Submitted By Todd on March 23rd at 1:58pm
friends alike. The latest - former cabinet nominee Judd Gregg.
“The practical implications of this is bankruptcy for the United States,‘ said Gregg on CNN “State of the Union.” “There’s no other way around it. If we maintain the proposals which are in this budget over the 10-year period that this budget covers, this country will go bankrupt. People will not buy our debt. Our dollar will become devalued.”What happened to the new Era of Responsibility, asks Time Magazine, as it looks at new numbers that confirm the Obama budget is irresponsible?
So it was jarring news Friday, when the Congressional Budget Office (CBO) released its preliminary analysis of Obama's plans for the nation. In one of the first non-partisan, independent reviews of his administration's economic vision, the Obama White House pretty much got a failing grade — not because the President's advisers were bad at math, but because the CBO found that the economy is expected to recover so slowly as to make the Obama policy proposals unsustainable.Gregg is no outlier. Even the Obama budget director says that the CBO numbers, if accurate, would be unsustainable.
According to the Congressional bean counters, the economy is likely to grow at a slower rate than Obama had projected when the budget was drafted, and than several other economic forecasts anticipate. Under the Administration's plans, that means an explosion in government debt after the current recession ends...That's no surprise - the Obama budget was based on growth rates that were viewed by no one as realistic.
In other words... Obama is on track to accomplish exactly what he promised to change during the campaign, creating a massive burden for the next generation to fund politically popular policies in the short term, like tax cuts and spending programs.So much for the utter nonsense of claiming that the President's budget would cut the deficit in half at the end of his four year term.