Tuesday, August 25, 2009

"Hey, Who you gon'a Believe, Me or Your Own Eyes?"

This morning while driving into work, I listen to President Obama on the radio. He was listing his accomplishments in turning the economy around and gave an overall rosy picture of our credit markets.

'We are on the road to recovery' was the message of the day.

Let's celebrate! Wooo hooo!.

Boy for a minute there, I thought we were on the brink of economic collapse. From what I've seen the deficit is going through the roof.

We have a proposed health care bill that we don't know how we're going to pay for (actually we do. We're all going to pay for it we just don't' want to admit it and we are told everyone else is paying for it).

We're paying China Billion and Billions of interest payments PER WEEK!

But, now lets see. I'm guessing I should ignore all that and believe what the President is saying.

Pay no attention to the smoke in the room, there's no fire. Really?

I'm reminded of a scene in an 80's animation picture called An American Tale. It's about Fievel Mousekewitz immigrant family of mice coming to America to live the dream of living a life of freedom from the persecution of Cats.

"There are no Cats in America and the streets are lined with Cheese!" is the song they sing.

Only thing is when they arrive in America, they are targeted by a Cat (Warren T. Rat) disguised as a mouse. He tells them lies and tries to control them and decieve them, taking what little they have.

At one point in the movie, the gig is up. The fake 'cone' nose he uses to disguise himself to look like a mouse is removed from his face, exposing his true identity as a Cat to the astonishment of the crowd of mice at hand.

The Cat's only comment is "Hey, who you gon'a believe? Me or your own Eyes?"

Let's open our eyes people. We can't go on ignoring what right in front of us.

After I heard the President's talk this morning it was immediately followed by Breaking News that the White House budget office forsees a cumulative $9 trillion deficit from 2010-2019.

That's 9 trillion on top of the already, what 10-11 trillion we are over spending now!

Who are you going to believe?

Your own eyes or what they tell you to believe?

White House projects bigger deficits, bigger debt

The federal government faces exploding deficits and mounting debt over the next decade, White House officials predicted Tuesday in a fiscal assessment far bleaker than what the Obama administration had estimated just a few months ago.

Figures released by the White House budget office foresee a cumulative $9 trillion deficit from 2010-2019, $2 trillion more than the administration estimated in May. Moreover, the figures show the public debt doubling by 2019 and reaching three-quarters the size of the entire national economy.

Obama economic adviser Christina Romer predicted unemployment could reach 10 percent this year and begin a slow decline next year. Still, she said, the average unemployment will be 9.3 in 2009 and 9.8 percent in 2010.

"This recession was simply worse than the information that we and other forecasters had back in last fall and early this winter," Romer said.

The grim administration projections came on a day of competing economic news. The Congressional Budget Office, which has predicted less economic growth than the White House in the past, was also scheduled to announce revised budget projections on Tuesday.

Obama himself may have drowned out the rising deficit news with the announcement Tuesday that he intends to nominate Ben Bernanke to a second term as chairman of the Federal Reserve. The Bernanke news could neutralize any disturbance in the financial markets caused by the high deficit projections.

1 comment:

  1. I think his approval ratings have gone down because he promised us change, and all we got is change...(coins-leftovers). Terrible!!! Now, that’s all we are left with..some pocket change.