Archive for May, 2010

In January 2007 this country was estimating having a $249 billion dollar surplus by the year 2017. So what happened between 2007 and 2010 to now have estimates saying in 2017 we won’t have anywhere NEAR a surplus we will have a deficit of $9.7 trillion dollars?

The answer is simple – The Democrats got a hold of the majority of Congress.

In January 2007 the Congressional Budget Office (CBO) estimated the following to happen with regards to the new Democratic control of Congress:

The budget outlook was projected to improve from a $248 billion deficit in 2006 to a $249 billion surplus by 2017.

The federal government was projected to run surpluses in every year from 2012 to 2017.
The total ten-year budget surplus was equal to $800 billion.
The public debt was projected to decline from 37.0% of GDP in 2006 to 20.1% of GDP in 2017

However that didn’t happen now did it? I love how everyone blames President Bush for our federal deficit but what one must remember is that our Congress has been controlled by Democrats for the past 3 years!! And Barack Obama has added so much debt in the less than two years he has been elected President – I don’t know how this country will recover. Those bailouts and stimulus packages are not just handouts. The Federal Government had to borrow money to pay for them! And they will have to pay it back WITH interest.

New estimates for the year 2017 look like this now:

The $800 billion projected surplus has turned into a ten-year deficit of $9.7 trillion.
Instead of surpluses, the projected deficits in each year from FY 2008 to FY 2017 will exceed any deficit in any previous year in American history.
Instead of being 20.1% of GDP in 2017, CBO projects the public debt will be 81.8% of GDP under the President’s budget.

I’m going to quote the publication by the RSC because they said it best – “In just over three years of Democrat control of the Congress, an $800 billion projected surplus has turned into a projected deficit of more than $9.7 trillion—a $10.5 trillion worsening of the budget outlook covering just these ten years (or an average of more than $1 trillion a year). Consequently, the publicly held debt, which in January 2007 CBO projected would decline to a fifth of the economy by 2017, is now projected to increase to more than four-fifths of the economy by 2017.”

And you wonder why I vote Republican!

Sarah Markham