America is Bankrupt, 2010 Budget Proposal is Robbery of Future

UPDATE III: Too little, too late. Read the Washington Post, Obama to propose freeze on government spending.

I tried to warn him last year. He should have proposed a 10% pay reduction for all government payees (workers, retirees, veterans, social security recipients, etc.), 50% for any payment over $100k/year.


UPDATE II: But is Obama Man responsible for the additional $9 trillion in debt, or did he just inherit the problem? Read The New York Times, Who Gets the Blame for the Deep Deficit?

"The analyses of the Congressional Budget Office and the administration’s Office of Management and Budget . . . agree that much of the $9 trillion through fiscal year 2019 is the government’s so-called baseline deficit — the shortfall that would result if current law and policies don’t change."


UPDATE: An update from my post in February. Read The New York Times, Estimate for 10-Year Deficit Raised to $9 Trillion.

Holy cow Obama Man, that's a lot of money.

Unbelievable, in the first budget Obama "proposed $3.55 trillion budget for the coming fiscal year that he said discards "dishonest" accounting practices of the past . . . [that] would push the 2009 budget deficit to a massive $1.75 trillion."

This cartoon made me think . . .























Is Obama doing too much? Others wonder the same. Read, The New York Times, The Big Test.

Of course, Republi-cons hope Obama will fail. But like Crist, I hope he will succeed. That said, I think it is likely that Obama will fail.

(Note a difference between hoping for an outcome and think it likely.)

Why do I think Obama will fail?

In the 2010 budget proposal, Obama said "There are times where you can afford to redecorate your house and there are times where you need to focus on rebuilding its foundation, today, we have to focus on foundations. Having inherited a trillion-dollar deficit that will take a long time for us to close, we need to focus on what we need to move the economy forward, not on what's nice to have."

So, if Obama is serious, he won't redecorate the White House. Therefore I googled the terms Obama, redecorate, "White House," and guess what, the White House is being redecorated.

In addition, the budget includes 'limits' on pay raises for federal workers 2 percent pay and for the military to 2.9 percent. Given the complete failure of government in the last decade, 9/11, Iraq, Katrina, and the economic mess to name a few, and the fact that the federal government is essentially bankrupt, who thinks that government workers should get a raise. Obama's budget should include no pay raise for any government worker, in fact, the budget should require a 10% pay reduction for all government workers.

The government is robbing our future to save the Ponzi scheme that was Wall Street. The banks know it. Read the New York Magazine, The New Etiquette of Bank Robbery.

Time to end the bailout bull!

Time for GRAC.