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?
“alas, is that the cause of these deficits is an explosion in federal spending”
and the failure of the Presidential veto, the new tone and liberal Republicans sprouting like crab grass.
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.
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***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.
***Too much spending and too little economic growth. The GOP is as much to blame as the Donks.***
And let’s not forget it.
***As Walter Williams says, when someone is caught counterfeiting, they should just say they were engaging in monetary policy.***
That would be hilarious if it wasn’t so depressingly true.
That is why we need someone in the Whitehouse like Sarah Palin who isn’t afraid to use the veto pen on spending.
Unfortunately, somehow the courts decided that the “line-item” VETO was unconstitutional....
Boy - how spending is upside down!
So many parts of that list the Government has ZERO legitimate reason to have any hand at all in..
The only two categories in that list that I see a LEGITIMATE reason for increased funding (and would actually like to see more):
National Defense (we are truly facing a world on the edge - and we need the resources to be prepare.
Veterans Benefits - we have to take care of those who defend us and have given a part of their life for our country.
The problem is that in order to get Palin we have to go through McCain.
Much damage can be done before a fiscal conservative gets in...enough damage that even the best can't really do much more than let the system collapse under its own weight.
And I believe we are FAR closer to that point than most people will admit. How can we possibly continue to exist as a country with such out-of-control deficit spending?
In my opinion, there are VERY few things that are worthy of the Federal Government spending borrowed money...
It is the vast insane social programs (from SS, Welfare, Education, etc.) that are going to bankrupt this country - and none of those social programs are constitutionally viable.
http://www.myheritagemedia.org/MediaDetail.aspx?MID=5909
The fact of the matter is that the Government has failed at its two most basic tasks: protecting us from external, foreign enemies and protecting us from internal threats. The 9/11 terrorist attacks and the continued nonchalance with regards to illegal aliens (particularly the ones with criminal records) are evidence for both.
Instead we borrow our way into the hole with all sorts of unconstitutional Socialist tripe.
Which means that in the 6 years prior, when Republicans ran the show, federal expenditures were up over $800 billion. And that's an improvement how?
Anyone who really thinks that either candidate will reign in spending is only deluding themselves.
The line item veto is rightfully unconstitutional. The veto power pertains to the whole bill, not parts of it. There are obviously aspects of the line item veto power that are appealing such as trimming pork etc. however there are dangerous aspects that go along with that power. Basically a line item veto insures that the president gets what HE wants out of a bill. If in the case of a bipartisan compromise bill, a president should cut out all the things one side wanted that made the bill a compromise, where would the incentive be to ever compromise on a bill?
The line item veto gives the president a certain degree of legislative power since he is in effect editing the bill that comes from Congress rather than approving or rejecting the bill. Congress legislates and the president enforces.
JMO
I agree. Call me backwards or old fashioned, but somehow I get the idea that the federal government is only allowed to do what the Constitution specifically allows it to do, with remaining powers reserved to the states or to the people, so long as the Constitution has not already specifically denied those powers to the same.
Defense (including veterans’ benefits) would/should make up the bulk of spending. Then there would be things like government salaries, jails, post offices, and the various costs of laws enacted in compliance with and to carry out these powers.
*** And I believe we are FAR closer to that point than most people will admit. How can we possibly continue to exist as a country with such out-of-control deficit spending?
In my opinion, there are VERY few things that are worthy of the Federal Government spending borrowed money...
It is the vast insane social programs (from SS, Welfare, Education, etc.) that are going to bankrupt this country - and none of those social programs are constitutionally viable.***
Couldn’t agree more.
Why are we paying for “community development”?
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