Obama’s own CBO notes that despite pouring nearly a trillion dollars into the economy on the promise that unemployment would go down and stay down, we have experienced the longest period of high unemployment since the Great Depression.
And, despite some recent good news on the economic front, the CBO is still predicting that unemployment will remain above 8 percent until 2014. The report also notes that, including those who haven’t sought work in the past four weeks and those who are working part-time but seeking full-time employment, the unemployment rate would be 15 percent.
Because the Obama regime spent so much and has continued to offer more spending as the remedy for everything, we’re about to hit the debt ceiling again.
The United States Department of Treasury will reach the the statutory limit it is allowed to borrow money before election day, according to a new study by Sen. Rob Portman, R-Ohio., former director of the U.S. Office of Management and Budget.
“Following the contentious debt ceiling last August, President Obama promised that he would take action to address the country’s fiscal crisis. He has failed to do that,” Portman said. “In fact, his new budget increases spending and projects that Washington will be hitting the debt ceiling again in mid-October – burning through a $2.1 trillion debt limit increase in just over 14 months.”
Treasury Secretary Tim Geithner, we were told, was the only man in America smart enough to captain the economy through our stormy times. How does he react to the current state of things? With jokes.
And here was the exchange between Geithner and Ryan, after Ryan pointed the terrifying baseline (in red):
GEITHNER: You could have taken [the chart] out [to the year] 3000 or to 4000. [Laughs]
RYAN: Yeah, right. We cut it off at the end of the century because the economy, according to the CBO, shuts down in 2027 on this path.
Har de har. Whether this regime’s outcomes are the results of incompetence or malice doesn’t really matter at this point.
Update: More from Geithner, to Rep. Paul Ryan: “We don’t have a definitive solution…we just don’t like yours.“