Obama Runs Up Largest Budget Deficit in American History; Monthly Deficit Alone Exceeds Entire Annual Deficit for 2007 Under Bush

by Hans Bader on March 11, 2010

in Bailout Watch, Economy, Health and Illness, Healthcare, Insurance, Politics as Usual, Precaution & Risk, Regulation, Sanctimony

“The Obama Administration has run up the largest budget deficit in American history in February of 2010, a whopping total of $220.9 Billion in just one month.   February 2010’s unprecedented total is more than most year-long budget deficits in American history,  including 2007’s year-long total of $161 Billion.”

“President Obama’s policies would add more than $9.7 trillion to the national debt,” the Congressional Budget Office said.   That’s roughly fifteen times the cost of the Iraq and Afghanistan Wars combined.

The president’s healthcare proposals will add still more to the national debt, which he is attempting to conceal through budget gimmicks.  Even Democrats have expressed alarm about their unaffordable cost.   The true cost of his healthcare plan, experts say, is at least $2.3 trillion, dramatically increasing the budget deficit.   ObamaCare would reduce medical innovation, raise taxes, drive up insurance premiums, break campaign promises, and increase state deficits.  It  would cut the quality of  care, while imposing restrictions that failed when tried at the state level.  It ignores advice from experts about how to cut costs.

In the 2008 campaign, Obama promised a “net spending cut,” but as soon as he was elected, he proposed massive spending increases.

Economists and real estate experts say that a mortgage bailout program the Obama administration spent $75 billion on has backfired and harmed the real estate market.

The Washington Post today reports that the administration has no plans to reform Fannie Mae and Freddie Mac.  Those mortgage giants are receiving huge bailouts (more than $125 billion and rapidly rising) to enable them to carry out Obama’s policy of giving billions of dollars in handouts to deadbeat mortgage borrowers, some of whom have high incomes, and lived beyond their means.

Comments on this entry are closed.

Previous post:

Next post: