Right Wing Finance

According to a recent AP article :

“Figures released by the White House budget office foresee a cumulative $9 trillion deficit from 2010-2019, $2 trillion more than the administration estimated in May. Moreover, the figures show the public debt doubling by 2019 and reaching three-quarters the size of the entire national economy.”

And this doesn’t even take into account the fact that the same “experts” are project higher GDP growth than will actually take place, if Obama gets his health care and cap-and-trade energy tax legislation passed. Also, the Bush tax cuts are set to expire in the next year which will also limit economic growth.

“Obama economic adviser Christina Romer predicted unemployment could reach 10 percent this year and begin a slow decline next year. Still, she said, the average unemployment will be 9.3 in 2009 and 9.8 percent in 2010.”

What they’re not telling you is that unemployment is likely to stay around 9% after that because the Obama administration’s economic policy is in direct opposition to job growth. The socialist economies of Europe average about 10% unemployment in good times, and while I concede that the U.S. is not strictly a socialist economy yet, we are headed there.

“”This recession was simply worse than the information that we and other forecasters had back in last fall and early this winter,” Romer said.”

Once again we are expected to believe that this is simply a result of Bush policies and the Obama Administration has had no opportunity to affect the economic landscape. At what point does this become Obama’s economy?

Obama and the Democrat congress have quadrupled the deficit in its first 9 months. That’s not the Bush administration.

“Romer projected that the economy would expand in 2010, but by 2 percent instead of the 3.2 percent growth the White House predicted in May. By 2011, Romer estimated, the economy would be humming at 3.6 percent growth.”

They guessed wrong on the economy with stimulus and unemployment, and they guessed wrong on GDP growth for 2009:

“The revised estimates project that the economy will contract by 2.8 percent this year, more than twice what the White House predicted earlier this year.”

Can we really believe these people or their estimates?

They tell us everything will be rosy later, but when later comes we’re told it’s not yet late enough. At what point do they become accountable for their actions?

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