Runaway Spending

By: Mark Hyman

Every day this year, Washington politicians have tried to warn us  . . . .  frighten us . . . even threaten us.  Increase government spending or America will collapse!

First, the fiscal cliff. Then, the sequester. Next, the national debt ceiling.  Spend, spend, spend!  Or else!

The president warned us that planes would fall from the sky and children would keel over dead from eating tainted meat if across-the-board spending cuts were to occur.

We’re good.

The amount of spending needed to be cut in the sequester is now only $44 billion.

Consider these numbers in comparison:

In January, Washington increased taxes on everyone earning $400,000 or more. Raising an additional $40 billion in tax revenue.

Days later, Congress passed a $9.7 billion Hurricane Sandy relief bill. This paid the insurance claims for homes damaged in the storm. Then a second bill for $50.7 billion was passed that gave Sandy relief money to 47 of the 50 states plus the District of Columbia.

Remember that $40 billion tax increase? Wiped out by $50 billion in Sandy pork.

The very same week the $44 billion sequester was to go into effect? The US Federal Reserve quietly pumped $100 billion into major banks. Not US banks. European banks.

[See the H.8 statement of the Federal Reserve (here). Go to page 18 line 25 and compare columns Feb 20 ($836.2B) and Feb 27 ($935.6B). The difference of $99.4B is the amount the Fed pumped into foreign banks in just that one week!]

And we’re all footing the bill.

Runaway spending is only the symptom.

Washington politicians are the problem.

About The Author Mark Hyman:
Mark Hyman hosts "Behind the Headlines," a commentary program for Sinclair Broadcast Group.

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