2009 saw a record 1.4 trillion dollar deficit that began in the previous administration and included TARP (Bush), the stimulus package (Obama) and a bloated final pork laden appropriations bill (Obama).
Now in 2010, Congress has already borrowed and spent just under $1 trillion dollars more than it has taken in with four months left to go in this year's budget and, from all indications, with no appreciable improvement in the economy.
So how is the President and Congress dealing with this?
The Administration wants $50 billion in additional stimulus monies to to save state jobs (make that union state jobs.)
The Administration wants $24 billion restored for emergency unemployment benefits that the House stripped from spending last year. (Heaven forbid we should divert some non-stimulus spending scheduled to be spent from the prevous stimulus package--we might offend some big donor or a union.)
And now the best case scenario for fixing Fannie and Freddie before they trigger a double dip recession/depression is $160 billion--if you believe that I still have a nice assortment of bridges to sell you. The worst case scenario is another $ trillion (with a "T").
We are now risking deficits that will exceed the GNP.
We cannot continue this way without mortgaging the entire futures of our children and grandchildren.
Isn't it time to stop defending the insanity and start getting behind those determined to turn it around?
Obama's State Aid Proposal in Doubt - WSJ.com
Fannie-Freddie Fix at $160 Billion With $1 Trillion Worst Case - Bloomberg.com
washingtonpost.com
Now in 2010, Congress has already borrowed and spent just under $1 trillion dollars more than it has taken in with four months left to go in this year's budget and, from all indications, with no appreciable improvement in the economy.
So how is the President and Congress dealing with this?
The Administration wants $50 billion in additional stimulus monies to to save state jobs (make that union state jobs.)
The Administration wants $24 billion restored for emergency unemployment benefits that the House stripped from spending last year. (Heaven forbid we should divert some non-stimulus spending scheduled to be spent from the prevous stimulus package--we might offend some big donor or a union.)
And now the best case scenario for fixing Fannie and Freddie before they trigger a double dip recession/depression is $160 billion--if you believe that I still have a nice assortment of bridges to sell you. The worst case scenario is another $ trillion (with a "T").
We are now risking deficits that will exceed the GNP.
We cannot continue this way without mortgaging the entire futures of our children and grandchildren.
Isn't it time to stop defending the insanity and start getting behind those determined to turn it around?
Obama's State Aid Proposal in Doubt - WSJ.com
Fannie-Freddie Fix at $160 Billion With $1 Trillion Worst Case - Bloomberg.com
washingtonpost.com