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Posted: 8:33 a.m. Wednesday, Aug. 26, 2009

OUR SPENDING IS UNSUSTAINABLE 

By Neal Boortz

The Office of Management and Budget presents the sobering reality for the Obama administration. There is no way that the administration can deny these facts. It's time to wake up and smell the pork, fellow Americans: Our current level of government spending is unsustainable. This is the first year that America will run a trillion-dollar budget deficit. Over the next decade, Obama's budget plans to borrow another $9 trillion ... more than doubling our national debt. This year, Washington will spend $30,958 per household. The breakdown goes something like this: about $17,000 from taxes and $13,000 from borrowing. That is an increase of 22% in federal spending this year and a record 26% of the GDP. So you are saying, "Ah well this is just an extraordinary year and Obama inherited Bush's mess and blah blah blah." Well Obama's budget permanently keeps spending between $5,000 and $8,000 per household higher than it was under George Bush.

In other words ... there is absolutely no way that we can continue the current level of government spending and expect this nation to survive. If the Republicans can capture that sentiment and run with it, maybe they will have a chance of winning some seats in 2010. However, what have they done to earn the people's trust again? Plus .. even if the Republicans do manage to come up with a viable plan to turn this spending and debt splurge around, how in the world to you get the Obama-crazed media to report it?

Either way, what Barack Obama is currently doing in Washington will be paid for for generations. The Heritage Foundation has done some research into Obama's spending habits. Here are just a few of the highlights .. things that your children can thank Barack Obama for someday, and things that you can thank those drivers with the Obama bumper stickers for today:

- The 22 percent spending increase projected for 2009 represents the largest government expansion since the 1952 height of the Korean War (adjusted for inflation). Federal spending is up 57 percent since 2001.

- While the costs of the financial bailouts and economic stimulus bills are staggering, they are only a fraction of the coming costs from Social Security, Medicare, and Medicaid. Over the next decade, the Congressional Budget Office (CBO) projects that each year Medicaid will expand by 7 percent, Medicare by 6 percent, and Social Security by 5 percent. These programs face a 75-year shortfall of $43 trillion--60 times greater than the gross cost of the $700 billion TARP financial bailout.

- President Obama claims that "we have already identified $2 trillion in savings over the next decade." This is not true. The President first creates a fantasy baseline that assumes the Iraq surge continues forever (which was never U.S. policy) and then "saves" $1.5 trillion against that baseline by ending the surge as scheduled. It is like a family "saving" $10,000 by first assuming an expensive vacation and then not taking it. Another $1 trillion in "savings" is actually tax increases (in other words, savings for government, not taxpayers).

- Federal spending per household (adjusted for inflation) remained constant at $21,000 throughout the 1980s and 1990s, before President Bush hiked it to $25,000. In 2009, Washington will spend $30,958 per household--the highest level in American history--and under President Obama's budget, the figure will rise above $33,000 by 2019.

- While President Obama claims to have inherited the 2009 budget deficit, it is important to note that the estimated 2009 budget deficit has increased by $400 billion since his inauguration, and the whole point of the "stimulus" was to increase deficit spending to nearly $2 trillion based on the unproven notion that would it alleviate the recession. This suggests that even if the President had not inherited a big deficit, he would have created one as a matter of anti-recessionary policy.

- The public national debt--$5.8 trillion as of 2008--is projected to double by 2012 and nearly triple by 2019. Thus, America would accumulate more government debt under President Obama than under every President in American history from George Washington to George W. Bush combined.

- The White House brags that it will cut the deficit in half by 2013. The President does not mention that the deficit has nearly quadrupled this year. Merely cutting it half from that bloated level would still leave budget deficits twice as high as under President Bush...

 
 

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