Doubling Down on Government Debt
What does a $3.6 Trillion dollar budget buy? Well first you have to pay for it with increased taxes, increased debt and less charitable giving. For what? More government programs, oversight and overreaching from Washington, DC. President Obama is determined to double down on Government debt. In fact, at this rate, his budget proposals over the next 5 years will double the US Government debt, that took 200 years to accumulate.
From the www.weeklystandard.com “Well, it's about time. The Beltway is waking up to the realities of President Obama's budget plan, which taxes, spends, and borrows as far as the eye can see. The president's vast new commitments in the areas of health care, energy, and education have already spooked small-government Republicans and the foreign investors who help finance America's public debt. Now even some Democrats are beginning to realize that the president's fiscal policies are unsustainable in the long--and maybe medium--run. What took them so long?” Lead paragraph: A Big, Fat Failure Obama's budget makes a bad situation worse. by Matthew Continetti
US Senator Judd Greg (R-New Hampshire) is leading the loyal opposition as the US Senate is debating the FY2010 US Federal budget. http://budget.senate.gov/republican/
Here are the comments of Senator Greg (ranking Republican on the US Senate budget committee) regarding the proposed Obama FY2010 budget on March 28, 2009:
“But what concerns many of us are his proposals in the budget he recently sent to the Congress that dramatically grow the size and cost of government and move it to the left. It is our opinion that this plan spends too much, taxes too much and borrows too much.”
Senator Greg continues: “In the next five years, President Obama’s budget will double the national debt, in the next ten years it will triple the national debt. To say this another way, if you take all the debt of our country run up by all of our presidents from George Washington through George W. Bush, the total debt over all those 200 plus years since we started as a nation, it is President Obama’s plan to double that debt in just the first five years that he is in office. He is also planning to spend more on the government as a percentage of our economy than at any time since World War II.
“His budget assumes the deficit will average $1 trillion dollars every year for the next ten years and will add well over $9 trillion dollars in new debts to our children’s backs.
He also is proposing the largest tax increase in history, much of it aimed at taxing small business people who have been, over the years, the best job creators in our economy. And further, he is proposing a massive new national sales tax on your electric bill, so that every time you turn on a light switch in your house you will be hit with a new tax, and it averages over $3,000 per household.” US Senator Judd Greg, R-New Hampshire
President Obama and his Democrat supporters in Congress are preparing to double down on spending and government programs, thereby doubling the US debt. Now is the time to write or call your Congressman. And tell you friends that the overspending is out of control at the Federal level.
© 2009, Jasper Welch, Four Corners Media www.jasperwelch.org