You see, back on February 2, 2009, a newly inaugurated President Obama was a very cocky individual. He thought this whole economic thing would be handled as soon as he got the money flowing - the taxpayer money for his big stimulus, big government agenda. Since he had no executive experience and little experience in the national political arena, he had no clue what a tough slog this would all be for him. He thought that three years was a lifetime in his administration.
Plus, Barack Obama was elected on little more than cheap, silly slogans and the racial component. So, sure, he was full of himself. What a feat he completed.
Well, it feels like it's been a lifetime but that is only because President Obama is consistently wrong on his domestic political initiatives and has so soundly failed as a leader.
Here is an interesting video using words from his own administration:
The non-partisan office of the CBO has testified that the next two years will be dismal. Unemployment is predicted to be 9.2% all of next year and national growth will only be 1.2%. There is no way our nation will recover economically with those predictions.
The non-partisan Congressional Budget Office is forecasting that the U.S. economy will remain sluggish for the next few years, with high unemployment and slight deficit decreases.
The report said the economy will expand by two percent this year, with unemployment climbing to 8.9 percent from the current 8.5 percent. The CBO projects unemployment to increase to 9.2 percent by 2013 and remain above seven percent through 2015.
The deficit is projected to hover around $1 trillion for 2012. This is a stark contrast to the previous CBO report, issued in August, which projected a $973 billion deficit for 2012 and an 8.5 percent unemployment rate by the end of the year.
Director Elmendorf said that relying on tax increases to reduce the deficit - as Democrats are - is not feasible, since the increases would have to be so large to accomplish that, if at all.
CBO Director Douglas Elmendorf cautiously said on Jan. 31 that a reduction of the deficit through tax increases alone would involve very large hikes; the same goes for the spending side of the equation. Elmendorf recommended a mix of the two, combined with a new dose of reality and fiscal restraint to get the deficit under control.