Obama and the economy busting budget
As we move day by painful day further into the demise of the American economy by President Obama and his leftist accomplices. More of the lies he speaks are being revealed. The latest is how his budget does not save money but sinks America and the American people further into oppression and danger of economic slavery.
According to the more in depth budget analysis by the C.B.O. The Obama budget sinks this country into a 90% debt of our G.D.P. buy the year 2020. Or in easier terms an additional $10,000,000,000,000.00 in debt.
( http://cboblog.cbo.gov/?p=555 )
CBO’s analysis indicates that if the President’s proposals were enacted:
The federal government would record deficits of $1.5 trillion in 2010 and $1.3 trillion in 2011. Those deficits would amount to 10.3 percent and 8.9 percent of gross domestic product (GDP), respectively. (The deficit in 2009 totaled 9.9 percent of GDP.) Compared with CBO’s current-law baseline projections, deficits under the President’s proposals would be about 2 percentage points of GDP higher in fiscal years 2011 and 2012, 1.3 percentage points greater in 2013, and above baseline levels by growing amounts thereafter. By 2020, the deficit would reach 5.6 percent of GDP, compared with 3.0 percent under CBO’s baseline projections.
Under the President’s budget, debt held by the public would grow from $7.5 trillion (53 percent of GDP) at the end of 2009 to $20.3 trillion (90 percent of GDP) at the end of 2020, about $5 trillion more than under the assumptions underlying the baseline. Net interest would more than quadruple from 1.4 percent of GDP in 2010 to 4.1 percent in 2020 in nominal dollars (without an adjustment for inflation).
Revenues under the President’s proposals would be $1.4 trillion (or 4 percent) below CBO’s baseline projections from 2011 to 2020, largely because of the President’s proposals to index the thresholds for the alternative minimum tax for inflation starting at their 2009 levels and to extend many of the tax reductions enacted in 2001 and 2003 that are scheduled to expire at the end of 2010. Other proposals in the President’s budget—including those associated with significant changes in the nation’s health insurance system—would, on net, increase revenues.
Mandatory outlays under the President’s proposals would be above CBO’s baseline projections by $1.9 trillion (or 8 percent) over the 2011–2020 period, about one-third of which would stem from net additional spending related to proposed changes to the health insurance system and health care programs. Discretionary spending under the President’s budget would be about $0.3 trillion (or 2 percent) lower than the cumulative amount between 2011 and 2020 in CBO’s baseline, reflecting reduced funding for the wars in Iraq and Afghanistan.
This is Obama's and the Democrats deficit. They made it , they own it. There is no denying that single handily they are sinking this country economically.
According to the more in depth budget analysis by the C.B.O. The Obama budget sinks this country into a 90% debt of our G.D.P. buy the year 2020. Or in easier terms an additional $10,000,000,000,000.00 in debt.
( http://cboblog.cbo.gov/?p=555 )
CBO’s analysis indicates that if the President’s proposals were enacted:
The federal government would record deficits of $1.5 trillion in 2010 and $1.3 trillion in 2011. Those deficits would amount to 10.3 percent and 8.9 percent of gross domestic product (GDP), respectively. (The deficit in 2009 totaled 9.9 percent of GDP.) Compared with CBO’s current-law baseline projections, deficits under the President’s proposals would be about 2 percentage points of GDP higher in fiscal years 2011 and 2012, 1.3 percentage points greater in 2013, and above baseline levels by growing amounts thereafter. By 2020, the deficit would reach 5.6 percent of GDP, compared with 3.0 percent under CBO’s baseline projections.
Under the President’s budget, debt held by the public would grow from $7.5 trillion (53 percent of GDP) at the end of 2009 to $20.3 trillion (90 percent of GDP) at the end of 2020, about $5 trillion more than under the assumptions underlying the baseline. Net interest would more than quadruple from 1.4 percent of GDP in 2010 to 4.1 percent in 2020 in nominal dollars (without an adjustment for inflation).
Revenues under the President’s proposals would be $1.4 trillion (or 4 percent) below CBO’s baseline projections from 2011 to 2020, largely because of the President’s proposals to index the thresholds for the alternative minimum tax for inflation starting at their 2009 levels and to extend many of the tax reductions enacted in 2001 and 2003 that are scheduled to expire at the end of 2010. Other proposals in the President’s budget—including those associated with significant changes in the nation’s health insurance system—would, on net, increase revenues.
Mandatory outlays under the President’s proposals would be above CBO’s baseline projections by $1.9 trillion (or 8 percent) over the 2011–2020 period, about one-third of which would stem from net additional spending related to proposed changes to the health insurance system and health care programs. Discretionary spending under the President’s budget would be about $0.3 trillion (or 2 percent) lower than the cumulative amount between 2011 and 2020 in CBO’s baseline, reflecting reduced funding for the wars in Iraq and Afghanistan.
This is Obama's and the Democrats deficit. They made it , they own it. There is no denying that single handily they are sinking this country economically.
