The Bankrupting of the United States of America
Posted by: Barthélemy Barbancourt
on Jan 27, 2010
Our country is head towards bankruptcy. Obama isn't entirely to blame but his liberal policies have accelerated the process to the point where even the dimmest bulb can see the inevitable.
The economic stimulus bill's price tag has risen to $862 billion, the Congressional Budget Office said Tuesday — a $75 billion jump that's a result in part to the fact that, despite the spending, joblessness has risen and the government is paying out more than expected on unemployment benefits.
The CBO, in a new report, also said spending in fiscal 2010 will push the deficit to more than $1.3 trillion, or nearly the record $1.4 trillion deficit recorded in 2009.
$1.3 trillion a year in deficits as far as anyone can project with this administration in charge.
President Obama plans to call for a freeze on non-security spending in Wednesday's State of the Union address — but advisers said it wouldn't take effect until 2011.
Just to prove that Obama isn't serious about the deficit here is what our country will save with a 3 year spending freeze.
The payoff in budget savings would be small relative to the deficit: The estimated $250 billion in savings over 10 years would be less than 3 percent of the roughly $9 trillion in additional deficits the government is expected to accumulate over that time.
So current Obama programs are creeping up at a rate of $75 billion a year but he proposes to save only $25 billion over 3 years? Can we say rounding error? This Administration needs to get serious about cutting our deficit and that means dealing with Medicare and Social Security. Bush tried and was vilified, so now Obama can deal with the mess that his party has created over the last 40 years.


The Bankrupting of the United States of America