Debt and Deficits as Far as the Eye Can See...

Posted by Bobby Eberle
March 24, 2009 at 7:11 am

The Congressional Budget Office has issued a report which analyzes President Obama's socialist budget proposals. Their findings are simple... debt and deficits as far as the eye can see. In short, Obama's budget of spend, spend, spend will add $9.3 trillion in cumulative deficits over the next decade. This is change we can't afford.

The CBO's numbers are a full $2 trillion higher than the Obama administration's projects. We all know that Obama and his team are going to be as optimistic as they can in order to justify their spending, and even they come to the conclusion that the deficits over the next decade will total over $7 trillion??? This is insanity. This president is signing away our country to creditors like China faster than any president in history. If we continue down this path, the America we know and love will change forever.



According to the CBO report, "the unemployment rate peaks at 9.4 percent in late 2009 and early 2010 and remains above 7.0 percent through the end of 2011." Rather than putting money in people's pockets to hire people or purchase goods and services to get the economy going and reduce unemployment, Obama is using the economic situation to advance his socialist agenda. It is an agenda bent on government control.

As Sen. Judd Gregg notes in a story on FOXNews.com, "such deficits would trigger a national debt that amounts to running your country into the ground."

"The effect of it will be that it (Obama's budget) will pass on to our children a debt ratio which is not sustainable ... a public debt of about 80 percent of GDP, which basically is the type of debt ratio you see in banana republics," he told FOX News. "And it stays at that level for as far as the eye can see, along with deficits that are about 4 percent to 5 percent of GDP. Those aren't sustainable numbers, so we've got to take another look at this, and figure out a way to close down the gap."

In a press statement on his Senate web site, Gregg adds:

"This debt buildup is due to massive spending that we cannot afford, and deficits that go unaddressed. Unfunded entitlement obligations also are ignored. Debt at that level is unsustainable and represents an unprecedented threat to our economy and the value of our currency. This debt could very well bankrupt future generations."

Senate Republican Leader Mitch McConnell stated in the FOXNews.com story that Obama's budget "spends too much, taxes too much, and borrows too much."

"I don't think I've witnessed this level of unease about a budget certainly in the time that I've been here," McConnell said.

Iowa Sen. Charles Grassley doesn't mince words in his comments regarding Obama and the Obama agenda. In a discussion with editors and reporters at the Washington Times, Grassley said that Obama is "pursuing a 'socialist' form of government that will stifle the free market." Finally, someone who will tell it like it is. Obama is taking us down the path to socialism, and our Republican leaders are refusing to speak up. We need action now.

See the video at the link http://www.gopusa.com/theloft/?p=1144

The Obama budget is something America cannot afford. Even worse is how that budget will be used in order to reshape America. Obama, Pelosi, and company want to transform America from the great beacon of capitalism and freedom into a socialist society where people rely on the government and hard work and achievement are not rewarded, but rather, are used to pay for someone else's problem. This is not the America that I love, and this course must be stopped. Republicans must present the American people with a better plan and a better vision. The Obama plan is looking worse with each passing day.

http://www.gopusa.com/theloft/?p=1144

several links on this page; please go to the link above to view them