Friday, October 16, 2009
The Hope and Change of Obamanomics
The Obama administration on Friday said the government ran a $1.42 trillion deficit in fiscal year 2009. That made it the worst year on record since World War II. Tax receipts for the year fell 16.6 percent, while spending soared 18.2 percent compared to fiscal year 2008. At this time next year those numbers will sound good, if we let Obama keep nosediving the plane. There comes a point where you can't pull up.
Stocks slumped Friday, as a sour response to General Electric and Bank of America's quarterly results. This so called recovery is actually a series of death rattles before the nation's economy expires.
Screw ups in federal reports on the stimulus highlight the government's inability to accurately track how many jobs the porkulus is actually creating. Just another item on the never ending list of things the government can't get right. But, we should trust them with our health care? I don't think so.
Posted by BobG at 1:43 PM