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One of the penalties for refusing to participate in politics is that you end up being governed by your inferiors. -- Plato (429-347 BC)

Tuesday, January 31, 2012

CBO Predicts 4th Straight Trillion Dollar Deficit! Obama is Missing The Message: "It's the Economy Stupid!"

American People To Obama:
It's The Economy Stupid!
Today in Washington, D.C. - Jan. 31, 2011:
Yesterday, the Senate voted 93-2 to invoke cloture on the motion to proceed to S. 2083., The Stock Act. Today, they will begin consideration of that bill which would prohibit Members of Congress from using nonpublic insider information for trading or personal gain. It’s important to note, though, that the STOCK Act does not apply to officials in the executive branch. Czars, the President, VP, and others are free to wheel and deal.

This evening in the US House, a vote is expected on the HR 1173 - CLASS program repeal (created in President Obama's Health Care Reform).

Despite warnings from economists and calls for fiscal sanity from Americans, Washington has continued its irresponsible, misguided and wasteful spending.
  • This morning, the nonpartisan Congressional Budget Office (CBO) projected the fiscal 2012 budget deficit would reach $1.08 trillion and the jobless rate will increase to 8.9% by the end of 2012 and 9.2% by the end of 2013.
  • This is simply further evidence that failing to get spending and debt under control will lead to dire consequences, including higher taxes, higher costs of living, slower economic growth, and fewer jobs.
  • It's time for government to adjust to the current economic realities and tighten its belt just like families across the country have had to do.
Congress: Average approval for mid-December to late January was 13.2% according to the RealClearPolitics average. Average disapproval was 82.4%. President Obama prefers the focus there than on his failing policies.

This morning, Sen. Mitch McConnell noted President Obama’s continued disinterest in discussing his record and his willingness to change the subject to Congress. “The more folks are talking about Congress,” he said, “the less they’re talking about the President’s own dismal economic record. And, frankly, for a President who has presided over a 43% increase in the national debt in just three years and the stain of the first-ever downgrade of America’s credit rating, I can understand why he’d want to change the subject. I can see why he’d rather be talking about Congress, or the Super Bowl, or the weather, or anything other than his own failed economic policies. But the problems we face are too grave and too urgent. And every day that the President spends trying to change the topic instead of changing the direction of our economy is another day he’s failing the people who elected him.

As already identified, today brought even more news it’s obvious that President Obama would prefer not to discuss. The Hill reports, “The Congressional Budget Office on Tuesday predicted the budget deficit will rise to $1.08 trillion in 2012. CBO also projected the jobless rate would rise to 8.9 percent by the end of 2012, and to 9.2 percent in 2013. . . . If the CBO estimate is correct, it would mean that the United States recorded a deficit of more than $1 trillion for every year of Obama’s first term. The deficit was $1.4 trillion in 2009, $1.3 trillion in 2010 and $1.3 trillion in 2011. The largest deficit recorded before that was $458 billion in 2008.”

Meanwhile the AP reports, “A private research group says that consumer confidence retreated in January after two straight months of big gains. The Conference Board is reporting Tuesday that its Consumer Confidence Index now stands at 61.1, down from a revised 64.8 in December. Economists had expected a reading of 68. . . . A reading of 90 indicates a healthy economy, a level the index hasn't approached since December 2007 when the recession began.”

And according to The Wall Street Journal, “U.S. home prices fell again in November, according to the Standard & Poor's Case-Shiller indexes, which reported Tuesday that the majority of metropolitan markets posted declines. The U.S. housing market has remained sluggish despite lower prices and interest rates . . . .”

Yet given all these facts, Democrats continue to claim “we are in great shape.” That’s precisely what Sen. Chuck Schumer (D-NY) said last week at a press conference of Democrat Senate leaders. And in a recent weekly address, President Obama said, “[T]he most important thing we need to do is get more Americans back to work. . . . We’re heading in the right direction.”

As Leader McConnell said today, “The President can pretend he just showed up. He can try to convince people, as he tried to do this past weekend, that the economy is moving in the right direction. But he’s not fooling anybody. Americans know that we’re living in an economy that’s being weighed down and held back by legislation he passed with the help of big Democrat majorities in Congress. Americans know that we’re living in the Obama economy now.  And they’re tired of a President who spends his time blaming others for an economy that he put in place. . . ."

In addition, the president seems more than willing to ignore the following stats which rate his performance:
  • According to the Economist, 40% of adults believe the economy is the top issue facing the country. 78% of adults say it is a “very” important issue to them.
  • According to Gallup, 69% of Americans are dissatisfied with the state of the U.S. economy.
Well Mr. President and members of Congress, let's remind you again as we did three and a half years ago: "It's the Economy Stupid!"

Tags: Washington, D.C., US Senate, Stock Act, US house, CLASS, the economy, CBO report, trillion dollars deficit, Barack Obama, excuses, It's the Economy Stupid To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!
Posted by Bill Smith at 1:26 PM - Post Link


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