WHAT WE HAVE HEAR IS THE ACTION FOR DESTRUCTION - BHO STYLE

This fiscal year's budget deficit is expected to climb to nearly $1.5 trillion, which would be the biggest one-year deficit gap in American history, according to the nonpartisan Congressional Budget Office.

-- Spending projections are actually worse than CBO's numbers show, because of the "unrealistic assumptions" that Congress requires CBO to employ to make future deficits appear smaller, such as assuming all tax cuts will expire, the AMT (alternative minimum income tax) will never again be patched, and discretionary spending will remain frozen to inflation.

-- "The ten-year deficit is actually $13.6 trillion, and annual deficits never fall below $1 trillion."

-- Ten years from now, the budget deficit "is expected to reach $1.9 trillion, and the debt will hit nearly $25 trillion, or 104 percent" of the economy's entire gross domestic product (GDP) -- "and even that assumes a return to peace and prosperity."

-- "Long-term deficits are driven by spending. Tax revenues (historically 18.0 percent of GDP) are set to climb to 18.4 percent by 2021 -- even if all tax cuts are extended. Yet federal spending (historically 20.3 percent of GDP) is projected to soar to 26.4 percent by 2021. By that point, 100 percent of rising long-term deficits will result from above-average spending."

-- Spending under this administration is driving the ocean of red ink. "Since 2001, federal spending per household has expanded $21,510 to $31,206 (adjusted for inflation)."

-- "Entitlements are the problem: between 2008 and 2021, the annual cost of Social Security, Medicare, and Medicaid is set to rise from $1.2 trillion to $2.2 trillion (adjusted for inflation)."

-- The so-called "tax cuts for the rich" are not the overriding deficit-driver. "Letting the tax cuts expire for those earning more than $250,000 would close just 5 percent of the budget deficit over the next decade. The $736 billion price tag is a fraction of the $21 trillion cost of Social Security, Medicare and Medicaid" over the coming decade.

-- "Between 2009 and 2021, the national debt would increase by $150,000 per household." By 2021, net interest alone on the total debt would cost an astounding $1 trillion, or nearly one-half of all income tax revenues.

-- "Over what would be President Obama's eight years in office, baseline budget deficits are projected to total $9.9 trillion -- triple the $3.3 trillion in deficits" accumulated by President George W. Bush.

This is the grim fiscal picture that faces the Obama administration, which is nonetheless proposing big spending increases across a large swath of the federal government, from Obamacare to more stimulus spending, more green technology spending, more R&D spending, and more for job training, to name just a few.

http://townhall.com/columnists/donaldlambro/2011/02/04/obama_will_continue_to_spend_america_into_the_ground/page/full/