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Obama administration officials have their talking point down pat – “everything is still George Bush’s fault.” They only have one, because it has worked so well for them to date.
When Obama took office less than a month ago, the federal deficit was at a staggering $10 trillion after almost eighty years of constant deficit spending by congress, including the $1 trillion bank bailout passed by Bush and the Democrat congress in the final weeks of the Bush administration.
Since Obama took office a short three weeks ago, he has proposed a second $1 trillion “stimulus package,” which reads like the greatest pork orgy in human history, and makes FDR’s New Deal look like a Raw Deal for Americans permanently affixed to the public teat.
Now his new financial genius Tim Geithner, who can’t even figure out his own personal taxes and was directly part of the massive banking and market crisis that led us where we are today, is proposing another $3 trillion in so-called “bank stabilization” funds, and they are just getting warmed up.
That’s $4 TRILLION in NEW taxpayer debt in just three weeks in office. A 40% increase in the overall national debt in less than a month… and still counting.
Of course, this is in addition to the more than $3 trillion annual federal budget consumed by past spending decisions.
23% to pay for Medicare and Medicaid (FDR New Deal)
21% to pay Social Security benefits (FDR New Deal)
17% in so-called “discretionary spending” (earmarks and pet pork)
10% in “other mandatory spending” (mostly administrative costs)
8% just in interest on our outstanding national debt (and growing)
What’s the Rush?
The American people are being told that the rush to pass this socialist spending spree is an effort to look after them, and avoid total imminent collapse of the free market. But more than 65% of the current spending is not to be spent for more than 18 months. Over 60% of the spending in the bill is completely unrelated to economic stimulus…
They are certainly in a rush to do something, but clearly, it isn’t to stimulate the free market economy. So what is it?
[in a word? power]
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