A Monumental Investment Scam
By: Patti Bankson
When President Obama released his budget May 14, this year, he told Americans, â€œWe wonâ€™t be able to bring down this deficit overnight, given that the recovery is still taking hold and families across the country still need help. â€¦ Just as it would be a terrible mistake to borrow against our childrenâ€™s future to pay our way today, it would be equally wrong to neglect their future by failing to invest in areas that will determine our economic success in this new century.â€ But, according to information from The Heritage Foundation, President Obamaâ€™s budget not only fails to reduce deficits â€œovernightâ€, his budget moves them in the opposite direction. This is what they say his budget would do: â€¢ Permanently expand the federal government by nearly 3 percent of gross domestic product (GDP) over 2007 pre-recession levels; â€¢ Borrow 42 cents for each dollar spent in 2010;
â€¢ Leave permanent deficits that top $1 trillion in as late as 2020;
Comparing the Presidentâ€™s budget deficit projections to the Congressional Budget Officeâ€™s budget under current law shows us that the policy changes embodied in Obamaâ€™s 2011 Budget put our country $2.5 trillion deeper in debt by 2020 than it other wise would be if current law were left unchanged.
Being cleverly adroit, the President doesnâ€™t want to call any of this money hemorrhage â€œspendingâ€ or â€œgoing deeper into debtâ€; he prefers to call it â€œinvestingâ€. Whatever he calls what heâ€™s doing, his thinking on the subject â€œgoes to the core of the fundamental difference between leftists and conservatives in this country: liberals believe economic growth comes from wise investments by government experts; conservatives believe that economic growth stems from millions of Americans having the freedom to make their own economic decisions everyday.â€ … this presidentâ€™s â€œbailouts, massive stimulus spending, and other dangerous interventionist policies (some of which began in 2008) have made Americans less economically free. The 2010 Index of Economic Freedom analyzes just how economically â€œfreeâ€ a country is, and this year America saw a steep and significant decline, enough to make it drop altogether from the â€œfreeâ€ category, the first time this has happened in the 16 years weâ€™ve been publishing these indexes. The United States dropped to â€œmostly freeâ€. As the Index shows, lack of freedom has a direct, negative effect on job growth. It should be no surprise that President Obamaâ€™s policies have taken us down the path to fewer jobs and record deficits.
When looking at just a small piece of this monumental â€œinvestment scamâ€ one has to wonder why Bernie Madoff or Martha Stewart went to prison. Oh… thatâ€™s right! It was because they lied to congress about whatever… Seems kinda unfair doesnâ€™t it? They lied to congress and BOOM! Locked up. Congress and the President lie to us and….. Boom! Weâ€™re locked up … left with them holding the keys (at least for now) that could set us free. Weâ€™ll see whoâ€™ll be â€œjinglingâ€ those keys down the road after Novemberâ€™s election. Keep fighting, folks… â€˜cause itâ€™s not over â€˜til itâ€™s over.
(Information from The Heritage Foundation, with their permission.)
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Â© 2010 Patti Bankson
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