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

“It is the fundamental theory of all the more recent American law...that the average citizen is half-witted, and hence not to be trusted to either his own devices or his own thoughts.”     H. L. Mencken

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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