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The April Numbers Are In

... and there's not a lot of great news.

The White House has raised its official 2009 budget deficit estimate to $1.84 trillion, which is almost exactly four times the FY 2008 budget deficit of $459 billion. Or to put another way, $1.84 trillion is more than the combined total of 2001 - 2007 budget deficits. $1.84 trillion also represents a 50% increase over the $1.2 trillion deficit first estimated by the Obama White House in January. Obama and the Congressional Democrats bear full responsibility for this deficit -- even the Associated Press has figured this out.

It seems that our current unemployment level is precisely where it was forecast to be without that $787 billion stimulus whirlwind that blew through Congress in February. Wow, it's almost as if the Stimulus Bill was mostly pork and little stimulus.

An early analysis of the stimulus money that was to be immediately allocated to "shovel-ready" projects has revealed that most of it is going to counties with relatively low unemployment, while the counties with the highest unemployment are ending up short-changed. The reason? Simple -- poor counties don't have the resources to draw up the massive amount of Federal government paperwork necessary to establish a "shovel-ready" project. Of course in my opinion, the whole Stimulus Bill was "shovel ready".

Even though Congress allocated $135 billion in stimulus money to prevent layoffs at the state government level, those layoffs are increasing in many states.

The stock market is up, but was it a "sucker's rally"?

The stock market still has big hurdles to clear. You can have a jobless recovery, but you can't have a profitless recovery. Consider: Earnings are subpar, Treasury's last auction was a bust because of weak demand, the dollar is suspect, the stimulus is pork, the latest budget projects a $1.84 trillion deficit, the administration is berating investment firms and hedge funds saying "I don't stand with them," California is dead broke, health care may be nationalized, cap and trade will bump electric bills by 30% . . . Shall I go on?

Unfortunately, we seem to have a President who believes in the inherent evil of profits.

Gasoline has jumped to a 6 month high, rising an average of 16 cents per gallon during the last week. It's up about 20 cents here in Oklahoma City. Waiting for Congressional investigations to begin any day now ...

After meeting with health care officials, President Obama announced a plan to save $2 trillion in health care costs over the next ten years, which somehow is supposed to pave the way for his proposed "major health care reform" (i.e. nationalized medicine). This sounds a lot like Obama's now-infamous promise to "cut the deficit in half" ... after his administration quadrupled it.

Finally, the Obama Administration has published a detailed summary of its new tax proposals, including measures aimed at reducing "lost" tax revenue. There are, of course a number of tax rate increases, but the biggest burden imposed by these new rules is the amount of red tape and paperwork that will be required of businesses, both large and small, including rental property owners, and the self-employed. The additional money collected through these measures will be used to fund a new $630 billion "health reform reserve fund." On the bright side, at least the Obama Administration is figuring out how to pay for this spending boondoggle. Now for all the others ...


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Comments (16)

Yep, Democrats are doing a ... (Below threshold)
GarandFan:

Yep, Democrats are doing a GREAT job! Let's spend some more money! And just remember, "It's all George Bush's fault!"

amazingly, and I truly mean... (Below threshold)

amazingly, and I truly mean that, our Dear Leader is STILL blaming Bush for every problem...and some folks (ALL the MSM, and ALL the Left) are still buying it!

Economic fundamentals, the realities of geo-politics, and the reluctance of Americans to surrender all their freedoms to "He who has been chosen" will eventually be too much for even the media to ignore.

Wouldn't ya know it...Michelle Obama is FINALLY "proud of America"...and now her husband is on a quest to destroy it! Sounds like grounds for divorce, Michelle!

Market is defintily going t... (Below threshold)
Dave:

Market is defintily going to crash back down There is nothing to support this up move in the market. No techincal analysis on the chart, no indicators, just buying buying buying buying. And contrary to popular belief, this is counter productive to a healthy market. A healthy market takes 2 or 3 steps forward, but also takes a step or half a step back. A healthy market rests on its way up. It consolidates in key areas. We havent had any of that. This rally is unsustainable and will break down quickly. SPX is at least moving sidways, but its quickly moving to break out of its upward channel. This is a signal that it is looking to break down.

Must be time to release mor... (Below threshold)
Hank:

Must be time to release more memo's from the Bush administration.

