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Is Obama expecting economic crisis to last until 2018?

Posted by B. Daniel Blatt at 4:47 pm - February 14, 2012.
Filed under: Big Government Follies,Post 9-11 America

Last month,” writes Conn Carroll in the Washington Examiner,

. . . the CBO’s Budget and Economic Outlook showed federal spending would total $44.251 trillion through 2022. Obama’s budget released yesterday shows $46.959 trillion in spending through 2022. That is a $2.7 trillion spending increase. For 2012 alone, Obama’s budget increases spending by $195 billion.

No wonder then, as Carroll reports, that

Senate Budget Committee Ranking Member Jeff Sessions, R-Ala., challenged Office of Management and Budget Deputy Director Jeffrey Zients to resign this morning, unless he could substantiate his claim that President Obama’s budget does not increase spending.

“Do you propose to spend more money over the next ten years than what the Budget Control Act and current law would cause us to spend?” Sessions asked.

Via Instapundit.  So, the president plans to increase spending over the levels he and Congress agreed upon last summer.

Recall the “astounding” figure Bob Schieffer cited in the third presidential debate in 2008 of a federal deficit of $455 billion.  The then-Democratic presidential nominee replied promising not only a “net spending cut”, but also saying that if we made investments then (i.e., increased government spending), then we would save “in the future“, adding

But what is absolutely true is that, once we get through this economic crisis and some of the specific proposals to get us out of this slump, that we’re not going to be able to go back to our profligate ways.

In other words, while he favors a temporary burst of spending to lift us out of the economic crisis, once it has passed, he envisioned a new era of fiscal responsibility.

Having studied the president’s budget proposal, Liz Peek finds, however, that the Democrat intends to extend our profligate ways far into the future:

Through certain spending cuts, some gimmickry (counting not spending on two wars as deficit reduction) and $1.5 trillion in tax hikes, the budget gap is projected to shrink to $575 billion in 2018, comfortably beyond the range of the country’s political telescope.

Via Instapundit.  Guess that means Obama thinks we’ll still be going through this economic crisis six years hence.  ($575 billion is greater than $455.)

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20 Comments

  1. Got my engineer’s calculator out and using the current, on-the-books deficit figure of $15.4 trillion…

    1 square of toilet paper is 4.5″ so if each square were worth $1, we’d have to have a line of toilet paper 1,093,750,000 miles long to represent the debt (2200 round trips to the moon).

    If the average American uses 1.5 miles of TP per year (toiletpaperworld.com), it would take the nation over two years to use $15.4 trillion in toilet paper.

    The $2.7 trillion increase works out to 191,761,363 miles.

    Does anyone in Washington and/or on the left grasp the magnitude of the problem?

    Comment by SoCalRobert — February 14, 2012 @ 7:04 pm - February 14, 2012

  2. I’m starting to seriously-wonder if the long-term stratagem is to eventually-trigger another decade of mega-inflation to pay-off the current debt to the Chinese and this proposed HUMONGOUS deficit in inflated dollars at ten-cents on the current-dollar a generation from now. …We certainly can’t pay-off these debts with interest using current dollars.

    Comment by Ted B. (Charging Rhino) — February 14, 2012 @ 9:02 pm - February 14, 2012

  3. Ted B, that would make sense if not for the simultaneous decrese in military size and spending, the commitment to reduce nuclear arms by 80%, letting our drones get lost in Iran, and increases in regulation of every part of our lives. I think there is something far more sinister going on here.

    Comment by AZ Mo in NYC — February 15, 2012 @ 12:08 am - February 15, 2012

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