Let's see. A little over a week ago President Barack Obama signed into law a spending bill whose true cost, according to the Congressional Budget Office, will be about $3 1/4 trillion.
Today Obama announced plans to spend another $3 9/10 trillion. Make that $4 trillion.
So far, this year's budget deficit will be $1 3/4 trillion, or more than 12% of the entire U.S. economy.
The last time the U.S. had a deficit this huge was 1945, the year in which World War II ended. Experts believe the deficit will remain above $1 trillion a year for at least a decade.
The president noted:
We will each and every one of us have to compromise on certain things we care about, but which we simply cannot afford right now.Hey wow!
Obama admits that not everyone is going to get everything for free (just yet).
I guess that's progress.
Not progress... only rhetoric. What will not be compromised: expensive march toward DMV-style universal healthcare, further bailouts, TARP, subsidizing still inefficent green energies, reinstatement of open-ended welfare, etc. What will be compromised: free market systems.
ReplyDeleteOh yeah, and our wallets.
ReplyDeleteYukio, thanks for your comment! I agree completely. My closing line was my attempt (obviously not successful) at irony.
ReplyDeleteObama and his cohorts have embarked on a wild ride to drive our country into the sinkhole of socialism. I think you are exercising restraint in describing free-market systems as being merely "compromised" by this administration. In my view, Obama is breaking the axle of our economy and there isn't going to be anyone sending a tow truck. We'll just be sitting there in the middle of the global economic highway blocking up everything.
A lot of people can't wait to get the "free" goodies Obama is either directly or indirectly promising, like free health care, housing, food, heat (and air-conditioning), education, and youth camps, not to mention roads, bridges, trash pickup, police protection, city parks, fire departments, etc., etc. And a pristine environment. In the back of their minds (way, way in the back), these people also expect protection from enemies, like, for example, terrorists. Of course, there is no such thing as free goodie--if it is made or accessed by a human, somebody is footing the bill.
Right now you and I and a large number of other ever-harder-working, increasingly tired, people are paying the tab, but--you know the old maxim--"You can't get blood from a stone." When we are bled dry (it won't be long for most of us), most proponents of socialism (however they view it) will be shocked to find out that they aren't getting the stuff that nobody is paying for.
But not for long, I predict. Most people are easily distracted and almost completely unaware of history (much like Obama) and will soon forget that life used to be better--a lot better.