If Obama gets all the spending he wants then the deficit will be as big or bigger than the entire budget, 1.7 trillion, when President Bush took office and the Democrats in Congress want even more spending than Obama has proposed. Obama has proposed just shy of one trillion dollars in stimulus spending and the Democrats are calling for twice that on top of the trillions they just wasted bailing out the banks and wall street. That is effing obscene to say the least.
I had moonbat trolls telling me how derelict Bush was in running up the deficit after the balanced budget of the Clinton years, thanks to a Republican lead Congress not Clinton, BTW. Now Democrats want to put our great great great grandchildren into debt with nary a peep out of all those lefty fiscal hawks.
The even scarier part of all this is that each year's budget uses the previous year's as a baseline and that base line is set to grow astronomically this year if the Democrats get their way and that does not take into account the unfunded liability of Social Security.
The deficit has skyrocketed because spending has grown from $1.8 trillion in 2000 to a projected $3.5 trillion in 2009, fully 95 percent higher. Of course, all that happened mostly on a Republican watch.
One reason the increase is so dramatic is the mystery of compounding. Each year, Congress passed pork-laden expenditure bills, which became part of the long-run baseline the minute they became law. Each time that the federal government wasted a billion dollars, it created budget space to waste $1 billion again and again, ad infinitum.
That’s perhaps the scariest fact about next year’s budget. The skyrocketing spending of 2009 will be the CBO baseline for every year after that. It will be easy to provide health care to everyone; the budget space will be blocked out. Indeed, Congress can spend with impunity in years to come, covered by the protective shroud of the CBO baseline that this year delivers.
We can ride big government spending and trillion-dollar deficits all the way to 2017, when the Social Security trust fund itself starts running deficits.
This year may establish a government-spending black hole with gravity strong enough to suck the U.S. economy over the event horizon. Such a spending path has two possible endgames. Neither is pretty.
Thanks to Ace who has some more rant on the topic.