Today, President Obama’s administration proposed a federal budget of $3.83 TRILLION with an expected revenue shortfall of $1.56 TRILLION. The deficit will equal 40% of the total budget. To put this in relative terms for an American family, let’s suppose Jane and I have a combined, annual family income of $80,ooo. If I was Obama, I would plan to spend about $130,000…leaving me with a debt of $50,000 at the end of the year. Therefore, the government is intentionally spending 60% more that it takes in! It is just simple math….this is not sustainable! The public should be outraged! We cannot simply print money without serious consequences. Suppose China calls in the debt that it has purchased from the US Treasury! We would be in deep doo-doo! I hope Congress will step up and force reductions in the budget! If not, we are headed into a period of high inflation that will bruise the taxpayer even more; and, if left unchecked, will bankrupt this country. Let’s vote ALL (Dems & Repubs) out in 2010 and start over with a fresh group that is more in touch with America’s needs. We need some “tough love” in Washington…not more of the same old pork-laden spending habits. Unless the government gets control of spending, my children, grandchildren, and their grandchildren will be paying…..if there is any real money left in the hands of the people!!!
P.S. Obama, please stop blaming everything on Bush. That line is getting old. It is your economy now….you wanted the big job, step up!