Not only are they spending too much, they are spending it in the wrong places. And the Democrat controlled congress is not sticking to its' pay as you go promise.
Posted on 09/10/2008 7:39:52 AM PDT by rabscuttle385
Here's a prediction: The media will report today that the federal budget deficit is big and getting bigger. What most of them won't report, alas, is that the cause of these deficits is an explosion in federal spending. The era of big government is back, bigger than ever. [The Spending Explosion]
The real news in yesterday's Congressional Budget Office semiannual report is that federal expenditures on everything from roads to homeland security to health care will on present trends reach 21.5% of GDP next year. That's a larger share of national output than at anytime since 1992. If the cost of the federal takeover of Fannie Mae and Freddie Mac prove to be large and are taken into account, next year federal outlays could be higher as a share of the economy than at anytime since World War II. In this decade alone, federal spending has increased by almost $1.2 trillion, or 57%.
(Excerpt) Read more at online.wsj.com ...
Who's going to bailout the next President?
ping
Sucks for the next generation ping.
Will they also fully blame the present Congress, which is controlled by a Democratic Party majority?
Read the article again.
FTA:
The CBO says that, merely in the two years that Democrats have run Congress, federal expenditures are up $429 billion -- to $3.158 trillion.
Rather than sort through priorities, Congress is spending more on just about everything.
Meanwhile, remember that "pay as you go" spending promise that Speaker Nancy Pelosi made in 2006? We called it a ruse at the time, and the last two years have proved it.
The problem with the Federal debt gluttony is that it transcends both parties and has been going on for decades.
What happens when the trough is finally empty and our hosts (debt buyers and holders) are unwilling to refill it?
They go down too. Their economies are linked to ours.
These debt figures are also limited to Federal funded activities verses all levels of USA government: state, county & region, funded and unfunded liabilities. This combined liability/debt would knock the socks clean off most citizens.
Politicians realize that oil and gas royalties, and further taxes, will fund a great deal of their spending.
Look at Alaska and how they are participating in a $40 Billion pipeline project - that means that the value of the gas far exceeds $40B - and there will be taxes on the workers building it, royalties once the gas is flowing, taxes on this, taxes on that.
This is not a slam against anyone, I am just saying that politicians will figure that if Americans are spending money on something (energy) then some of that money should be going to Washington.
Not only are they spending too much, they are spending it in the wrong places. And the Democrat controlled congress is not sticking to its' pay as you go promise.
Too much spending and too little economic growth. The GOP is as much to blame as the Donks.
Right, debt isn’t really debt? When we can longer fund it there will be collapse the likes of which you’ve never seen. Don’t listen to the Harvard boys fables.
But they can just print more money and that will make everything OK, right?
As Walter Williams says, when someone is caught counterfeiting, they should just say they were engaging in monetary policy.
Some of us have been fighting this spending MADNESS for many years.
Unfortunately, not many others felt it was – or would become – a serious problem.
Trust me, it is NOW A SERIOUS PROBLEM, one the feds may not be able to print their way out of.
What saddens me most is that Newt either squandered or let slip HIS chance to get a grip on it. And, no, I’m NOT picking on Newt. WE’RE ALL GUILTY!!
In this 2 minute clip, he seems to be trying to tell us that he took a shot at it:
http://www.youtube.com/watch?v=lIo8FJJMps8
Some of us have been fighting this spending MADNESS for many years.
Unfortunately, not many others felt it was – or would become – a serious problem.
Trust me, it is NOW A SERIOUS PROBLEM, one the feds may not be able to print their way out of.
What saddens me most is that Newt either squandered or let slip HIS chance to get a grip on it. And, no, I’m NOT picking on Newt. WE’RE ALL GUILTY!!
In this 2 minute clip, he seems to be trying to tell us that he took a shot at it:
http://www.youtube.com/watch?v=lIo8FJJMps8
There are only so many ways out, once the collapse has begun: the U.S. Government can use its sovereign power of taxation to directly seize assets (not just income) of households to service debt; businesses could be nationalized and profits used to service debt; or the U.S. Government could simply replace the U.S. dollar with a new currency.
Are we familiar with the phrase "not worth a Continental"? (Hopefully yes.)
Remember that every dollar you hold, whether paper currency in your hand or on deposit at the bank, is a liability of the Federal Reserve System, backed by U.S. Government debt (mostly). If U.S. debt becomes worthless, your U.S. dollar becomes worthless.
Libertarian ping! To be added or removed freepmail me or post a message here.
Ping list for the discussion of the politics and social (and sometimes nostalgic) aspects that directly effects Generation Reagan / Generation-X (Those born from 1965-1981) including all the spending previous generations are doing that Gen-X and Y will end up paying for.
Freep mail me to be added or dropped. See my home page for details and previous articles.
***The era of big government is back***
When did it ever go away?
*** What happens when the trough is finally empty and our hosts (debt buyers and holders) are unwilling to refill it?***
We raise taxes or print the money. Either way will devastate the economy. We either have our dollars stolen, or we have their value stolen through devaluation.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.