One Trillion Reasons To Be Concerned

Don’t know if you caught that little tidbit in the news this week about the federal deficit. For the first time ever, the United States annual budget deficit has exceeded $1 trillion. And with the current fiscal year not ending until September 30th,  it looks like the annual deficit for the year will exceed $1.5 trillion.

Let’s be honest.  This staggering amount is just about incomprehensible; thus we shouldn’t be surprised when we read the following pronouncement from the Congressional Budget Office: “Under current law, the federal budget is on an unsustainable path, because federal debt will continue to grow much faster than the economy over the long run… Large budget deficits would reduce national saving, leading to more borrowing from abroad and less domestic investment, which in turn would depress economic growth in the United States. Over time, accumulating debt would cause substantial harm to the economy.”

If that warning doesn’t grab you your attention, then perhaps the Vice President’s statement may prove to be the “peace de la resistance.” Speaking at an AARP Town Hall Meeting, the Vice President assured the audience that: “We’re going to go bankrupt as a nation.  Now, people when I say that look at me and say, ‘What are you talking about, Joe? You’re telling me we have to go spend money to keep from going bankrupt?’” Biden said. “The answer is yes, that’s what I’m telling you.” Wrapping it up, the headline for that speech read “We Have to Go Spend Money to Keep from Going Bankrupt.”

Proving that his brashness knows no bounds, the Vice President also stated that:  “Don’t let your opposition to the Recovery Act blind you to its results. Come see what I see everywhere I go: workers rehired, factories reopened, cops on the street, teachers in the classroom, progress toward getting our economy back on the move.” Were it not so tragically delusional, it would be comical. And let’s be truthful- If a Dan Quayle, Dick Cheney, or heaven forbid, Sarah Palin had uttered such nonsense, the press would be loudly (and rightfully) ridiculing them as being out of touch with reality.

But in this modern day, Alice in Wonderland fable affectionately known as ‘Joe in Obamaland,’ we get to see a different set of conditions. While Alice could make herself big or small, Joe and our political leaders can ignore economic principles and spend as much money as they want to “save our country from bankruptcy.” Not only that, but in Joe’s Obamaland, we could travel around with Joe and see all these factories reopening and jobs being saved, just ignore the fact that almost three million jobs have been lost since the beginning of the year, and that the unemployment number continues to grow (albeit at a slower pace) with each passing month.

For those readers who find my comments a bit harsh, please read Mortimer Zuckerman’s (Chairman and Editor In Chief of U.S. News & World Report) article “The Economy Is Even Worse Than You Think” from the July 14 Wall Street Journal. Mr. Zukerman cites facts that contradict the “stimulus is working” theme of this Administration. And the article did not even include the potential impact of the proposed Cap and Trade legislation, the proposed health care reforms, or the fact that this Administration will be proposing significant tax hikes in the midst of an economic crisis.

Add it all up and we can conclude that the political leaders running the show have an anti-business, pro big-government agenda, and are intent on pursuing that agenda come hell or high water. If you are asking: “What can I do?” then I encourage you to look at, and be inspired by this Fox News clip. It is an interview of a business owner from St Louis who expressed his outrage over his Congressman’s vote for the Cap and Trade bill by posting the following message on his electronic sign outside his business: “Russ Carnahan voted to close us and other small businesses.” 

Finally, if the size of the federal deficit doesn’t stir your soul, then perhaps the health care debate will wake you up. As you listen to the President and his pals “sell” this plan, consider this fact: They are talking about adding forty seven to fifty million uninsured people to the medical system without increasing the number of doctors in this country. Logic alone would dictate that this is going to create some form of rationing. If you feel comfortable with some government bureaucrat dictating the quality of health care for you and your family then continue to sit on your derriere and do nothing.

But if the biggest government expansion in the history of this country is bothering you then may I make a suggestion? Follow David McArthur’s example. Get informed, get involved, get active, get vocal! Contact your Congressional Representative and Senators now to tell them how these changes will affect your lives and this country! You’re likely to get a member of their staff. And if that staff person doesn’t get it, then let them know you have over 1 Trillion reasons to be outraged at their incompetence. 

TranzAct Technologies, Inc.