Suppose you had a job that paid you $300 a week — but you spent $400 a week.
You wouldn’t last very long, would you?
But although our federal government has been taxing too much, it has been spending even more. So the national debt is around $14 trillion!
Don’t you think that should alert us to the fact that the federal government is spending too much?
But President Barack Obama, like other presidents before him, is planning to spend too much again. He is proposing a budget for 2011 of $3.8 trillion.
But this year, he already is spending $1.6 trillion more than the federal government will take in.
If things go as projected, the $1.6 trillion deficit this year will follow a $1.4 trillion deficit last year, with no balance in sight in the future.
Why? It’s because instead of cutting unnecessary, even unconstitutional, spending, the Obama budget contemplates some “new” spending. That obviously means a bigger debt.
Do you think President Obama plans to balance the federal budget at any time before he leaves office?
He suggests there might be a balanced budget by the middle of the decade. We doubt it. But if so, he may be long gone from office. “Someone else” may be president by then, and the national debt will be much greater.
Do you have confidence President Obama expects a balanced budget at any time?
President Franklin D. Roosevelt, back in the 1930s, used to dodge the debt issue by saying smilingly of the then-tremendous but much smaller debt that “We only owe it to ourselves.” Is that claim comforting?
We as taxpayers have to pay interest on that debt. And the projected interest for the 2011 fiscal year reportedly will cost us — hold your hat — $499 billion!
That is nearly half a trillion dollars in taxes just for interest, as the debt goes up!
Do you feel that debt is owed to “ourselves,” as FDR claimed? If so, how much are you getting in interest payments?
Instead, “you” and “we” are paying high taxes to supply the money to pay just the interest — and among the biggest holders of the U.S. debt are Japan and Communist China!
Do you feel comfortable paying high taxes, seeing more red-ink spending in excess of a trillion dollars a year, with lots of our tax money going to Japan and Communist China — with our national debt climbing?
Do you believe President Obama and Congress are responsibly managing our national spending, our national debt and our interest payments?
Do you believe the next president and the next Congress will be responsible?
Do you realize that “payday” will surely come “someday”?
Who will have to pay the taxes to help dig us out of this deepening hole?