The Bankrupting of America

With no signs of the Obama administration spending spree slowing down anytime soon, revised White House figures point to deepening budget deficits, with the government borrowing almost 50 cents for every dollar it spends this year.

The deficit for the current budget year will rise to above $1.8 trillion — about four times the record set just last year. The unprecedented red ink flows from, the Wall Street bailout, the cost of President Barack Obama’s economic stimulus bill, as well as Barack and his democrats in congress borrowing billions to fund every program they ever dreamed of.

The deterioration in the financial stability of this once richest nation in the world reflects lower tax revenues and higher costs for bank failures, unemployment benefits, food stamps, welfare, and housing subsidies.

For the current year, the government would borrow 46 cents for every dollar it takes to run the government under the administration’s plan.

The developments come as the White House completes the official release of its $3.6 trillion budget for 2010, adding detail to some of its tax proposals and ideas for producing health care savings. The White House budget is a recommendation to Congress that represents Obama’s fiscal and policy vision for the next decade.

Barack Obama wasn’t always so lax in his view of the government not living within its means. In fact when George Bush was President he had a lot of critism for over-spending.

Candidate Barack Obama Quotes on Government Deficits

“The Clinton Administration left behind a surplus, but this Administration squandered it. We face budget deficits in the hundreds of billions and our nearly ten trillion dollars in debt. We’ve borrowed billions from countries like China to finance needless tax cuts for the wealthiest Americans and an unnecessary war, and yet Sen. McCain is explicitly running to continue and expand these policies, without a realistic plan to pay for it. I want to take us in a new and better direction.” Speech in Flint, MI, in Change We Can Believe In, p.247-8 Jun 15, 2008

“Every dollar I’ve proposed, I’ve proposed an additional cut hat it matches,” Barack Obama – 2008 third presidential debate against John McCain Oct 15, 2008.

“I think it’s important just to remember a little bit of history. When George Bush came into office, we had surpluses. And now we have half-a-trillion-dollar deficit annually. When George Bush came into office, our national debt was around $5 trillion. It’s now over $10 trillion. We’ve almost doubled it.
And so while it’s true that nobody’s completely innocent here, we have had over the last 8 years the biggest increases in deficit spending and national debt in our history. And Sen. McCain voted for 4 out of 5 of those George Bush budgets.” 2008 second presidential debate against John McCain Oct 7, 2008.

“The result is the most precarious budget situation we have seen in years. We now have an annual budget deficit of almost $300 billion, not counting more than $180 billion we borrow every year from the Social Security Trust Fund.” The Audacity of Hope, by Barack Obama, p.187-189 Oct 1, 2006.

These are just a few of the hundreds of statements Barack Obama made before he was President. He repeatedly chided Bush and the Republicans for running budget deficits that pale in comparison to the massive amount of money he is borrowing and “We the People” are on the hook for it.

We all know what happens to our family if we can’t pay our debt. Evicted homeowners are living in tents in Sacramento. What happens to a nation that cant pay its debt? Do we start giving large portions of our nation to China and Russia for defaulting. Do they invade America to collect on their debt?

Barack Obama has our nations credit card and is spending like theres no tomorrow. Hell, maybe there is no tomorrow for America.

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