Obama’s First Budget: $1.75 Trillion Deficit – Here Comes the Inflation and Slow Growth
President Barack Obama is sending Congress a budget Thursday that projects the government’s deficit for this year will soar to $1.75 trillion, reflecting efforts to pull the nation out of a deep recession and a severe financial crisis.
A senior administration official told The Associated Press that Obama’s $3 trillion-plus spending blueprint also asks Congress to raise taxes on the wealthy in 2011 and cut Medicare costs to provide health care for the uninsured.
The president’s first budget also holds out the possibility of spending $250 billion more for additional financial industry rescue efforts on top of the $700 billion that Congress has already authorized, according to this official, who spoke on condition of anonymity before the formal release of the budget.
Who is going to pay for this government spending? Foreign investors? Our grandchildren? Nobody?
And, how will this massive amount of government intrusion in the market spur economic growth in private sector jobs? Answer: It won’t.
The Jimmy Carter years are just around the corner. All we need now is a confrontation with Iran in the Gulf with the resulting disruption of oil supplies to bring back the gasoline lines.
Believe Flap – those days are quickly returning.
Technorati Tags: Barack Obama
2 Comments
Ling
I’m waiting for when they can’t blame it on Bush anymore. All this spending right now is partly because the economy is in serious trouble, but mostly because the Dems don’t have to take responsibility for the spending. It’s all Bush’s fault. Let’s see if they’ll still be as generous once people start blaming them for the economy.
bloginsane
Today i cam across an interesting thing, i had to visit one of US consular websites and noticed that the fees for international businessmen, travelers, exchange students, temporary who want to use different services of this institution noticeable increased . And there was a not that the fees are subject to the further increase. I presume that it is a vain part of budget improvement.