During the election, Candidate Obama said that his social and economic policies (the stimulus package, Obamacare, etc.) would actually reduce the national debt and provide long-term economic stability. (Never mind the fact that he was doing the same tax and spend plan that most progressives think is the cure for all of society's ills.) He said his budget plan, would actually reduce the deficit in half, approximately $500 billion, by the end of his first term.
When he became President-elect, it seems he started to change his tune. At one point, he even implied defaulting on the national debt to bring Social Security and Medicare costs under control. He also said that "trillion-dollar deficits will be a reality for years to come."
So much for "hope and change", huh?
Obamanomics has one thing in mind when it comes to money: SPEND!! Let's rattle a few things off that Obama has spent over a trillion dollars on since becoming "The Anointed One", um...I mean president.
- $350 Billion -- Second part of the TARP funds which had to be approved by a Democratic Congress
- $862 Billion (Or is it more? I lost track.) -- The legendary stimulus plan that was supposed to generate 3 million jobs, keep unemployment under 8%, and cure cancer (being facetious here)
- $85 Billion -- Auto bailout and we still own GM
- $23 Billion -- Teachers' Union Bailout
- $26 Billion -- For cash-strapped states
- $8-10 Billion (which could go as high as $165 Billion) -- Potential bailout of unions (Can we say SEIU?)
- $145 Billion -- Fannie and Freddie -- with a worst case scenario of $1 trillion (Now only if Barney Frank had gotten out of Bush's way when he tried to fix this 17 times)
- $3 billion -- Housing bailout (That's right -- the second one)
Now, obviously, I could add other disasters like Cash for Clunkers, but I think everyone has gotten the point.
The Heritage Foundation posted back in 2009a side-by-side comparison of the CBO's projected deficits with the White House's projections for a ten-year period. They posted an updated graph showing the CBO's revised projections just recently.
For the mathematically challenged liberals out there, let's use the White House's projections.
If you increase the deficit to $1.75 trillion; it makes it easier to "reduce the deficit" once the stimulus money is spent since it is not a recurring expenditure. However, look at the rest of the projections from the White House -- they look like he's fulfilling a campaign promise, but then, in 2014, the deficit goes back up. And that's their numbers!!
Regardless of hard facts, progressives continue to believe the hype -- even if they have to put a little spin on it.
The CBO has just released new long-term projections that "automatic budgetary responses" (i.e. Medicare, Social Security) and "the stimulus" caused the debt to go from 36% to 62% of GDP by 2010 -- and that it will reach 70% of GDP by the end of this year.
Now, "The Anointed One" is getting serious about the debt. He has made a new proposal to reduce the debt -- even though the first one was supposed to have saved us $2 trillion -- by $4 trillion in "12 years or less".
Now, he's going to double the savings? Yeah, right.