM

Weight of Glory on August 21, 2009 at 6:29 PM

Not to defend the Peanut Farmer but they changed how inflation was calculated since then. My guess is that inflation like unemployment is much higher that the numbers given.

chemman on August 21, 2009 at 6:56 PM

Seven trillion, nine trillion, fifteen trillion? Who cares? The numbers no longer matter. They will never, ever, be paid back. All we are discussing now is the default date and the method used. Outright default on the bonds or degrade the dollar to zero.

If you are older than 55 it will probably not be in your lifetime. Your grand kids however are f’ked beyond imagination. They will never know the country you grew up in. They will never know why their ancestors risked life and limb to get here.

It’s over folks, the pain in our sides is a fork. Obama, Pelosi and Reid could not be happier. They disliked the US that had a smaller government.

patrick neid on August 21, 2009 at 6:57 PM

Liam on August 21, 2009 at 6:54 PM

This is what I’m saying… at some point we’ll get the ground we need to fight back and fix this but when that time comes, will it be possible to fix.

Yakko77 on August 21, 2009 at 6:54 PM

Exactly… can we get out of the grave liberals are digging for us? Our country is going downhill fast. I just pray that some sane people step up for the upcoming elections. (although sane people usually stay out of politics)

ConservativeJawa on August 21, 2009 at 6:57 PM

Things have to turn around at some point (when freaks aren’t running the show) but when it does… how do we fix this?

ConservativeJawa on August 21, 2009 at 6:50 PM

I would say that the first thing to do is to staunch the bleeding.

We need the Republicans to conduct an insurgency in the Congress to stop Obama Pelosi and the socialists from passing anymore economy killing bills. We need the Republicans to go scorched earth. Get ugly.

Then we need to take the Congress away from the Marxists.

Then the real work begins.

elduende on August 21, 2009 at 6:58 PM

Yakko77 on August 21, 2009 at 6:54 PM

It’s fixable provided our hearts don’t fail us for fear.

chemman on August 21, 2009 at 6:58 PM

I just wee weed.

Mark1971 on August 21, 2009 at 6:28 PM

http://www.youtube.com/watch?v=wJAbuwJOdPo

izoneguy on August 21, 2009 at 6:58 PM

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.

I wonder whether they’ll trot out that li(n)e again in November. One would presume that they knew the full effects of the late-fall/winter portion of the economic downturn when they projected the $7 trillion 10-year deficit back in May.

steveegg on August 21, 2009 at 6:58 PM

TAK –

Remember that inflation is “too much money chasing too few goods.”

So much capacity has been built up over the years (manufacturing plants, housing, etc.), that it’s going to take a while for it to work itself out.

Anybody who says we’re in for a wild inflationary ride in the near-term should take this into consideration first.

IMHO we must also consider that that ratio will continue to get fuglier by PRINTING more paper money – exponentially even as the process deepens.

I don’t know what to think we’re in for – but it aint gonna be pretty and if LOTS of ‘cooler heads’ don’t KEEP cool it’ll be even fuglier than I imagine……….

Katfish on August 21, 2009 at 6:59 PM

I wonder about that too. And even if the election is a landslide for conservative candidates, I don’t think there is any way they can fix this. It’s just too much.

Yakko77 on August 21, 2009 at 6:54 PM

It is easily fixed. These deficits are projections if spending keeps going at current rate. Cut spending, cut programs and cut benefits. All these things must be done. It won’t be popular with those who don’t pay their own way, but that’s to damn bad!

jwp1964 on August 21, 2009 at 6:59 PM

But will we get pics of him shirtless on the beach?

capejasmine on August 21, 2009 at 6:32 PM

Now if we can just get Michelle to fashion her shorts along with that then……

izoneguy on August 21, 2009 at 7:00 PM

Don’t forget- thats aggregate deficit. That doesn’t include about another $2 trillion in raided social security.

So Obama will be $11 trillion in new debt compared to $4.4 trillion under Bush.

Chuck Schick on August 21, 2009 at 7:01 PM

Given the government’s proven inability to manage any aspect of a project halfway competently (and I include Republican governments in that) I suspect the total cost will be 10 times the estimate at the very least.

