Friday, February 27, 2009

The Obama deficit

It's going to be huge:

"President Barack Obama unveiled a multi-trillion-dollar spending plan Thursday that would boost taxes on the wealthy, curtail Medicare, lay the groundwork for universal health care and leave a string of deficits dwarfing any in the nation's history. In addition to sending Congress his $3.55 trillion budget plan for 2010, Obama proposed more immediate changes that would push spending to $3.94 trillion in the current year. That would result in a record deficit Obama projects will hit $1.75 trillion, reflecting the massive spending being undertaken to battle a severe recession and the worst financial crisis in seven decades."

Wow. A $1.75 trillion dollar deficit. It's hard to comprehend.
What's even funnier is that we can all recall the 1980s--when Democrats screamed and yelled how horrible it was that the Reagan administration ran $200 billion deficits. My, times have changed.