Saturday, March 6, 2010

New Age Of Fiscal Conservatism Dawns

Or maybe not.
The Congressional Budget Office (CBO) said President Barack Obama's budget would lead to annual deficits averaging nearly $1 trillion for the next decade.

The estimates are for larger deficits than the budget shortfalls expected by the White House.
[. . .]
The Obama administration estimated its policies would lead to an average annual budget shortfall of $853 billion for the next 10 years.

The difference is that Obama’s estimate expects more tax revenue.
[. . .]
The budget office said Thursday the deficit for the first five months of the fiscal year, which starts in October, was $655 billion, an 11 percent increase over the same period in the last fiscal year.
[. . .]
Corporate tax revenues fell by $11 billion because of lower profits and a tax break in the stimulus that allowed companies to use current losses to offset taxes on past year's profits.
The two ways to bring in more cash-flow is to cut back on expenses or increase revinue. Seeing how cutting back is not in this administrations vocabulary, odds are it will be the Government's answer to increasing their cash flow. By raising taxes in the middle of a depression. Which was one of the things that the Tea Parties and 9/12 was trying to warn against.

Or if you are a hard core progressive ideologue, those protests happened because Barack is our first black President and everyone involved is racially motivated.

Cross posted at The Richmond Liberty Alliance.

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