Anders on August 21, 2009 at 7:01 PM

Hurricane Bill’s gonna wee wee all over him and his…Karma.

califdreamnred on August 21, 2009 at 7:01 PM

You guys are too focused on reality. Here’s some Hope and Change for you fellas

http://www.youtube.com/watch?v=ghSJsEVf0pU

El_Terrible on August 21, 2009 at 7:01 PM

Bloody Monday for stocks?

Weight of Glory on August 21, 2009 at 6:28 PM

Blood, guts, brains, feces, urine and other assorted ooze as well…..

izoneguy on August 21, 2009 at 7:02 PM

You ain’t seen nothin. yet.

MaiDee on August 21, 2009 at 7:02 PM

If there were one Republican that came out with a plan cutting, and I mean truly cutting government spending, not paring back increases in spending, they would be the front runner in the race for President. So far, I’m not seeing anyone.

PappaMac on August 21, 2009 at 7:03 PM

elduende on August 21, 2009 at 6:58 PM

I just hope the elections go as we think they will… with all the outrage and crap like this coming up, you would say it’s in the bag, no way can these idiots keep their power.

I just hope enough people have awakened to reality.

ConservativeJawa on August 21, 2009 at 7:03 PM

IMHO we must also consider that that ratio will continue to get fuglier by PRINTING more paper money – exponentially even as the process deepens.

Katfish on August 21, 2009 at 6:59 PM

That’s not your opinion, that’s fact. Once the deflationary pressures end inflation will take off.

I wasn’t alive under Carter, but my parents talk about how the interest rate on their first mortgage was 18%. 18 f’in %. And the kind of money we’re talking about here dwarfs the numbers under Carter. I have no idea how it’s possible to even pay this much off. We either default or use a printing press, either one of which will make our currency worthless.

BadgerHawk on August 21, 2009 at 7:03 PM

And nary a peep from those same lefties who decried Bush’s deficit spending.

JetBoy on August 21, 2009 at 6:29 PM

They are helping the Mexicans at the town halls.

http://www.youtube.com/watch?v=mslFPmo5Owc

izoneguy on August 21, 2009 at 7:04 PM

I’d like to see more Conservatives in Congress. But who wants to run for office when the guy with the big shovel keeps digging the hole deeper?

PappaMac on August 21, 2009 at 7:06 PM

Is it Friday already?

Oh look! A puppy!

skree on August 21, 2009 at 7:07 PM

Let me play the troll too!

“Let me make this clear; this massive, Bush-initiated deficit is precisely the reason we need universal health care now. If you are serious our saving the nation, your lives, the past, the future for your children and pets, certain, government approved appliances and modes of transportation, then you must agree that only full federal control of our very lives will save our nation from ruin. The time for talk of over. You must submit. Trust me.”

How’d I do?

Rod on August 21, 2009 at 7:07 PM

BadgerHawk on August 21, 2009 at 7:03 PM

I was alive then. There was no way my husband and I could afford to buy a home when we were newlyweds under Carter.

There is a REASON that Reagan was so popular, he dragged the U.S. out of that mess.

Lily on August 21, 2009 at 7:08 PM

We will never, ever pay the money back. It’s going exponential now. The numbers are so large now they have no meaning. When the Social security and Medicare bills come due over the next twenty years even today’s numbers will seem small.

We are going parabolic.

patrick neid on August 21, 2009 at 7:08 PM

Strange… I haven’t heard a word about this on the news. I did catch a nice story on NBC about where the Obamas are going to be spending their well earned vacation, however. It was great. Just can’t get enough of seeing him on TV!

Star20 on August 21, 2009 at 7:08 PM

You know that money in your wallet and in your bank accounts that you think has value……….?

BBBBBBBBWWWWWWWWWAAAAAAAAHAHAHAHAHAHAHAHAHAHAHAH!!!!!!!!

Seven Percent Solution on August 21, 2009 at 7:09 PM

Will someone, who’s really smart about economics, please explain to me how inflation is still so low?

