You really start to wonder how the elite liberal media can pull it off. At some point, they are going to need a smack from the hammer of reality to see that twisting Obama's failed policies into "successes" just won't work.
Well, a 147 page cinder block was just dropped on Tuesday from the Congressional Budget Office (CBO).
The report shows massive 30 percent tax increases, a stifled economy that will keep unemployment above 8 percent for years to come, and trillions in new debt. Finally, the wake-up call the media needed. But wait, what did the headlines say?
We think the real headline should be "Obama's Policies Are Failing Miserably, Report Confirms Common Knowledge."
Is anyone other than the liberal media surprised at the report's findings? The government will have its fourth consecutive year of trillion-plus deficits in 2012. For this year, there will be a $1,079,000,000,000 deficit.
According to the CBO, the projected situation is worse than what they had originally predicted last August. (Again, who is shocked?) On each page of this report that details topics from unemployment, to government spending, to increased taxes, we are reminded of the many ways that this administration has failed to do its job. Obama and the Senate Democrats simply cannot spin their way out of this one.
The CBO projects the unemployment rate will remain shockingly high for the next few years. The unemployment rate will shoot to 9.1 percent in 2013, and remain above 7 percent from 2014 to 2017. Obama's predicted economic recovery is starting to resemble a coma! Maybe the Democrats in the Senate will wake up from their vacation. They have refused to take up votes on 28 bipartisan jobs bills from the House and haven't passed a budget in 1,009 days.
The report also indicates that taxes will increase 30 percent over the next two years. Too bad the coastal media outlets “accidentally” forgot to put that in the headline.To quote the report:
“The pace of the economic recovery has been slow since the recession ended in June 2009, and the Congressional Budget Office (CBO) expects that, under current laws governing taxes and spending, the economy will continue to grow at a sluggish pace over the next two years."
Sluggish economy + higher taxes = recipe for disaster. We’ve seen this movie before and it’s ugly.
The President must be taking cues from his home state because his policies are bringing the economic engine of our country to a complete stall. Illinois has put in place the liberal spend-and-tax policies that resemble the dreams Obama has begged us to believe in. A report last week showed that Illinois, in just this past year, put in place record income tax increases in addition to one of the nation's worst corporate tax rates. So what happened? The unemployment rate skyrocketed. Illinois' unemployment in 2011 rose from 9% to 9.8%, the highest increase in the nation.
When looking at these reports, we must always remember that there is a rule in government -- the projections are always modest; predictions of a bad future are usually worse, and predictions of a great future usually aren't that great.
Take Medicare for instance. Medicare's creators thought that the program would cost $5 billion in the first year, and then grow to cost $12 billion in 1990. But how much did it actually cost in 1990? $110 billion. Cost in 2000? $219 billion. Cost in 2010? $520 billion. Projected cost in 2020? $1 trillion.
Since the projections were so "spot on," it is a CPA's nightmare to think what will really happen with Medicare in 2020.
Obama has said in each of his State of the Union addresses that he wants to control the deficit and reduce our debt. Nice line Mr. President, but you have not even attempted to do so without presenting your infamous “solution” known to the rest of the universe as massive taxation.
The bottom line is that there is a catastrophic problem with this administration: basic math and the consequences of poor finances are a nonexistent part of the current policy discussion. This President’s policies and inaction by Senate Democrats are holding the American economy hostage.
ForAmerica Executive Director