"Greece has a budget deficit of almost 13 percent of gross domestic product. It has borrowed too much money for too long. Worse, rather than using that money to invest in improving the efficiency of its economy, it has blown it on lavish public spending and generous welfare benefits." - Matthew Lynn with Bloomberg News
Hmmm...sound familiar? Maybe we should accept this gift of foreshadowing that Greece has provided and DO SOMETHING about it!
Here are some intersting statistics:
In less than 3 years the US's Deficit spending (as a percent GDP) as gone from 1.14% (in 2007) to a whopping 10.54% (projected 2010 total)!!! Even if you don't want a projection and use the actual record from 2009, it had risen to 9.91%...in 2 years!
Say what you will about W Bush (even I thought he did some questionable things), but at least he was some what fiscally responsible...for awhile I used to believe that a lot of what was happening to Obama's administration was inherited problems from Bush.
Obama and the very Liberal Democrats are in serious need of a paradigm shift. Their heads are in the clouds and they are just daydreaming if they think the economy can go on like this for much longer. We simply can not pay for everything that our socialist President wants for our country.
"...rather than using that money to invest in improving the efficiency of its economy, it has blown it on lavish public spending and generous welfare benefits."
Wake up and smell the roses! Just because, "Yes We Can" doesn't mean we should.
We are by no means out of the woods either. Obama brags about the sharp increase of jobs in the first quarter 2010...how many were Federal Census jobs that are only temporary? The census is a large undertaking and has provided a lot of jobs at a critical time. But these jobs are not permanent and they are absolutely not indicative of an improving economy.
What is even worse is the fact that every recession for the past 30 plus years has been preceded by an increase in the price of energy. What happened right before the "great" recession we find ourselves in today? Oil reached a record high of nearly $150 per barrel in the middle of 2008! And it had never broken the $100 mark before that rise. Hmmm, highest energy costs ever followed by the worst recession in 70 years? I only bring this up to strengthen my point that the dark times are far from over: Energy costs are on the rise again (back up to $85/barrel).
The economy barely survived this last recession (if it can even be called over) and even then it was by massive amounts of spending by the Federal government; money borrowed from tomorrow without plans of getting it back...
"...rather than using that money to invest in improving the efficiency of its economy, it has blown it on lavish public spending and generous welfare benefits."
It's a pity we didn't invest in making the economy more efficient rather than pouring money into becoming socialistic.
How will we survive where we are currently headed? The answer is, quite simply, we won't. Something needs to be done now to change our direction and curb the actions of our out-of-control government.
And the answer is simple: austerity.
I wonder if Obama or the Liberals on the Hill even know what that word means...
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