Weight of Glory on August 21, 2009 at 6:29 PM

I’m not really smart, and high unemployment and zero wage pressure is part of it, but I call it the “liquidity bubble” and think it is because:
* the “independent” Fed is keeping the discount rates near zero to try to keep feeding the “economy” with cheap capital and cover for the disaster that is porkulus and all the other printing of “money”.
* The Chinese and others are still buying most of the Treasury debt offerings at these deflated rates to put off the inevitible crash and delay the social upheaval that will happen there when we can’t even afford to go to Wal-Mart anymore,
…AND here’s the cool part. * Whatever they don’t/won’t/can’t buy, the FED buys up to keep the rates down. $300B so far. (I know, used to seem like so much “money”)

As usual, these artificial distortions of market values are unsustainable, and the longer they last, whe worse the unwinding will be. Ask any homebuilder…

Empiricist on August 21, 2009 at 7:09 PM

Rod on August 21, 2009 at 7:07 PM

Not bad, but you didn’t hammer Palin once. Don’t worry, you’ll get the hang of it.

PappaMac on August 21, 2009 at 7:09 PM

I wonder how these Lefties who voted for Obama last year will like when, ten years from now, they come home with $2.50 for every ten dollars they earn.

Liam on August 21, 2009 at 7:12 PM

BadgerHawk on August 21, 2009 at 7:03 PM

I was alive then and had just started my real estate career. You couldn’t give a house away.

And when you weren’t working, you were sitting in line waiting to buy some gas for your car.

The only person who got rich during that time was the guy who invented locking gas caps.

Knucklehead on August 21, 2009 at 7:13 PM

I wasn’t alive under Carter, but my parents talk about how the interest rate on their first mortgage was 18%. 18 f’in %. BadgerHawk on August 21, 2009 at 7:03 PM

So true. I bought my first home then and that’s exactly what my rate was: 18%. Ahh, the good ol’ days. I miss the mile-long lines at the gas station too.

Rod on August 21, 2009 at 7:13 PM

I wonder how these Lefties who voted for Obama last year will like when, ten years from now, they come home with $2.50 for every ten dollars they earn.

Liam on August 21, 2009 at 7:12 PM

OMFG – why even bother?

skree on August 21, 2009 at 7:14 PM

Sunday talk shows should be interesting. Will they actually have the balls to blame it all on Bush?

a capella on August 21, 2009 at 6:36 PM

Bush is not lending Brazil 2 Billion dollars to drill for oil.

Bush did not sign the treaty with Cuba that will allow Russia to start drilling for oil in the Gulf Of Mexico just 60 miles from Florida.

Bush did not ram through the $787 Billion “stimulus” pork package.

Bush is not asking to close Gitmo.

Bush did not make the House vote to Pass Cap & Tax – another deficit expander.

Bush did not create the Cash for Clunkers program.

Bush never had Czars.

Bush is not pushing for National HealthCare, that 54% of Americans don’t want.

Bush never went around the world apologizing for America.

izoneguy on August 21, 2009 at 7:14 PM

We will never, ever pay the money back. It’s going exponential now. The numbers are so large now they have no meaning. When the Social security and Medicare bills come due over the next twenty years even today’s numbers will seem small.

We are going parabolic.

patrick neid on August 21, 2009 at 7:08 PM

The odds of that happening are going up every day. I’m trying to think of another way out, and apart from a massive decrease in spending (which no politician has the balls to do) I can’t think of anything.

We’re proper f*cked.

BadgerHawk on August 21, 2009 at 7:14 PM

Rod on August 21, 2009 at 7:07 PM

8.9

You got marked off for no gratuitous Palin is a Twit reference, general lack of misspellings, and your correct punctuation.

Otherwise well done.

Lily on August 21, 2009 at 7:14 PM

Knucklehead on August 21, 2009 at 7:13 PM

Rod on August 21, 2009 at 7:13 PM

I can’t wait. It’s gonna be awesome.

BadgerHawk on August 21, 2009 at 7:17 PM

We will never, ever pay the money back. It’s going exponential now. The numbers are so large now they have no meaning. When the Social security and Medicare bills come due over the next twenty years even today’s numbers will seem small.

We are going parabolic.

patrick neid on August 21, 2009 at 7:08 PM

Yes, when you turn 65 they will just come shoot you.

We will wish we had the good old days of death panels and choice of which way to meet your maker.

izoneguy on August 21, 2009 at 7:17 PM

skree on August 21, 2009 at 7:14 PM

I was going on the high side. Clinton’s own figures stated a child born in 1993 would eventually have an 83% tax rate.

Take home pay: $1.70 out of every $10.

Liam on August 21, 2009 at 7:17 PM

They are nearing another first! Michelle was the first!!! First Lady to ever wear shorts on Air Force One; now Obama is going to be the first!!! President with a 14 figure deficit!! Wee!! Wee!! Wee!!

