Economic Report.......from Rico

Team Obama, sadly, are NOT quitters. By the time they are done you'll wish they were.

If you want to be frightened, the 2010 budget document is on the OMB website.
- The GOOD part: The Fresh Prez of Bill Ayers budget basically aims to solve every problem that mankind has experienced since the dawn of time.
- The BAD part: It costs a LOT of money to solve mankind's problems.
- The REALLY BAD part: We don't have that much money. Not even close.

While the Red Shed (formerly the Whitehouse) talks about DEFICIT REDUCTION as if there were some sort of 'savings' involved, if you understand that deficits are being reduced by increasing TAXES and not by reducing spending you will not be impressed.

According to the budget document:
Gross Federal Deficit 2008 = $9.986 trillion (actual); increasing in 2009 to $12.704 trillion (est.); by 2013 $16.198 trillion (est).

In one budget year ObaMarx increases our national debt by 27%, and over four years by 62% (although I expect the real numbers will far exceed the estimated numbers, and Congress may throw MORE TAX INCREASES at the taxpayers as a result). I can understand China's 'concern' over holding so much US debt!
- And paraphrasing the old saw that "the whippings will continue until morale improves" I do not expect that Harry Pelosi, Nancy Reid & DemSoc will be able to resist even more '$timulu$' for the government (just not for the economy)!

So Bush was terrible with money and ran big deficits. This does not let DemSoc and ObaMarx off the hook for adding 27% to the national debt in a single year!

While Team Obama effectively killed the bull of Wallstreet, they seem to have a basic competence problem...AT LEAST THEY ARE NOT QUITTERS!!!!

Looking forward to the future:
- My grandkids are going to have to pay the bill when it comes due. I wonder if they'll have to use Chinese Yuan to do it?