Thursday, February 26, 2009

Obama's 2010 Budget - $3.552 Trillion

Obama's 2010 budget clocks in at over $3.5 trillion. In addition to his budget, Obama purposed changes which will result in spending totaling just under $3.94 trillion this year. This would result in a record $1.75 trillion deficit for the current fiscal year. The deficit is predicted to be $1.17 trillion for fiscal 2010. The numbers are just staggering. If you have the time and desire, you can find the budget at http://www.whitehouse.gov/omb/assets/fy2010_new_era/A_New_Era_of_Responsibility2.pdf.

More info at:
http://www.reuters.com/article/businessNews/idUSTRE51O6JA20090226?feedType=RSS&feedName=businessNews&rpc=23&sp=true
http://blogs.telegraph.co.uk/toby_harnden/blog/2009/02/26/25_57348__what_barack_obamas_budget_will_cost_each_taxpayer
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aY8vuevw1NKs
http://www.breitbart.com/article.php?id=D96JCFLG1&show_article=1
http://www.telegraph.co.uk/news/worldnews/northamerica/usa/barackobama/4841292/Barack-Obama-unveils-staggering-trillion-dollar-budget.html

Update:
In case anyone is wondering how we are going to pay for this, I am not sure anyone really knows. My guess is higher taxes combined with printing money once countries/organizations/people stop lending to us. This all goes back to my fears regarding inflation and American losing its AAA credit rating.

In case you think that the richest 2% of Americans can just anti up a little more and cover it, if you took 100% of what they had it would not be enough. You would need to take every taxable dime of anyone earning more than $75,000 to be able to cover the costs. These are all based on 2006 numbers (the most recent data set available) and given the current economic down turn almost certainly represent an overshoot (as in better results then we should expect). More number crunching at http://online.wsj.com/article/SB123561551065378405.html?mod=rss_opinion_main.

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