Record Deficits

Our President Barack Obama announced the reappointment of Fed Chairman Ben Bernanke to try to overshadow the horrendous deficit news. CNBC:

The US economy will shrink far more than expected this year and will rebound much more slowly than forecast after that, according to a bleak new assessment by the White House Budget Office.

The federal government also faces exploding deficits and mounting debt over the next decade, far worse than what the Obama administration had estimated just a few months ago.

The revised estimates project that the economy will contract by 2.8 percent this year, more than twice what the White House predicted earlier this year.

Well, but everyone but the Obamabots knew their projections were too rosy, as they were more optimistic than even the nonpartisan CBO, which in a Dem Congress already leaned a bit left of center. We're at NINE TRILLION now, up TWO TRILLION from their May estimate--gee that much difference in 3 months, but then this administration has been setting all kinds of records for recklessness. But we're not done yet, no, no, no:

Moreover, the figures show the public debt doubling by 2019 and reaching three-quarters the size of the entire national economy.

Is it any wonder Americans don't want to go into massive debt for Big Brother healthcare? Washington needs to get out of the way and let our American resilience reassert itself. Figure it out, Barack. Figure it out.