Jed_Eckert on August 21, 2009 at 7:19 PM

BadgerHawk

I WAS alive and in our 1st home – at 22.5%

The ‘imagined payoff’ was somewhere close to FIVE times the purchase / mortgaged principal amount.

I bet ole Jimmah C is glad not to be the worst Prez ever any longer………

Katfish on August 21, 2009 at 7:19 PM

Tonight on Fox News they put Trillion dollars into understandable terms—Get this! A trillion dollars is 1000 BILLION dollars. When GWB left I believe deficit was 400 billion dollars.

Herb on August 21, 2009 at 7:19 PM

I said a while back and I’m sticking to it, if this bozo is allowed to continue down this path the deficit will be grown to a whopping 18 to 21 trillion in ten years.

Our money will be worthless.
Gas will cost $12 a gallon, minimum.
Jobs? What jobs?

Farmers will be regularly shooting thieves coming from the cities to steal food and whatever else they can get their paws on.

Somewhere between 2010 and 2019 there will have been, and maybe a continuing race war propagated by the won and his liberal cohorts in a last ditch effort to maintain power through martial law. If the libsocialists lose the houses in 2010, look for the rioting to begin in 2011.

I can’t predict when the independents and conservatives will get together well enough to throw out the liberals once and for all, but if it comes to rigged elections, there is going to be blood spilled, and a LOT of it.

Good thing I have my fortress, mote, and razor wire….

Spiritk9 on August 21, 2009 at 7:21 PM

Vacation away comrade, apparently this moral issue could take a break.

rob verdi on August 21, 2009 at 7:22 PM

“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.

WHAT????????

It’s not because of the economic downturn. It’s because the Obama administration is spending cash like … like .. drunken Democrats.

Daggett on August 21, 2009 at 7:23 PM

Rod on August 21, 2009 at 7:07 PM

You’re a natural. Hope I didn’t insult you.

betsyz on August 21, 2009 at 7:23 PM

I’d like to get one thing out of the way for any trolls hanging around. I don’t care about debt multiplying into untold trillions of dollars, or America turning away from capitalism and free enterprise, government takeover of our lives and the destruction of the constitution. I’m a racist.

There. Got that out of the way…

Star20 on August 21, 2009 at 7:26 PM

I’d like to get one thing out of the way for any trolls hanging around. I don’t care about debt multiplying into untold trillions of dollars, or America turning away from capitalism and free enterprise, government takeover of our lives and the destruction of the constitution. I’m a racist.

There. Got that out of the way…

Star20 on August 21, 2009 at 7:26 PM

Lol. There hasn’t been a single troll in the entire thread.

BadgerHawk on August 21, 2009 at 7:27 PM

He’s daring us to impeach him.

ted c on August 21, 2009 at 6:50 PM

I don’t need a dare. I just need it done.

katy the mean old lady on August 21, 2009 at 7:27 PM

Rod on August 21, 2009 at 7:13 PM

Hey, the gas lines were great. My parents and my girlfriends parants cars both had plates ending in an odd number. We would meet at the gas station volunteering to brave the long lines so we could spend time together.

HoustonRight on August 21, 2009 at 7:27 PM

I can’t wait. It’s gonna be awesome.

BadgerHawk on August 21, 2009 at 7:17 PM

It will be a lot better this time. You’ll be able to twitter and tweet your friends as you sit in your car slowing inching up to the pumps for a couple hours. In fact, someone should start coming up with text shorthand now, like “ILFG2H” or “ShtNoReg”

Rod on August 21, 2009 at 7:29 PM

As a 5th grader my memory of the Carter years. In school, we were all assembled into the gym. We were told the school could not afford heat. We were sent home with a note asking our parents to dress us in sweaters.

oceansidecon on August 21, 2009 at 7:30 PM

I need to sit down.

Bishop on August 21, 2009 at 7:31 PM

Hey, the gas lines were great. My parents and my girlfriends parants cars both had plates ending in an odd number. We would meet at the gas station volunteering to brave the long lines so we could spend time together.

HoustonRight on August 21, 2009 at 7:27 PM

Hey if ObabmaCare goes through your kids and grand kids could have the same fond memories waiting in line at the drugstore, the community clinic, and the hospital.

