Wednesday, August 26, 2009
Whistling in the wind
Based upon the number of comments I receive on this blog, I know I'm whistling in the wind. It's quite frustrating. But what's really frustrating is the apathy of the everyday working person in this country just going about their lives not caring about what's happening to our government. We will ALL pay the price, both literally and figuratively, if we allow this Administration to continue to turn America into a banana republic. I can only encourage those who happen to read this to stay engaged and stay informed.
Having said that, here is are some facts:
Since World War II, the largest budget deficit recorded was 6.0 percent of GDP in 1983. The Bush Administration oversaw budget deficits averaging 2.0 percent of GDP. The projected 2009 budget deficit of 11.2 percent of GDP would nearly double the post-war record.
The 2009 budget deficit will be larger than all budget deficits from 2002 through 2007 combined. More than 43 cents of every dollar Washington spends in 2009 will have been borrowed.
While President Obama claims to have inherited the 2009 budget deficit, it is important to note that the estimated 2009 budget deficit has increased by $400 billion since his inauguration, and the whole point of the “stimulus” was to increase deficit spending to nearly $2 trillion based on the unproven notion that would it alleviate the recession.
The 22 percent spending increase projected for 2009 represents the largest government expansion since the 1952 height of the Korean War (adjusted for inflation). Federal spending is up 57 percent since 2001.
In 2009, Washington will spend $30,958 per household–the highest level in American history–and under President Obama’s budget, the figure will rise above $33,000 by 2019.
The White House brags that it will cut the deficit in half by 2013. The President does not mention that the deficit has nearly quadrupled this year. Merely cutting it in half from that bloated level would still leave budget deficits twice as high as under President Bush.
The public national debt–$5.8 trillion as of 2008–is projected to double by 2012 and nearly triple by 2019. Thus, America would accumulate more government debt under President Obama than under every President in American history from George Washington to George W. Bush COMBINED!
And now for the real kicker: none of these numbers include the costs of Obamacare which would create another $1.5 trillion health care entitlement on top of our existing unsustainable entitlement obligations.