This should put it in perspective!
By way of The Drudge Report, The Washington Times reports the record-setting U.S. deficit of $223 billion dollars – for February. The largest in history. This is what Obama has done for us.
In my previous post, I reported that Obama wants to cut a ridiculous $6.5 billion from the annual budget, and then trumpet that he cares about the deficit.
And the Republicans want to trim $61 billion from the annual budget. So they can say they are doing ten times as much to curb the overspending as Obama is.
Folks, Obama’s cuts – for a whole year – amount to about 3% of the amount our government just overspent – last month.
The Republicans aren’t much better, coming in at about 27% of just February’s deficit.
Do you begin to see the problem? Neither side actually wants to eliminate the problem. They just want to look like they’re trying to eliminate the problem. What we are seeing is merely political kabuki theater – a histrionic show intended for the masses.
If the rest of the year produces deficits of similar magnitude, simple arithmetic tells me that we would have to cut, let’s see, this is March so there are a bit less than 10 months left this year, 223 * 10, carry the one; oh, I see – we would have to cut about $2,230 billion dollars (that’s 2.23 trillion) – just so we are not increasing our debt any more. For the remainder of this year.
Notice that even that huge cut does not result in us reducing the incredible debt we already have. It just means we’re no longer making it worse with every minute that passes.
We’ve got a bit of a problem, we do.
We’ve got a government – including both sides of the political fence – that, no matter what they say, are still kicking the can down the road and hoping it won’t hit the fan while they are in a position to get splashed. I’m eager to see someone – anyone – come up with a plan that will realistically result in sustainable prosperity for this country. I do not see it happening.
In fact, it explains a lot of what we are seeing, if we suspect that the powers that be are not serious about fixing this because they know that it cannot be fixed, short of a catastrophic readjustment.
I fear that any attempt to seriously stop overspending of this magnitude would itself result in collapse. You can’t cut $2.3 trillion dollars (or about $2.7 trillion annually) all at once without seriously screwing up the works. It’s not going to happen, it would be political suicide for any politician – even though it is exactly what we should do.
Sorry, kids, and grandkids. We’ve let you down. We’ve allowed a situation to develop that may be beyond our ability – or will – to fix. I hope my kids teach my grandkids survival skills.
Anybody out there got any workable ideas?
P.S. Somebody check my math. I’d love to be wrong!
P.P.S. John Lott points out that the February deficit is more that the deficit for the entire year 2007, which is the last year Republicans controlled congress and the presidency. This radical increase in deficit spending is – obviously – the fault of the Democrats and Obama. Period.