Lily on August 21, 2009 at 7:32 PM

Lily on August 21, 2009 at 7:32 PM

I guess for some I did need the /sarc tag.

HoustonRight on August 21, 2009 at 7:33 PM

Treasury debt : currently 11.7 trillion dollars

Skandia Recluse on August 21, 2009 at 7:34 PM

I just hope the elections go as we think they will… with all the outrage and crap like this coming up, you would say it’s in the bag, no way can these idiots keep their power.

I just hope enough people have awakened to reality.

ConservativeJawa on August 21, 2009 at 7:03 PM

Well know this, we are in deep deep trouble and we may not make it even if we take power away from them.

elduende on August 21, 2009 at 7:35 PM

Hey if ObabmaCare goes through your kids and grand kids could have the same fond memories waiting in line at the drugstore, the community clinic, and the hospital Post Office.

Lily on August 21, 2009 at 7:32 PM

FIFY

Knucklehead on August 21, 2009 at 7:35 PM

I was going on the high side. Clinton’s own figures stated a child born in 1993 would eventually have an 83% tax rate.

Take home pay: $1.70 out of every $10.

Liam on August 21, 2009 at 7:17 PM

Ah, these lefty idiots will think it’s a bargain. “We all have to sacrifice for the common good!!! What, don’t you like roads and fire departments!!! Maybe you should move to Somalia!!!”

Plus, who’d be stupid enough to work in the private sector, when clearly all the perks, such that remain, are going to be in the public sector?

venividivici on August 21, 2009 at 7:35 PM

Wow – the economic catastrophe and collapse of the dollar that Obama is shooting for just got a lot closer.

Daggett on August 21, 2009 at 7:35 PM

Treasury debt : currently 11.7 trillion dollars

Skandia Recluse on August 21, 2009 at 7:34 PM

I think when you add in Social Security and Medicare, it goes over $50 trillion. At $13 trillion/year GDP, that means that we’d all basically have to work 4 years of our lives and give every penny to the government to pay it off, assuming they stop racking up debt now.

venividivici on August 21, 2009 at 7:38 PM

The Captain Renault shocker of the day award.

Ted Torgerson on August 21, 2009 at 7:38 PM

Knucklehead on August 21, 2009 at 7:35 PM

The way things are going, it might cost as much to mail a letter then as it does to get a tonsillectomy now.

Lily on August 21, 2009 at 7:39 PM

With this staggering debt now, who could possibly doubt that the ObamaCare Crap Cake won’t be anything but unmerciful rationing??

betsyz on August 21, 2009 at 7:40 PM

I guess for some I did need the /sarc tag.

HoustonRight on August 21, 2009 at 7:33 PM

I thought you were playing ball around that time?

thomasaur on August 21, 2009 at 7:42 PM

elduende on August 21, 2009 at 7:35 PM

That’s what I’m worried about…

ConservativeJawa on August 21, 2009 at 7:42 PM

Mugabecare is dead. It died tonite.

elduende on August 21, 2009 at 7:42 PM

ConservativeJawa on August 21, 2009 at 7:42 PM

worry. and prepare. and pray.

elduende on August 21, 2009 at 7:43 PM

I don,t know if the country can last until 2010?

thmcbb on August 21, 2009 at 6:41 PM

I think that’s what Obama is counting on. He needs the national economic crisis sooner, not later, otherwise he’ll be stuck with a mixed Congress and lose the ability to ram stuff like cap-and-trade through.

Daggett on August 21, 2009 at 7:43 PM

elduende on August 21, 2009 at 7:35 PM

It will be tough. Economic policies such as cuts in spending, taxs reduction, and cessation of entitlements take alot longer to have an impact than a drastic increase in deficit spending.

The fixes are politically problematic and the terms of the brave that endeavor to fix this mess will be short.

HoustonRight on August 21, 2009 at 7:44 PM

HoustonRight on August 21, 2009 at 7:44 PM

well then we’re looking at an implosion of the government a la Soviet Union.

What I suspect they may try to do is inflate their way out of this but they will decimate the middle class in the process.

Whatever happens its going to be ugly.

elduende on August 21, 2009 at 7:49 PM

thomasaur on August 21, 2009 at 7:42 PM

Good memory. I was but still only in high school.

