PresiDEBT Of The United States
I originally wrote this on my milblog, but wanted to move it here. Then, something came to me. If this passes, President Obama will average a trillion dollars worth of additional debt per month he’s been in office! I hope this doesn’t continue for the next four years!
President Barack Obama and Congress isn’t done wasting our money just yet. After signing into law the $1.3 trillion (taking into account interest) stimulus package that further plunged the market into the red, the President unveiled a plan to spend ANOTHER $275 billion we don’t have that would be targeted at the troubled housing market.
Let’s start at the beginning of this mess shall we?
In February 2008, President Bush and Congress passed a $168 billion economic stimulus plan that was supposed to get the economy out of the LOOMING recession. Remember, we weren’t quite in a recession at that point yet. Senator Harry Reid said this package was needed and pledged to have it passed by February 15th (interesting date – almost exactly one year ago). It was NEEDED to fix the economy. Even back then there was talk about the deficit and how to pay for it. But, the $600 and $1,200 checks began flowing in March and April and the economy got worse.
In September and October of last year, President Bush began pushing a $700 billion bailout package to improve the nation’s financial sector. Naturally, the bill was NEEDED to fix the problems. Congress agreed and added more pork to it, to include additional tax cuts and protections for homeowners (ie: more government intervention). Interestingly, Democratic lawmakers demanded that the President explain why this bill was necessary. No such demand from Democratic lawmakers this time. Pelosi and Boehner promised “rigorous and independent oversight, strong executive compensation standards, and protection for taxpayers” with the bill and now complain there is none in a bill THEY SIGNED!
Paulson said that we “need to deal with this and deal with it quickly” to save the economy. The American people NEED this bill to fix the economy. The national debt limit had to be legally raised to accommodate the new spending that would plunge us into more than a trillion dollars more of debt. The economy got worse and everyone complained about how we’re going to pay for it.
The recent passage of the NEW $1.3 trillion stimulus has already proven to be wrong again, though time will tell. I guess after spending over $2.5 trillion SOMETHING has to happen (besides having to pay $5 for a soda in the near future thanks to inflation).
President Obama says that the housing crisis plays a central role in the status of our economy. If that’s true, why not focus on THAT?! Instead we get tons of government spending, more government programs, and broken promises from our elected officials about oversight. And we keep going more and more into debt. What will this additional $275 billion do that the previous $2.5 trillion couldn’t?
Posted on February 20th, 2009 by CJ
Filed under: Uncategorized
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