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02-01-2010, 10:54 PM #2OPSenior Member
Obama's 3.8 Trillion Deficit for 2010...During Freeze?
* Permanently expand the federal government by nearly 3 percent of gross domestic product (GDP) over 2007 pre-recession levels;
* Raise taxes on all Americans by more than $2 trillion over the next decade (counting health-care reform and cap-and-trade);
* Raise taxes for 3.2 million small businesses and upper-income taxpayers by an average of $300,000 over the next decade;
* Borrow 42 cents for each dollar spent in 2010;
* Run a $1.6 trillion deficit in 2010 â?? $143 billion higher than the recession-driven 2009 deficit;
* Leave permanent deficits that top $1 trillion in as late as 2020 â?? a time of assumed peace and prosperity; and
* Double the publicly held national debt to over $18 trillion.
Before the recession, federal spending totaled $24,000 per U.S. household. President Obama would hike it to $36,000 per household by 2020 â?? an inflation-adjusted $12,000-per-household expansion of government. Even the steep tax increases planned for all taxpayers would not finance all of this spending: The presidentâ??s budget would add trillions of dollars in new debt.
This Dude went to Harvard I promise.
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