We’re Going to Need a Bigger Graph

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It gives a general sense of what Comrade Obama is doing to our future. But to be accurate, as Hot Air points out, we’re going to need a bigger graph. To quote Robert J. Samuelson:

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.

But wait: Even these totals may be understated. By various estimates, Obama’s health plan might cost $1.2 trillion over a decade; Obama has budgeted only $635 billion. Next, the huge deficits occur despite a pronounced squeeze of defense spending. From 2008 to 2019, total federal spending would rise 75 percent, but defense spending would increase only 17 percent. Unless foreign threats recede, military spending and deficits might both grow.

The actual numbers will be far worse than the graph above. In an apparent attempt to soften us up for the skyrocketing taxes that await us, Chairman Zero recently admitted that the debt will break the spine of our economy:

But the long-term deficit and debt that we have accumulated is unsustainable. We can’t keep on just borrowing from China, or borrowing from other countries — (applause) — because part of it is, we have to pay for— we have to pay interest on that debt. And that means that we’re mortgaging our children’s future with more and more debt, but what’s also true is that at some point they’re just going to get tired of buying our debt. And when that happens, we will really have to raise interest rates to be able to borrow, and that will raise interest rates for everybody — on your auto loan, on your mortgage, on — so it will have a dampening effect on the economy.

While the media drools and gets tingles up its leg, we are sleepwalking into a major depression.

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We’re going to need a bigger president. Compliments of Aaron S.

Cross-posted at Moonbattery.

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