Obama and the dems are going to need some serious distractions.

This is what you get when y... (Below threshold)
914:

This is what you get when you cross an IQ of 66 with the presidency.

We conservatives knew he wa... (Below threshold)
WildWillie:

We conservatives knew he was an empty suit and now the independents are learning this. ww

justrand - <... (Below threshold)
marc:

justrand -

Ain't that a fact "Jack."

Just in the last few hours I watched as a "democratic strategist" - "democratic strategist" shouldn't that be called an oxymoron now? - be part of a 10 minute discussion on the budget and 2009 budget deficit estimate.

His ONLY response to being 4 times further in the hole than Bush ever produced was "where were you for the last 8 years, but... but... but Bush passed a tarp bill," and I kid you not, the porked-up budget obama signed because it was "bush's budget and bill."

Mentally deficient lemming who's marginally capable of operating in society I guess.

I just read a joke that fits the occasion. (NOTE I said joke, meaning no refs to 20th hijackers or kidney failures)

A woman in a hot air balloon realized she was lost. She lowered her altitude and spotted a man in a boat below. She shouted to him, 'Excuse me, can you help me? I promised a friend I would meet him an hour ago, but I don't know where I am.'

The man consulted his portable GPS and replied, 'You're in a hot air balloon, approximately 30 feet above a ground elevation of 2346 feet above sea level. You are at 31 degrees, 14.97 minutes north latitude and 100 degrees, 49.09 minutes west longitude.'

She rolled her eyes and said, 'You must be a Republican.'

'I am,' replied the man. 'How did you know?'

'Well,' answered the balloonist, 'everything you told me is technically correct, but I have no idea what to do with your information, and I'm still lost. Frankly, you've not been much help to me.'

The man smiled and responded, 'You must be a Democrat.'

'I am,' replied the balloonist. 'How did you know?'

'Well,' said the man, 'you don't know where you are or where you're going. You've risen to where you are, due to a large quantity of hot air. You made a promise that you have no idea how to keep, and you expect me to solve your problem. You're in exactly the same position you were in before we met but, somehow, now it's my fault.'

If my electric bill goes up... (Below threshold)
Ttx:

If my electric bill goes up simply so that the ass in the White House can pander to the nutty global warming religion, I'm going to take to the streets and misbehave. I'm barely hanging on as it is, I can't afford another 30, 50, whatever percent on my electric bill. Fuck them and the commie horse they rode in on.

I concur Ttx. The soab's ar... (Below threshold)
914:

I concur Ttx. The soab's are going to get it back in spades.

Liberalism 101: Tax, tax, t... (Below threshold)
Jason Author Profile Page:

Liberalism 101: Tax, tax, tax. Spend, spend, spend.

And FU to the jac ass that ... (Below threshold)
914:

And FU to the jac ass that dared to give Me a neg because I complained about paying too much of My "hard earned money" to the f n government.. You little prick. Fess up you liberal idiot??

Come on, can we give barack... (Below threshold)
marc:

Come on, can we give barack hussein obama a break once in a while?

He's thinking of all Americans - including dead ones.

QUICK... whats 10,000 times $250?

Just another rush job by the obama crew.

Headline Oct 2012. <... (Below threshold)
retired military:

Headline Oct 2012.

Dow Jones dips to 5000. Obama blames Bush.

Unemployment is so high rig... (Below threshold)
Paul Hooson:

Unemployment is so high right now that tax revenues are very low. Once the economy revives and people get back to work these deficit numbers will certainly improve downward.

hooson - "Unemployment ... (Below threshold)
marc:

hooson - "Unemployment is so high right now that tax revenues are very low. Once the economy revives and people get back to work these deficit numbers will certainly improve downward."

Assuming it gets better, and that's very debatable.

But lets say it does get better, the reality is just when the employment numbers improve the group of Americans that pay the vast majority of taxes, those 250k and above, will be socked with tax increases.

Oops, there goes your "recovery."

No fessing up?? That equate... (Below threshold)
914:

No fessing up?? That equates to Hooson being the simpleton that decried My outrage at hifi taxes??

Recovery on the brink?? Dream on.... Eternal optimist.




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