Obama’s budget includes new bailout, $1.75 trillion deficit

Obama to spend $200b on war in 2009

President Barack Obama intends to ask the US Congress for more than USD 200 billion to cover the country's war spending.


Change? What Change

Obama seeks US$663.7b for 2010 defence spending

President Barack Obama on Thursday unveiled a 663.7 billion dollar defence budget, up a modest 1.5 percent on 2009, but projected a sharp decline in spending on wars in Iraq and Afghanistan in the coming years.


'Honest' Obama budget sees huge deficit

US President Barack Obama has unveiled his budget proposal for 2010, which projects a deficit of $1.75 trillion for the current fiscal year.


Obama forecasts $1,750bn deficit

The budget would see George W. Bush's tax cuts for the wealthiest expire by 2011 and introduce new tax increases on families earning $250,000 or more to pay for healthcare expansion.


Grim US data show deepening downturn

New US jobless claims unexpectedly spiked last week, reaching the highest level since 1982 as companies continued cutting jobs.


The worst business loss in UK history

Royal Bank of Scotland came a step closer to full-scale nationalisation today as the bank unveiled a record £24.1 billion loss and plans to raise up to £25.5 billion from the taxpayer.


From Information Clearing House


Center for Arms Control and Non-Proliferation: Reaction to Obama's Defense Budget Outline



Obama’s budget includes new bailout, $1.75 trillion deficit

CBS News


President Barack Obama’s first budget projects this year’s deficit to soar to $1.75 trillion while also setting aside $250 billion more for additional financial industry rescue efforts on top of the $700 billion that Congress has already authorized, according to an official who spoke on the condition of anonymity before the formal release of the budget. … A senior administration official told The Associated Press that Obama’s $3 trillion-plus spending blueprint also asks Congress to raise taxes on the wealthy in 2011 and cut Medicare costs to provide health care for the uninsured...


Economic ignoramuses

Who's Your Nanny?
by Trevor Bothwell


No one in the mainstream can explain exactly how all of this spending will help the economy in the long-run. And yet, the people continue to put their faith into these charlatans. Why? … Frankly at the rate this administration is moving, I’ll be surprised if the economy does not collapse by the 2012 election. At least during the Great Depression, there still a hint of a gold standard which did restrain the actions of the Fed. Now pretty much the entire world is on a fiat money standard which means the Fed can print money as fast as the presses will roll...


Spending our way to ruin

Strike the Root
by Michael Kleen


At a time when we should pay down the national debt, reduce or eliminate spending, and lure businesses back to the states through lower taxes, the Obama administration is acting like a teenager who stole her parent’s credit card. Rather than being offended by a New York Post cartoon comparing the author of the stimulus bill to an out of control chimp, we aught [sic] to be offended by the inability of our so-called leaders to act moderately and rationally when it comes to economic recovery. Their rhetoric of fear only serves to make investors increasingly nervous, and when promises of the quick-fix fail to deliver, fear turns to panic...


Obama puts the economic cart before the horse

by Peter Schiff


In his first televised speech before Congress, President Obama asserted that prosperity will return once the government restores the flow of credit in the economy. It may come as a surprise to him, but an economy cannot run on consumer loans. Furthermore, credit stopped flowing in the U.S. for a very good reason: there was no more savings left to loan. Government efforts to simply make credit available, without rebuilding productive capacity or increasing savings, are doomed to destroy what’s left of our economy. The central tenets of Obamanomics appear to be that access to credit will enable people to borrow money to buy stuff, the spending will spur production and employment, and thus the economy will grow. It’s a neat and simple picture, but it has nothing whatsoever to do with how an economy works. The President does not understand that consumption is made possible by production and that credit is made possible by savings...


Informant: Thomas L. Knapp



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