America’s Fiscal Cancer

Erskine Bowles, President Obama’s appointed co-head of the Deficit Commission, has given the president some bad news…..the US budget deficits are a “cancer” that will “destroy the country from within” unless some tough choices are made soon.  Bowles, the former chief-of-staff for President Clinton in 1997-98, was the administrator on the Small Business Administration in 1993-94.  He is also a member of the board of directors of General Motors and Morgan Stanley……a man truly intimate with the federal government and the reckless use of taxpayer money!!

As reported in the editorial posted on Investor’s Business Daily (click on link below), the outlook is “grim” based on current estimates.  The $13 Trillion federal debt will reach $20 Trillion by 2020 if we continue on the same path.  The spending of the Bush Administration when coupled with the socialist entitlement programs of Obama will drive America to bankruptcy similar to Greece.

The time has come to elect fiscally responsible representatives in the House and Senate!  The only real answer is to shrink government!  It is time for Americans to take control of the morons that are spending us into bankruptcy!  Stand up!  Be counted!

Our Fiscal Cancer – Investors.com.

2010…Without Doubt, Vote Them Out!!

2012…Change That Really Counts!!

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4 responses to “America’s Fiscal Cancer

  1. He is correct, and you are, too when you state it all cannot be blamed on Obama (in 2000 the nation’s debt was $5.7trillion, and at the end of 2008 it was over $10T, notwithstanding a budget surplus that existed in 2001).

    So given this reality, what do you propose be cut? What about defense, and in particular the extraordinary costs of two wars? And what should Congress do with respect to the tax cuts set to expire at the end of this year (less revenue likewise means higher deficits, notwithstanding possible offsetting stimulus effects).

    As much as we might wish otherwise to be the case, there are no simple solutions. The low hanging fruit is minuscule compared to what needs to be done. Taking away the “social” expenses has far reaching consequences (how are they replaced?). It would be interesting to see a truly non-partisan proposal from someone as to a realistic solution. I have yet to see one.

  2. During the Clinton years the Federal budget as a per cent of GDP ranged from 3.83 (1993) to (2.37) in 2000. The Clinton era budget surpluses were in 1998 – 2000, after the Republican takeover of Congress.

    The Bush years of 2001 – 2008 saw budget deficits as a per cent of GDP ranging from 3.48 ( 2004) to 1.14 (2007). Since taking office, Obama has run budget deficits as a per cent of GDP of 9.91 and 10.64 (based upon 2011 budget projections).

    Clinton had the benefit of a significant peace dividend. He also got a boost from the Dot.com run up in the markets. Clinton left office about the time the Dot.com bubble. burst.

    Bush inherited a relatively mild recession but was then hit with a double whammy. The 9/11 attacks and the Dot.com bubble effects were devastating to the markets and the economy. The wars in Iraq and Afghanistan were off the books, right or wrong.

    Obama was elected to address the sagging economy. His response has been to throw money at the problem while championing the left’s wish lists.

    Clinton was a pragmatist. He played to run out the clock. Bush grew the economy but over spent. Obama has a radical agenda and he is pursuing it with a vengeance, damn the consequences.

    All of us, right, center and left, are going to feel the pain of the mistakes made over the past decade. We can’t save our way to prosperity. We can’t tax our way to prosperity. We must tighten our fiscal belts and grow the economy. Lets hope the politicians can put aside their self interests long enough to do what needs to be done.

  3. Obama is a drunk sailor on leave with MY money! He is a socialist…believe it! We must cut the size of government or it will hit the fan! The government should be held to the same standards as they hold the citizens….live within your budget!

  4. It is sickening that liberals continue to blame Bush for everything. When will Obama take some responsibility for this mess we are in? He is in TOTAL DENIAL and so are his socialist henchmen and followers! Get a brain, people!

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