Obama’s Bad Numbers

26 01 2010

Obama gets bad numbers from Congressional Budget Office

Jobs and the deficits are going to be big themes of President Obama’s big speech tomorrow — and he got some bad numbers on both topics today from the Congressional Budget Office.

Oval colleague Richard Wolf breaks it down for us:

Here’s more bad news on the budget front for President Obama: A new report by the Congressional Budget Office says the nation’s $1.4 trillion deficit is likely to stay in that range for the next two years.

The 2010 deficit should be about $1.35 trillion, and if Obama keeps President Bush’s tax cuts in place and extends other expiring tax breaks, the 2011 deficit would be about the same, the report says. Over the next decade, the nation would rack up another $12 trillion in deficits, thereby doubling the size of the $12 trillion national debt.

“Daunting” and “bleak” were just some of the adjectives used by CBO Director Douglas Elmendorf on Tuesday to describe the 10-year budget picture. Spending is projected to outpace revenue, and the debt would soon be two-thirds the size of the overall economy. By 2020, interest payments on that debt would be more than $700 billion, about four times the size of the current amount.

The report shows the unemployment rate rising slightly above 10% before declining slowly. Not until 2014 would the rate drop back to 5%.

“In sum, the outlook for the federal budget is bleak,” Elmendorf said. “U.S. fiscal policy is on an unsustainable path to an extent that cannot be solved by minor tinkering.”

(Posted by Richard Wolf and David Jackson)

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3 responses

26 01 2010
Doc's Wife

The spending MUST stop or we will be living like some third world country!! It is time for people to stand up and asssume responsibility for themselves. I am tired of working hard so that others can lie around and do nothing!!!

26 01 2010
giovanniworld

DW,

I know it may not seem like a consolation at the moment, but at least you will always be able to say you did the right thing. The only thing I can suggest at the moment is to do one of two things. Work even harder (not your day job) to help change our government, or if you are able, retire early and enjoy yourself. Let someone else keep up the slugs. Just a thought…

Gio-

27 01 2010
Doc's Wife

Retiring early is not an option, and I do n ot think we would be happy. My husband has worked to support himself since teen years, and he would drive me crazy if he were home. Hopefully, we have dodged the Obamacare bullet for now,although I’m not sure. He can work for now w/o complete gov’t watchdogs, but we must stay vigilant. While illegals get free education, we have four children’s college degrees to pay off!

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