U.S. economic outlook…abysmal
Well, President Obama and his Democrat cohorts in Washington do excel at something, spending the U.S. into the ground:
WASHINGTON — Uncontrolled government spending is far worse than previously projected just a few months ago, driving the federal budget much more deeply into debt, which threatens our economy and our future standard of living.
This fiscal year’s budget deficit is expected to climb to nearly $1.5 trillion, which would be the biggest one-year deficit gap in American history, according to the nonpartisan Congressional Budget Office.
It is the result of a still weakened economy, 9 to 10 percent unemployment that has sharply cut federal tax revenues, and a Democratic Congress that was on an irresponsible, nonstop spending binge for the last two years.
The previous CBO projection for the 2011 fiscal year was $1.3 trillion, but its latest estimates show the government’s fiscal position is worse than ever and could climb higher, according to independent analysts…(read more)
Of course, some folks prefer to see for themselves, rather than just be told, kind of like me. So, for those of us, we can look for ourselvess, if you can keep up with the changes. It’s a behemoth. You might even be interested in looking at Tennessee’s debt clock.
Is it even mathematically possible to pay off the U.S. debt? Well, the outlook is rather bleak, to say the least. And, sometimes, the numbers we are given just don’t make a lot of sense. Sometimes, it just makes you want to go, “Hmm.” Such moments are when one source shows unemployment falling sharply by 9%, without new jobs being created, while another source shows unemployment rising 9.8%.
“Put a ‘straightjacket’ on federal spending,” as Sen. Bob Corker has introduced in his Commitment to American Prosperity Act, which is also supported by Sen. Lamar Alexander? Maybe.
Some wonder why we need wait 10 years to balance the budget. Desperate times call for desperate measures. And, Instapundit is correct: “Budget cuts that barely scratch the surface are not ‘Draconian.’” So, someone please tell Harry Reid to sit down and zip it.
But, hey! It’s not all bad these days. Some businesses are prospering in these difficult times, even if it is off of someone else’s misery. Pawnshops are becoming more respectable. (H/T to Glenn Reynolds)
UPDATE: Labor force participation is at a 26 year low. GatewayPundit has the lowdown, including graphics, on how actual unemployment rates stack up compared to the rates promised from the trillion dollar stimulus. Yep. “Worst. Jobs. President. Ever.”