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Economic Reality Meets Feel Good Politics

post #1 of 2
3/23/09 at 3:34am
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The Congressional Budget Office has crunched the figures for Obama's budget and other spending measures. The Budget Office's figures are notorious for being fickle but these numbers are too scary to ignore. This spending that has been proposed will lead to additional 9.3 trillion in deficits by the end of the decade. The deficit will represent at least 5% of GDP. Roosevelt's New Deal spending represented 2% of GDP. Even the White House Budget Director has said that those percentages if they prove accurate are not sustainable. The past eight years has been a study in reckless spending but this has been taken to a whole new level and includes permanent entitlement spending. When asked about this the President says he is going ahead with everything. How long does he think China will continue to buy our debt and we can continue to print money to pay the interest?
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post #2 of 2
3/23/09 at 4:05am
I doubt this will make much difference for anyone. I wonder how historically accurate the CBO has been?

However, you may recall that the CBO also said that the big stimulus program would actually lead to lower growth in 3 years than doing absolutely nothing, and you'll notice Congress didn't change their minds at all.
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