Wednesday, June 18, 2008

The Road to Financial Ruin

I've blogged before that the one and only issue I will use to choose my President (and Congress person, and mayor, and...) is whether they understand that deficit spending must end. Consider these two stories.

First here we have a story about statements from two of the government's top financial analysts they
told the Senate Finance Committee Tuesday the federal budget is on an "unsustainable path," and unless major steps are taken to restrain soaring health care costs the budget deficit could drag the U.S. economy to the point of collapse before mid-century. The heads of the Government Acountability Office and the Congressional Budget Office used the identical term and similar numbers in warning that the projected steep climb in the federal debt and resulting jump in interest payments would impose such a burden on revenues that the government could not pay for other programs and would starve the economy of investment capital. ... The government would have to borrow more, spend less or raise taxes, he said. ... Senate Finance Committee Chairman Max Baucus, D-Mont., [said] "If we control healthcare cost, then along with prudent policies for the rest of the budget, we will be able to control federal budget deficits. But if we fail to control healthcare cost, it won't matter what else we do."
I tend to agree with this simple plan which really boils down to 'control spending'.

OK, that being the case. And given that this sensible statement came from the leading Democrat on the committee, what does thier candidate for President suggest? Does Sen Obama suggest "prudent policies for ... the budget"?

Well, actually according to this he suggests
According to the National Taxpayers Union, Obama has proposed at least $287 billion a year in new government spending. He also co-sponsored a Senate bill to spend at least $845 billion a year to fight global poverty.
That's a more than a trillion dollars. One thousand billion. One million million. One thousand thousand thousand thousand. $1,000,000,000,000. A mere $3,000 per man woman and child in the country. Even more per taxpayer. I just can't match these statements. Sen Obama wants to guide us down the road to ruin.

That's why I'm voting for McCain.

1 comment:

Barry Deutsch said...

But the deficit will grow faster under McCain's plan than under Obama's. So if that REALLY is the only issue you're voting on, you should vote for Obama. From an analysis by the non-partisan Tax Policy Center:

"...both will significantly increase the deficit over the next decade. Including interest costs, Obama would do so by $3.4 trillion, while McCain would raise the deficit by $5 trillion."

From a strict deficit hawk perspective, both of these candidate's proposals suck -- but McCain's sucks 30% worse.