Pelosi and her lib pals just held an unofficial "hearing" on spending more money on the usual. Weigh this:
Democrats used their function, held while the House was officially in recess, to defend stimulus spending during the previous Congress as essential to preventing a depression. They said an anemic recovery was cause for a continued investment in education, infrastructure, and research programs. "We have to talk about balancing the budget with growth not just with cuts," Pelosi charged, "There should be no higher priority for this Congress than creating jobs now."
politics.blogs.foxnews.com
Now, consider this from another article:
We (the US) are on an unsustainable path. As Walker noted, cutting the budget (spending) by a few hundred billion dollars does not get us to sustainability. Going back to the 2007 budget level would be helpful but not sufficient.
Did you see the CBO (the more or less independent Congressional Budget Office) estimates of the deficit that came out this week? The CBO said the fiscal 2011 deficit will hit $1.48 trillion, up from last August's $1.07 trillion estimate. Other estimates, not forced to use unrealistic assumptions, are much higher.
And the real world? It is a whole lot uglier. From my friend Bill King at The King Report:
“The following tables from the US Treasury for January 21, 2011 (Friday) and January 22, 2010 (Saturday) show the public debt of the US Treasury has increased from $17.422 trillion to $20.713 trillion, a surge of almost $3.3 trillion in one year. So, the official budget deficit doesn’t tell the real US debt story. Please note that the current US ‘Public Debt Issues’ is 44.75% higher than the $14.3 trillion debt limit because it includes bailouts, Fannie Mae, Freddie Mac, student loans and other off-balance sheet funding.
investorsinsight.com
CF Rebel |
