President Obama's Debt Bomb

Yesterday President Obama unveiled his budget for fiscal year 2011 and it comes in at a whopping $3.8 trillion, running a deficit of $ 1.6 trillion. For those of you keeping score at home, this deficit is the largest in our nation’s history, beating the previous record of $1.4 trillion set just last year. President Obama promised that he and the Democratic majorities in Congress were going to “bring real change” to Washington DC. In the first three years of his administration President Obama will increase our national debt by $4.4 trillion. Somehow, I don’t think the American people had this kind of change in mind back in 2008, when candidate Obama promised to actually cut federal spending.

Right wing zealot Rush Limbaugh lost no time attacking our president’s fiscal profligacy “By President Obama’s own optimistic projections, American deficits will not return to what are widely considered sustainable levels over the next 10 years.” Oh wait, that’s from the New York Times.

What are the spending levels that has the Times so concerned? President Obama envisions growing government to the point that even after raising taxes by $2.3 trillion, federal spending will outstrip revenues by $8.5 trillion from 2011-2020. If Congress agrees to go along with the president’s spending requests our national debt will be $18 trillion by 2020. The president has traded in his “spread the wealth” rhetoric for a policy of spreading debt to future generations of Americans. President Obama’s agenda is a budget buster of epic proportions. The American people simply can’t afford his vision for turning our country into a European-style social democracy.

In considering the president’s proposed budget and what it means for our future. I hope you take a moment to reflect on these words from our fortieth president.

“This is the issue of this election: Whether we believe in our capacity for self-government or whether we abandon the American revolution and confess that a little intellectual elite in a far-distant capitol can plan our lives for us better than we can plan them ourselves.”