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Trillion Dollar Deficits   January 6th, 2009
Obama warns of trillion-dollar deficits in coming years       


More observations...

Obama has stated the obvious... we're facing trillion-dollar deficits for years to come. But we should relax, right? After all, he told us that we shouldn't worry about it a couple of months ago.


The U.S. is facing a trillion-dollar budget deficit now and in years to come, President-elect Barack Obama said Tuesday. Obama told reporters the U.S. economy is at a "perilous crossroads" as he convened a meeting of his economic advisers to discuss budget strategies. The president-elect is looking for ways to shrink the deficit over the long term and pledged to ban earmarks, or pet projects.

I know one way to shrink the deficit: Stop spending more money than we have! And that includes the "stimulus package" that Obama and Democrats have been promising for the last couple of months and which is now supposed to be somewhere between $700 billion and a trillion dollars all by itself. It seems silly to say that the president-elect is looking for ways to shrink the deficit while simultaneously trying to pass a trillion-dollar stimulus package and when a couple of months ago he specifically told us we can't worry about the deficit for a few years.

Now he wants to ban earmarks and pet projects? You mean the same earmarks that, in the last presidential debate, Obama downplayed as being significant?


Obama: Now, Senator McCain talks a lot about earmarks. That's one of the centerpieces of his campaign. Earmarks account for 0.5 percent of the total federal budget. There's no doubt that the system needs reform and there are a lot of screwy things that we end up spending money on, and they need to be eliminated. But it's not going to solve the problem.

So now we're facing trillion-dollar deficits and while Obama is pushing a stimulus package that could cost a trillion dollars all by itself, he's falling back on McCain's earmark-reduction crusade that Obama himself criticized as being relatively insignificant? Was Obama being disingenuous about the significance of earmarks during the campaign or is he being disingenuous now?

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