Back when I was young, Kris Kristofferson warned us all of the dangers of the silver tongued devil… the person who would come off as a charming fellow and say things you want to hear, then turn around and do you wrong. If you’ve been paying any attention at all to the running series of comments from both President Obama and Congressional Democrats on matters of spending, the deficit and the national debt, you should be getting an old, familiar feeling. It was only six months ago to the day, on Feb. 22, when Barack Obama proclaimed that he was going to cut the deficit in half by the end of his first term. And let’s be sure to recall that this was after TARP was already in play and Porkulous was under construction like a fully operational Death Star. The economy had begun to collapse the previous fall, so nobody could say it was coming as a surprise.
Obama to raise 10-year deficit to $9 trillion
WASHINGTON (Reuters) – The Obama administration will raise its 10-year budget deficit projection to approximately $9 trillion from $7.108 trillion in a report next week, a senior administration official told Reuters on Friday.
The higher deficit figure, based on updated economic data, brings the White House budget office into line with outside estimates and gives further fuel to President Barack Obama’s opponents, who say his spending plans are too expensive in light of budget shortfalls.
Politically, the deficit has been an albatross for Obama, a Democrat who is pushing forward with plans to overhaul the U.S. healthcare industry — an initiative that could cost up to $1 trillion over 10 years — and other promises, including reforming education and how the country handles energy.
You’ll keep hearing more and more claims about how the Democrats’ proposed health care legislation will actually wind up saving money through the miracles of cutting waste, fraud, and abuse. (Oh yes, and eliminating the evil insurance companies.) But the CBO keeps on shooting those ideas down, saying that the Dem plan will not result in any savings and putting the price tag at close to one trillion. Not to mention that some analysts are convinced that the CBO is using an outdated model and the real cost of ObamaCare will come in at closer to two trillion.
And yet some supporters still protest loudly here, saying, “Oh, Jazz. Don’t you call us tax and spend Democrats. That’s an old myth and you can’t prove it.”
You’re right about one thing. So far all we’re really seeing is the spend side of that characterization, aside from some early hits on tobacco, alcohol and “luxury” items. The real taxes haven’t started yet. But don’t worry … you can trust Congress. They wouldn’t lie to you, would they? Hisssssssssssssssssssssss.