Kowabunga

Obama Politcal Failure #24

Remember all those months ago when San Fran Nan, Moonbat of the House, proclaimed that if the bailouts were not passed, 500 Million Americans would lose their jobs? It looks like we’re well on track for achieving that bench mark, even though she really meant 500,000 workers. Since the passage of the bailouts, the U.S. economy has surpassed that mark pretty much every single month in job loss. The unemployment rate is higher now than at any point since 1980, and is now predicted, even by the Obama Administration, to hit 10% by the end of the year. Honk if that’s the kind of change you hoped for by voting for The One.

But wait, there’s more change that needs to be discussed. Obama inherited a budget deficit of about $450 Billion, and has blossomed it into the first time ever in history budget deficit of over $1 Trillion (somewhere around $184 Trillion), amongst promises of reducing the deficit in future years. Now we learn that the budget deficit slated for 2010, Obama’s second deficit, will hit $1.5 Trillion. That means that by the end of his second year in office, Obama will have chalked up more budget deficits than Bush did in all eight years in office. Not that’s change we can count on.

The National Debt has already grown by over $1 TRILLION under Obama, and is slated to grow higher. No doubt the current limit of $12.1 (already raised once this year) will be raised again when Congress reconvenes in September.

It’s like Obama and his cronies (especially those unaccountable “czars”) have said “yippee” and put the pedal to the metal on spending, deepening the recession, increasing unemployment, and then using that as reason to push a Socialist agenda.

From Bloomberg:

U.S. unemployment will surge to 10 percent this year and the budget deficit will be $1.5 trillion next year, both higher than previous Obama administration forecasts because of a recession that was deeper and longer than expected, White House budget chief Peter Orszag said.

The Office of Management and Budget forecasts a weaker economic recovery than it saw in May as the gross domestic product shrinks 2.8 percent this year before expanding 2 percent next year, according to the administration’s mid-year economic review issued today. The Congressional Budget Office, in a separate assessment, forecast the economy will grow 2.8 percent next year. Both see the GDP expanding 3.8 percent in 2011.

It goes on to state that the 10 year deficit forecast has gone from $7 Trillion to $9 Trillion. And we haven’t even gotten through the first year of Obama! That means that when Obama leaves office the national Debt will be double, or more, than what it was when Obama took office.

If you were outraged by the Bush deficits, and the doubling of the national Debt under Bush, then you should be outraged by what Obama is doing.

But, hey, anyone who is complaining about the budget deficits, the rise in unemployment, expansion of government, and mounting debts is, according to that sage, Janeane Garofalo, a racist.