The unprecedented deficit figures flow from the deep recession, the Wall Street bailout and the cost of President Barack Obama's economic stimulus bill - as well as a seemingly embedded structural imbalance between what the government spends and what it takes in.
The government does not know how to make money with its poor business structure. All it knows is taxing the "rich" who provide jobs, and spending, often to help those who are unwilling to help themselves and have come to expect handouts.
This shows ZERO fiscal responsibility and so do the excuses this administration makes.
"The deficits ... are driven in large part by the economic crisis inherited by this administration," said budget director Peter Orszag.
When are they going to accept responsibility for this spending? Do they not realize they are spending triple what Bush spent? The concept of Obama having to cover for Bush's spending by SPENDING MORE makes no sense, and the administration has really never been able to justify it with a straight answer.
If you find yourself $10,000 dollars in debt, you cut your spending, do you not? It wouldn't make sense for you to add another $20,000 in debt the next year.
Keep in mind that what the administration is doing act like they are fiscally responsible is to cut defense spending and military funding. Great idea when we are fighting two wars, we likely have another on our hands, and our national security is at risk from radicals.
It is only going to get worse, with Barack Obama pushing his government regulated and backed health care plan that will likely cost over a trillion dollars and will destroy a private sector of the economy.
Source: My Way News
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