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Barack Obama Finally Admits: Ten Year Deficits Explode to $9 Trillion

In an act of sheer cowardice, Barack Obama dropped this little nugget on the American people just as he headed off to a ten day vacation:

The Obama administration will raise its forecast for the 10-year federal budget deficit to about $9 trillion from $7.1 trillion, a senior administration official said.

The White House will try to use the new estimate as extra ammunition as it seeks a health-care overhaul in Congress. The administration says its policies are aimed at driving down long-term medical costs. The estimate reflects the grim long-term U.S. fiscal outlook, as baby boomers retire in increasing numbers and costs continue to soar for federal entitlements, particularly health-care programs such as Medicare.

The latest measurement puts the White House in line with previous updates from the Congressional Budget Office. The change stems in part from downward revisions of projected economic activity since late 2008, when the administration began putting together its latest forecast.

Can it be any clearer that the Obama administration is living in an alternate universe where inheriting a $1.3 trillion deficit means he can't help but drive up those deficits to $9 trillion in ten years? If that doesn't convince you, how else can you explain Obama's argument that those titanic $9 trillion deficits mean that we must spend a trillion dollars more on a national health care system?

I guess the president and his intellectual midgets had to admit that the CBO was actually correct in its analysis of Obama's deficit spending. The question now is, will the Obama administration still try to deny with a straight face that the CBO is wrong when it argues that the Democrats' health care bills will add even more to the deficits? I think we all know that answer to that one.

Gerald Celente, forecaster extraordinaire, put these $9 trillion deficits into context, and what he had to say should terrify you:


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Comments (28)

Another day another Repu... (Below threshold)
Adrian Browne:

Another day another Republican scandal:

"Arizona Superintendent of Public Education Tom Horne (R) has been ticketed for speeding half a dozen times over the last eighteen months, including one ticket for speeding in a school zone and two tickets in the exact same location two days in a row."

Completely off topic, Adrian. Stay on topic or your comments will be deleted. - Kim

Good thing Adrian is on the... (Below threshold)
Jeff Blogworthy:

Good thing Adrian is on the case. Speeding is obviously far worse than multiple tax cheats in charge of enforcing the tax code for the rest of us. You are a crime watchdog extraordiaire, Adrian!

Back on topic: Mr. Celente does indeed scare the crap out of me. I already knew it was going to get bad, but hearing someone of his heft say just how bad is sobering. God help us all to reverse this tide of corruption.

Good Lord! It's a... (Below threshold)
jim m:

Good Lord!

It's a good thing that Mr Horne didn't drive his car into a river and leave his passenger to drown. That would cause a lot of trouble.

Or not.

Food riots, tent cities, hi... (Below threshold)
jim m:

Food riots, tent cities, high unemployment.

What's wrong with that? The great depression was fabulous for the Democratic party. You think they don't want it? "You never want a serious crisis to go to waste."

They deeply desire any excuse to achieve their ends and certainly are not above letting a crisis happen just to create the opportunity. Crisis to them is not a tragedy or a problem it is opportunity it is a windfall. They want people to hurt so they can profit.

The national debt is curren... (Below threshold)
JLawson:

The national debt is currently about $12 trillion.

Now we've got Obama, looking to add an additional $9 trillion to that.

Anyone else starting to get the idea that we simply can't afford to keep 'saving money' like this?

Adrian Browne unwittingly m... (Below threshold)

Adrian Browne unwittingly makes a good point. Of course, "unwittingly" is the only way he CAN make a good point...but I digress.

The topic is the fact that 10 year deficits are now projected to explode to $9 Trillion (at least!). The implications for our country are catastrophic. Economic collapse being one of the "milder" ones.

Yet, Adrian Browne previews the media's reaction to this and all other bad news from the Obama regime: distraction! If at all possible find something a Republican did wrong...unless Michael Jackson dies again, of course.

Even before ObamaCare dumps another $500 billion a year onto the steaming ooze that is the deficit pile, the deficit THIS year will wind up exceeding $2 TRILLION. Now even the Chosen One admits there will year-over-year deficits of $1 Trillion for 10 years!

I can only Hope that we can Change Presidents in 2012...and abort the dream that Obama has of a bankrupt and diminished Amerika.

What's that floating in the... (Below threshold)
bobdog:

What's that floating in the Kool-Aid pitcher?

"The White House will try t... (Below threshold)
GarandFan:

"The White House will try to use the new estimate as extra ammunition as it seeks a health-care overhaul in Congress."

In Obamanomics, as Joey Biden has pointed out,
'We're going to spend our way to prosperity'.

