The U.S. national debt is $13.4 trillion. The debt is growing, as the deficit for just this year will be well over $1.3 trillion.
American taxpayers will have to pay the interest on that, of course.
And unemployment in the United States is just a little under 10 percent.
But President Barack Obama, instead of addressing the huge deficit and debt problems that are depressing the economy, is continuing too much spending – much of it unconstitutional and wasteful – and plans to spend at least $50 billion more.
He wants to spend that much more on make-work jobs to build highways, railroads and airport runways.
Do you believe the additional Obama spending will lift our economy out of recession?
Or do you believe the federal government long has been spending too much money, forcing both taxes and deficits higher and burdening the nation’s economy, instead of soundly stimulating it by encouraging production?
The Obama plan calls for rebuilding 150,000 miles of roads, 4,000 miles of rail lines and 150 miles of airport runways. That would create some jobs – but also much more debt.
Oh, but the president says he wouldn’t add to the national deficit and debt by spending $50 billion more money the federal government doesn’t have!
How would he do that financial magic?
Oh, easy. He says he would raise taxes on oil and gas companies and corporations that do business internationally.
Would that be “free” money? Or would the higher taxes on oil and gas companies and those doing foreign business result in higher prices that all of us would have to pay?
Obama does not propose efficiency in government by reducing unconstitutional, unnecessary and exorbitant spending. He would just raise taxes that, directly or indirectly, would have to come out of the pockets of all of us.
Watch out: New Obama taxes are coming – if he can get a majority in Congress to agree.