Roman Around

combating liberalism and other childish notions

CBO SAYS OBAMA IS A RECORD-SETTER

Posted by Andrew Roman on August 10, 2009

As promised

As promised

From the “Who Would Have Guessed?” file …

It isn’t neuro-surgery – although one may be able to make a compelling case that Democrats are in desperate need of some group synapse therapy. (That’s a separate issue).

It’s really quite basic.

Government bailouts for car companies and banks actually cost money. Liberal nation-saving initiatives such as the stimulus bill and Tarp  – not to mention the looming health care overhaul – will take a tremendous financial toll. The President has decided that the current generation of Americans is incapable of dealing with tough times and can only survive by making future generations carry the load. President Obama is not only transforming the country (as he promised), he is setting records.

Ladies and gentlemen, glance up at the Big Board, if you will; the deficit, as of the end of last month, has hit $1.3 trillion.

And there’s more where that came from.

Walter Alarkon from The Hill writes:

Bailouts for financial firms and billions in tax revenue lost because of the recession drove the deficit to a record $1.3 trillion in July, according to the independent Congressional Budget Office (CBO).

Tax receipts that have fallen due to the poor economy and increased spending to save car companies, banks and mortgage firms were major contributors to the federal deficit, according to CBO, which provides official budget numbers for Congress. The federal deficit grew by another $181 billion in July.

Falling tax receipts and increased spending on bailouts for auto companies and the financial sector and for the economic stimulus package added to the deficit, according to CBO, which provides official budget numbers for Congress.

Spending through July of 2009 has increased by $530 billion, which is 21 percent over the same period in 2008. The bailout money for Freddie Mac and Fannie Mae accounted for almost half of the spending increase. Unemployment benefits have more than doubled, Medicaid spending has grown by a quarter and Medicare spending has increased by 11 percent.

Keep in mind that Nancy Pelosi – America’s official swastika spotter, and third in line for the Presidency of the United States – recently assured Colorado town hall attendees that the proposed health care bill will not increase the deficit.

How about that?

The cost of destroying the greatest health care delivery system on earth and transforming it into a government-run entreprise of rationed mediocrity (at minimum) is projected to total a trillion dollars over ten years, but it will not have any effect whatsoever on the exploding deficit.

That’s what Nancy says.

Sen. Judd Gregg (N.H.), the top Republican on the Budget Committee, said that Democrats in Congress aren’t doing anything to address the record deficit and are instead pushing ahead with “wildly expensive” healthcare legislation.

“To allow the deficit to hit these previously unthinkable levels – while still planning to implement massive new spending programs – shows an incredible lack of fiscal responsibility, especially toward the future generations who will be saddled with the consequences of today’s actions,” Gregg said.

Unthinkable levels by unthinking politicians.

Who would have guessed?

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