Obama really doesn't care about the deficit. It's all about Him. For some reason, He has no problem throwing other "promises" under the bus, but is absolutely fixated on "Health Care Reform". "Stimulus" - failed; "Cap & Trade" - hung up in Senate (will fail); "Health Care Reform" - dying a slow death. The man appears to wander from one failure to another. But hey! Let's take on "immigration reform" NOW! Emergency! Don't read the bill, don't debate it, although debate is healthy, unless of course "you're racist". People are dying! Pass it, I'll sign it! Then we can go on to "Education Reform", where I, Obama, have vast prior experience, spending MILLIONS and accomplishing......nothing. But it will be another EMERGENCY! So we gotta pass it now! IF we are really really LUCKY, we won't hear from The One for the next 10 days, while he enjoys his vacation. Maybe hobnob with the Kennedys. Get some of that 'magic' to rub off.

Adrian's valuable comment r... (Below threshold)
GarandFan:

Adrian's valuable comment reminds me that yesterday the MSM was all a-gog at Michelle's shorts. Never mind the Obama Administration finally admitted the CBO deficit estimate was correct. Hey it's not like we're talking real money that we have to pay back to someone. Their still trying 'to talk up' that "economic recovery is beginning". These are the same people, who 4 short years ago, kept trying to 'talk the economy down'. Bunch of real economic experts they are.

Remember, this is the same ... (Below threshold)
Hermie:

Remember, this is the same guy who got $100 million in the Annenburg Challenge to improve Chicago's schools; and spent all that money with significant funds going to insiders. In the end, not one improvement was made to kids' grades or the conditions of the schools. But he was able to fund Bill Ayers and other 'community groups', who in turn, helped him get elected to office.

bobdog: "What's that flo... (Below threshold)

bobdog: "What's that floating in the Kool-Aid pitcher?"

Major LOL!! Of course, only an "evil" "treasonous" "swastika wearing" "Astro-turfed Insurance Company drone" would ASK such a question!!

The CORRECT question is [in your best David Copperfield voice]: "Please Sir, may I have some more?"

Garandfan - "The man appear... (Below threshold)
JLawson:

Garandfan - "The man appears to wander from one failure to another."

And doesn't seem to recognize his part in creating the failures in the first place. (See Grove Parc.)

There usually comes a tipping point where even the blindest, most trusting of supporters will understand how they've been taken - and it's usually those who will be the most pissed off.

Its almost as if Hes trying... (Below threshold)
914:

Its almost as if Hes trying to turn the United States into Kenya?

Dont You normally have to work before its called a vacation? I suppose were paying this dingbats way as well as He stuffs hisself with caviar and the finest wine.

I knew He was an unqualified fraud but this is beyond belief.

"There usually comes a tipp... (Below threshold)
GarandFan:

"There usually comes a tipping point where even the blindest, most trusting of supporters will understand how they've been taken - and it's usually those who will be the most pissed off."

Yeah, some people said some very unkind things about Barry yesterday on....AIR AMERICA!
One person even had the absolute gall to say "What if all those town hall protesters ARE RIGHT".

Right now Obama is on track... (Below threshold)
Ryan:

Right now Obama is on track to, in his FIRST year in office, exceed the deficit from the entirety of both of Bush's terms.

you gusy leave Obama alone.... (Below threshold)
retired military:

you gusy leave Obama alone.

I mean they were only off by $2 TRILLION.

Why that is just a little bit of an adjustment.
Nothing for the annointed one to be concerned about.

As for the MSM why Michelle's shorts are much more newsworthy than $2 trillion.

I guess BDS is worth a tril... (Below threshold)
914:

I guess BDS is worth a trillion bucks a year in debt for as far as the eye can see. Not that its a get back at Bush.. Just the kids and grandkids of all of us that have to sacrifice our former lifestyles to compensate for the lefts stupidity.

AdrianHow about stay... (Below threshold)

Adrian
How about staying on topic

The Chosen One was in full ... (Below threshold)
GarandFan:

The Chosen One was in full BS mode in his weekly radio address today. And here I thought we were on vacation from him. I liked His encouragement of the "vigorous debate" we're having. Sounded great coming from the guy who wanted a bill rammed through Congress before the August recess, thus eliminating any chance of discussion, much less debate. Add his regret of the divisive rhetoric coming from those who oppose "His" plan. Sounded great coming from the leader of the party that's spent the past month labeling its opponents as "evil-mongering", "mob", "astroturfers", "paid lackeys", "Nazis", and "political terrorists". The best part was his statement "As I've said from the beginning, under the reform we seek, if you like your doctor, you can keep your doctor. If you like your private health insurance plan, you can keep your plan. Period." How can he say that with a straight face any longer?

Hey Barry, the American public isn't buying your lies any more. You can keep repeating your lies until hell freezes over. We're not buying it.

Obamageddon... Hey I like t... (Below threshold)
John S:

Obamageddon... Hey I like that. This week the Obama media is trying to convince us that the recession is over and Big Government saved us all. Good. When the inevitable double dip arrives this winter, Obama will get 100% of the blame. It will be his Depression.

