Imagine if you earned a measly $25,000 salary, but kept spending $50,000 annually. And suppose your total debt not including the mortgage was in excess of $300,000. Wouldn't it be utter insanity to continue on your present course? If such wanton spending were permitted (even high-interest bank credit cards have their limits), it would be crazy to allow this madness to go on.
But such a dire scenario is an appropriate analogy for our nation's unfolding fiscal disaster. Only in the case of individuals, institutions and companies, bankruptcy, foreclosure and/or a liquidation of assets eventually put a halt to the lunacy. But with Uncle Sam, a lot of havoc can be wreaked before the chickens come home to roost.
Slow economic growth, inflation, high unemployment and the unrest these can lead to... All of this will eventually be followed by drastic cuts in entitlements that are necessary to avoid a default on sovereign debt and the chaos that would result. Want to see what's in store for the United States should Obama dupe the American people into giving him four more years? Just take a look at Greece -- and don't think it couldn't happen here. We are fast reaching the point (if we're not there already) where there are more people riding in the wagon than pulling it.
A few days ago, President Barack Obama unveiled a bloated $3.8 trillion budget for fiscal year 2013. It piles on hundreds of billions of dollars worth of red ink on top of the trillions of debt Obama's miserable reign has already created.
Eight years ago, the Democrats were enraged about President Bush adding a trillion dollars to the national debt during his first three years in office. Moveon.org sponsored a commercial showing a bunch of children at work in factories and offices, and, with the haughty, righteous indignation so typical of the left, proclaimed that these poor children would be the ones paying off the monstrous debt "W" was foisting upon us. Needless to say, not a peep out of these left-wing morons now that their hero is spending money at warp speed and giving us unprecedented trillion-dollar-plus annual deficits. Hope and change my ass!
In fact, the total federal budget in fiscal year 2001 was only about $1.8 trillion -- just half the size of the proposed FY13 budget. During his first few years in the White House, Obama has established open-ended entitlements, with many more to come if the Obamacare runaway freight train is not blown up in its tracks; implemented crippling regulations; and shattered confidence in small entrepreneurs and business people who fear higher taxes, depressed demand and more stifling red tape will hinder their prospects for success.
Put simply, the President's budget is a joke. Not only dead on arrival, but dead during creation. It stands a snowball's chance in hell of passing the House, and perhaps a blessing in disguise will be that Americans might suddenly get the message that Obama doesn't give a crap about bankrupting our country or reforming unsustainable entitlements.
As I've said before, as radical as Ron Paul's foreign policy stances are, I'd rather have him in the White House because he is economically literate and has solid ideas for reining in government. It's easy to say his foreign policy would jeopardize our nation. But frankly, four more years of Obama's stunning incompetence poses a far greater threat to our nation than Islamofascism, China, Russia and Iran combined.
The bull in the china shop has already destroyed much of the merchandise. Are we going to just stand there and let him smash the windows and knock down the walls?
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