Now is the time for action to save the futures of our children and grandchildren.
We must act now to stop the financial madness. Huge spenders are using a crisis to bankrupt our country and do not even realize it. The latest budget proposed by President Obama calls for spending of 3.6 trillion that is 10 billion dollars per day, the projected deficit is 1.8 trillion . That breaks down to Uncle Sam spending 200 billion dollars per hour, one trillion dollars every 5 hours, half of that will be borrowed.
It took our country from Andrew Jackson to 2000 to rack up a 5 trillion dollar debt, Congress has doubled that in the last 8 years. As bad as that is, we will double it again to 20 trillion in just six short years at the rate proposed in the Fiscal Year 2009 budget.
Beleive it or not if we did not have obligations beyond the reported national debt we could probably do ok. However, Congress robbed 5 trillion from Social Security and other pension obligations and spent it. It replaced the money coming in with ious only. That is our supposed "trust" fund. In other words trust us to figure out how to replace that money. The trust fund was supposed to be actual money. For the first time ever more money will go out for Social Security than payroll taxes coming in this year.
The projected amount of shortfall for Social Security is 14 trillion dollars. In other words in a few short years, considering that Medicare shortfall is 57 trillion, we will have to come up with an additional 71 trillion in the next 75 years that is nearly 800 billion per year over and above current monies coming in. That amounts to money equal to the stimulus bill every year for the next 75 years.
So as President Obama proposes to have a 500 billion deficit every year starting in FY 2010 without including the Soc Security and Medicare shortfall. Unless taxes are raised through the roof on 80% of the people instead of 5% of the people, then benefits for these programs will need to be cut drastically. How much is 800 billion per year, that is equal to all of the discretionary spending for every government program that is not entitlements, pensions, defense or interest on existing debt.
Sound the alarm let Congress know you have had enough this is not a Democrat or Republican problem, it is an American problem and if it means throwing all the dirty rascals out along with the well meaning ones then so be it. The future of our country, the security of our country is at stake, right now there are few issues beyond a possible nuclear Iran or Pakistans nuclear weapons falling into the hands of Al Qaeda that are of such urgency for national security. If we start having to pay China Japan and others 9 or 10% to finance additional debt beyond our current 10 trillion that would be bad. But what will happen to all of our benefit and pension programs if they stop loaning us money and basically say that is it, we will not continue to invest billions per day into your economy, we will no longer accept just interst payments we want collateral. What if Chin's military buildup is being financed by the additional debt we pile on, what if our AAA credit rating is lowered because of too much national debt. It is not widely known but whereas we used to be in the first tier of countries with AAA ratings on our debt, we have now already slipped into the second tier, do we want to pile on debt until we slip down to AA only, that automaticaly will mean higher interest rates to borrow from China, Japan, etc. Private individuals have cut back their spending and borrowing, businesses have tightened their belts, it is past time for Congress to do so also. Anything is treason, in other words betraying the future of our country into the hands of others, and what kind of a legacy would that be for our children and grandchildren?