The Daily Outrage: Americans should expect the shock of ‘trillion-dollar deficits for years to come’

Examiner Editorial
January 8, 2009

WHO: President-elect Barack Obama, after meeting with his top economic advisers for two straight days.

WHAT: Obama said jolting the U.S. out of the worst economic crisis since the Great Depression would require stimulus spending that triggers record deficits for the next several years.

WHY IT HAPPENED: The announcement came because the government hopes to borrow a staggering amount of money without driving up interest rates.

WHY IT’S A BAD IDEA: Huge deficits bring inescapable long-term risks and burdens.

WHAT’S BEING DONE ABOUT IT: At least the president-elect pledges spending controls and efficiency measures to reduce deficits dramatically in following years.

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Reader Comments

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LJH IN PHOENIX

Jan 8, 2009

If my memory serves me correctly, when George W took office there was a SURPLUS of Money for the USA. Now with the incoming President, we are being told that the USA is a TRILLION DOLLARS PLUS in the hole. Who's WATCH did this happen on for the past 8 years? George W. Bush!

jaainmillvalley

Jan 9, 2009

Why don't we ask the once millionaire Bush to personally help us pay the deficit? The war has made him a billionaire while in office. Why isn't he being investigated? Or is it only democrats, I mean sex in the oval office that is wrong in the 21st century.