Thursday, January 27, 2011
CBO Predicts: 2011 Budget Deficit to Hit Record $1.5 Trillion
New budget estimates released Wednesday predict the government’s deficit will hit almost $1.5 trillion this year, a new record.The CBO analysis predicts the economy will grow by 3.1 percent this year, but that joblessness will remain above 9 percent this year. Dauntingly for President Obama, the nonpartisan agency estimates a nationwide unemployment rate of 8.2 percent on Election Day in 2012. The deficit is on track to beat the record of $1.4 trillion set in 2009. That figure reflected huge outlays from the Wall St. bailout. The nonpartisan budget agency predicts the deficit will drop to $1.1 trillion next year. It dwarfs the debt run up by Bush. Budget Committee Chairman Kent Conrad, D-ND said, “The fiscal challenge confronting us is enormous. To solve this problem, it will require real compromise and a great deal of political will,” . “We need to have both sides, Democrats and Republicans, willing to move off their fixed positions and find common ground.” Now if someone would tell the President that "freezing" spending isn't fixing anything. In fact it's just adding to the deficit. Rep. Ryan has put forth a plan to cut $100 billion from our budget and Rep. Rand Paul has tripled it to $300 billion. Even that is just a pittance compared to the massive budget. These cuts must be done. The MSM has already railed against any cuts in the budget. In fact they want to do what the President wants and double down with even more spending under the guise of "investing". The things that Obama wants to "invest" in, are the same things he said would improve our economy under the failed Stimulus Bill. He told us that the Stimulus bill would cover inferstucture. This is the most inept thing Obama could do. We can not spend our way out of this. That theory has been proven wrong already by the Stimulus bill. The Democrats had total control of our government and haven't fixed anything. Our house values keep going down and our national debt is going through the roof and then some. They told us that their actions would fix the housing crisis, keep unemployment under 8% and start paying down our debt. The facts are unemployment is still over 9% ++, our debt is going up faster then ever in history and rising by over $1 trillion a year. I ask you, what have the Democrats and President made better since they took over? Do you feel like the Democrats gave our kids their monies worth with all the debt? Does the world seem like it's in chaos or in better order now? When Obama took over he made a lot of promises of what his policies would do. Have they worked the way he said? With so many failed Progressive theories, can we afford to trust anything else these guys want to do to us? So far the conservatives have told us what would happen if we did what the Democrats wanted and they have been spot on every time so far. We have to make cuts now. That is the only way we can get out of this mess. It's our mess to clean up. For a group that is so concerned with the theory of "social justice", they sure don't care about enslaving our children with our debts. Is that "social justice"? Will be be the first generation to leave the next generation worse then we got it? At least we are giving them the best education they can get.