"Those of us who manage the public's dollars will be held to account, to spend wisely, reform bad habits, and do our business in the light of day, because only then can we restore the vital trust between a people and their government." -- President Barack Obama, 1/20/09The federal government -- controlled completely by Democrats -- is in the process of bequeathing our children crushing debts. Imagine being born into the world owing $200,000 for a house you'll never get to occupy. That's what each member of America's next generation will get to experience.
And it's not just the federal government. California. New York. Michigan. Illinois. All of the Blue States, dominated for decades by leftist Democrats, are disintegrating as we speak. Consider:
S&P Downgrades Illinois Illinois From AA- to A+ with a negative outlook.
The downgrade reflects what we view as the state's deteriorating liquidity and financial position... Illinois failed to address its fiscal 2009 deficit, which was carried into fiscal 2010. Similar to many other states, revenues are performing below originally forecast levels... The absence of recurring solutions in the next year to deal with the current budget challenges and begin to stabilize liquidity will likely result in a further downgrade of llinois.
Year in and year out, California spends $10 billion more than it takes in: And the state now faces a $21 billion dollar shortfall and officials have explored some *cough* creative secessionary proposals to paper over the disaster.
California's finances have been so bad that the governor's finance director, Mike Genest, told a budget forum in Washington last week that back in February he had combed through the U.S. Constitution to research whether California could legally declare bankruptcy -- or revert to some kind of territorial status.
With 16% unemployment, Michigan is staring at its own multi-billion dollar deficit: In addition tospending billions more than it takes in, Michigan's $2.3 billion community health budget, 90 percent of which is Medicaid, will get slammed with an additional $500 million or so by socialized medicine. And that's just part of the problem.
The Senate Fiscal Agency says the state collected $120 million less in tax revenues in the last two months than projected in May... That means the budget deficit is getting bigger than economists thought... Gov. Jennifer Granholm and lawmakers have cut spending and filled much of this year's hole with federal stimulus money. They are facing a bigger shortfall in the next budget.
Gee, that sounds sustainable. Filling in budget shortfalls with money from the federal taxpayer.
And, at the federal level, the hits just keep on comin'.
Emergency Jobless Claims Hit All-Time High: And I thought President Obama said the economy was recovering.
The number you won't hear mentioned anywhere in the Mainstream Media: 327,729. That is how many people shifted to Emergency Unemployment Compensation programs in the last week alone, hitting an all time record high of 4.2 million!
Oh, and did you hear?
America is broke -- and the Democrats keep spending: Politico's headline reads 'Dems to lift debt ceiling by $1.8 trillion, fear 2010 backlash'. In a nutshell, the Statists are in a central-planning frenzy and won't let up until they control health care and every energy-consuming business in the country:
In a bold but risky year-end strategy, Democrats are preparing to raise the federal debt ceiling by as much as $1.8 trillion before New Year’s rather than have to face the issue again prior to the 2010 elections.
Welcome to the Obamaconomy! Welcome to the CCCP! And let's have 'em run health care, too!
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