Sunday, January 31, 2010

New Record Deficits Predicted for 2011

Shortly, President Obama will propose a $3.8 Trillion budget for the 2011 fiscal year. This budget amount will result in a record deficit of $1.6 Trillion. So when you hear Obama talk about freezing $25 Billion in discretionary spending in 2011, it should be obvious that this is a big joke on the American people. Obama is instead funding all of his Socialist Schemes, which will absolutely bankrupt our country if the President and the Democrat Socialists that control Congress are not stopped and soon. The President wants to give businesses a $5,000 tax credit for each new job created for a total of $33 Billion out of $100 Billion he wants to spend on his SwindleUS Plan II to say that he is doing something to create jobs. This is a complete waste of money and will not result in one new job that is not already going to happen anyway.

In the meantime, independent watch dog, Neil Barofsky, Special Inspector General auditing the Troubled Asset Relief Program (TARP), the $700 Billion bail out of the big banks has concluded that government intervention has resulted in the banks taking even more risks. Apparently, the government guarantee of banks that are too big to fail is causing them to engage in risky business deals since they know the government will come to their rescue if they get in trouble. Clearly, it is time to end the TARP program to stop these behaviors. In addition, the Federal Reserve has spent $1.25 Trillion to hold down mortgage interest rates to prevent even more foreclosures.

All of these numbers are unfathomable. The federal government as managed by Democrat Socialists is simply out of control. The Congress approved raising the debt ceiling by $1.9 Trillion because the federal government will quickly top the $12.3 Trillion current national debt. The Chinese own about $800 Billion of this debt; but they are starting to pull away from buying US Treasuries. These deficits are on top of the $100 Trillion in unfunded liability for Social Security, Medicare, Medicaid and federal and state pensions. The balloon is going to burst. It is impossible to continue this fiscal insanity.

All of these numbers are very scary. If this reckless spending continues, it will lead to the financial collapse of the United States. We just cannot let that happen. We must elect Conservatives in 2010 and 2012 committed to a balanced budget, lower taxes and regulations, a strong national defense, the sanctity of life and family values. We can do it. We are going to do it.

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