NOW IT’S A $9 TRILLION DEFICIT?
So it’s Friday afternoon and everyone’s anxious to get on with their weekend plans, especially the Obamas who are taking off for a vacation in “the tony Martha’s Vineyard”, as some reporters put it. They’ve rented a $20 million dollar farm from a wealthy Republican, which begs the question, “why did Michelle tell college students at their commencement ceremony to forego a corporate career and chose a life of service, essentially steering them away from making hefty salaries. It seems like a case of “do as I say, not as I do”, which is a typical Obama pattern.
What you might have missed in all the vacation talk, or your own scurry home for the weekend, is the little bit of news released by the White House amidst the Friday afternoon “no one is paying any attention right now” time slot. Obama’s administration has raised its 10-year deficit projection to approximately $9 trillion. They tried to stick with the former projection of $7.1 trillion (oh what’s a trillion or two?), but finally had to agree with the Office of Management and Budget Office on the higher figure.
This doesn’t include the universal health care bill that the Congressional Budget Office pegs at a cost of $1.6 trillion or the cap and trade bill that will wind up costing $2 trillion over eight years instead of Obama’s initial projection of $646 billion. As usual, the government underestimated the costs. Don’t be surprised if they raise the projection for the cost of the health care bill, too. http://www.usnews.com/blogs/capital-commerce/2009/03/18/will-can-andtrade-cost-2-trillion.html
So why do you think Obama’s people released the new $2 trillion higher figure on Friday afternoon as the President is capturing the news media’s attention with his vacation plans? Why do they always tend to release bad information on Friday afternoon during the “no one’s paying any attention right now” time slot?
With the Communist Chinese buying our debt instruments, at least for now, we could find ourselves in a peck of trouble someday. Where will the government get the money to pay these astronomical debt amounts if and when the Chinese call it in? They’ve got two places to grab a buck or a trillion bucks: print it or take it from our paychecks by hiking taxes to astronomically high rates. If they print it, the dollars in our bank accounts will be diluted to minimal value. A dollar that once bought a loaf of bread, now only buys one-fourth of a loaf. So it could take four diluted dollars to buy the same loaf. (Of course, I’m not trying to be accurate, just over-simplifying.) Either way, or a combination of the two, would be devastating to families, young people trying to get started in life and retirees on a fixed income.
It certainly seems that Obama is hell-bent on taking Americans to that unholy place of “flat-broke” at home and in Washington, D.C. Do you think the White House, the Congress and the Senate will give up their jets, cushy hotels, world travel, expensive restaurants and other perks to save money? Rather doubt it, don’t you? They never have!
We’re going to have to stand up and fight these bills and expenditures without growing weary. We can’t let up. Our future is at stake. Our chidren and grandchildren’s futures are at stake. America is a republic, and it should never be a banana republic.