Monday, February 01, 2010
This is a level of deficit that this country hasn't seen since World War 2. While we are in a period of crisis and one that has the potential to seriously harm the country, bankrupting our future to save the present isn't solution to our problems. Now compare the above to those presidents since World War 2...
Mr. Obama has entered uncharted territory. The only way we as a country can sustain the massive spending increase that he has initiated is to vastly increase taxes. That would spiral the economy, not just into further recession, but into a deep and lasting depression, on par with the "Great Depression" of the 1930's. But it seems that is the direction MR. Obama desires us to go.
Additionally, his 2011 budget includes the huge tax increases covered by the still pending "Cap & Trade" bill. A bill that will probably not pass the Senate, as most of those Senators who have a reasonable chance of reelection won't commit political suicide to pass it. Even so, the 2011 budget will have $1,400,000,000,000.00 deficit even with those tax increases. Without them, it will run upwards of $2 trillion dollars. That's an unsustainable level of spending and will bankrupt the country in short order.