After Obama Pledged To Cut The Deficit In Half, We Got 4 Straight Year Of $1 Trillion+ Deficits

Results of Four Years of Obamanomics

While much reporting this week focused on the warnings from the Congressional Budget Office of dire consequences of the fiscal cliff the country will hit in January if nothing is done, it’s also worth noting the deficit forecast that came with the report.

According to the CBO report, “For fiscal year 2012 (which ends on September 30), the federal budget deficit will total $1.1 trillion, CBO estimates, marking the fourth year in a row with a deficit of more than $1 trillion. . . . Federal debt held by the public will reach 73 percent of GDP by the end of this fiscal year—the highest level since 1950 and about twice the share that it measured at the end of 2007, before the financial crisis and recent recession.”

When President Obama released his latest budget plan earlier this year, Sen Mitch McConnell responded for all fiscal conservatives.  He said. “The failure of leadership here is breathtaking. The President knows how grave our nation’s fiscal condition is. When he thinks it helps him he even admits it. A year ago today, when debt and spending were in the news, he used his budget announcement to reiterate a pledge to cut the deficit in half. . . . A year later, he hasn’t even come close.”

Then yesterday on the NO JOBS side of the Obama economy, Bill Wilson, President of Americans For Limited Government, responded to the negative Bureau of Labor Statistics report showing extended unemployment benefits are running out:

"In the past year, Congress' extended unemployment benefits welfare scheme ran out for 1.3 million people. And there is still no work to be found for them. They have become permanently unemployed. Since Obama took office, the labor force participation rate has dropped from 65.7 percent to 63.7 percent, with about 4.8 million people who have dropped out and simply stopped looking for work.

"The data is simply devastating. The number of people employed has only grown by 2.7 million in the past year, not even coming close to keeping up with the growth of the noninstitutional population has grown by 3.6 million. Meanwhile, the number of people not in the labor force has grown by 2 million — in a single year! Since the beginning of 2008, a net 4.1 million jobs have been lost while the employable population grew by 10.7 million!

The establishment's hope was that by priming the pump with more than $3 trillion of monetary and fiscal 'stimulus' at the beginning of the recession, and ramping up the welfare apparatus in the near-term, eventually, a robust recovery would ensue, and the temporary measures could be repealed. But the government did nothing to make it more cost-effective to do business here in America, to encourage investment here. So, now we're just floating along, no real growth recovery, and certainly no recovery in the jobs market.

"New college graduates cannot find work, those who lost their jobs in the recession still cannot find work 4 years later, and the government's tepid support programs and 'stimulus' did nothing to turn the economy around. We're dead in the water, no matter what the happy talkers say."

In summary, The Obama Economy Sucks Big Time!

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