The administration is estimating that by 2019 we could see a deficit topping $9.3 trillion. However, the Congressional Budget Office (CBO) estimates that number to be $2.3 trillion more. A number unsustainable by any standards and could force the country into bankruptcy.
It appears our new president is going ahead with his agenda and doesn’t care if it bankrupts the country. While we do need to look at revamping the health insurance industry (nationalized and rationalized health care is NOT the answer) and we should look for alternative forms of energy, when we have just spent trillions to “stimulate” the economy, now is not the time. Our President seems to think that these investments “will lead to real growth and prosperity over the long term.” I say it leads to bankruptcy and a dreary outlook for our children and grandchildren.
How does the president plan to pay for these programs, by raising taxes. Just raising them on the upper 2% of Americans will not cover the cost so be prepared for tax increases on all Americans.
In the words of Daniel Hannan (European Member of Parliament) who just blasted PM Gordon Brown for his spending habits said “You can’t spend your way out of a recession or borrow your way out of debt”. Couldn’t agree more and even the GOP states that the president’s plan “taxes, spends and borrows too much” and the economic stimulus and omnibus bills just passed “awarded big increases to domestic agency budgets.” House Minority Leader John Boehner, (R-Ohio) was quoted saying “We simply cannot continue to mortgage our children and grandchildren's future to pay for bigger and more costly government."