Hey Obama, what part of “we don’t have any money” don’t you understand?
Last month’s bipartisan tax cuts and spending deal has deepened the federal deficit dramatically this year, putting the government on track for a nearly $1.5 trillion shortfall — the largest in history — the Congressional Budget Office said Wednesday.
The sobering check on the country’s finances was announced a day after President Obama‘s address to Congress and underscored the country’s tenuous fiscal standing, which could doom many of Mr. Obama‘s initiatives to boost government spending on education, roads and other infrastructure.
The CBO did say the economy appears to be improving, albeit slowly, from a deep recession that drove the unemployment rate to more than 10 percent. The rate is still above 9 percent, despite efforts by Mr. Obama and Congress to pump money into the economy.
“It’s been a slow recovery by the standards of our past. The labor market in particular has been coming back slowly; income has been coming back slowly,” said CBO Director Douglas Elmendorf.
Social Security will post a $45 billion shortfall in fiscal 2011 and will pay out more in benefits than it accepts in payroll taxes through at least 2021 without legislative changes, the Congressional Budget office said on Wednesday.
The Budget and Economic Outlook: Fiscal Years 2011 to 2021
CBO projects record-high $1.5 trillion budget deficit this year
As deficits, debt soar, Obama, Congress fail to confront them
Deficit Outlook Darkens
CBO forecast: frightening fodder for both parties
It’s official: The debt is ballooning. Now can we think clearly?
Social Security to Run Deficits for Foreseeable Future, CBO Says
Social Security fund now seen to be empty by 2037
Social Security to Operate in the Red for the Next 10+ Years: CBO
Social Security to run permanent deficits, says CBO
CBO: Social Security Will Run Permanent Deficits
A Roadmap for America’s Future
I swear, Is Paul Ryan the only adult in Washington? When are these moron politicians going pay attention, grow some spines, and start taking this fiscal crisis seriously. Every day that goes by, we dig ourselves deeper into the national debt hole and it becomes ever so much more difficult and painful to try and climb out of our self inflicted, bottomless deficit pit.
/we’d better just forget about pie in the sky choo choo trains and go straight to the required austerity budget measures
Filed under: Blog Entry | Tagged: Austerity, Austerity Measures, Barack Obama, Benefits, Bipartisan, Bipartisan Tax Cuts, Budget Deficits, CBO, CBO Director, Congress, Congressional Budget Office, Deepened, Douglas Elmendorf, Economy, Education, Federal Deficit, Finances, Fiscal Standing, Government, Government Spending, Income, Infrastructure, Initiatives, Labor Market, Largest In History, Money, National Debt, Paul Ryan, Payroll Taxes, Roadmap For America's Future, Roads, Shortfall, Slow Recovery, Sobering, Social Security, Spending, Spending Deal, Tax Cuts, Tenuous Fiscal Standing, Underscored, Unemployment, Washington D.C. |