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August 31, 2009
Deficit Attention Disorder: Obama's Writing Checks the Body Politic Can't CoverWhat's 2 trillion between friends? $2,000,000,000,000. That's the amount by which the Obama administration raised its ten-year estimate of the nation's budget deficit from the one it made only a few months ago. Now, $2 trillion is a lot of money. But even more significant is the fact that this revision represents almost a 30 percent increase -- no tiny percentage of the earlier $7 trillion figure. It seems that expenses are higher -- up 24 percent this year, the largest increase since the height of the Korean War -- than originally estimated, and revenues are lower. The resulting deficit, says Peter Orszag, Obama's budget director, is "higher than desirable". He might have added that the administration's critics had it right when they claimed that the earlier estimate represented a turn around the dance floor with that old seductress, Rosy Scenario. Stelzer notes that Obama may be hanging himself in a way he doesn't even realize. Bernacke has promised he'd soak up -- remove -- all this extra money he's dropped into the country from helicopters. But when? If it's 2011... That's what happened to Bush the Elder. George Will is on a similar roll, but hitting the Cap and Tax schemes harder. The supposed means of paying for the president's $1 trillion health-care plan include substantial Medicare cuts that will never happen, and the auction of carbon-emission permits that, instead, would be given away by the Waxman--Markey cap-and-trade legislation the House has sent to the Senate. I didn't know Obama was still sneaking in that absurd $600 billion in cap and taxes into his budget math. Update: Obama's Borrowing 10 Times Greater Than Reagan's: And Reagan's deficits were considered unsustainable. And won and ended the Cold War. According to the Obama administration’s mid-session budget update, the federal government will have to borrow nearly 40 percent of its total expenditures in 2010, reports CNSNews.com Staff Writer Matt Cover. The report shows that 39.9% of all federal income will be borrowed, making borrowing the single largest share of revenue in 2010. The next largest component of federal revenue is the personal income tax, which accounts for only 27.3% of federal funds
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