Published on June 26, 2011 By Island Dog In Politics

Just as with ObamaCare we are still finding out "what's in the bill", and the latest for the failed Stimulus from Obama is.....

A new report from the Congressional Budget Office (CBO) finds that President Obama’s economic stimulus program helped nearly double U.S. debt.

The 2011 Long-Term Budget Outlook, released Wednesday morning, reports that the “the combination of automatic budgetary responses” and Obama’s stimulus “had a profound impact on the federal budget.” According to CBO projections, before Obama’s stimulus became law, federal debt equaled 36 percent of GDP and was projected to decline slightly over the next few years. Instead, thanks in large part to the stimulus, debt reached 62 percent of GDP by 2010.

Read more at the Washington Examiner:

Yep, hope and change alright.  I guess even this won't stop them from blaming Bush.



on Jun 27, 2011

My wife is out of work.  Solution?  I spend more money to make up for her lack of work!  Sounds like Keynsian economics to me!  Or Obamanomics.

It did not work 75 years ago.  Insanity is to think it will work now.

on Jun 27, 2011

I am definitely no Bush fan but I think this problem was in the making long before Bush. As per the usual though, just like doctors, politicians just offer a band-aid and a pain killer to a systemic disorder and never look at the underlying causes of injury. 

TV has now a few programs that show families with budget problems and the rescuer coming in to save the day. The 1st thing is chop up the credit cards and learn to tighten your belt. Will the USG raise the cap or tighten its belt? Raising the cap is another ban-aid for a guy with a flesh eating disease. 

The banksters now have a system where you need to keep raising the cap or fail and no leader wants to be the one to fail. The more debt you get the more taxes go to pay it, the more taxes go to pay it the more government has to borrow for services, the more government borrows the higher the cap has to be. And around we go again.

The government s really no different than a middle class family. Real wages stopped rising in the 70s for middle class. This causes families to borrow to keep the American dream. The government also gets income reductions with tax cut for the rich and corporations, less taxes from middle and lower class from real wage freezes and automation/overseas job loses so it to borrows to keep the American dream. 

Now that American dream is now a nightmare and it is time to pay the piper.

I have been following Chomsky  since high school. 1 of my icons.

I just watched an HBO movie call Too Big to Fail YouTube Trailer
Also seen Moore's new movie Capitalism: A Love Story YouTube Trailer

I wouldn't mind some thought on these 2 films, good or bad.


Geithner Apologizes for Not Paying Taxes   WTF