Government Spending is Unstainable

Well, the reports are out today that our government's estimates of spending were off ... by $89 Billion dollars too low. That is $89,000,000,000! The result is that in the current year, our government will collect in revenue only $ .54 for each $1.00 it spends. Think about it ... the government will collect only half of what it spends this year. What are the implications of this fact?

Think about your business or your own family budget. If you spend twice as much as you earn, it has to be paid back at some future point, with interest. You can not go forever spending more than you make. In fact, despite all that others have said, the real root of our current economic collapse is that we Americans spent more on credit than we could afford ... and it finally caught up with us.

Is the same situation catching up to our government? China, who has been the leader in buying US debt has put us on notice that it is not interested in buying more. Who is going to fund our government's runaway spending? There are only 110,000,000 taxpayers in this country. President Obama promised to reduce taxes on 95% of them. In light of these facts, who is jumping thru hoops now? There is no way to reduce taxes on 95% of the taxpayers and at the same time increase deficit spending at the rate we see it happening today. Any reduction will surely have to be followed by increases to pay just the interest on this deficit. Anyone with common sense can see that this plan will not work. The time to stop is now. We must curtail the deficit spending being carried out by our government. What are you going to do about this situation today?