HoustonRight on August 21, 2009 at 7:50 PM

elduende on August 21, 2009 at 7:49 PM

I’m afraid it is very possible. Fasten your seatbelt and hang on.

HoustonRight on August 21, 2009 at 7:52 PM

I don’t like the looks of this:

Census Bureau shuttled on into the White House.
Billions given to Acorn.
Obama collecting czars like a kid collecting basketball cards.
Lunatic and reckless spending.

Does not bode well at all.

betsyz on August 21, 2009 at 7:54 PM

He needs the national economic crisis sooner
Daggett on August 21, 2009 at 7:43 PM

He may well discover when that disaster happens, that things do not “play out” as he expects… I am betting his plan gets “wee wee’d up” like all his other plans.

His track record so far is a total failure. I think he’s completely disconnected, which would explain how he could go out and claim that he saved the economy a week ago. I dont attribute hubris.

Never assume malice when incompetence will do. He’s a dope and and insulated dope at that.

Would you take a week off to go to the vinyard after spending seven months doing nothing? I dont consider speaking engagements work.

I consider finding a free market way to put Americans IN JOBS to be gainful employment. And of that, he has done little.

dogsoldier on August 21, 2009 at 7:54 PM

Obama administration = E P I C F A I L U R E

johnnybgood on August 21, 2009 at 7:55 PM

That’s not your opinion, that’s fact. Once the deflationary pressures end inflation will take off.

I wasn’t alive under Carter, …

BadgerHawk on August 21, 2009 at 7:03 PM

The common\accepted definition of inflation is the change of the price of goods and services over a period of time. What this definition does not take into account is the actions of the fed. If the Fed was not priming the pump as it has for over the last years worth of time, what would be the price for the basket and goods and services be? In another way, did the Feds action prevent a natual deflation of prices from occurring?

I believe prices are higher now than the would be without the feds actions…if a gold standar was applied. But I am not an economists, did not sleep at a Holiday Inn last night, and did not have my red wine for the evening…which reminds me.

WashJeff on August 21, 2009 at 7:59 PM

dogsoldier on August 21, 2009 at 7:54 PM

Hoping like crazy your assessment turns out to be true, because I’d rather not consider the other, malevolent theory.

betsyz on August 21, 2009 at 8:00 PM

Washington is the classic drowning man who intends to take all of us with him…The succession of clowns in Congress and the Presidency have bankrupted us…And, they are still making life more expensive for Americans as fast as they can by inventing new ways to lose money aka healthcare reform and cap and trade. We need a new era of State Sovereignty where States make decisions regarding their financial and economic future. Our Federal government is a complete failure at minding our nation’s financial future…

Nozzle on August 21, 2009 at 8:01 PM

CAN YOU IMAGINE THE PROFANITY IN THE OVAL OFFICE RIGHT NOW?

Their grand plans are collapsing right and left on Healthcare and now that the bloom is off the rose how is he going to have any Capital to use for Cap & Trade or Amnesty?

I think the healthcare debacle if they continue to force this when they get back in September could actually force a 50-60 loss in the House (assuming their’s not a ACORN Robbery of the census of course) and maybe a 5-10 seat pickup for the GOP in the Senate. Of course the GOP has really sucked the last few years so if they don’t show some leadership (and willingness to hack off the Bootlick Media) they also will be toast.

Lord help us.

PappyD61 on August 21, 2009 at 8:01 PM

There is no way out of this debt. It cannot, will not be repaid. In fact virtually every country in the world is worst off than us, relative to debt vs GDP.

At some point the entire world will just hit the restart button. We get all the negative headlines from China etc because we are the world’s reserve currency and our debt ratio, while better than virtually everyone else, our actual debt is still larger than the rest of the world combined, primarily because we are 20% of the world GDP down from 25% just 10 years ago.

The truly horrifying news is that the current crowd in DC could give a shit. The MSM doesn’t even talk about it. When rarely mentioned they blame the trajectory on Bush. Near term the only thing saving us is our national wealth. Surprisingly it takes decades to pluck the golden goose.

patrick neid on August 21, 2009 at 8:03 PM

In another way, did the Feds action prevent a natual deflation of prices from occurring?

WashJeff on August 21, 2009 at 7:59 PM

That’s their rationale for why they’re printing all this money. I think it’s probably accurate to some degree.

BadgerHawk on August 21, 2009 at 8:06 PM

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