Tuesday, May 12, 2009

Obama forgot to stop digging.

San Francisco Chronicle
US to borrow 46 cents for every dollar spent
By ANDREW TAYLOR, Associated Press Writer
Monday, May 11, 2009

The government will have to borrow nearly 50 cents for every dollar it spends this year, exploding the record federal deficit past $1.8 trillion under new White House estimates. Budget office figures released Monday would add $89 billion to the 2009 red ink — increasing it to more than four times last year's all-time high as the government hands out billions more than expected for people who have lost jobs and takes in less tax revenue from people and companies making less money...

"The deficits ... are driven in large part by the economic crisis inherited by this administration," budget director Peter Orszag wrote in a blog entry on Monday...

Of course that's not exactly true - the yearly deficit is caused by the current spending amounts budgeted. They could have a zero deficit for this year if they simply passed a balanced budget amendment and slashed spending on everything except necessities (and foreign wars are not "necessities," either). Military spending is out of control, cleary - we have bases in 150 countries, if I recall correctly. The Federal Government spends billions of dollars on things that are supposed to be the State's responsibilities, and wastes more billions of dollars on fluff-ball feel-good items that would have been the first to go from any individual's tight budget.

No entity can continually spend more money than it brings in - not your household, not your business, and not your government, either. This hole we have made is getting deeper and larger and we are already looking for 3 generations worth of income to pay it all off - it's time to stop digging, don't you think?

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