Barack Obama, The Trillion Dollar Dud er, uh, Man [Updated]

(bumped up by Susan because Larry The Sadist just loves giving us terrifying news — facts, not Obamaland fiction! — and then he just laughs while watching our jaws fall slack)

Although Obama and his lackeys incessantly repeat the mantra that they are going to cut the budget deficit in half by the end of his first term, they are in fact embarking on a deficit spending spree that makes George W. Bush look fiscally responsible. Barack’s budget proposal, pure and simple, not only is an effort to bamboozle the American public but is a recipe to bankrupt America.

To understand what we are up against I encourage you to watch the latest offering from Frontline, which provides a detailed look at the burgeoning U.S. deficit. You can watch, Ten Trillion and Counting online here. No one, Republican or Democrat, is spared. The piece rightly focuses on the crazy economic policies of George Bush, aided and abetted by Republican lackeys.

There is one problem with the Frontline analysis, however. It suggests the problem was the tax cuts rather than focusing on the unrestrained spending by the Republicans and then later, the Democrats.

Which brings us to Barack. Here is why he is disingenuous. Go back and check out the chart from the CBO in my article yesterday (here). Please understand what the term “annual deficit” actually means. It is the amount the Federal Government spends in excess of money collected in taxes. Take the 2009 projection, for example. The Federal Government will run a deficit of $1.186 trillion. In 2010 the Congressional Budget Office projects a deficit of $703 billion. Here’s the critical point to understand. The deficit is not shrinking. It is increasing. Add the figure for 2009 with the one for 2010. The deficit will increase a total of $1.889 trillion. By the end of Barack Obama’s first (and hopefully last) term, we will be in hock for an additional $2.651 trillion dollars.

Let’s put this in perspective. George W. Bush racked up a deficit of $3.365 trillion in 8 years. Barack will spend 80% of that amount in just four years. George W. Bush approved $1.908 trillion in deficit spending in his last four years. As Barack has noted correctly–he inherited a disastrous economy based on deficit spending from George W. Bush. I agree with that. Barack is right. So what is Barack’s solution? Spend more–almost $2.7 trillion dollars. If Bush was a drunken sailor than Barack is a drunken navy. This is fiscal suicide. America cannot afford it.

UPDATE–The crazy spending of Bush and Obama should remind us of the genius of Bill Clinton. In his first year in office he ran a deficit of $300 billion. During his eight year term his total deficit spending was $1.004 trillion. But, most importantly, he produced a surplus in 1998, 1999 and 2000. No other president in the last 50 years did that.

And one more thing–the total Federal deficit from 1969 thru 2000 was $3.982 trillion. George W. Bush almost matched that in 8 years and Barack Obama is on track to spend 67% of that immense sum in just 4 years. (You can look at the historical data yourself here.)