What? me worry?Barack Obama's Risky Deficit Spending
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By Robert Samuelson, Real Clear Markets, May 18, 2009
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[excerpt] Just how much government debt does a president have to endorse before he's labeled
"irresponsible"?
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[excerpt] From 2010 to 2019, Obama projects annual deficits totaling $7.1 trillion; that's atop the $1.8 trillion deficit for 2009. By 2019, the ratio of publicly held federal debt to gross domestic product (GDP, or the economy) would reach 70 percent, up from 41 percent in 2008. That would be the highest since 1950 (80 percent). The Congressional Budget Office, using less optimistic economic forecasts, raises these estimates. The 2010-19 deficits would total $9.3 trillion; the debt-to-GDP ratio in 2019 would be 82 percent.
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But wait: Even these totals may be understated. [Full article]
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Comment: Please read this article. We should be worried, very worried.
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Obama even said we're blowing up the deficit and can't keep borrowing all this money. This from a guy who sent us $787 billion more into the red for nothing really.
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