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Obama's Rule #1 for when you find yourself in a hole: dig faster

Not to belabor a moot point, but how in the hell can Democrats sleep at night after all their pissing and moaning about the Bush deficits during the last election cycle? Conveniently reported on Good Friday while the markets were closed, we learn that those years of Bush deficits can now be referred to as "the good old days of fiscal restraint."

WASHINGTON (AP) - The Treasury Department said Friday that the budget deficit increased by $192.3 billion in March, and is near $1 trillion just halfway through the budget year, as costs of the financial bailout and recession mount.

Last month's deficit, a record for March, was significantly higher than the $150 billion that economists expected.

The deficit already totals $956.8 billion for the first six months of the budget year, also a record for that period. The Obama administration projects the deficit for the entire year will hit $1.75 trillion.

That March figure turned out to be 28% higher than what economists predicted. Applied to the Obama administration projections that variance will equal a $2.25 trillion deficit for fiscal 2009. An amount equal to or greater than the sum of the Bush deficits from 2001-2008 in a single year.

The Washington Post was kind enough to provide a picture worth a thousand words:

wapoobamabudget1.jpg

Even the Obama administration's optimistic projections outstrip the biggest deficits under Bush. Bush inherited a recession - just like Obama. Bush raised discretionary spending too much - no conservative can argue to the contrary. Bush had to pay for two wars - costs that win or lose Obama will see incrementally decline. Therefore, we are encouraged to believe the fault for doubling our $11 trillion National Debt over the next decade lies with Bush.

Plausible? Obama's first budget (discounting the $150 billion Iraq/Afghanistan war tabs previously off-budget but still accounted for in the deficit...) is $650 billion higher than Bush's 2009 budget. Despite "inheriting" a recession/record debt and despite signing a $900 billion "stimulus" bill, Obama has upped the ante with $650 billion in additional discretionary spending. I'm sure in Obama's never-worked-in-the-private-sector pointy head that can be blamed on Bush; I recommend he wake up and smell what he's shoveling.

Who believes this administration will spend less in the next six months? Anyone believe tax receipts are going to rise dramatically? Having rung up $956 billion in deficit spending in the first half of 2009, I have no doubt the total for fiscal 2009 will be well in excess of $2 trillion. It's well documented this administration won't let a crisis go to waste - and who knows what natural or man-made disaster the next six months holds? Could we see a $2.5 trillion deficit? I wouldn't bet against it.

Ten years to double the National Debt? I give him six. Obama won't stop digging and the Democratic Congress may be even greedier than him. There is a laundry list of items still to be debated - nationalized health care, kickbacks to the teacher's unions expanded education spending, card check legislation - that will further expand spending or impede our ability to compete in the global market. That's ignoring (as Washington will continue to do) our unfunded $100 trillion liability for Social Security and Medicare.

Not gloomy enough for you? Every additional trillion added to the debt requires $25 billion in interest at today's rates. That percentage will have to go up in the future to tighten the money supply and combat inflation. We'll soon be spending $1 trillion a year just to service our debt.

See? I told you Bush's spendthrift ways were the good old days.


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Comments (6)

Yeah, but it's all Bush's f... (Below threshold)
GarandFan:

Yeah, but it's all Bush's fault. Obama said so. If we'd only follow The One, things would get better. We'd walk into broad sunlight uplands, under cloudless skies, with clean air and lowering seas, and moderate temperatures where multi-colored unicorns would frolick. Oh, and peace will guide the planets and the world will once again love the USA. In th emean time, pry open you're wallet, because you know who's going to pay.

A question: how does one fi... (Below threshold)

A question: how does one fight Obama given that

(1) republicans as a whole have no credibility as deficit hawks (and the few GOPers who have some credibility want to raise taxes), and
(2) for the most part the public likes the goodies they think are being doled out by the Obama budget, and
(3) most people could care less about budget deficits, national debt levels and so on (it's just too abstract for them to deal with, they don't really think they or their kids will ever have to pay, they think statistics and arguments such as yours are just GOP fearmongering).

Steve, both parties need to... (Below threshold)
maggie:

Steve, both parties need to be purged. We need
term limits, and we need all new
elected representatives in the house and
new elected senators in the senate.
I find the republicans guilty en mass for not
keeping their contract with America for
launching this current socialist attack by
being so irresponsible which allowed the
socialists to gain control of all of our
elected system along with the white house.
I firmly believe in the two party system
as a check and balance in our government.
Until we use the process of getting this
straightened out we'll continue to see
our federal system spiral out of control.
Today you, ByranD, JC Hammer have been
spot on.

Dont forget the Social Secu... (Below threshold)
retired military:

Dont forget the Social Security surplus is scheduled to disappear around 2017.

retired military, don't wai... (Below threshold)
maggie:

retired military, don't wait for 2017, its
already been reported the surplus has already
disappeared.

Can you say "Hyperinflation... (Below threshold)
Gmac:

Can you say "Hyperinflation" boys and girls?"
I knew you could because it's coming.

"the republicans as a whole have no credibility as deficit hawks" and neither do the Democrats, even less by comparable spending habits and they are currently in charge. Come to think of it they've been in charge for 2 years now.....

Basic government 101: All spending originates in the House of Representatives.

"for the most part the public likes the goodies they think are being doled out by the Obama budget"

Heard this one before? "The State is the great fiction through which everybody endeavors to live at the expense of everybody else."
F. Bastiat 1848

Whats not to like about other peoples money? Except for the fact that the 'other people' will soon grow tired of the tax burden and just say screw it and pack it in.

"they think statistics and arguments such as yours are just GOP fearmongering..."

Perhaps they do but that's the price of a public education that teaches people to live beyond their means and actively encourages them to do so at every turn by not teaching sound economic theory. It's awfully hard to blame ignorance but harsh reality has a way of searing a lesson into one's knowledge base curing that problem. Look back at the people who grew up in the depression era, they weren't known for being extravagant or living beyond their means.

Whats about to happen to this economy is going to make whats happening right now look like a fart in a hurricane.




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