President Obama held a press event Tuesday to announce appointment of his new budget director.  His remarks included: When we walked through the doors of the White House we not only faced the worst economic crisis since the great depression, we also faced a $1.3 Trillion deficit… Thus, Obama once again tried to blame the [...]

Back in January President Obama made an assertion in his State of the Union message he now hopes you won’t remember: We can’t afford another so-called economic “expansion” like the one from the last decade –- what some call the “lost decade” -– where jobs grew more slowly than during any prior expansion… These charts [...]

Federal Reserve Chairman Ben Bernanke testified before Congress’s Joint Economic Committee, and issued a warning about the deficit: Although sizable deficits are unavoidable in the near term, maintaining the confidence of the public and financial markets requires that policymakers move decisively to set the federal budget on a trajectory toward sustainable fiscal balance. In the [...]

Government can not continue to spend more and more while at the same time pursuing policies that drive down tax revenue. The private sector is unable and unwilling to generate enough taxable income and profit to support government’s mushrooming appetite. The drop in individual income tax revenue in fiscal 2009 was the steepest since 1939.  [...]

During his campaign, Barack Obama denounced the Bush Administration every day for “irresponsible deficits.”  Obama’s campaign web site included this attack on Senator McCain: McCain Offers Four More Years Of Soaring Deficits. Just like George Bush, McCain budget plan offers four more years of soaring deficits…the non-partisan Tax Policy Center said McCain’s tax plan would [...]

Throughout the Presidential campaign Barack Obama and the Democrats aggressively attacked budget deficits run during the Bush Administration. Today, the Treasury Department published the final budget numbers for Fiscal Year 2009, ended September 30, giving us an opportunity to compare Obama’s first deficit with those “irresponsible Bush Deficits.”  In the chart above the numbers for [...]

Today, the Administration released it’s Mid Session Budget Review, a 75 page document required by law, to update Congress on recent events that could affect the 2010 budget. On the summary page appears this laughable, yet tragically out of touch fantasy: Despite the demands put on the treasury to respond aggressively to avoid economic collapse, [...]

Imagine a TV Sitcom family. They’re not poor.  Dad makes $600,000 per year, or $50,000 per month.  But incredibly, they can’t live on that budget and they’ve been borrowing and spending an additional $22,000 every month for years, driving their debt up to $2 million in installment loans and credit cards. Two months ago Dad [...]

The political-media establishment largely dismissed the nationwide tea party protests as inconsequential whining by a few fringe weirdos. During his Presidential campaign Barack Obama continuously assailed “irresponsible Bush deficits” and warned that John McCain would increase the debt by $4.3 Trillion over ten years. As the table shows, his plans will increase the debt by [...]

In a March 9 Wall Street Journal Guest Editorial,  Obama Economic Adviser Laura D’Andrea Tyson attempted to overcome growing opposition to ObamaNomics, with several deceptions.  This is the second in a series of posts exposing those deceptions.  Click on the ObamaNomics logo to see the first. President Bush’s tax cuts are scheduled to expire at [...]