Just plain nuts!

Mr. Obama has presented his FY 2010 budget goals and projects for future budgets. Let's do some arithmetic based on the article below.

The FY 2009 budget deficit will total at least $1.75 trillion. Mr. O's FY 2010 budget deficit will be at least $1 trillion; ditto the FY 2011 deficit. For some reason Mr. O thinks that the FY 2012 deficit will "fall" to $581 billion and the FY 2013 deficit will be $533 billion. Whatever. In any event, all this adds up to $4.864 trillion in budget deficits in a mere 5 years. Hello? Where's the money coming from to finance all this debt? And remember that we've already accumulated about $10 trillion in debt that must be continually refinanced by borrowing and continually paid for with enormous interest payments.

And worse, Mr. O is vastly expanding the size of the federal budget--to $3.94 trillion this year and $3.55 trillion next year! Since not a single budget or deficit projection has ever been correct in the past, all these figures are mere fictions; the actual values will certainly be much larger--probably enormously so.

The debt burden is unsustainable now, yet Mr. O plans to vastly expand it. We are well on the way to becoming the Argentina of North America.

Read it here