Monday, July 28, 2008

Federal Deficit Soars - Both Parites Share Blame

Today, the White House announced the budget deficit would reach a half a trillion dollars by 2009. A-HALF-A-TRILLION! The national debt has nearly doubled during Bush's tenure in office. Of course, this isn't all Bush's fault. The Congress holds it's share of blame. But how does something like this happen?

Democrats and Republicans love to spend our money. The question in how to pay for it. Republicans cut taxes, increase spending and amass enormous deficits, putting the long term fiscal health of our country in serious jeopardy. Democrats raise taxes, increase spending and cripple the American economy by transferring wealth from the private sector to the public one. Both strategies are a recipe for disaster. And we are on the brink.

Democrats have to realize that we can't afford to do all the things they want to do. And Republicans must realize that we have to pay for what we get. Don't pass the debt to future generations. Pay for it today. So as a society we have to decide what we want and how to pay for it. If we want new roads, we have to pay for them. If we don't want that new social program, then we need to oppose the new taxes to pay for it.

Of all the Republicans who vied for the nomination, John McCain is the best one to deal with this issue. He's spent his career fighting the pork barrel spending and has a "pay as you go" attitude. And he's certainly better than Obama. Obama will raise taxes and increase spending. Which is the last thing we need.

1 comment:

Bubby said...

The great thing about being a grown up is that you remember when the American economy was guided by capable hands, not ideologues. Bill Clinton's Treasury Department was on track to pay off the national debt by 2013, and he did it with a hostile Republican majority in the Congress...Bush has now doubled the debt ($9 Trillion).

The old McCain voted against tax cuts during a time of war, but has now sipped from the Supply Side happy cup, and thinks tax cuts are groovy. He doesn't have a clue and it became painfully clear when he hired professor Gramm to tell him what his economic policy would be. Any evaluation of how our financial and commodity markets collected so many swindlers, speculators, and criminals will find the fingerprints of Phil and Wendy Gramm. John McCain isn't the sharpest pencil in the cup and it shows.

Bill Clinton took $300 Billion dollar Reagan and Daddy Bush deficits and turned them into surpluses. He did it by hiring the brightest minds in America, and laying ideology aside. Barack Obama will do the same thing because he is a very smart guy with the ability to solve complex problems with something more than slogans, gimmicks, and rigid ideaology.

The dark days of Stupid are about to end, I'd rather it be a guided touchdown than a Republican financial meltdown. I'm betting that most Americans feel the same way - those not consumed by rightwing mythology.