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

HEY AMERICA, HOW’S THAT HOPEY CHANGEY STUFF WORKING OUT FOR YA?

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?