Friday, March 20, 2009

The CBO Examines the Obama Budget

The Obama Budget has stumbled on a major public relation disaster. The Congressional Budget Office, controlled by the Congressional Democrats, has, quoting the NY Times today, "calculated that the White House's tax and spending plans would create deficits totaling $ 2.3 trillion more than the president's budget projected for the next decade....Mr. Obama's budget predicted total deficits for the next decade of nearly $ 7 trillion. The Congressional Budget Office analysis of his plan put the figure at nearly $ 9.3 trillion, or a third higher."

The Obama deficits, by this projection, will be four times the budget deficits of the Bush Administration. That's change you can believe in. It will take the deficit to over 5 percent of GDP, which even the White House budget chief Peter Orszag says is "unsustainable." "Unsustainable" is a code word for impending national bankruptcy.

Obama promised more transparency in the fiscal budget. Like much else that promise was left behind on the campaign cutting floor.

At what point, one wonders, will this president express some concern for the future of the country. This president has declared war on business, on the financial community, and on the fiscal soundness of the country. I guess this is "change." No president in American history has ever showed such contempt for the private sector and for the fiscal soundness of the country.