He’s wrecking the nation. Maybe he doesn’t realize it – but conscious or not, he’s set us on a path to complete financial melt down:
President Obama’s fiscal 2011 budget will generate nearly $10 trillion in cumulative budget deficits over the next 10 years, $1.2 trillion more than the administration projected, and raise the federal debt to 90 percent of the nation’s economic output by 2020, the Congressional Budget Office reported Thursday.
In its 2011 budget, which the White House Office of Management and Budget (OMB) released Feb. 1, the administration projected a 10-year deficit total of $8.53 trillion. After looking it over, CBO said in its final analysis, released Thursday, that the president’s budget would generate a combined $9.75 trillion in deficits over the next decade.
It can’t be sustained – and I’ll bet that the CBO numbers, themselves terrible, are likely to end up far more rosy than the actuality. It is not a matter of should we balance the budget but of must. And don’t think you can tax your way out of this – if you every last cent from the wealthy – and even if such an action didn’t kill the economy – then all you’d do is put off the day of reckoning a little bit.
And its not like it would be hard to balance the budget – just dial everything back to 2004 spending levels, and we’re back in surplus. And money can be moved around – if you liberals out there still insist on spending more on your pet projects, you can: but you’ll have to prioritize and pick a couple that you really want, and leave aside the others. It won’t last forever – balance the budget and keep it balanced for 5 or 10 years and we’ll at least be out of the worst of it.
Eventually there simply won’t be any money left in the world for us to borrow – save, perhaps, at ruinous interest rates. When that comes, we won’t be able to service our debt because we are essentially paying the interest on our debt with borrowed funds. Such an eventuality will require crisis budget cutting, economy-killing taxation and all sorts of financial melt downs as institutions holding US bonds seek to dump them as swiftly as possible.
I’m telling you, liberals: its either give up some of the social spending now, or be forced to give almost all of it up five years from now.
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