Related: CNN Sees Dangers In Obama's Deficit: 'Taxes That Would Make a Scandinavian Revolt' and Federal Government Will Borrow 40 Percent of the Money It Spends Next Year, Says White House Report and Obama’s Budget Claims $622 Billion in Health Care Savings But Doesn’t Count Cost of Health Care Reform
Unbelievable. And the left think the Tea Party, HealthCare and Big Government Protesters are out of touch. Think again. Obama at his worst approval rating at Rasmussen to date today and 57% of Americans would like to replace entire congress and only 29% confident that congress knows what it's doing on economy.
Found chart and below article at The Heritage Foundation blog. A must subscribe to.
Obama’s Tripling of the National Debt in Pictures
This Tuesday the White House released their Mid-Session Review admitting they made a $2 trillion miscalculation in the size of the federal deficit that President Barack Obama’s borrow and spend policies would inflict on our nation. Heritage senior policy analyst Brian Riedl details the carnage:
- While President Obama claims to have inherited the 2009 budget deficit, it is important to note that the estimated 2009 budget deficit has increased by $400 billion since his inauguration, and the whole point of the “stimulus” was to increase deficit spending to nearly $2 trillion based on the unproven notion that would it alleviate the recession.
- The 22 percent spending increase projected for 2009 represents the largest government expansion since the 1952 height of the Korean War (adjusted for inflation). Federal spending is up 57 percent since 2001.
- In 2009, Washington will spend $30,958 per household–the highest level in American history–and under President Obama’s budget, the figure will rise above $33,000 by 2019.
- The White House brags that it will cut the deficit in half by 2013. The President does not mention that the deficit has nearly quadrupled this year. Merely cutting it in half from that bloated level would still leave budget deficits twice as high as under President Bush.
- The public national debt–$5.8 trillion as of 2008–is projected to double by 2012 and nearly triple by 2019. Thus, America would accumulate more government debt under President Obama than under every President in American history from George Washington to George W. Bush combined.
Republican Weekly Address
More from Mr Hannan...
