The Obama 2011 budget – Taxes up with huge Debt

ImageFrom on the Obama 2011 budget:

President Obama has harshly criticized the $3.3 trillion in budget deficits accumulated in eight years under President Bush.[8] Yet President Obama is now proposing to borrow $7.6 trillion during what would be his own eight years in the White House. (See Chart 2.) In fact, President Obama would add more to the national debt than every other President in American history from George Washington through George W. Bush combined. [Ed. It would double the total national debt at the end of GW Bush administration in less than 10 years.]

[8]For FY 2009, President Bush is assigned $1.186 trillion in deficit spending(the CBO estimate for FY 2009 when he left office), while the remaining $228 billion in 2009 deficit spending is attributed to President Obama.

Note the source of the chart – Source: Council of Economic Advisers, Economic Report of the President (Washington, D.C.: U.S. Government Printing Office, 2009). p. 377,Table B-78, and U.S. Office of Management and Budget, Budget of the United States Government Fiscal Year 2011 (Washington. D.C.: U.S. Government Printing Office, 2010), p. 146, Table S-1.

We the People, really need the Republicans to sweep both houses in 2010. God help us if the Republicans haven’t learned their lesson.

But don’t worry. The President signed a 38 billion dollar jobs bill yesterday that is estimated to generate 250,000 jobs through the end of the year. The legislation includes about $18 billion in tax breaks and $20 billion in highway and transit programs. Yeah, that will do it!

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