Tweet
The Federal deficit in 2009-10 is $1.4trillion--$700 billion for TARP and over $700 billion for the "stimulus"--Obama is directly responsible for the deficit. Without President Obama we would NOT have a deficit.
In 2010-11 the deficit will be $1.3 trillion. But, he is demanding we freeze the budget he bloated and "save" $10-15 billion a year. Big Deal!
Bottom Line: Thanks to the Obama Economic Plan, Art Laffer says 2011 will be a massive recession, worst than the last three years.
"The economy in the short-term this year will continue to improve, growing by more than 4 percent. By the end of 2010 the unemployment rate could fall to as low as 7 percent and the Obama administration will be busting with pride and conceit, Laffer told his clients in his latest economic outlook for the year ahead.
But don’t be fooled into thinking the economy is actually coming out of one of the worst recessions of the post-war era, because this year will be a false recovery, he adds. The downturn will begin again when 2011 will enter center stage, followed quickly by an economic catastrophe. All the factors that will make 2010 (and have already made the last half of 2009) look so good will reverse direction, and 2011 will be a train wreck, he said in his forecast.
The big reason, among several, is Obama’s plan to allow the Bush tax cuts to expire at the end of this year, and other tax increases the Obama administration intends to enact this year and next, and how businesses will respond to these tax changes."
The United States economy will collapse next year, along with the budgets of many States, including California. Then we will be able to reinvest in a State and nation that has lowered taxes, end worthless special interest programs and allowed unions to be freed from their monopolies.
But, first the collapse. Yet angry in November, so we have elected officials that represent the Constitution and us, not the unions and special radical interests.
More...
In 2010-11 the deficit will be $1.3 trillion. But, he is demanding we freeze the budget he bloated and "save" $10-15 billion a year. Big Deal!
Bottom Line: Thanks to the Obama Economic Plan, Art Laffer says 2011 will be a massive recession, worst than the last three years.
"The economy in the short-term this year will continue to improve, growing by more than 4 percent. By the end of 2010 the unemployment rate could fall to as low as 7 percent and the Obama administration will be busting with pride and conceit, Laffer told his clients in his latest economic outlook for the year ahead.
But don’t be fooled into thinking the economy is actually coming out of one of the worst recessions of the post-war era, because this year will be a false recovery, he adds. The downturn will begin again when 2011 will enter center stage, followed quickly by an economic catastrophe. All the factors that will make 2010 (and have already made the last half of 2009) look so good will reverse direction, and 2011 will be a train wreck, he said in his forecast.
The big reason, among several, is Obama’s plan to allow the Bush tax cuts to expire at the end of this year, and other tax increases the Obama administration intends to enact this year and next, and how businesses will respond to these tax changes."
The United States economy will collapse next year, along with the budgets of many States, including California. Then we will be able to reinvest in a State and nation that has lowered taxes, end worthless special interest programs and allowed unions to be freed from their monopolies.
But, first the collapse. Yet angry in November, so we have elected officials that represent the Constitution and us, not the unions and special radical interests.
More...