Friday, March 26, 2010

CBO: Debt to rise to 90% of GDP

As everyone on the left rejoices over socialize medicine, I wonder if any of them are taking the time to think about the price tag? 
From The Washington Times: President Obama's fiscal 2011 budget will generate nearly $10 trillion in cumulative budget deficits over the next 10 years, $1.2 trillion more than the administration projected, and raise the federal debt to 90 percent of the nation's economic output by 2020, the Congressional Budget Office reported Thursday.
[SNIP]
The federal public debt, which was $6.3 trillion ($56,000 per household) when Mr. Obama entered office amid an economic crisis, totals $8.2 trillion ($72,000 per household) today, and it's headed toward $20.3 trillion (more than $170,000 per household) in 2020, according to CBO's deficit estimates. 
We all know that the Democrats gave the CBO ridiculous assumptions to bring the price tag of ObamaCare in under $1 trillion. So, you just know that this figure is going to have to be revised upwards. Charles Krauthammer believes that Obama’s Deficit Commission is just a rouse to introduce the Value Added Tax (VAT) in order to pay for all of this. If that hideous tax is enacted, even Peggy The Moocher will feel the pinch.

The Jawa Report offers us a little reminder of the early days of Hope and Change:
Enjoy this trip down memory lane, and try not to laugh (emphasis on "smarter government"): 

I cannot wait to vote out these irresponsible spendaholics.

6 comments:

Mike said...

And hope after November we can repeal or defund Obamacare.

Rick said...

Just *Office* of the President *Elect* is rather funny.

Clifton B said...

Mike:

Sadly repeal will have to wait until 2013. Unless Republicans take massive control of both houses, Obama will veto any repeal. Since it will not be possible to get full control of the Senate, we have to wait until 2013. Luckily the big goodies don't kick in until 2014. It is a tight window but we can make it.

Clifton B said...

Rick:

Yes, I almost forgot that whole "Office of the President Elect" jazz.

Janelle said...

The moment I heard "office of the president elect", I thought Air Force One should be renamed Ego 1.

Clifton B said...

Janelle:

Ego 1! That is a good one!

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