Obama’s Stimulost Package
Catching up with last month’s release of the federal government’s Mid-Session Budget Review, this devastating account from The Heritage Foundation concludes the numbers are nothing less than an admission from the Obama Administration that its economic policies and the massive $862-billion stimulus package have been an abject failure. From The Foundry:
When President Obama sold his $862 billion economic stimulus to the American people, he promised that, if enacted, it would prevent unemployment from ever rising above 8%. With unemployment currently at 9.5%, the American people are now well aware that the President’s stimulus has been a complete failure. But Friday’s report was the first time this Administration was forced to admit just how long Americans will have to suffer for their failed economic policies. According to Friday’s report, the Obama administration now projects that unemployment will average 9% throughout all of next year and 8.1% throughout 2012.
And if that news wasn’t bad enough, the report pegs this year’s budget deficit at $1.471 trillion, or 10% of the entire U.S. economy. In nominal dollars, it’s the largest deficit in American history; and as a percentage of the economy, it’s the largest deficit since World War II. To pay for that $1.471 trillion hole, our government will borrow 41 cents of every dollar it spends. And the Obama Administration concedes that these large deficits are here to stay. It projects another $1.42 trillion deficit in 2011, which is $150 billion worse than previously predicted. Looking ahead, the President’s budget includes deficits that never fall below $698 billion and leaves our children with $18.5 trillion in debt by 2020. And all this assumes the economy will grow 4% from 2012-2014. The only times the economy performed that well in the past thirty years was from 1997-2000 and from 1983-1985.
Is it any wonder why the Administration tried to bury the report’s release deep into a pre-weekend news cycle dump?
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