A Colossal Mess

Following in Bush's footsteps, at least in regard to no passing thought as to a mushrooming deficit.



Obama unveils $3.55-trillion budget plan


The president's outline of his proposal for 2010 boosts federal spending to a record level. It also raises taxes for the wealthy and sets aside funds for universal healthcare.
February 26, 2009

Reporting from Washington -- President Obama today unveiled a $3.55-trillion budget outline for fiscal 2010 that he described as an "honest accounting" of the federal budget, the damage of the ongoing financial crisis and the efforts needed to turn the economy around.

The budget outline -- which included broad goals and few line items -- was largely a political document, designed to underscore the effects of "an era of profound irresponsibility that engulfed both private and public institutions, from some of our largest companies' executive suites to the seats of power in Washington, D.C.," Obama wrote in his message.

The budget calls for spending that totals $3.93 trillion in fiscal 2009 and $3.55 trillion in 2010. It projects a federal deficit of $1.75 trillion for 2009 and $1.17 trillion deficit for 2010 -- both of which will be twice as large as the previous worst year on record.

Those numbers are eye-popping, Obama said, not only because of the two stimulus measures enacted in the last year, but also because the previous administration left large sums of government spending off the books.

more latimes.com/news/nationworld/nation/la-na-obama-budget27-2009feb27,0,2600875.story

[Dboy]

Yes, I think they've just passed the "One Term for Obama Act". This mess they called a stimulus package was just a grab-bag random money-throwing package. A complete waste of time. They are gambling with the whole country now. If this thing doesn't work then the US might very well be creating the first planetary depression.

[Wesley]

Following in Bush's footsteps, at least in regard to no passing thought as to a mushrooming deficit.



Obama unveils $3.55-trillion budget plan


The president's outline of his proposal for 2010 boosts federal spending to a record level. It also raises taxes for the wealthy and sets aside funds for universal healthcare.
February 26, 2009

Reporting from Washington -- President Obama today unveiled a $3.55-trillion budget outline for fiscal 2010 that he described as an "honest accounting" of the federal budget, the damage of the ongoing financial crisis and the efforts needed to turn the economy around.

The budget outline -- which included broad goals and few line items -- was largely a political document, designed to underscore the effects of "an era of profound irresponsibility that engulfed both private and public institutions, from some of our largest companies' executive suites to the seats of power in Washington, D.C.," Obama wrote in his message.

The budget calls for spending that totals $3.93 trillion in fiscal 2009 and $3.55 trillion in 2010. It projects a federal deficit of $1.75 trillion for 2009 and $1.17 trillion deficit for 2010 -- both of which will be twice as large as the previous worst year on record.

Those numbers are eye-popping, Obama said, not only because of the two stimulus measures enacted in the last year, but also because the previous administration left large sums of government spending off the books.

more latimes.com/news/nationworld/nation/la-na-obama-budget27-2009feb27,0,2600875.story

How dare you speak against the Messiah

Wes

The figures might be large, but strangely enough, Obama's budget represents 12.3% of GDP. Whilst this is high, apparently Ronald Reagon also had the same problem in the 80's which was "high", but not as high as the after WWII when the figure was 21.5%. This gives a better perspective of "how much"

This follows years of excessive borrowing & is combined with a balance of trade deficit which has been heavily negative for years also. No wonder the US is so far in debt. The UK is in a similar mess, after 12 years of mismanagement.

If you reduce it to the simple big picture rather than getting lost in the details and back and forth bitch fights about pet projects; which all of the Obama critic would love for us to do, lets see what the real choices are. Bush and the 8 years of Republican control have really onlyn left Obama with two and a half choices. Choice 1: Spend like druken sailors and hope we can turn the economy before it goes over the cliff...just like Thelma and Louise. Then live with the massive inflation that is sure to come Choice 2: Do little or nothing and watch the the collapse of the American and world economies, and suffer massive deflation. The truely rich would love that; their cash and precious metals are woth more every second. Choice 1/2: The middle way...walk the tight rope of spending enough but not to much in a hurricane, and most likely fall off. The result would be world chaos....with the banks failing and spending going nuts.

Thank you to (>:)) Bush, Hoover and the Republicans for the second Republican economic collapse of the last 80 years. you guys really know how to leave a new President with a pile of shit on his plate!!!!!!

I vote for massive inflation. That is the way America has always paid its debts. Borrow expensive money and pay back cheap money.