I did tell you so.
The White House announced today that the federal government will be facing "exploding deficits and mounting debt" (AP News) over the course of the next decade. And that the projected financial situation of the country will be far worse than previously stated.
"Figures released by the White House budget office foresee a cumulative $9 trillion deficit from 2010-2019, $2 trillion more than the administration estimated in May. Moreover, the figures show the public debt doubling by 2019 and reaching three-quarters the size of the entire national economy. Obama economic adviser Christina Romer predicted unemployment could reach 10 percent this year and begin a slow decline next year. Still, she said, the average unemployment will be 9.3 in 2009 and 9.8 percent in 2010. "This recession was simply worse than the information that we and other forecasters had back in last fall and early this winter," Romer said." They tried to tell us last month that they thought the recession was over (Who believed that? Because if you did, I have some real estate to sell you). I think this is just an example of the shortsightedness of Obama's administration. As I have said many times before, they do not look at the long-term consequences of their actions. And they want to pass the new healthcare bill, which will cost millions of dollars, without knowing exactly where that revenue will come from to pay for it. Don't you think it is time for the federal government to take a look at their spending and figure out some way to stop? NOW? We will be paying for Obama's reign for a long long time to come. And not just with money.
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