Cincinnatus BLOG *** Political Commentary - Social Commentary

  The Obama 10 year budget includes trillions in new spending programs at a time when tax revenues are declining at a precipitous rate. The projected deficit in the Obama Budget is $7.0 trillion for the decade 2010 to 2019. That's the good news! The Congressional Budget Office (CBO) has concluded that, if the Obama budget were approved, the federal government would actually run even larger deficits averaging nearly $1 trillion a year over the next decade. The cumulative deficit from 2010-19 would be $9.3 trillion, according to the report - $2.3 trillion more than the Obama administration's forecast. The main reason for the difference in budget estimates is a difference in economic growth, with congressional views of long-term growth less optimistic than those of the White House. … Continue reading | 7 Comments

During the Bush years, the national outlays rose from $1.9 trillion in 2001 to $3.0 trillion in 2008, and the country went from enjoying a surplus of $128 million in 2001 to suffering a deficit of $459 million in 2008. We called Bush irresponsible. Perhaps the fiscal 2009 deficit of $1.75 billion should be viewed as an anomaly since it's the direct result of the $700 billion Bush TARP plan and the $800 billion Obama Stimulus Plan, both implemented to ameliorate the effects of the financial crisis and recession. But how do we justify an average deficit of $700 billion annually from 2010 to 20019, which according to the Obama budget, will be boom times? GDP will be likely rise to an eye-popping $23 trillion in 2019… Continue reading | 4 Comments