Wednesday, September 8, 2010

2.5 Trillion Dollars in 19 Months. Oh Yes He Did!

The U.S Treasury Department calculates the federal debt held by the public. The federal debt is the money government borrows from those willing to buy U.S. Treasury notes--investors, or as the liberals like to call them: the wealthy. Those funding the federal debt, the wealthy, are the enemy of every liberal. Liberals hate the wealthy though they have no problem spending their money. Just a problem with the people who provide it. But, I digress.

For the first 200 or so years of our country's history, from the administration of President Washington to that of President Reagan, the federal debt grew to approximately $2.1 trillion. That's a great deal of zeros to be sure. But, President Obama, proving that he is truly the first post-sound economic policy president ,among other things post, generated $2.5 trillion in publicly held debt in just 19 months raising the total debt outstanding to $8.8 trillion. In one insatiable spending binge Obama beat all the records of the first 200 years of our history in just 19 months.

Yes he did.

And what did we get for all that spending? A chicken in every pot? A BMW in every garage? Not exactly. Despite record spending and promises from the president's economic advisers that if we spent the money unemployment would not rise above 8%, 19 months later unemployment hovers at 9.6%. The economy is growing in single digits rather than the robust growth the very same economic advisers and the president and the vice president advertised in their Summer of Recovery.

And now our economic-savant president has proposed more spending to get our economy rolling again. If that almost $900 billion stimulus bill didn't do the trick, how about $50 billion to rev things up? That's his plan. Oh Yes It Is.

Will it work? Not on your life.

This economy needs jobs. Private sector jobs. And to get those jobs employers need some certainty that they will not be taxed into usurious oblivion by a hostile federal government. And to increase investment in the private sector the government needs to stop sucking every last available cent out of the markets to fund its profligate deficit spending.

In short, we need tax cuts and an iron clad spending freeze. Government needs to shrink, not grow bigger.

Oh Yes It Does.

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