Welcome to Obamanomics, CBO Says National Debt Will be 90% of GDP in 10 Years



Welcome to the not-so Wonderful World of OBAMANOMICS. This is how Obama’s socialism destroys a nation. This is what happens when you put a socialist in charge.

The CBO has stated that the 2011 Obama budget be nearly $10 trillion in budget deficits and a $1.2 trillion more than Obama had projected. But don’t worry folks, Obamacare is going to reduce the budget. Sure it is.

Get this, the national debt will be 90% of GDP by 2020.

President Obama’s fiscal 2011 budget will generate  nearly $10 trillion in cumulative budget deficits over the next 10 years, $1.2 trillion more than the administration projected, and raise the federal debt to 90 percent of the nation’s economic output by 2020, the Congressional Budget Office reported Thursday.

In its 2011 budget, which the White House Office of Management and Budget (OMB) released Feb. 1, the administration projected a 10-year deficit total of $8.53 trillion. After looking it over, CBO said in its final analysis, released Thursday, that the president’s budget would generate a combined $9.75 trillion in deficits over the next decade.

Thanks President Obama and the spend happy Democrat socialists in Congress.

The federal public debt, which was $6.3 trillion ($56,000 per household) when Mr. Obama entered office amid an economic crisis, totals $8.2 trillion ($72,000 per household) today, and it’s headed toward $20.3 trillion (more than $170,000 per household) in 2020, according to CBO’s deficit estimates.

The Jawa Report takes down memory lane where Obama talked about responsible spending. Responsible, eh?

Budget reform is not an option, it is a necessity

As stated at Conservatives for Palin, “All of this is unsustainable and will result in an economic disaster if someone doesn’t put a stop to it”.  This must be stopped and stopped now! It is irresponsible to allows this to go on any longer.  STOP IT NOW, unless you don’t mind living in a third world Banana Republic.

The President should have been focusing on jobs, but instead it is still this health care bill, now law, that is front and center. Next it will be “illegal” immigration reform and “cap & tax”.  This White House seems to focus on everything but jobs.  Ask yourself, why is that?

If you liked this post, you may also like these:

  • Obama’s Hope & Change … US National Debt Hits Record High over $12 Trillion … Typical Tax & Spend Liberal
  • Thank You Barack & Obamanomics … Credit Rating Agency Egan Jones Downgraded the United States Because of Unsustainabible Debt
  • OBAMANOMICS: 49% Trust Republicans on Economy, Only 38% Trust Democrats
  • CBS Says of Barack Obama … “It’s the most rapid increase in the debt under any U.S. president”
  • Barack Obama Said in 2008, “Adding $4 Trillion to National Debt was Unpatriotic” … So Does is Obama Unpatriotic as Well

  • Comments

    7 Responses to “Welcome to Obamanomics, CBO Says National Debt Will be 90% of GDP in 10 Years”

    1. Buster on March 27th, 2010 9:06 am

      Did you see it ??? At one point in his speech you can actually see the fork in his tongue !!! Now I wonder if he has a tail ???
      Impeach the POS !!!

    2. Mike Falconi on March 27th, 2010 10:27 am

      LoL dude are you serious? You are seriously misinformed, the cumulative national debt peaked at 11 Trillion when Bush stepped off. (it was only 5 Billion when he became President).
      Now the budget deficit is 12 trillion..
      Seriously dude don’t write blogs unless you know the facts.

    3. david r on March 27th, 2010 1:13 pm

      I’m taking up Portuguese. We are turning into Brazil.

    4. super dave on March 27th, 2010 2:50 pm

      #2: hey, it’s your kids that will suffer too so don’t get too cozy with your boy obama.

    5. brie. on March 28th, 2010 2:11 am

      Monkey brains doesn’t know what the hell he is talking about….the stimulus plan and all the money given to the banks, who incidentally are not being monitored….people with excellent credit cannot get home loans because the banks are sitting on the money….how did that help, it didn’t. His decisions are outrageous….AMERICA WE HAVE GOT A COMMUNIST IN CONTROL….

    6. brie. on March 28th, 2010 4:08 am

      We want our country back….and so we will: Monkey brains, Kenya airport has room for your arrival….

    7. icetrout on November 28th, 2011 9:27 pm

      It’s Bush’s fault,it’s Bush’s fault.Dude {edit} your blind as sh*t now :O

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