Stephen Dinan says Obama‘s budget, released Monday, was conceived as a blueprint for future spending, but it also paints the bleakest picture yet of the current fiscal year, which is on track for a record federal deficit and will see the government’s overall debt surpass the size of the total U.S. economy.Obama‘s budget projects that 2011 will see the biggest one-year debt jump in history, or nearly $2 trillion, to reach $15.476 trillion by Sept. 30, the end of the fiscal year.
Well, I think that government spending is just a band aid, and it is a poor solution when the spending gets this high, with lackluster results at best. I've heard economists say that we would have been in a much stronger economy now if the government had not increased our debt so much under the guise of stimulus.
The government spent nearly a trillion dollars, and what did we get for all that? An economy that is just sputtering along. What a waste, of historical proportions at that. I think the government used the crisis and public fear to do the spending that they wanted to do, and was not concerned about the economy at all. The Wall Street Journal estimated that about 12% of spending in the so called stimulus program could actually be considered stimulus spending. That is shameful.
The other thing I don't like about government spending (when they actually do stimulus spending) is that the government draws all of it's spending out of the private sector. It's like me taking $100 out of your wallet and buying you a $50 gift to help your business, and expecting you to be grateful. Government should get out of the private sector's way, for the most part.