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Re: Holy Hell...470,000 job loss in June, national 9.5%
March 16, 2009
The Obama Budget: Spending, Taxes, and Doubling the National Debt by Brian M. Riedl Backgrounder #2249 During his presidential campaign, President Barack Obama promised the American people a "net spending cut."1 Instead, he signed a "stimulus" bill that spends $800 billion, and he has proposed a budget that would: Increase spending by $1 trillion over the next decade; Include an additional $250 billion placeholder for another financial bailout; Likely lead to a 12 percent increase in discretion*ary spending; Permanently expand the federal government by nearly 3 percent of gross domestic product (GDP) over pre-recession levels; Raise taxes on all Americans by $1.4 trillion over the next decade; Raise taxes for 3.2 million taxpayers by an average of $300,000 over the next decade; Call for a pay-as-you-go (PAYGO) law despite offering a budget that would violate it by $3.4 trillion; Assume a rosy economic scenario that few econo*mists anticipate; Leave permanent deficits averaging $600 billion even after the economy recovers; and Double the publicly held national debt to over $15 trillion ($12.5 trillion after inflation).2 ![]() The Obama Budget: Spending, Taxes, and Doubling the National Debt |
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Re: Holy Hell...470,000 job loss in June, national 9.5%
Quote:
Being as we will soon not have jobs, or be able to afford cars..the demand for oil is getting ready to drop WAY down. |
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