January 13, 2012

Stop The Spending!

The left's blind spot for all things Obama is mind boggling.

Consider how Obama and his fellow Democrats have mismanaged our money.

In 2006, the last year when the Republicans had majorities in the House and Senate and controlled the White House, total federal spending was $2,656B, which included a shameful $248B (9%) deficit.

In 2007 - 2008 when Democrats controlled both the House and Senate and a Republican was in the White House, annual Federal spending was up 8% to $2,856B with a $310B deficit -- 11% of total and up 25%.

In 2009 - 2010 with Obama in the White house and Democrats in control of both houses of Congress, average annual Federal spending was up 31% from 2006 to $3,487B with a $1,354B deficit that was 39% of total spending and up a staggering 450% over 2006.

In May 2011, Obama, who is supposed to submit a budget to Congress each January, submitted a $3,700B budget that not even one person in the Democratically controlled Senate voted for.

Our nation's debt was $10,626B when Obama took office and is currently $15,140B (up 42%) and growing every day.

America's interest payments are over $386B for 2011, with a Federal Funds interest rate of 0.09%. What will payments be when the interest rate rises to the 30-year average of 6%?

The OMB projects that total FY2012 spending will be $3,729B with a $1,101B (30%) deficit.

Wake up America! We cannot tax or borrow our way out of this situation. We need an expanding economy, which cannot happen without Federal fiscal responsibility.

The career politicians of both parties and the current occupant of our White House aren't going to stop their runaway spending. If there is ever a time to "throw the bums out", it will be this coming November. Even the left should be able to see that our American way of life is in severe jeopardy!

Rex A. Hoover