President Obama spent money like it was going out of style during his first year in office. His first budget bill included budget issues from Bush and increased non-security federal spending by 8%. In December, just one month ago, he increased non-security spending by another 12%. The federal government is currently operating on a $1.35T deficit, the largest in US history. Today, Obama has suddenly switched horses in the middle of the stream. He’s called for a “partial freeze” of all non-security spending.
That partial freeze doesn’t stop the spending he signed for last month. The projection is that the first year they’ll save $15B. That’s just a drop in the bucket, though, considering our deficit. And the “freeze”, as I mentioned, doesn’t stop the spending he’s already signed off on, so it’s not really a true freeze.
The Congressional Budget office (or CBO) projected that, if the freeze holds, the deficit may fall to $480 billion. But Urkel is expected to propose a jobs bill that will cost as-yet-unannounced millions this year. According to the CBO, if the current spending level keeps up, even with this so-called freeze, the deficit could end up at $15T by 2020.
Let’s see…he expanded TARP…signed the $787B stimulus, which is still shoveling money into a neverending pit…he’s proposed raising taxes on the wealthy and big corporations, driving them to move their money elsewhere…most recently he shot our economy in the foot by lambasting the banks for turning an honest profit and promising to dissolve them, destroying thousands more jobs as he goes…this guy has managed to effectively murder the American economy, and his toothless, zombified followers just keep on following him, blandly chanting “Bush! Bush! Bush!” as they go.
Add on top of that he wants a trillion-dollar-plus healthcare reform bill signed into law, and our deficit is going to end up swallowing us whole.
He still hasn’t proposed what to do about Fannie Mae and Freddie Mac, who haven’t recovered and are still hemorrhaging money. He tossed a few billion at GM/Chrysler to make the government a partial owner of the companies, but they haven’t recovered, either (Ford was the only company that didn’t take a bailout and they’re growing by leaps and bounds now). Bush tried to point out in 2003 that Fannie Mae and Freddie Mac were nearing the brink of dragging everyone else to hell but nobody listened. Democrats took the reins in both the House and Senate in 2004 and did BUBKIS.
So please, someone tell me, whose fault is this? There are plenty of Republicans at fault, but most of them were out of line with the rest of the party. Now we’ve got McCain going along with Democrats in a bid to dissolve the biggest banks, essentially turning them into credit unions and not allowing them to turn much profit. How is this going to work?
Binge and purge is extremely dangerous when done by those who are bulimic. The practice can sap the body of nutrients, break down muscle tissue, damage the stomach and esophogal lining, make teeth rot, and eventually kill the person doing it. This economic binge and purge is no better and will be far worse if we don’t kick these socialist cads out of office THIS YEAR.