Monday, April 06, 2009

Obama & Dems Banana Republic Spending

Experts say many major private and public pension funds are under funded. What’s more, they warn money for social security will run out in a few decades as the same time an aging population will cause Medicare and Medicaid costs to soar.

Today DC Examiner tells us what President and the Democratic-controlled Congress are doing - - -

It was surely an act of hubris for President Obama to ask Congress to approve a $3.6 trillion federal budget for 2010 that runs a trillion-dollars worth of red ink its first year and then projects half-trillion deficits every year thereafter for a decade. Congress has never before been asked to consider spending of such magnitude, not even during wartime.

Obama’s budget proposal also included provisions committing the nation to far-reaching policy changes that are certain to drive federal taxes higher, send gasoline and electricity costs soaring, socialize doctors and patients by putting Washington bureaucrats in charge of health care, and make Uncle Sam the Daddy Warbucks of college tuition for everybody.

The ultimate result will be a doubling of the national debt, a burden that will fall on our children and grandchildren. In short, this was a budget proposal of historic significance to every living American and for millions yet to be born.

So how did Congress deal with this landmark legislation?

The House of Representatives gave opponents exactly 20 minutes to present an alternative, then gaveled the Obama measure to approval. The Senate approved it after considering a handful of amendments.

But note that even before the 2010 budget was approved, this Congress had approved spending more than $1.2 trillion, or $24 billion per day. That’s $1 billion every hour since the 111th Congress convened in January.

The rest of the Examiner’s editorial’s here.

When I was a child, I heard people say, “Even the rich can spend their way to the poorhouse.”

President Obama and the Congress are doing something like that to our country.
Hat tip: Instapundit