How long can America sustain "unsustainable" deficit spending? As far into the future as anyone can project, according to the federal budget proposal presented Monday by the White House.
The document calls for spending of $3.8 trillion by Washington next year. Nearly one-third of that — $1.26 trillion — is money the government doesn’t have and will have to borrow.
Forrest Gump said: “Stupid is as stupid does”. Compared to Obama, Forrest Gump was a genius – except for the fact that, if one reads Saul Alinsky (Obama’s guiding light), one finds that Obama’s attack on the economy is just one facet of his goal to destroy our way of life.
This budget flies in the face of warnings from economists that using borrowed funds to pay for one-fourth to one-third of federal expenditures is not sustainable and will lead to an economic disaster down the road. The annual deficit has climbed to more than 8 percent of gross domestic product with this budget and the national debt is projected to top $12.5 trillion, or roughly $45,000 for every person in America.
Given that China, an avowed enemy of our country, holds more of our debt than any other country (or person) in the world, they could bring our economy to its knees just by the simple expedient of demanding that we redeem the US bonds that they hold. Watching the news, we see that this is beginning to happen.
President Barack Obama has pledged to form a bipartisan commission to tackle the deficit. The idea was defeated in the Senate last week for the very good reason that it would become a cover for tax increases.
The definition of “Bipartisan” in today’s political culture is akin to claiming a pile of buffalo dung is different from a pile of ox dung, even though they are both dung and differ in no perceptible fashion. They are both dung, both stink and both are dangerous to human health.
Any “Bipartisan” committee found in today’s Congress is a collection of “Progressive” Republicans and Democrats who, since they claim to be of differing political persuasions due to the difference in their political party “names”, are in fact united in their goal of placating their god (the government) by feeding the taxpayers to it and its associated union and other special interest acolytes – which is the core assumption of any “Bipartisan Spending Commission”.
As a result, the taxpayers still have to bear the burden created by these piles of dung and the subsequent danger to our economic (and personal) health and prosperity.