President Obama broken another record this week ... the federal deficit hit $1.8 billion -- meaning the federal government will have to borrow nearly 50 cents for every dollar it spends:
The White House raised the 2009 budget deficit projection to a staggering $1.8 trillion today. For context, it took President Bush more than seven years to accumulate $1.8 trillion in debt. It also means that 45 cents of every dollar Washington spends this year will be borrowed.
President Obama continues to distance himself from this "inherited" budget deficit. But the day he was inaugurated, the 2009 deficit was forecast at $1.2 trillion -- meaning $600 billion has already been added during his four-month presidency (an amount that, by itself, would exceed all 2001-07 annual budget deficits). And should the president really be allowed to distance himself from the $1.2 trillion "inherited" portion of the deficit, given that as a senator he supported nearly all policies and bailouts that created it?
The Heritage Foundation's Foundry blog has a good post over the weekend about the Democrats' planned national energy sales tax with cost the average American family:
Any honest economist will tell you that a carbon cap and trade scheme, if it works perfectly, functions the same as an energy tax. The Waxman-Markey cap and trade bill currently under consideration in Congress is no different. In 2007, MIT did a study on the costs of cap and trade and found that cap and trade proposals that would reduce carbon emission by 50% to 80% below 1990 levels by 2050 would cost the American household $800 a year in economic losses and $3,100 a year in taxes collected by the federal government. That's a total $3,900 cost for the average American household! How does this cost compare to other household expenses?
We've seen this video popping up here and there, and after finally watching it, it's a pretty good visualization of the fiscal irresponsibility overseen by President Obama and Congressional Democrats.
For just the second time in more than five years of daily or weekly tracking, Republicans now lead Democrats in the latest edition of the Generic Congressional Ballot.
A new Rasmussen Reports national telephone survey found that 41% would vote for their district's Republican candidate while 38% would choose the Democrat. Thirty-one percent (31%) of conservative Democrats said they would vote for their district's Republican candidate.
Michael Pento: "The Obama administration predicts GDP growth for 2010 will rebound to 3.2% and then increase by more than 4% for each of the next three years!"
Officials are most pessimistic about his energy and global warming plan, with many aides doubting he will win passage of a cap-and-trade emissions reduction system, which is strongly opposed by business and Republicans.
