The American Government has borrowed and spent us into oblivion.
Bush and Obama are twins when it comes to spending and now Obama is just digging us into a deeper hole.
People have to realize that we can't go back to being producers in a global economy with cheap labor. Clinton let that cat out of the bag with NAFTA
and Free Trade.
I think Clinton also had the right idea when he reduced government debt. This is what has to occur in a global economy with cheap labor. You will go
from producers to consumers.
This means the people can borrow and consume as far as the eye can see. This is because other countries will hold our debt as long as we consume their
goods. This is a win-win situation for the consumer and the producer.
Then came Bush.
He borrowed more in 4 years than 42 Presidents before him combined.
He gave us bailouts.
He increased the debt.
Discretionary spending went up under Bush 5.3% under Reagan it was 1.8%
He did nothing to control spending. He gave out 12 vetoes vs. Reagan 78 and even Clinton 37.
You can't borrow and spend like crazy when you cut taxes. You have to cut taxes and reduce the scope and size of Government.
Then came Obama
More bailouts and Stimulus.
Borrowing and spending like crazy.
Obama said the other day that we can't sustain the debt yet he keeps spending like crazy.
As America began to 'invent' new reasons for larger government than defined by its founding forefathers as the 4 principle purposes of government,
government spending increased faster than economic growth, primarily fueled by zooming social program spending, much caused by Social Security &
Medicare - and the share of the economic pie remaining to the private sector was reduced. Government spending ratios increased for the federal
government, and state & local government spending increased faster than the economy and its employee head-counts faster than the population. As of
today, the federal government spending ratio has reached 25% of national income - representing 10 times more growth in government spending than growth
in the economy since1930. And, state & local government spending now consumes 15% of the economy, three times higher than after the 2nd world war.
10 TIMES MORE GROWTH IN GOVERNMENT THAN GROWTH IN THE ECONOMY!!!
The Behemoth is out of control.
There should have been a law that says Government debt can't increase past 7 trillion in a 13 trillion dollar economy without 100% of the House and
100% of the Senate. Hopefully the debt could have stayed between 3-5 trillion.
If the debt was 5 trillion now against a 13 trillion dollar GDP, crack open the champagne. You would get more people making good money from Real
Estate, Entrepeurship and on the Internet.