Yes, it’s that time of year again.

It’s time to hold our nose and check the diaper that we have all come to know as Obamanomics.
While rightly this review should have been completed closer to the first of the year, there were too many events in the offing that were likely to impact the economy to take a stab at the broad outlines of an economic outlook nearer New Year’s Eve.

But now that congress and the president have agreed to get the tax increase off the table that they didn’t dare pass while campaigning, clear the children from the room, because this economic forecast won’t be pretty.

In short, the DC diaper is pretty full and, with a bit more pressure, the bubble it’s created could blow in 2013.

During the campaign Obama consulted with his chief economist, talk-show host David Letterman, and promised that he wouldn’t try to pay down the deficit “solely on the backs of the middle class.”
Well promise kept: Not only has Obama raised taxes on everyone, from every income spectrum- poor, middle class and rich- he also has made clear that he won’t make any attempt to pay down the deficit.

In recent negotiations on the debt ceiling he told John Boehner "I'm getting tired of hearing you say that," when Boehner brought up the government’s chronic spending problem.

“When it comes to federal spending,” writes Investor’s Business Daily, “Obama is like the alcoholic who says that the only drinking problem he has is when he can't get a drink.”