Tuesday, October 18, 2011

CBO...US Budget Deficit 2nd Highest Ever 

The Federal government is still spending $ 1.29 Trillion more than revenues it brings in on a yearly basis. The proposed future Budgets are nearly as bad, sustaining annual Deficits as far as the rational mind can contemplate.
Note: Review the chart for 2011.  The rosy assumptions set by Obama were not met and the 2011 Deficit was much worse than expected.  In addition, Obama wants to add more spending stimulus. This is the third straight year of annual budget deficits exceeding 1 Trillion dollars.  This is unsustainable...we are headed for Greece. reports, "In a statement, Treasury Secretary Timothy Geithner said that the deficit remained elevated as a result of the continued effects of the financial crisis in 2008 and 2009, “which have put a persistent strain on revenue and outlays."

Notice the Obama Administration is still blaming George Bush instead of admitting their economic policy failures.  The business community consistently states that they can't make hiring decisions due to 3 primary reasons:

1.  ObamaCare...which restricts their ability to hire and finance new employees.
2.  Regulation Strangulation...which hampers their ability to make profits and delays new private expansion
3.  High Corporate Tax Rates...which make it impossible to compete internationally.

I would add a number 4 into this mix...the long term instability caused by runaway unsustainable Annual Budget Deficits...which will make higher Taxes inevitable in the future.  It's the SPENDING STUPID !

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