Thursday, February 26, 2009

The Mother of All Budgets

The numbers in President Barack Obama's budget are staggering, and disturbingly so. He is advocating a budget that includes deficit spending of $1.75 trillion.

But, what's a trillion among friends?

However, the nation should consider this. The total budget is just less than $4 trillion. That means that approximately 45% of the budget will be deficit spending. In other words, we are projected to spend nearly twice what we have coming in as total revenues.

It would be as though a family making $50,000, with no other resources, this year decided that, for whatever reason, they were going to spend $97,000.

In addition, the deficit part of the budget is only slightly less than the entire budget in the final year of the Clinton administration, which was less than $2 trillion.

President Obama said that this budget involved tough choices. That is a good thing. One can only imagine what the spending would have been if they had gotten everything they wanted.

Leaving partisan feelings and political ideologies aside, there is no way to think of this as good for the nation. For the first time in my life time, I am pessimistic about the future of our country. If this course is taken, things are going to get worse, and they may stay that way for a long time to come.

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