Let us say it again.
Pres Bush's federal budget deficits were 3% of GDP over two terms.
The first Bush-Obama deficit will be over 10% of GDP.
The federal budget runs on a Oct 1-Sept 30 cycle. (4 months for Bush and 8 months for Obama!)
It reflects the checks mailed out last spring, the $750 billion TARP and the economic slowdown at the end of the year.
Again, Obama voted for "checks" and TARP. He was not an innocent bystander who learned about the deficits after he was inaugurated.
The first Obama deficit (2010) will be 10% of GDP.
Are you detecting a trend here?
Furthermore, Pres Obama has announced even more spending, from health care to taking care of whatever "your vote" desires!
It gets worse.
Pres BO plans to take care of the deficit by "taxing the rich" and ending the war in Iraq.
What's wrong with that strategy from our "articulate" president?
No matter what, we will have 50,000 soldiers in Iraq beyond 2010. Iraq will be like South Korea, a key foreign post with a major US presence.
Second, we are now sending 17,000 soldiers into Afghanistan. They are going to fight, i.e. spend money and unfortunately lives!
Most of all, there are not enough "rich people" in the US to pay for Pres Obama's fantasies.
Someone should pass "Good Luck On Deficit" to the president for some weekend reading:
"History shows the folly of this assumption — higher tax rates always bring in less money than forecast — which means that revenues from the "rich" will certainly come in well below expectations."
So get ready.
Each and every one of you will soon be "rich" so that President "Articulate" can tax your earnings!
We will soon be a nation of rich people, i.e. taxpayers!
