Thoughts, essays, and writings on Liberty. Written by the heirs of Patrick Henry.

September 2, 2010

Obama’s Budget And The Deficit

by Brad Warbiany

Everyone expected 2009 to be a budget-busting year for Obama. With the country mired in recession, tax revenues were plummeting just as his stimulus spending was spiking. We ended up with a bit $1.4T deficit for the year.

But his 2010 budget promised a light at the end of the tunnel. His stimulus spending was sure to restore us to recovery. His FY2010 budget called for economic growth of 3.2 percent in 2010, and 4 percent in 2011.

So how are those projections coming along? Ethan Harris, head of developed markets research at BofA Merrill Lynch, had this to say:

The possibility of the economy lapsing into another contraction during the next year is 25 percent, he said in a Sept. 1 report. Harris cut his forecast for growth this year by 0.1 percentage point to 2.6 percent and lowered his 2011 estimate by a half point to 1.8 percent, according to the report.

Congrats, Obama! Even if we somehow manage to avoid a double-dip, you’re spending us far further into debt than even you promised!

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