In His Own Words

The liar in chief in his own words, how patriotic of him...



In less than three years, Barack Husein Obama, mmm mmm, mmm has added more debt than Bush did in his entire eight years.

…in less than three years in office, Obama has driven up the national debt by $4 trillion himself.

According to Treasury Department figures the national debt was $10.62 trillion ($10,626,877,048,913.08) when Obama took office on January 20, 2009. As of August 22, 2011, the most recent date for which data are available, the national debt stood at $14.6 trillion ($14,612,435,498,338.62) and rising.

When Bush entered the presidency in January 2001, the national debt was $5.72 trillion ($5,727,776,738,304.64).

Due to the recent debt-ceiling deal, the national debt under Obama will exceed the current $14.6 trillion level, running up more debt in three years than his predecessor Bush accumulated in eight years.

We are long past the time to fix Barry's mess. I hope there is still time.
H/T Say Anything

CBO Forcasts Sharply Lower Growth

Duh!
As well as trillions in deficits for a decade...

CBO also has substantially weakened its outlook for the economy compared to its January report. It now expects 2.3 percent growth in 2011 and 2.7 percent growth in 2012, compared to a January forecast of 3.1 percent growth for the year.

CBO forecasts 8.5 percent unemployment at the end of 2012, when President Obama faces reelection.

A change is needed fast, 2012 will not come soon enough.

Dangerously Close To Recession?

Scaling back forecasts...

"Our revised forecasts show the US and the euro area hovering dangerously close to a recession — defined as two consecutive quarters of contraction — over the next 6-12 months," Joachim Fels, who co-heads Morgan Stanley's global economics team, said in a research note dated Wednesday.

Most folks see the U.S. headed the wrong way.
Thanks Barack!

More Spending Will Reduce Debt

It is becoming harder every day to stay calm...

From The Hill.

Senate Democrats on the supercommittee say the group needs to include stimulus for the economy in the deficit-reduction plan it has been tasked with producing by Thanksgiving. 

The three Senate Democrats serving on the 12-member deficit supercommittee outlined their approach to the talks in a Wall Street Journal op-ed published Wednesday.

Only in the world of the terminally insane does this make sense.
I just want to scream...

Liar In Chief (still a liar) Lies Again

(CNSNews.com)-President Barack Obama told an audience on the first stop of his bus tour that his original deficit reduction plan could have solved the nation’s debt problem “tomorrow” but House Speaker John Boehner walked away from the deal.

“I put a deal before the Speaker of the House John Boehner that would have solved this problem and he walked away because his belief was we can’t ask anything of millionaires and billionaires and big corporations in order to close our deficit.”

When Buffett pony's up his cut someone might take Obama seriously!
Obama has had so much success reducing the debt...

Government Debt

Mark Steyn explains how Government spending cuts really work...

Under the “historic” “resolution” of the debt crisis (and don’t those very words “debt crisis” already feel so last week?), America will be cutting federal spending by $900 billion over ten years. “Cutting federal spending by $900 billion over ten years” is Washington-speak for increasing federal spending by $7 trillion over ten years. And, as they’d originally planned to increase it by eight trillion, that counts as a cut. If they’d planned to increase it by $20 trillion and then settled for merely $15 trillion, they could have saved five trillion. See how easy this is?

I guess Christina  Romer is right for once. We are pretty darned fu*ked.

Geithner Is A Idiot Or A Liar

I am going with both...



Sad day for America.

Time To Say It

We're probably in a double dip recession.

Ya think?

Double dip may be back. It has been three decades since the United States suffered a recession that followed on the heels of the previous one. But it could be happening again.

That $5 TRILLION dollars San Fran Nan, Dingy Harry and Barry Soetoro flushed down the crapper didn't solve the problem?

Must just be more of those headwinds Mr. Shipman Jay the Carney talked about...

Thanks Barack! My Retirement Was Set Back A few More Years Today!

Freefall

Recovery summer (three in a row!)...




Update:
This may not be a one day correction. The Nikkei is down 3.67% as of this writing..

