Obama is killing the economyBy THE WASHINGTON TIMESBarack Obama has the worst budget record of any president in American history.
White House budget office spokesman Tom Gavin claimed "a very strong beginning" for the president's purported first-year attempts at controlling spending - for example, zeroing out a $17 million program for work incentive grants. But such paltry efforts are round-off numbers compared to the gush of red ink created by President Obama and congressional Democrats. This government is setting the United States on an inevitable path to permanent debtor status.
The effects of his ruinous policies
can already be measured. The 2009 budget deficit tripled
over 2008. The deficit as a percentage of gross domestic product went from 3.1
percent in 2008 to 9.9
percent in 2009. The deficit for the first month of fiscal year 2010 was $176 billion
, which was greater than the $161 billion deficit for the entire 2007 fiscal year
Back in February 2009, at the beginning of the fiscal bloodletting, White House Budget Director Peter Orszag preached that "elevated budget deficits are beneficial
." But by November, Mr. Obama warned that, "if we keep on adding to the debt... people could lose confidence in the U.S. economy in a way that could actually lead to a double-dip recession.People certainly have lost confidence in the president.
A CNN poll from the second week in January showed that 62 percent of the public disapproves of Mr. Obama's handling of the budget deficit, and 54 percent disapprove of his economic policies in general.The debt outlook is increasingly bleak.
Congress shows no desire to rein in spending, and is debating a heath care bill that will add even more red ink. The amount of debt owned by foreign countries is increasing, confidence in the dollar is dropping, gold prices are soaring, energy costs are rising, the trade deficit is widening and Mr. Obama's first year Gallup approval rating has fallen faster than any president since records have been kept.
Connect the dots. The Obama administration is an unmitigated economic disaster for this country, and most Americans are worried about that. http://www.washingtontimes.com/news...ng-the-economy/
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