Obama Deficit Projections Off By $1.2 Trillion

U.S. President Barack Obama and Vice President Joe Biden

U.S. President Barack Obama's deficit projections are being labeled incorrect, off by as much as $1.2 trillion dollars. This spells terrible trouble for the U.S. economy and reaffirms the Judiciary Report's stated belief, President Obama's economic advisors are not going in the right direction.

As the Judiciary Report has maintained for several months, this massive spending the Obama Administration has undertaken, to correct the widespread damage of the Bush years, is going to end in economic disaster and a different America than you see today.

US deficit tops Obama forecast by 1.2 trillion dollars: CBO

WASHINGTON — US President Barack Obama has underestimated the government budget deficit for the next decade by 1.2 trillions dollars, estimates by Congress showed Friday.

Under Obama's latest budget projections, the cumulative deficit over the 2011-2020 period would be 8.532 trillion dollars, or 4.5 percent of gross domestic product, the nation's economic output.

But the Congressional Budget Office estimated Friday the deficit would snowball to 9.761 trillion dollars or 5.2 percent of GDP.

The CBO expects a deficit "1.2 trillion dollars greater over the 2011-2020 period than what the administration anticipates under the president's budget," CBO director Douglas Elmendorf said in a report Friday.

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Has The U.S. Economy Really Improved

U.S. President Barack Obama

Has the U.S. economy really improved. Banks and other U.S. businesses are still closing in record numbers, Americans still can't find work and today it was announced, due to a revision, the economy has lost 825,000 more jobs.

The current government plans are not working. The government needs to change course, before it's too late and the damage becomes a way of life, stuck in a cycle you can't get out of.

U.S. May Lose 824,000 Jobs as Employment Data Revised: Analysis

Feb. 3 (Bloomberg Multimedia) -- The U.S. may lose 824,000 jobs when the government releases its annual revision to employment data on Feb. 5, showing the labor market was in worse shape during the recession than known at the time.

Click here for a Bloomberg Multimedia interactive visual analysis of the economy’s job losses.

http://www.bloomberg.com

Unemployment rises in most metro areas

Feb 2, 2:40 PM (ET) - WASHINGTON (AP) - Unemployment rose in most cities and counties in December, signaling that companies remain reluctant to hire even as the economy recovers.

The unemployment rate rose in 306 of 372 metro areas, the Labor Department said Tuesday. The rate fell in 41 and was unchanged in 25. That's worse than November, when the rate fell in 170 areas, rose in only 154 and was unchanged in 48.

The metro employment numbers aren't seasonally adjusted and can be volatile. Many of the increases were due to seasonal factors...

http://apnews.myway.com

The Obama Spell Is Broken

Unlike this president, John Kennedy was an ironist who never fell for his own mystique.

The curtain has come down on what can best be described as a brief un-American moment in our history. That moment began in the fall of 2008, with the great financial panic, and gave rise to the Barack Obama phenomenon.

The nation's faith in institutions and time-honored ways had cracked. In a little-known senator from Illinois millions of Americans came to see a savior who would deliver the nation out of its troubles. Gone was the empiricism in political life that had marked the American temper in politics. A charismatic leader had risen in a manner akin to the way politics plays out in distressed and Third World societies.

Professor Fouad Ajami's opinion piece garnered over 400 comments. He visits the News Hub to discuss his views and offer rebuttals to criticism.

There is nothing surprising about where Mr. Obama finds himself today. He had been made by charisma, and political magic, and has been felled by it. If his rise had been spectacular, so, too, has been his fall.

http://online.wsj.com

Obama Continues To Defend His Record Spending

"Video: Obama Budget Would Create Highest-ever Deficit"

U.S. President Barack Obama continues to defend his controversial position in spending record sums of money and hiking up the national deficit, which many see as the wrong path to financial recovery. He restated his claims today in New Hampshire on America's East Coast, regarding these hefty spending initiatives. Somebody please give him a calculator, as this is not going to add up.

U.S. President Barack Obama

A few fellow members of his Democratic Party erroneously insist, America must "spend its way out of the recession" which in actuality is a depression. Such financially reckless, spendthrift thinking is a faulty premise and dangerous assumption. America is currently racking up enough debt to break the nation in two in coming years.

Clyburn: 'We've got to spend our way out of this recession'

By Michael O'Brien - 02/01/10 12:56 PM ET - The U.S. government must spend its way out of the recession, the Democrats' third-ranking House leader stressed Monday.

Rep. James Clyburn (D-S.C.), the House majority whip, said that trying to find greater savings in the budget, which was released by President Barack Obama this morning, wouldn't help alleviate the recession.

"We've got to make some decisions here as to what's in the best interests of our country going forward," Clyburn said during an appearance on Fox News. "And I think the best interest is to invest in education, control these deficits, while at the same time trying to get people back to work."

"We're not going to save our way out of this recession," the majority whip added. "We've got to spend our way out of this recession, and I think most economists know that." ...

"You're not going to bring down the deficits, you're not going to eliminate these problems without growing this economy," he said. "And you're not going to grow the economy by wishing it; you've got to invest in it. And that's what we're doing with this budget."

http://thehill.com

Obama Explains Himself...But Answers Are Still Lacking

Video: Obama Unveils Deficit-increasing $3.83 Trillion

U.S. President Barack Obama took to a press conference today to explain himself and his massive new budget that has alarmed the nation. People still fail to grasp why all this record spending is necessary and the explanations that have been furnished have failed to assuage public angst and anger regarding the ever rising national deficit. You should do more to explain the budget, as what you have stated still leaves many questions unanswered.

U.S. Deficit To Hit All Time High

U.S. President Barack Obama

U.S. President Barack Obama is seeking to implement a record $3.8 trillion budget for 2011, increasing the national deficit by an unprecedented $1.6 trillion dollars. This is trouble waiting to happen.

Unprecedented, crushing debt, can topple the federal government, forcing a complete restructuring of the national legislative hierarchy, due to lack of funds. If the national debt becomes too high, there will only be money for local government, while many federal agencies would face the chop.

One cannot keep pressing up money and expect foreign nations will keep opening their coffers to dole out generous loans, if repayment is painfully not possible, due to dire financial straits. Too much spending is going on and too little saving.

Deficit to Hit All-Time High

JANUARY 31, 2010, 7:36 P.M. ET - Obama's $3.8 Trillion Budget Forecasts a $1.6 Trillion Shortfall for 2010 Before It Drops.

WASHINGTON—President Barack Obama will propose on Monday a $3.8 trillion budget for fiscal 2011 that projects the deficit will shoot up to a record $1.6 trillion this year, but would push the red ink down to about $700 billion, or 4% of the gross domestic product, by 2013, according to congressional aides.

The deficit for the current fiscal year, which ends on Sept. 30, would eclipse last year's $1.4 trillion deficit, in part due to new spending on a proposed jobs package. The president also wants $25 billion for cash-strapped state governments, mainly to offset their funding of the Medicaid health program for the poor.

http://online.wsj.com