Monday, December 14, 2009
Trillions, Trillions,Trillions " America Fiscal Insanity"
In the first year of President Obama Administration, he has shown that he is not afraid to spend trillions of dollars on corporate bailouts, health care or run up trillions of dollars of U.S. debt to battle the economic crisis. During President Obama first 100 days of his Presidency, Obama has signed a $787 billion dollar stimulus bill into law, proposed a ridiculous $3.6 trillion dollar budget for the next fiscal year, taken over a massive $700 billion dollar Wall Street Bailout program and created other billion dollar programs. The Senate yesterday passed another $1.1 trillion dollar spending bill with increased budgets for vast areas of the federal government, including health, education, law enforcement and veteran affairs programs. The Obama Administration in now focusing on jobs first and worrying about the deficit second shows itself in the President's call for using $200 billion that unexpectedly is available from the $700 billion bank bailout to further stimulate the economy. Hey, I thought that when the $787 Billion Dollar Stimulus Bill was passed that unemployment would not reach 8% and that it would create millions of jobs for Americans. We all now know that the $787 Stimulus Bill has been a resounding failure and a waste of taxpayers dollars. However, the President wants to create jobs through spending to improve the nations infrastructure, lending to small businesses and financial incentives to make the homes more energy efficient. The Obama Administration continues to insist that the long politically charged debate to overhaul America's health care system will not increase the U.S. deficit and with indications that the new health care reforms will raise taxes. Therefore, with all these new government programs the U.S. government has to increase the $12.1 trillion dollar debt limit to cover federal borrowing could lead to a government technical default with countries like China, South Korea, Japan and Saudi Arabia. The Obama Administration and Democratic Congress is spending America into a black hole which we may never recover from in the near future. The federal government spending spree is now the greatest threat to our national security and the viability our country having a respectable currency on the world markets. This could be the downfall of America if we don't get spending under control and balance our nation federal budget.