".. previews the media's re... (Below threshold)
Les Nessman:

".. previews the media's reaction to this and all other bad news from the Obama regime: distraction! "

So true. Lately, supposedly there have been 'reports' conveniently about to leak out that CIA agents (with possible help from, gasp, Blackwater) used some harsh techniques to get info from terrorists. Gosh, what a tragedy.

And it supposedly took place 5 years ago.

Brocko has been getting absolutely clobbered lately, so look for more stories like this.

But hey, they were only $2,000,000,000,000.00 off. The American people don't mind these kind of bad numbers? Can that be true??

Maggie, Adrian is gone. Hit... (Below threshold)
Upset Old Guy:

Maggie, Adrian is gone. Hit and run, that's his style. He's like an annoying neighbor's loose dog that sneaks onto your lawn, takes a quick dump, and then runs off.

And just like that dog, we all know Adrian will be back to do it all over again.

"When the inevitable double... (Below threshold)
GarandFan:

"When the inevitable double dip arrives this winter, Obama will get 100% of the blame. It will be his Depression."

1........2.........3

"It's all Bush's fault!" (Trademark and Copyright DNC, 2008 - licensed to the Obama Administration)

wow $9 Trillion i want 1 m ... (Below threshold)
evil:

wow $9 Trillion i want 1 m $

Democrat scandal: In the fi... (Below threshold)
The Big O!:

Democrat scandal: In the first six months of his term President Obama (abetted by the solidly Democrat-controlled Congress) adds $2T to the long-term deficit, increasing it by over 26%.

vs.

Republican scandal: A state education superintendent gets ticketed for speeding.

-----------------------------------------

The 2010 elections are going to be a political bloodbath.

they should stop saying 2 T... (Below threshold)
JustRuss:

they should stop saying 2 Trillion in the mainstream media, just write it out on the screen 2,000,000,000,000.00

At least 50% of Americans that watch the news would still not have the attention span to figure out what number that many zeroes adds up to, and instead round off to the nearest billion.

*shrug* Whats a billion here or there!!

@25:
I don't know that I trust the Repubs to do much better. If there is a blood bath lets hope its a third party.

But yeah, repubs would be better than what we currently have either way.

I think obama is doing goo... (Below threshold)

I think obama is doing good but why people are against him?????????

I recommend economics 101 +... (Below threshold)
Annemarie Cairns:

I recommend economics 101 + a little research for everyone. You obviously take what you want from the news, not what is there.

Obama did not create the $9 trillion national debt, he INHERITED it from the spendthrift fiscally irresponsible GW Bush, along with a recession, a broken Medicare/Medicaid/Social Security, a destroyed US manufacturing industry, a collapsed banking economy...and you'd like him to solve all that without spending $1? Probably.

You thought Obama was secretly running a tab and just "dropped" the news while he was on vacation? This "news" has been around for a while:

BUSH ADDS $4.4 TRILLION TO NATIONAL DEBT/CBS News 9.29.08
With no fanfare and little notice, the national debt has grown by more than $4 trillion during George W. Bush's presidency. It's the biggest increase under any president in U.S history.

On the day President Bush took office, the national debt stood at $5.727 trillion. The latest number from the Treasury Department shows the national debt now stands at more than $9.849 trillion. That's a 71.9 percent increase on Mr. Bush's watch.

The bailout plan now pending in Congress could add hundreds of billions of dollars to the national debt - though President Bush said this morning he expects that over time, "much if not all" of the bailout money "will be paid back."

LEGACY OF DEFICITS WILL CONSTRAIN BUSH'S SUCCESSOR/WSJ 2.1.08
The next president, if he or she serves two terms, could find the U.S. government so deeply in hock that it would face losing its Triple-A credit rating, something that has never happened since Moody's Investors Service began grading U.S. securities in 1917.
The president's critics say his failings are twofold: He has squandered surpluses that could have helped pay down the $5 trillion federal debt. And he has let two terms pass without persuading Congress to take action that would preserve the government's social programs. According to the Concord Coalition, a fiscal watchdog group, the shortfall in Social Security and Medicare through 2080 will total $72.3 trillion, a number that dwarfs the impact of Mr. Bush's spending and tax cuts.
Mr. Bush and Congress, meanwhile, increased federal spending by 25% between 2001 and 2007, adjusted for inflation, according to Brian Riedl of the conservative Heritage Foundation. By Sept. 30, the U.S. will have spent almost $800 billion on the wars in Iraq and Afghanistan. A new Medicare prescription-drug benefit for seniors costs almost $80 billion a year. Mr. Bush's signature tax cuts, in 2001 and 2003, sapped tax receipts and sliced the projected budget surplus by about $1.7 trillion through 2011, according to the CBO




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