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Posted: 8:53 a.m. Tuesday, July 27, 2010
By Neal Boortz
Did you miss the message from the White House over the weekend? Chances are you probably did, because they purposefully released this information on a Friday afternoon. You had to be LOOKING for it in order to find it. What information am I talking about? I'm talking about our projected budget outlook. It ain't pretty.
The Wall Street Journal sums it up for us: Tax revenues are smaller, spending is greater, and the deficits are thus larger than the White House has been saying.
How's THAT for hope and change?! Is that this what you Obama voters flocked to the polls to support in 2008? Is this the change you believe in? What the hell did the ObamaZombies mean by "Yes we can?" Yes we can explode the deficit? Yes we can bankrupt the United States? Wow! Your Chosen One is really doing a bang up job, isn't he?
What an absolute disaster this man is. If you're actually out there looking for a job right now, and you don't realize that Obama's anti-business rhetoric and policies might be the main thing standing between you and employment ... then the truth is you're probably unemployable. Lord knows I wouldn't hire you.
And don't give me this horsesqueeze about this not being Obama's fault. We are talking about the 2010 budget deficit. This is the one that Obama and his Democrat cohorts in Congress controlled completely. The particulars aren't all that sexy, but they are important.
The budget deficit for 2010 will set a record at $1.47 trillion. That is equivalent to 10% of GDP. Next year's projections for 2011 look very similar - expected to top $1.4 trillion again. Obama's big-picture budget plan (from 2010 to 2020) runs a cumulative deficit of $10 trillion. Here's another sexy figure ... $18.5 trillion. That's how much our nation's debt is expected to be in 2020. That's more than triple the amount from when Obama was elected in 2008. TRIPLE. As a share of the economy, the debt rises inexorably, to 77.4% in 2020. As a share of the economy, the fiscal deficit for 2010 will be even larger than in 2009: 10%. The next year, 2011, doesn't look much better with the deficit declining to 9.2% of GDP.
What will this do for our job situation? Well we were promised that if we spent all this money on the Democrat's economic stimulus plan, that unemployment would not reach 8%. Now ... unemployment is expected to remain above 8% through the next election in 2012.
What will this do for revenues .. aka. taxes receipts? Well the White House predicts that it will generate a sharp rise in revenues. That's because it also assumes that the economy will grow by 4% each year from 2012 through 2014. The key word is "assumes." The last time we had that kind of economic growth was during two periods: 1997-2000 and 1983-1985. But there is one key difference in both of these cases: taxes were declining. Obama, on the other hand, will possibly oversee the largest tax increase in history (letting the Bush tax cuts expire) along with ObamaCare tax hikes, among others.
So back to the Wall Street Journal's summary: Tax revenues are smaller, spending is greater, and the deficits are thus larger than the White House has been saying. Tax revenues will continue to be small so long as Obama maintains his sick Marxist fascination with taxing the achievers and redistributing the wealth. Remember that the government actually collects MORE revenue when taxes decline. So we have less revenue and increased spending under Obama. For 2008, when Obama was elected, our federal outlays were an astounding $2.9. But Barack Obama took that number and managed to EXPAND it by 33% in just three years. That expansion will grow exponentially under Obama's plans for our future. So we have less tax revenue, higher taxes, higher unemployment and higher government spending. Sounds like a bright future to me!
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