Budget Deficit Reaches Record $1 Trillion Plus

We are only nine months into the fiscal year, and the federal deficit has surpassed the $1 trillion mark for the first time in history.  In other words, the Pelosi-Congress and the Obama Administration have spent a trillion dollars more than the government took in over the last nine months.  This additional debt is on our backs, as well as on the backs of our children and our grandchildren.  And all indications are that this debt will continue to pile up at a mind-numbing rate into the foreseeable future, as Congress continues to spend and spend.

So what are the implications of this fiscal mismanagement?  Experts believe that further damage to our already-weak economy is likely to result from higher interest rates, inflation and pressure on the dollar.  Much of the trillion dollar deficit is being financed by foreign investors, especially the Chinese, who will be more and more reluctant to continue to fund Washington’s out-of-control spending by buying U.S. bonds.  It is completely irresponsible to allow our nation to become so dependent on China, a country that certainly doesn’t have our best interests at heart.

How do we get Washington’s spending and the resulting deficit under control?  Well certainly not by passing a second so-called economic stimulus package as some liberals in Washington are calling for.  Vice President Joe Biden was in Cincinnati just last week touting the “success” of the first economic stimulus package.  President Obama had assured us that if Congress passed the first economic stimulus package, unemployment would peak at 8%.  Well, the Pelosi-Congress did pass it and the nation’s unemployment rate is up to 9.5% and the Ohio unemployment rate is nearly 11%.  So much for creating new jobs.  What in fact has happened is our inefficient government sector now has access to more and more of our money, and as always, spends it less efficiently than the private sector would, and therefore the economy has been hemorrhaging jobs.

It was good to see local Tea Party folks protest Vice President Biden’s attempt to push his “we’re the government, and we know how to spend your money better than you do” philosophy when he came to Cincinnati.  Members of the Tea Party movement know that the real answer to this nation’s struggling economy is getting government spending under control, lowering taxes on individuals and small businesses to create jobs, and more freedom, not more government takeovers. 

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