The Congressional Budget Office announced today that this year's deficit is likely to be at least 1.9 trillion. Our total spendng should probably not even be that much. Not so many years ago, it wasn't. Further, the CBO projected that future deficits will also be worse than originally projected--although the magnitude of this year's deficit makes it easier (ont coincidentally) to meet Obama's "target" of reducing the deficit "in half" by the end of his first term. You will note that "half" of this year's deficit will still be about a trillion dollars.
Now this blog, which really is almost never wrong, projected this weeks ago--at the time President Obama was making his "budget" speeches. Oh, he is still making them, but I projected all of this when Obama first unveiled all of his "cooked" numbers. I told you then that this years deficit would almost surely be 2 trillion dollars. Does it not look like I am right? Sure it does. They may try to hold the final number under 2 trillion (like those $199.99 prices), but 2 trillion is what this year's deficit is going to be (if spedning does ot go further out of control, and raise even that figure). I further told you in thgis blog's previous entries that Obama's deficit "goal" was ridiculous, and left us with out of control deficits as far as the eye can see. Nancy "Total Failure" Pelosi, of course, announced today that Democrats would not be deterred in their spending plans because of the deficit--proving again that Obama and the other leftist Democrats are trying to USE the pain of this recession to turn this country into a leftist/socialist "paradise". You might remember what happened when the Soviet Union said it was going to be a "worker's paradise", or that Fidel Castro. has brought nothing but economic misery to Cuba.
This entry is actually a companion entry to this morning's blog entry about why Congress, and every member of Congress, should be RECALLED (or at least defeated in 2010). Congress is willing to betray every principle upon which this country was founded, including dislike of destructive taxation and an all powerful central government, because of 165 million dollars in AIG bonuses that Congress specifically authorized in that "stimulus" bill that none of them read. As the previous blog entry stated, the 165 million has nothing to do with anything. This is entirely explained by the attempt by Congress to deflect public anger from Congress onto AIG. This has actually created further problems for Congress and the Democrats.
Congress and the Democrats can't explain why they authorized the bonuses in the first place. The Obama Administration cannot explain how and why Treasury Secretary Geitner orchestrated the whole thing well before the dates that the Obama Administration has admitted. Congress and the Obama Admistration cannot explain why they only became concerted about OTHER planned bonuses, such as at Fannie Mae and Freddie Mac (actual government entities) after Congress tried to deflect all of this anger off of them and onto AIG employees. Nor can Congress or the Obama Administration explain why, if AIG is such a villain, we should ever have bailed it out--and continue to bail it out (to the tune of 173 billion, and counting). In fact, Congress cannot explain how it makes sense to conduct these public threats against AIG, when the result will probably be to simply further doom and already doomed company. Why not just let the company fail, if you are going to remove any chance of it not failing. Yes, we shoudl have let it fail in all events, but wthat Congress is doing has no internal logic, and the whole mess was created by Congress int he first place (along with Geitner and the Obama Administration). But this is all a DIGRESSION, worse than any of my frequent apparent digressions in this blog.
Look again at that 1.9 trillion dollar deficit, and the continued trillion dollar projected deficits, with no end. Does 165 million dollars matter, when we are talking about these numbers? Hell no. It does not even matter when you compare it with the 173 billion dollar bailout (without even including the 165 million) of AIG. Remove the 165 million, and you are left with 172.8 billion. This is insignificant. That is why comedian Geitner (see earlier entry this week) proposed to DEDUCT the 165 million from bailout payments to AIG. He did that because he KNOWS that the 165 million is not significant, when compared with the huge numbers we are talking about.
But those evil hypocrites in Congress--especially the leftists--are willing to sell out every principle on which this country was founded, and violate our Constitution, over 165 million dollars (that these same hypocrites in Congress AUTHORIZED to be paid a mere month or so ago). I only suggest recalling/voting these people out of office so as to avoid suggesting that they be shot. 165 million is such a small proportion of 1.9 trillion that it is meaningless. It is certainly not worth establishing the principle that Congress, and the Obama Administration, can USE the Tax Code to DESTROY any people they want to destroy, to preserve or enhance their own power.
Thre was a time when this country would have been horrified by all of this. George McGovern lost 60% of the vote to that crook, Richard Nixon, merely because he advocated giving $1000.00 to every man, woman and child in the country. We are doing much more than that now, although in a worse manner by allowing our "leaders" to pick and choose who gets the majority of our money they are giving away. Further, we are in the process of giving, or they are in the process of taking, our leaders the power to use every tool of the Federal Government--including the Tax Code--to destroy people Congress (or any other people in our Government) want to destroy.
This is terrible. stuff. If you want nightmares, just start thinking at night just how much money the Obama Administration, and the present Congress, is planning on spending--and has already spent. Further, they are "financing" that spending by PURCHASING OUR OWN IOUs. That is what caused the stock market to rise on Wednesday, because it is something Wall Street had wanted (see entry a few weeks ago about a famous bond trader recommending that very scam). Does spending money the Fed does not have to purchase our own paper (Treasury bills) actually "finance" anything? Of course not. It merely PRINTS MOONEY. If we can do this scam without harm, why have we not been doing it all along? You know why. It doesn't work. It is the last resort of scoundrels before lthe whole house of cards collapses. But the people on Wall Street are not only now running the country, along with the leftists (fascist partnership), but they are the Stupidest People on Earth. They proved that by driving the stock market up based on this SHAM to artificially hold down interest rates (which otherwise would rise). You might remember that artificially stimulating lending is what got us in this mess in the first place.
We are in real trouble here. The principlles of our country do not matter to our present leaders (including most of the Republicans). The Constitution does not matter. Reality itself, and history, do not matter, These people are living in the fantasy world of the old Soviet Union. Yes, Vladimir Putin (present leader of Russia) CRITICIZED us for this--for travelling down the dame disastrous road as the old Soviet Union. Putin accurately said that it was a road repudiated by history.
I am a pessimist. I don't see us surviing this. I haven't even mentioned "Total Failure" Pelosi saying that we should not deport anyone here illegally--meaning, of course, that all anyone has to do is make it into this country and they are entitled to stay (a strange policy of "open borders", except we continue the SHAM of trying to stop people at the border, but nowhere else).
I don't see how you can be anything but a pessimist, withour present leaders and our own unwillingness to throw them out wholesale.