March 25, 2011 | 38 comments
March 17, 2011 | 85 comments
March 17, 2011 | 9 comments
March 16, 2011 | 8 comments
March 15, 2011 | 8 comments
The Congressional Budget Office has released its assessment of President Obama’s budget, and the results aren’t pretty. According the analysis, deficits in the next decade will be worse than what the White House has projected, much higher than they would be if we were to follow current law, and even higher than what CBO had forecast last year.
Between 2011 and 2020, the nation will accumulate $9.8 trillion in deficits as a under the Obama budget, according to the CBO, ending the decade with $20.3 trillion in public debt, which translates into a staggering 90 percent of gross domestic product (compared with the 53 percent Obama “inherited” in 2009). By contrast, in its own budget release, the White House Office of Management and Budget had projected debt at 18.6 trillion in 2020 (or about $1.7 trillion less than the CBO).
Obama’s budget would also add more to the debt when it is viewed relative to the CBO baseline scenario that assumes current law is followed, as demonstrated by the area chart below. The blue area represents the additional debt created by Obama’s budget — while it may not look huge, the difference reaches about $5 trillion relative to the CBO baseline scenario (or added debt of 23 percent of GDP) by 2020.
These projections have gotten worse in the past year. For instance, when it assessed Obama’s budget last March, the CBO projected debt of $17.3 trillion in 2019 — it now sees debt reaching $18.9 trillion that same year.
A man of faith in a godless age is hitting Americans where it hurts.
Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
In Britain, defending your property can get you life.
The debacle of this president’s administration is both a cause and a symptom of the decline of American values. Unless Congress impeaches him, that decline will go on unchecked. An eminent jurist surveys the damage and assesses the chances for the recovery of our culture.
It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
The American Christmas, like the songs that celebrate it, makes room for everybody under the rainbow. Is that why so many people seem to be hostile to it?
Was the President done in by the economy, or by the politics of the economy?