President and Congress Taking U.S. Into Bankruptcy!
Yahoo news reports that the budget deficit for this year will be over $1.8 Trillion dollars.
This means that for every dollar our Government spends this year, we will have to borrow 46 cents.
Even the Obama Administration admits that we will be borrowing 35 cents for every dollar spent in 10
years. There is not one person or company anywhere in the world that could stay solvent by borrowing
over 1/3 of its operating budget for 10 years. So how is our country going to avoid “bankruptcy”?
The Obama Administration is still trying to play the blame game. “The deficits … are driven
in large part by the economic crisis inherited by this administration,”
budget director Peter Orszag wrote in a blog entry on Monday. This, in my opinion, is total incompetence.
The exploding deficits are going to be coming from the massive Government spending programs that the Obama
Administration has added.
Obama and Congress are acting like kids who have their first checking account.
They are just writing checks for everything they want without caring if they have the money to pay for it or
not. The only difference is that the Taxpayers will be the ones who will have to cover for all this
reckless spending. This Administration and Congress are passing massive spending bills to appease the almost 50% of Americans who don’t pay any taxes. This leaves the other half of us to foot the bill. Our elected officials
have learned that they can buy votes with government giveaway programs. It is time for this to stop.
Obama has promised that 95% of Americans will see their taxes cut. He is lying to us all. His “carbon tax”
on fossil fuels and the other taxes he is trying to pass on energy companies will only be carried down to the consumer.
This is just a shell game. If you lower my payroll tax and then my energy bills for my home and fuel for my car
cost me more, you have not cut my taxes. This Administration is just playing a “shell game” and not seriously
trying to lower the tax burden for the middle class.
Obama says that “Government Health Care” will cost around $600 billion dollars and he is going to pay for it
by closing tax loopholes for the rich and increasing the marginal tax rate. By closing these loopholes, he will only save $58 billion over the next 10 years. So where is the other $542 billion going to come from?
You can read the whole article on Yahoo News.
No related posts.
As usual the American taxpayer loses again. I asked Obama voters who is going to pay for all this spending and never get a logical answer.I figured out long ago who will foot the bills and I think I was right.
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