Advertisement

July 26, 2010

Obama's Spending of Epic Proportions

James Capretta, Economics21


AP Photo

Peter Orszag, the president's outgoing Director of the Office of Management and Budget, released the annual mid-year update to the administration's budget projections at 3 pm last Friday afternoon in a conference call with reporters. That was a dead giveaway that the administration was hoping not to make much news with its latest budget projections, or at least not make news in a way that anyone would notice.

They weren't entirely successful in burying the report, but it's understandable why they tried. The numbers are eye-popping. The budget deficit in 2010 is expected to set a record at $1.471 trillion "“ or 10% of GDP. In 2011, the administration projects the deficit will again top $1.4 trillion. From 2010 to 2020, the Obama budget plan would run up a cumulative...

Read Full Article ››

Related Topics: economy, budget

RECOMMENDED ARTICLES

May 18, 2012
Europeanizing America Into Crisis
Jay Ambrose, Orange County Register

President Barack Obama's $840 billion stimulus contained more than a million dollars to study erectile dysfunction, and yes, I know, any complaint will be identified as a war on men.That would be in addition to a Republican war... more ››

May 8, 2012
Larry Summers vs. the Long-Termers
Ezra Klein, Washington Post

In August 2005, Raghuram Rajan, an economist at the University of Chicago’s Booth School of Business, predicted the financial crisis. And he did it at possibly the least friendly of venues: a conference of high-powered... more ››

May 6, 2012
How Big Government Makes Life Worse
Steven Greenhut, Reason

Steven Greenhut | May 4, 2012Occupy Wall Street protesters are reminiscent of writer R. Emmett Tyrrell's criticism of radical feminists: They don't know what they want, but they want it very badly. On May Day, the protesters tied... more ››

May 8, 2012
Europe Runs Out of Other People's Money
Nile Gardiner, Daily Telegraph

Nicolas Sarkozy’s defeat at the hands of French Socialist leader Francois Hollande has sent shock waves throughout Europe, and will significantly challenge the fragile austerity consensus across the EU. Jean-Marc Ayrault, the... more ››

|