Mr. Obama and his Leftist ilk in Congress are frothing at the mouth anticipating their power grab and Keynesian economics. Clueless would be an understatement listening to the blame Bush mantra setting up the future failure of Obamanomics.

A 6.6% decline in revenues due to recession, a spending increase of some $500 billion or 19%, and assorted federal bailouts, the U.S. deficit for fiscal 2009 (ending September 30) will nearly triple to $1.19 trillion. That’s 8.3% of GDP, which CBO (Congressional Budget Office)  says “will most likely shatter the previous post-World War II record high of 6.0 percent posted in 1983.” (WSJ)

As they say in the infomercials “But wait, there’s more!!!”

Obama and his fellow Liberals have been talking about at least $800 billion, and as high as $1 trillion, in new spending or various tax credits and reductions over two years. Obamanomics could allow the deficit to reach $1.8 trillion, or a gargantuan 12.5% of Gross National Product (GDP).

CBO also reports that some $240 billion of the new spending is for the bailout of Fannie Mae and Freddie Mac, which Congress will also want to keep in business as part of its nationalization of the mortgage market.

Blaming George W. Bush only works because the mainstream media refuses to print the facts that Fannie and Freddie are “government-sponsored enterprises” (GSEs), chartered by Congress. These Socialist schemes had an implicit promise of taxpayer backing so unqualified people could borrow money for house they could not afford.

When you hear the term “affordable housing” your hair should become a pyrotechnic feature in your neighborhood and a lesson of what big government can do, especially when incompetent politicians take corruption to new levels.

The Bush administration failed to stop spending but they did, in fact, make many attempts to stop the housing meltdown disguised as a runaway train. It’s always easy to play the blame game as Obama refuses to explain his economic plan but adds that he is inheriting an economic mess due to failed policies of the Bush administration. Mr. Obama won’t call out his friends Barney Frank and Christopher Dodd on the subject of housing and meltdowns due to Liberal policy in Congress and are now the gatekeepers discussing more spending during a recession.

The money Obama is ready to spend must come from somewhere besides the printing press at Treasury. Taxpayers across the board will be expected to pay for this continued folly and the economy will move to the next phase of disaster. Indeed!