Tuesday, September 11, 2012

The Obama plan: deficits "never seen before in U.S. history"

World War II was a minor perturbation in the history of deficit spending, if Barack Obama has anything to say about it. For the fourth straight year -- coincident with the Obama presidency -- the U.S. will ring up more than $1,000,000,000,000 (one trillion dollars) in annual budget deficits.

The CBO’s report follows Treasury’s grim confirmation last week that the national debt reached the $16 trillion mark, engulfing the size of the entire U.S. economy. That translates into $51,000 in debt per U.S. citizen, about what the average American will earn this year. Because of Washington’s overspending, the debt continues to climb upward toward the $16.394 trillion statutory limit...

Washington lacks the resolve to rein in federal spending, despite such negative report cards. Congress’ latest proposed spending bill, the FY2013 continuing resolution (CR) that will fund the government, doesn’t even freeze spending at current levels, as a typical CR would. The CBO estimates that level to be $1.039 trillion. Instead, lawmakers plan to increase discretionary spending by $8 billion, in order to reach the annual rate of $1.047 trillion provided under the BCA.

If the current state of the budget appears gloomy, the future could prove to be downright awful. Absent reforms to entitlement programs—especially Medicare, Medicaid, and Social Security—federal spending will skyrocket...

...Moody’s Investor Service today joined Standard & Poor’s in issuing a stern warning that it would likely lower the United States’ credit rating... if Congress does not stabilize the debt-to-GDP ratio and address the coming fiscal cliff.

We are approaching Greece-level debt-to-GDP ratios, even discounting our numerous failed entitlement programs.

I can't state this clearly enough: a few more years like these and collapse is certain.

November looks to be the last chance we have to rescue this society.

Hat tip: BadBlue News.

1 comment:

Unknown said...

[The Decaying, Damning, Despots of the USA]
You may recall, how long ago,
They came from far and wide.
To toil in a garden rich and ripe,
Blessed with a temperate clime.
It seemed the “very best of Earth”,
Kissed by Heaven for all time.

From the soaring peaks of mountains,
To the glistening seas and bays,
Honest sweat and honest living,
Made an Eden for our days.
And we never did imagine,
It could ever go away.

Amidst the plenty and prosperity,
So-called “leaders” rose to rule.
They wore a swindler’s kindly face,
But within were cold and cruel.
They wielded awesome power and might—
Crass patronage* their tool.

The “liberality” of these monarchs,
Over time took a hideous toll.
The fisc** was raped for the socialists’ sake
And the people lost their soul.
From “we can earn” to “we are owed”,
Our zeal was replaced by the dole.

We are “led” by Democrat dinosaurs,
Who have betrayed their public trust.
They deny they owe us anything,
But the right to govern in their lust,
For eternal power and unearned praise—

* Patronage = the distribution of jobs, power, and favors on a political basis, as to those who have supported one's party or political campaign. See also, Demo Rat Machine.

** Fisc = the state treasury. See also, Demo Rat Deficits.