Money doesn't grow on trees, but you'd never know it from the 24-hour wood chippers feeding the U.S. Treasury's printing presses. Fueling yet another economic time-bomb from the White House, this one, its $3.7-trillion dollar 2012 budget, but with the President's pledge that the Feds will now (quote) "stop running up the credit card." If only an America-first ATM had ingested that mystical Fed credit-card long-ago. America is drowning in debt, while the Fed's inflationary presses roll. What a perfect time to propose spending $53-billion for high-speed rail! Speaking of deficits, we'll hit $1.5-trillion this year, an all-time high, which Investor's Business Daily says is at "a level economists would agree is unsustainable." Yet the Administration doesn't want to take a "machete" to federal spending, preferring a pin-prick, after using a fire hose to increase it two-years running. But this'll make it all better. There are at least 12 new federal tax increases buried in 2012's wallet-busting budget.
Aside from mounting deficits, the White House is also pushing to raise the current debt ceiling. Back on March 16, 2006, on that very subject, a U.S. Senator proclaimed (quote): "The fact that we're here today to debate raising America's debt-limit is a sign of leadership failure. Increasing America's debt weakens us. It shifts the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better." The ravings of a right-winger? Nope. Those were the 2006 words of the Senator, who is now our President. Leadership-failure, debt-driven weakness, burdening future generations, Americans deserve better. He was absolutely correct. Would that, as President he'd acted on those words, rather than now having to eat them.
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