BAILOUTS EXPLODING THE BUDGET DEFICIT!

Back in February, the government said that its $787 billion stimulus bill would create 3.5 million new jobs. This was at the very highest end of the Congressional Budget Office's (CBO) estimate of 1.2 to 3.6 million new jobs.

But even this high-end estimate of U.S. job creation is penny ante, when compared to a leaked memo from Gordon Brown, the British prime minister. He proposed a $2 trillion European stimulus plan that was supposedly going to create 19 million jobs. In other words, Europe can create a new job with just $105,000 of government spending per job, while the U.S. needs $219,000.

... The new massive government spending plans are especially frightening with the U.S. now facing $1 trillion deficits. President Obama says that this is all OK, and that he is cutting the deficit in half (to $533 billion using administration math, or $672 billion according to the CBO) in just four years. What he doesn't say, and what no one seems willing to say, is that without his new budget the deficit would have been cut by 75% in four years to about $250 billion. The budget deficit and the size of the government are exploding and no one seems to care.

- Forbes.com