OBAMA BUDGET DOUBLES DEBT IN FIVE YEARS
If Obama's budget is approved as it stands, the national debt which is just shy of, $15 trillion dollars will DOUBLE in five years and TRIPLE in ten. We already hit a milestone as our current national debt has exceeded total revenues available for the government. We exceeded the available money supply in December 2010. So we are officially a Nation who no longer has the ability to pay off the debt even if we use every penny available in the country.
Obama's budget projections double and triple that current debt without any real spending cuts. In fact what he deems as spending cuts are nothing of the kind since they are based on figures showing an economic growth of 5% or higher over the next five years. We are struggling to reach 2% and 3% growth and there is not one economist who sees us even approaching 5% growth in the next ten years much less the five continual years of 5% growth that Obama's budget is based on.
Without the additional revenues produced by the hedged numbers of 5% growth Obama's cuts will be non existence but his spending will continue and consume every dollar of growth that we do have plus an additional $ 1.3 trillion dollars in 2012 with his deficit spending not dropping below $700 billion during the next ten years in future budget projections. The actual numbers will be much higher in actuality because the deficits projected are based on a 5% growth in the economy beginning immediately.
As such revenues can NEVER keep up with projected spending and so the debt will double in five years and triple in ten. Obama's lie that he is cutting spending and practicing fiscal discipline fortunately is not going unnoticed by many. He like most liberals are depending on a perceived ignorance of the American people and that we will buy into his lie of being a new born fiscal conservative. Well we are not buying it Mr. Obama.
Republicans are proposing cuts and Democrats are calling the cuts too drastic and draconian in nature because they hit some normal liberal pet projects like the Endowment for the Arts etc. We have known for quite some time that Democrats are not interested in cutting spending and by our vote we elected the GOP in a land slide last November. While seeking some spending cuts the GOP is not truly serious about making the hard decisions necessary to prevent our national bankruptcy.
They too are using hedged numbers in their projection of cutting $100 billion dollars this year. That figure is based on the proposed budget from last year which was never passed by the Pelosi Congress and whose spending is already in effect. Since we are well into the 2011 fiscal year which began in October of 2010 the best that the GOP can do with their $100 billion dollar figure is about $ 60 billion and that is if it is passed and implemented immediately.
No one is willing to cut anything but discretionary spending which only amounts to a fraction of our budgetary items. Just skimming the surface is not going to tackle the debt/deficit problem but only continue to add to it. Rolling back spending on just part of the budget will help but not enough to make a significant dent in the debt or the deficit.
It is time for hard and massive cuts in order to prevent our nation from bankruptcy and financial collapse. We are not looking at some event far into the future but an economy and national debt/deficit crisis that literally has us on the very brink of collapse and financial ruin if it is not addressed and addressed seriously NOW.
It will not be easy on anyone. Every aspect of government spending MUST be cut and not just discretionary spending that doesn't affect voters as Congress is proposing. Entitlements, all government agencies, government employees, Congressional salaries, staff salaries as well as salaries from the other Branches of government including all staff members and the President. Military spending cannot be taken off the cutting board. Leave the salaries and benefits of our soldiers and Vets alone as they deserve every penny as well as equipment needed to defend our country and protect our soldiers in the field but all other defense spending must be on the table.
Until Congress is willing to make the tough decisions and drastically cut spending beginning with rolling back ALL spending except military salaries and equipment for defense and protection of our soldiers, to 2007 levels or beyond and then cut an additional ten percent or more from EVERY agency and Branch of our government we will continue to be on a path that is taking us to economic destruction. It is time to get serious or our country will collapse financially and the crash will take our great Nation and the world to financial oblivion.