The Congressional Budget Office and other economic experts warned Barack Obama’s economic performance predictions were miles off the mark, and his wild spending would saddle an already-weakened economy with crippling deficits.
Well, they were right on both points, and your children and grandchildren will pay a painful price as Obama deficits stunt job growth, cripple the dollar and send taxes spiraling upwards. The AP reports:
With the economy performing worse than hoped, revised White House figures point to deepening budget deficits, with the government borrowing almost 50 cents for every dollar it spends this year.
The deficit for the current budget year will rise by $89 billion to above $1.8 trillion — about four times the record set just last year. The unprecedented red ink flows from the deep recession, the Wall Street bailout, the cost of President Barack Obama’s economic stimulus bill, as well as a structural imbalance between what the government spends and what it takes in.
As the economy performs worse than expected, the deficit for the 2010 budget year beginning in October will worsen by $87 billion to $1.3 trillion, the White House says. The deterioration reflects lower tax revenues and higher costs for bank failures, unemployment benefits and food stamps.
For the current year, the government would borrow 46 cents for every dollar it takes to run the government under the administration’s plan…