Senator Jon Kyl points out that Obama's budget adds nearly $13 trillion in debt by the end of the decade and the gross debt will reach $26.3 trillion by the end of the decade - which is 107 of gross domestic product.
Senator Kyl says that:
"The debt will eclipse the size of the entire economy."
The United States will have a mega-financial disaster on its hands, which will look much like Greece does today.
Sen. Kyl states:
"That’s a gloomy outlook, and it would be prudent to stop raiding the treasury. But, not in this budget. Under President Obama’s budget, the size of the federal government will nearly double since he took office. Over the next 10 years, the President proposes $8.7 trillion in new spending, with $46 trillion in total spending. Spending in this fiscal year is projected to be a record $3.8 trillion, or 25.3 percent of gross domestic product, the highest spending-to-GDP ratio since World War II!"
I agree with Sen. Kyl. This is a gloomy outlook. This type of financial disaster can be avoided if President Obama, the Democrats, and the Republicans have the will and listen to the American peoples' voices which were spoken loud and clear in the November elections.
The Obama budget would increase taxes on families, small businesses, and job creators at a time when our economy is still very fragile. How does raising taxes on small business owners and other job creators encourage businesses to hire new employees? Simply put, it doesn't. It decentivises the job creators from opening up new stores and hiring new employees. It is a real possibility that their will be layoffs due to Obama's fiscal insanity. With this kind of backwards mentality of penalizing the backbone of our country - the entrepreneurs - in the near future I can see the unemployment rate rising above 10 percent.
But, does the GOP get it?
The GOP seems to be waving the white flag of compromise and giving into the Democrats. Most of what is in the GOP's Stop Gap proposal consists of cuts which were already proposed by Obama and the Democrats. The GOP is acting very weak and are compromising to avoid a government shutdown. I am all for a government shutdown. What has the government done right in the past few years? The government has expanded like a huge balloon full of helium and it needs to be popped and shrunk down to a much smaller, acceptable size. The Federal government has invaded our lives, like an invasion of aliens from outer space. This ever expansive government needs to be reigned in and if it takes a government shutdown to save money and show the Democrats that we want to save or country from fiscal ruin, so be it. The dynamics of our economy is different than in 1995 and there are more people who are more aware that the United States needs to get its fiscal house in order.
The GOP didn't even have the will to cut at least $100 billion from the budget, as they pledged to the American people in November. The House approved $61 billion in spending cuts and the GOP can't even stand on principle and put pressure on the Senate to pass those cuts. This is unacceptable and makes me furious. We definitely need to boot some RINO's out of the GOP. These compromisers need to go. I am sick of the GOP being more worried about their political appearances than solving both our budget and deficit woes.
So, sadly I have to say that more than a few in the GOP don't get it. They are indeed kicking the can down the road, albeit a smaller can than the Democrats. But, this should not be the barometer we use to judge the GOP. They must have had some serious wax in their ears during the November campaigns. Or, maybe they have had amnesia? Their actions and words are evidence that we need to remind them consistently and often of the will of the American people and what this country needs in order to get its fiscal house in order.
Source URL: https://outlawrepublican.blogspot.com/2011/03/obama-is-kicking-can-down-road-but-is.html
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