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  • trillion dollar deficits

    Obama's Growing Credibility Gap

    Last week the Department of Labor released an employment report showing that U.S. employers shed 611,000 private sector jobs in the first three months of this year bringing the nation’s unemployment rate to 8.9%. This was bad news for Americans but even worse news for the Obama administration. In January … More

    Obama's Trillion Dollar Deficits in Pictures

    The Washington Post first published this graphic back on March 21st. Since that time the Obama administration’s projected deficit numbers have only become more far-fetched. IHS Global Insight chief U.S. financial economist Brian Bethune told McClatchy: “If they keep playing this game, they’re going to have real credibility problems.” And … More

    Morning Bell: Obama Trek: The Search for More Money

    Yesterday, in what President Barack Obama described as a “watershed event”, the health care industry promised to cut $2 trillion in costs over 10 years by implementing such measures as the use of health information technology, care coordination, disease management, and “evidence based” medicine. If you feel as though you’ve … More

    Morning Bell: The Obama Jobs Deficit

    This past Friday the Department of Labor released the nation’s employment’s figures showing that employers shed 611,000 private sector jobs in the first three months of this year. This brought the unemployment rate to 8.9% and revealed that in President Barack Obama’s first 100 days in office, employment has dropped … More

    "Terrible" Treasury Auction Exposes Hole in Obama Econ Plan

    The U.S. Treasury auction of long-term bonds on Thursday was “terrible”, in the words of one Wall Street economist, with the rate on the 30 year bond jumping from 4.1 to 4.3 percent. This is just the first sign that the debt-based Obama economic stimulus plan is about to become … More

    Obama’s $17 Billion "Cut" in Pictures

    President Barack Obama recently released a list of 121 proposed program terminations and reductions, that he claims would save taxpayers $17 billion. Obama has described these program terminations as spending “cuts”. This is simply not true. Every dollar that Obama “cuts” he has immediately turned into new spending elsewhere in … More

    No More Blaming Bush

    Under the header “It’s All On Obama Now” Los Angeles Times columnist Peter Nichols writes: Every president inherits a tangle of problems from his predecessor. War and recession, natural disaster and foreign crises. And for some undefined interval, new presidents argue that they should not be accountable for the troubles … More

    We're Already Paying for Obama's Debt Tsunami

    The New York Times reports today: As the Obama administration racks up an unprecedented spending bill for bank bailouts, Detroit rescues, health care overhauls and stimulus plans, the bond market is starting to push up the cost of trillions of dollars in borrowing for the government. Last week, the yield … More

    China Hype Doesn’t Help

    A Wall Street Journal headline today adds to a chorus of claims that China’s stimulus efforts are benefiting American business and the world economy. As with previous claims, however, there’s little substance. The WSJ article cites Caterpillar reporting China sales of excavators have returned to pre-crisis highs, concurrent with intensifying … More

    Morning Bell: The Question That Didn't Get Asked

    Yesterday before President Barack Obama’s 100 days news conference, the Commerce Department released data showing that the U.S. economy shrank at an annual rate of 6.1% in the January-March quarter. This comes on top of a report from the Bureau of Labor and Statistics released earlier this month showing that … More