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You may or may not know why this blog is titled the Greeneyeshade Blog.   I am a CPA by training, a self-professed bean-counter.  I also sit on 3 of Committees available to Members of the House that hold jurisdiction over areas of federal economic policy, budgeting, and economic analysis.  I feel it is particularly instructive that we take a look at some history…because after all, the numbers don’t lie.

- In February 2009, Democrats enacted a debt increase, with the premise and promise that by borrowing another trillion dollars would create jobs for more Americans and that it would happen immediately, thereby thwarting the unemployment rate from rising above 8%...we are now at 10.2%, according to the Bureau of Labor Statistics, this is a 26 year high.

- Since taking control of Congress in January of 2007, Democrats have presided over a 39% increase in the nation’s debt from $8.670 trillion to $12.039 trillion.

- According to the President’s budget, the national debt will soar from $9.961 trillion at the start of 2009 to more than $24.4 trillion in 2019…that’s an increase of 144%.

“It is important though to recognize if we keep on adding to the debt, even in the midst of this recovery, that at some point, people could lose confidence in the U.S. economy in a way that could actually lead to a double-dip recession.”

—President Barack Obama, November 18, 2009

Recently, the White House indicated that it has plans to raise the national debt limit as part of a larger upcoming piece of legislation.  What this means is that the United States Government has run out of its statutory borrowing authority…just like the credit card you have in your wallet or purse…there is a limit on what one can spend.

This is the second time in 2009 that the debt limit has been increased. 

Here is a brief situation report of our economy right now:

• - The national debt has increased to $12.039 trillion or 85 % of Gross Domestic Product (GDP).
• - The debt limit was raised from $11.315 trillion to $12.104 when Speaker Pelosi and President Obama passed their ‘non-stimulating’ stimulus bill, nine months ago.
• - The government is now roughly $70 billion away from reaching the current limit.
• - The White House is now seeking a debt limit increase of at least $1 trillion to $1.5 trillion—increasing the limit to anywhere from $13.1 trillion to $13.6 trillion.

I will have more on this and a historical glimpse in the past tomorrow.

Three-quarters of American voters – 74 percent – like President Barack Obama as a person, but only 47 percent like most of his policies, and voters disapprove 51 – 35 percent of the health care overhaul passed by the House of Representatives which he has endorsed, according to a Quinnipiac University national poll released today.

"Most Americans like President Barack Obama and might like to have a beer with him," said Peter Brown, assistant director of the Quinnipiac University Polling Institute. "But millions of voters who sided with him last November because they thought he would bring change to Washington aren't crazy about the kind of change he is trying to bring."

"That is especially true of independent voters, many of whom used to be Republicans turned off by the Bush years. They may not yet have returned to their former political home, but many have concluded Obama isn't offering their kind of solutions," Brown added.

There are some extra congressional districts in California receiving stimulus dollars…the trouble is, they don’t exist.

Recovery.gov, the web portal designed by the administration to provide transparency and information on where and how the President’s stimulus dollars were being spent lists 9 congressional districts in California that don’t exist, yet they apparently have received $5,740,757 in stimulus dollars, creating 24.2 jobs, which equates to about $237,221 per job.  This odd reporting isn’t limited to California either; ABC News has reported that instances of the same problems are popping up all over the country.

When asked about the problem, Ed Pound, director of communications for recovery.gov said "We're not certifying the accuracy of the information.”  Asked why recipients would pluck random numbers - 26, 45, 14 - to fill in for their congressional district, Pound replied, "who knows, man, who really knows. There are 130,000 reports out there.''

I don’t know about you, but I don’t see how the White House can allocate over $1 million in stimulus dollars to California’s 00 District, nor how you can claim to create jobs in a district that doesn’t exist…but if the White House can’t keep track of $787 billion, how are they going to track the $1.6 trillion for health care?!

For example, recovery.gov says $34 million in stimulus money has been spent in Arizona's 86th congressional district in a project for the Navajo Housing authority, which is actually located in the 1st congressional district.

The reporting problems are not limited to Arizona, ABC News found.

In Oklahoma, recovery.gov lists more than $19 million in spending -- and 15 jobs created -- in yet more congressional districts that don't exist.

In Iowa, it shows $10.6 million spent – and 39 jobs created -- in nonexistent districts.

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