After President Obama’s address to Congress on Wednesday night, it is now apparent that the President fails as a prophet.

In the early days of his term, Obama and his top advisors predicted that the passage of the $787 billion dollar stimulus package “would boost the economy and keep the unemployment rate below 8%.”  However, seven months after the President signed the massive stimulus bill, unemployment has skyrocketed to 9.7 percent, a 26-year high.  As a result, President Obama conceded that his estimations were wrong, and that he now expects unemployment to rise above 10%.  Vice President Joe Biden admitted “the truth is, we and everyone misread the economy”.  Not everyone Joe!

Obama also had to change his estimates on the 2010 deficit.  While the 2008 deficit under the Bush administration toppled $459 billion, Obama’s initial estimate for the 2010 budget claimed to be $1.26 trillion.  Again, the Obama administration was wrong.  In August, president Obama had to adjust his claim as the CBO estimated to $1.6 trillion dollars for 2009 and $1.5 trillion for 2010, three times higher than the last year of the Bush administration.  Yet he claims he “inherited” this deficit.

As far as the 10 year deficit is concerned, Obama seriously miscalculated that too.  For months, President Obama continuously claimed that the 10-year deficit would not exceed $7 trillion dollars.  However, a report concealed by the White House since July, was finally released near the end of August which projects the 10-year deficit to top $9 trillion dollars.  Another wrong estimate by the Obama administration, this time to the tune of $2 trillion dollars.

So when the president predicts that his health care plan will not increase the deficit and the cost will be paid for by eliminating fraud and waste, should we rely on his calculations?  Remember, the President claims that the $900 billion price tag (CBO estimates it to be $1.6 trillion), we leave the final words for thought with his own top advisor, Dr. Ezekiel Emmanuel, as written in the Feb. 27, 2008 issue of the Journal of the American Medical Associate (JAMA):

“Vague promises of savings from cutting waste, enhancing prevention and wellness, installing electronic medical records and improving quality of care are merely ‘lipstick’ cost control, more for show and public relations than for true change.”

Articles of interest:

COMING: THE ECONOMIC “W” (Dick Morris – well worth the read)

Obama tells media they should stop covering opposition

Carlson:  When did the hopemeister turn bitter?

Did Obama provide a reset on health care with speech?

AP fact-checks Obama speech?

Obama better this time around?

Obama “efficiency” in action?

Obamacare gives union leaders government power in health care bill?

Obama’s speech:  Did it help him?

Banks to bail out the regulator?