In an act of sheer cowardice, Barack Obama dropped this little nugget on the American people just as he headed off to a ten day vacation:
The Obama administration will raise its forecast for the 10-year federal budget deficit to about $9 trillion from $7.1 trillion, a senior administration official said.
The White House will try to use the new estimate as extra ammunition as it seeks a health-care overhaul in Congress. The administration says its policies are aimed at driving down long-term medical costs. The estimate reflects the grim long-term U.S. fiscal outlook, as baby boomers retire in increasing numbers and costs continue to soar for federal entitlements, particularly health-care programs such as Medicare.
The latest measurement puts the White House in line with previous updates from the Congressional Budget Office. The change stems in part from downward revisions of projected economic activity since late 2008, when the administration began putting together its latest forecast.
Can it be any clearer that the Obama administration is living in an alternate universe where inheriting a $1.3 trillion deficit means he can’t help but drive up those deficits to $9 trillion in ten years? If that doesn’t convince you, how else can you explain Obama’s argument that those titanic $9 trillion deficits mean that we must spend a trillion dollars more on a national health care system?
I guess the president and his intellectual midgets had to admit that the CBO was actually correct in its analysis of Obama’s deficit spending. The question now is, will the Obama administration still try to deny with a straight face that the CBO is wrong when it argues that the Democrats’ health care bills will add even more to the deficits? I think we all know that answer to that one.
Gerald Celente, forecaster extraordinaire, put these $9 trillion deficits into context, and what he had to say should terrify you: