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  • 100 Days With a Hole In Your Pocket

    It Must Grow on Trees

    • The Stimulus Bill: In his first 100 days, President Obama signed a $787 billion “stimulus” bill that with interest totals $1.1 trillion in new spending. At no time during these 100 days did anyone on Capitol Hill read the entire bill, despite its rapid of growth of government in size and scope.
    • Is Not Temporary: All projections on stimulus spending assume that none of the new government programs will continue ad infinitum, which goes against the Washington trend of making programs longer, bigger, but never over. As Milton Friedman said: “Nothing is more permanent as a temporary government program.”
    • CBO on the Stimulus Bill: If even some programs become permanent, the CBO estimates that the true cost of the stimulus bill could be over $3.27 trillion. The CBO also projected that the stimulus bill would actually hurt the economy.
    • Earmark Love: President Obama came into office pledging to “slash earmarks to no greater than 1994 levels” of 1,318 per budget. In his first 100 days, he signed an omnibus spending bill that contained 9,287 earmarks, the second most in U.S. history, including funding for tattoo removal and a Buffalo Bill museum.
    • Spreading the Wealth: President Obama has been spending through the tax code in order to “spread the wealth around.” He passed the Making Work Pay Credit and increased the Hope Scholarship Credit, the EITC, and child tax credit; meanwhile, he has proposed hiking taxes by $300,000 (over 10 years) for 3.2 million higher-income tax filers to pay for more spending in his budget.

    He Hopes It Grows on Trees

    • Debt for Your Family: The President came into office promising a “net spending cut” then signed the stimulus bill, which will dump $9,400 in new debt on the average American household. Under CBO’s estimate, if some programs become permanent, this would skyrocket to $26,600 per American household.
    • Failed Logic: In his first 100 days, President Obama will have quadrupled the budget deficit he inherited while pledging to cut it in half, which would still leave a deficit double the size it was in January 2009.
    • And Even More Debt: In his first 100 days, President Obama proposed a budget that would dump a staggering $9.3 trillion in new debt—$68,000 per household—into the laps of American children. This is more debt than has been accumulated by all previous Presidents in American history combined.

    It Does Not Grow on Trees

    • Spending Cuts: In his first 100 days, President Obama recognized out-of-control government spending and demanded that his cabinet identify $100 million in administrative spending cuts, this after proposing a $3.69 trillion budget and signing a $787 billion stimulus bill and a $410 billion omnibus spending bill.
    • What $100 Million Means to You: Cutting $100 million from the annual budget is equivalent to a family of four earning $40,000 a year cutting one dollar from its budget or paying off one dollar on $11,000 of credit card debt.
    • There Was Another Choice: In his first 100 days, President Obama could have embraced tax relief policies that have proven successful and rejected unprecedented and shockingly large spending increases that have spawned tea party movements across the nation.
    • There Is Still Time: President Obama should freeze stimulus spending planned for 2010 and beyond, when the recession is expected to be over and place a moratorium on earmarks until the system can be cleaned up.
    Posted in Ongoing Priorities [slideshow_deploy]

    21 Responses to 100 Days With a Hole In Your Pocket

    1. mike baker Dallas C says:

      …and this is just the spending he planned ahead of time. Any emergency in an Electoral vote-rich region of the U.S. will pile the debt loads even higher.

    2. Ben C, Ann Arbor, MI says:

      If a trillion one dollar bills were rolled up and placed in a fighter aircraft then unrolled during flight it would take the aircraft flying at the speed of sound fourteen years to unroll the dollars bills. Or, strectched end to end it would stretch from earth to the moon two hundred times. And this is only a trillion dollars.

    3. Ross, Florida says:

      That's what we get with an untried, unknown, and questionable politician who is not worried about the price tag that the taxpayers will be shouldered with. The majority of the American people always gets what they want and much to the chagrin of rest of us, we deserve. Now the question is, as a nation with a rich history of rugged individualism and the love of liberty in order to pursue the opportunity of life, liberty and the pursuit of happiness, be able to survive this socialist Democrat blatant attack?

    4. Mark K., Austin, TX says:

      If we spent a million dollars each and every day, starting on the day Christ was born to today, we would still not have reached a trillion dollars.

    5. Pingback: The “Economics” of Obama’s First 100 Days | QandO

    6. dave mcduffie, lagun says:

      Wow,only one hundred days to nominate a bunch of tax cheats and loony lefties to his "administration", trash the US Constitution, make an as out of himself in Europe and South America by proving if there is one thing he certainly is not, an American. And it is no surprise that being a non-American he knows nothing of our history, but then of course what liberal does? He has also oiled the money printing presses like no other in history and they are printing us into debt faster than your brain can count. What ever happened to the "watchdogs for the people", the real American press which used to report the truth, totally non-biased and a-political. Guess it all changed with that voice which just sounded smart, the ultra liberal Cronkite who single handedly lied us out of Vietnam. The libral press is the real blame for the destruction of America. They seem to think they are in a separate world from us. Guess what guys, we will all go down TOGETHER! And now another clown joins the dems already top heavy with cartoon characters! Specter was NEVER a real republican! He is the original RINO! Good riddance to this imposter who has the audacity to claim he is FOR the American people. Ever watch the Waco documentary? Specter should be behind bars along with Clinton and Reno!

    7. Pingback: Obama’s spending spree in one simple chart « Wintery Knight Blog

    8. Pingback: Barack Obama after 100 days: Worst President Ever! « Wintery Knight Blog

    9. Glenn E. Lafayette says:

      In other words, purposely destroying the economy, and therefore the sustainability of the country. When will the Adjutant General do something about this?

    10. Orlando, Fl. says:

      How can this person who I feel has broken every will of the people, can be impeached?

    11. Fabien in Az. says:

      The more I read and hear the more I want to vomit,

      shame as in the cartoon charactor of Pennochio his nose should be very long. and someone should break it off… What a waste ……

    12. JAMIE COATS says:

      THIS SO CALLED PRESIDENT SHOULD BE IMPEACHED>> I AM A BLACK MALE IN THE MILITARY AND THOUGHT HE COULD MAKE A DIFFERENCE. AND HE HAS,THE WORST IDEAS AND SPENDING IN THE HISTORY OF AMERICA.

      JAMIE

    13. Pingback: 100 DAYS & 100 MONTHS: TORTURED BY LIBERALS (videos) « FactReal

    14. Pingback: 100 Days With a Hole In Your Pocket « We The People

    15. Pingback: First 100 Days of Obamanomics « Adam Fowler’s Opinion Blog

    16. Ed Dost, Port Angele says:

      And Obama has the audacity to turn Holder loose to prosecute the last administration for saving Ameican lives. It is Obama who needs to be prosecuted for destroying the American dream and trashing the future of our children and grandchildren.

    17. Molly Burnham, Champ says:

      I am a high school teacher of Personal Finance – Mr. Obama your example of money management and budgeting is a disgrace and flies in the face of almost every solid money management principle we teach!!!! Take heart fellow Americans every day my classes discover and learn solid, fundamental principles about how to set goals, prepare a sound budget, save, and invest.

    18. CL,Lancaster,Ca says:

      I read that if Obama gets a second term, he plans on spending another 30 trillion, plus. Does anyone know if this is made up or if it's true?

    19. W. Dolsen Cleveland says:

      In 63 years of living in this great nation, I have never been afraid of our government, even during Viet Nam, but this administration really scares me. They are compromising our national security, destroying capitalism, and spending my grandchildren into poverty. We the people ask our government, right and left, to stop the flow of illegal immigrants, but our voices are a cry in the wilderness. I vote in the primaries and the general elections, but my vote seems to make no difference. I write my congressman and my senator,but it doesn't seen to help. Iam beginning to think our great democratic experiment is failing. If it does I will blame the George Soro's and Bill Maher's and John Stewart's of our so called mainstream media. I wonder, if when the enemy is walking our streets, they will turn to the God they claim doesn't exist? I wonder if then the American soldier will look good to them? I wonder what will become of our great nation.

    20. Carl Nieman - Fort W says:

      you know this stimulus bill really sounds like standard operating procedure for democratic love for spending. The irony of the whole thing is that President Obama seems to have the same attitude toward spending that corporate CEO's are getting crucified. He wants to be the one that gets all the benefits and money while cutting the income of everyone else. He wants to be the one in control of the purse strings, deciding who gets what, when, where, and how in his wisdom they should get it.

      He is absolutely the most dangerous deadly power hungry person I ever remember as President of the U.S. It appears that as long as he is all powerful that is all that matters.

    21. Pingback: The Hill’s Blog Briefing Room » The Foundry

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