Good News! My Great Grandkids(who are not yet born) Are In Debt

Uh, I mean terrible news...

U.S. debt shot up $239 billion on Tuesday — the largest one-day bump in history — as the government flexed the new borrowing room it earned in this week’s debt-limit increase deal.

The debt subject to the statutory limit shot way past the old cap of $14.294 trillion to hit $14.532 trillion on Tuesday, according to the latest the Treasury Department figures, which are released on the next business day.

That increase puts the government already remarkably close to the new debt limit of $14.694, which means one day’s new borrowing ate up 60 percent of the $400 billion in space Congress granted the president this week.

After just one day our Government is borrowing 100% of GDP.

No sane people would allow this. It is destroying our country and economy.
Barry Soetoro and Co. have to be doing this intentionally.

Friendly Markets

Are not so friendly...

Stocks sold off sharply to end at session lows Tuesday with the Dow down for an eighth straight day amid worries over an economic growth slowdown even after President Obama signed a bill to avoid a debt default.

Barry has trouble with basic economics and capitalism...
That makes the S&P negative for the year, much like Barry's polling.

Double Dip

And its not on a cone...

There are several signs that a recession is firmly in place again and that the downturn could last for several quarters. Most are already easy for the average American to see.

This is not an isolated opinion it appears. Just ask the chief economist at Moodys.

"Even with a market-friendly resolution of the debt standoff," they write, "a double-dip recession is far from unlikely."

That friendly market is back under 12,000. Thanks Barry!

Deal Reached

Barry can play golf again...

Dick(head)Durbin can learn the Senate rules.
Bill Gross says the deal won't stop a down grade.
Something to do with $10-$12 trillion of outstanding debt and $60 TRILLION DOLLARS of liabilities...
The deal lasts until 2013....Barry is off the hook. Another push for revenue taxes won't be far off.
On the upside, the tigger has likely cast his last vote in the U.S. Congress.
The Nikkei opened up much higher.


I need sleep.

The Only Chart You Need To See

From Doug Ross with a safety warning included...

Looks like some pretty good years under Clinton that Republican Congress...
When Pelosi took over in 2007? Not so much.

Runners On Base?

The take from two brilliant minds.

The Boehner bill, assuming it passes the House today, likely will be rejected by the Senate.  That’s a scenario I like a lot more than never having passed the bill at all.  And if lightening struck and it was passed, or something very similar to it passed, then we have advanced the runners and we still are at bat.

And the bluff will have been called...

His Plan

From Theo Spark

Debt Upon Debt Upon Debt

Who is to blame?

When President Barack Obama took the oath of office on Jan. 20, 2009, the total federal debt held by the public stood at 6.3073 trillion, according to the Bureau of the Public Debt, a division of the U.S. Treasury Department. As of Aug. 20, 2010, after the first nineteen months of President Obama’s 48-month term, the total federal debt held by the public had grown to a total of $8.8333 trillion, an increase of $2.5260 trillion.

How much dept can one President pile up?
Bush and his Congress spent their share, but it pales in comparison to Obama, no matter what the liar from MSNBC thinks or says...

Coburn To The Rescue?

On the surface I like what I hear, mainly that the alternative minimum tax(AMT) will be scrapped.

It comes with tax revenues.

Coburn, however, noted the Congressional Budget Office would score the plan as a $1.5 trillion tax cut because it would eliminate the Alternative Minimum Tax. It would generate a significant amount of revenue out of tax reform and reduction of tax rates, which authors believe would spur economic growth.

I also agree with Rob Port that this deal is being done for the good of the country, and there will be some good stuff in this bill.
The downfall? Barry gets rescued...
Senator Coburn is a good man and I trust him, and I don't trust many in Congress.

Update:
Dipstick from North Dakota Kent Conrad is involved...It may not be worth the paper its written on.

In another politically risky move, the Gang of Six plan would achieve significant savings in healthcare programs, Conrad said. The specific spending cuts would be decided later by congressional committees.

To be decided later? Yea right Kent...