President Obama seems determined to make his fiscally irresponsible predecessor seem prudent by comparison. The proposed federal budget released by the Obama administration is simply stunning.
The federal budget President Clinton submitted for fiscal year 2000 was $1.8 trillion. That, my fellow citizens, is approximately the amount of the deficit in the budget submitted by Mr. Obama a mere ten years later. In fact the projected federal spending in this budget is twice the amount in the budget ten years ago.
And let’s not forget that this $3.6 trillion spending plan is in addition to the $850 billion “stimulus” spending bill passed a few weeks ago.
The magnitude of federal spending these days is almost incomprehensible.
Of course there is no money to pay for all this. The budgeted spending alone is more than the government’s total income tax revenue for three full years. The deficit alone is signficantly greater than all federal income tax revenue for a year.
Because the government is unable to extract enough money from the incomes of its citizens to fund the welfare/warfare state, it must borrow the money, primarily from foreign lenders. And the responsibility for repaying it will fall mainly on young people and children, who have had the future of their country destroyed by profligate and irresponsible borrowing and spending at the governmental, corporate and individual levels. We should be ashamed of ourselves.
Wouldn’t a little honesty from our politicians be refreshing? What if the President went on national TV during prime time and said something like, “The budget that I am submitting proposes that our country borrow another $2 trillion to function next year. There are no tax cuts, so you will continue to turn over a large percentage of your income to the federal government. We’re going to spend all that, plus the $2 trillion that we’re borrowing. We already owe $11 trillion, and we have another $90 trillion or so in unfunded entitlement liabilities (that means we don’t have the money to pay the social security and medicare benefits that you baby boomers are expecting). This additional $2 trillion will be added to the tab. I have no idea how we’ll ever pay it back. It will almost certainly require huge tax increases for everyone. And it could require that we radically devalue, or even replace, our currency. But I’ll let some future president worry about that. By the time I leave office the interest on the national debt will be close to what the entire federal budget was not long ago. But hey, not my problem. And I want to assure all Americans that this budget is totally fair. We have increased spending on everything, and we expect every member of Congress will load it up further with earmarks designed to benefit your district, at the expense of someone else. Have a nice evening, and God bless America.” Likely most of us would just want him to hurry up and finish, so we can get back to watching “reality TV.”
So in these troubled economic times, when Americans are cutting their spending, increasing their savings, and starting to live within their means, the federal government has decided to go on an drunken shopping spree, with our credit card.
The Obama team has evidently never seen a spending proposal it doesn’t like. There are massive increases across the board, including increases in “defense” and “homeland security” spending. Things have just gone completely out of control, and precious few seem to care.
All across America citizens are painfully learning that borrowing and overspending is eventually and inevitably ruinous. Someday our government will learn that lesson too. The hard way. And we will all suffer when it does.