Sometimes I wonder whether the people of this country are paying any attention at all. Do we understand that the only money the government has to spend is that money they confiscate from us, from our paychecks, from the money we have earned through our labor? Do we understand what a deficit means?
When the government calculates the amount of money which it will receive from all forms of taxes, it knows how much it has to spend. Deficit spending is when the government runs up the credit card well beyond its ability to pay for its spending. Like any family, or business, the result of this reckless spending is unsustainable debt payments which will cripple the nation and could lead to bankruptcy.
Jim Bunning understands this problem, but apparently the rest of that bunch up there are either ignorant or determined to bring about financial ruin for the United States.
This from the AP:
The government ran up the largest monthly deficit in history in February, keeping the flood of red ink on track to top last year's record for the full year.
The Treasury Department said Wednesday that the February deficit totaled $220.9 billion, 14 percent higher than the previous record set in February of last year.
The deficit through the first five months of this budget year totals $651.6 billion, 10.5 percent higher than a year ago.
The Obama administration is projecting that the deficit for the 2010 budget year will hit an all-time high of $1.56 trillion, surpassing last year's $1.4 trillion total. The administration is forecasting that the deficit will remain above $1 trillion in 2011, giving the country thrree straight years of $1 trillion-plus deficits.
The government's monthly budget report showed the record $220.9 billion deficit for February reflected outlays of $328.4 billion and revenues of $107.5 billion.
The budget that Obama sent to Congress in February projects that the deficits over the next decade will total $8.53 trillion. But the Congressional Budget Office last week put the 10-year total even higher at $9.8 trillion. Part of the reason for the $1.2 trillion difference is that the CBO is projecting slower economic growth and thus less tax revenues than the administration over the next decade.
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