The deficit is $1.4T this year. That's the highest it's been (as a % of GDP) since 1945, at the end of WW2, when it was 21% of GDP. Today's is about 10%. So, not as bad as at the end of a world war, but, the worst since then. In typical O-admin fashion, this news was released on a Friday, and was predictably blamed on the Bush administration. Amazingly, while the Obamacons blamed Bush's TARP for some of it, they alternatively credited the early payback of TARP loans and interest on TARP loans for making it less worse than it could have been.
What's it all mean to us little guys? It means inflation is just around the corner as the Fed decides to use the power of the (printing) press to pay this down. Once we're done adding another $1T in health care costs, and God knows what else Obama has in store for us, we'll have "the rich" taxed at 100% and the middle class will have to start paying their fair share. This on top of all those fees and fines you'll have to pay to fund that same health care tab, as well as the extra energy costs you'll get to enjoy from the cap and tax bill. But, don't fret, you'll save in car expenses with your 40MPG electric car.
Next subject...Good news for the GOP in elections?
Republicans won special state house elections in Tennessee and Oklahoma on Tuesday, taking seats that had never been held by a Republican and that hadn't been held in 45 years, respectively. In Albuquerque (that's in New Mexico, Rob), the GOP won the mayor's office, which they hadn't held for 28 years.
Real conservative Pat Toomey leads Arlen Specter in PA senate race and is even with a real democrat (Sestak). Maybe PA voters will at least get the real thing in the 2010 election (Specter barely beats Sestak for D nom today).
Christie back up in NJ, 45-41. 46% view Biden unfavorably (what's wrong with the other 54%). Biden's son trailing GOP congressmen for Biden's old Senate seat, 47-42.
White House uses some bogus new math to determine that 30,000 jobs have been created or "saved" by the Obamastimulus so far. They claim that the 30k jobs figure is based on an analysis of 5% of the contracts let so far, and that projects out to an actual number of 1.2M jobs created or "saved." It must not be a straight line extrapolation, since if 30k is 5%, that comes to 600k jobs. Anyway, they are smarter than me, so who am I to argue. The numbers that actually count say we've got 9.8% unemployment, the worst in 30 years.