Tuesday, August 25, 2009

Deficits.


Today whenever I opened up my web browser to FoxNews.com, the leading story was entitled, "$9,000,000,000,000.00 in the Hole (Give or take a few trillion)." In the next ten years, due to Obama's spending plans, the Federal deficit will reach $9,000,000,000,000.00, or if you do not want to count zeros, that is $9 trillion dollars. Now the CBO says that in ten years the $7,000,000,000,000.00, i.e., $7 trillion dollars.
But wait a minute here. How can the deficit goes so high since Obama promised to half the deficit within his first term? Back on February 23rd, 2009, President Obama vowed to half the deficit (http://www.cbsnews.com/stories/2009/02/23/politics/100days/main4821499.shtml). The Federal deficit whenever Obama took office was expected to spike to $1.6 trillion dollars, which for that I will blame President Bush for allowing the Federal bailouts. Be that as it may, we are facing exponential increases in the Federal deficits due to Obama's spending programs and here we have Obama saying that the Federal deficit is going to hit $9 trillion dollars in ten years. Therefore, the only conclusion that I can come to is this, Obama has failed in his promise. Let us not cower under political correctness surrounding the Obama Administration; Obama has failed to fulfill his promise.
Some may be objecting right now saying that Obama has not even come close to the end of his first term. This is true; however, with him admitting that the Federal deficit is going to hit $9 trillion in ten years, we have a very serious inconsistency--how can Obama half the deficit and yet say that it is going to hit $9 trillion dollars? If the Federal deficit was in fact going to be halved, we need not expect Obama to say that the Federal deficit to be considerably lower than it is now? The cartoon above I believe illustrates my point.
Obama cannot have it both ways in that he is spending money that we, as America, do not have, the Administration has authorized the Federal reserve to print because it is does not have the money necessary to pay for all of the spending that the Administration is doing and has plans to do. And yet, Obama vowed to half the deficit, and here is where the inconsistency rests. Obama's plans are causing the deficit to increase exponentially and he wants to half it; one cannot exponentially increase government spending exponentially and half the deficit at the same time. It would be like running up a huge credit card debt and while vowing to half that debt without cutting the amount of debt one is accumulating. This is simple commonsense. Basically, Obama's policies are founded upon a contradiction; "We are going to double the deficit and half it."

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