by David Lightman
McClathchy Newpapers
WASHINGTON — Despite all the White House hoopla Monday about "fiscal responsibility," Washington is showing little inclination to practice what it's preaching.
The $787 billion stimulus package that President Barack Obama signed Feb. 17 adds an estimated $185 billion to the already-record federal deficit for fiscal 2009, pushing it up to about $1.4 trillion. That's a whopping 10 percent of the gross domestic product, the highest level since the end of World War II.
The measure's full of projects that Democrats, who are in charge of the legislative and executive branches for the first time since 1994, have sought for years, and it's questionable whether many of those provide the economy much of a short-term boost.
Even more such projects are included in the next round of legislation, a $410 billion spending plan for the rest of fiscal 2009 that the House of Representatives is to consider Wednesday. read more
1 comment:
I have a tendency to try and simplify things..When one talks trillions my head spins!
What happens if I borrow a thousand dollars but there is NO way I can pay it back..What happens? Do I still go on borrowing money after money after money? And once it is spent I then continue to borrow another thousand and another thousand and still I cannot pay it back.
Surely in the end I would lose everything?
Is this not common sense?
Your children and your childrens children will be paying this back for the rest of their lives. This should make every parent stop and think at the next elections:).
peace to you:)
Marie xooxox
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