Apr 01 2009
There are some voices of sanity left in Washington DC, and thankfully this voice is coming from the conservative side:
House Republicans are calling for the economic stimulus package passed in February to be rescinded starting in 2010 as part of their alternative to President Obama’s budget blueprint.
After being criticized last week for lacking specifics in their budget rebuttal. the Republicans said Wednesday they also want a freeze on non-defense spending and a moratorium on earmarks for Congress.Â
“This is a budget with real policies and real numbers,” said Rep. Paul Ryan, R-Wis. “We’re going into an ocean of red ink in this country. There will be a time when others won’t buy our bonds.”Â
Compare this to the insanity of the Democrats (H/T Gateway Pundit):
#1Â .Under the Obama budget, the Congressional Budget Office (CBO) projects that the national debt will double over the next five years; and it will triple over the next 10 years to $17.3 trillion.
#2.Â Under the Obama budget, CBO projects that the national debt will soar over the next 10 years from 40 percent of GDP today to a shocking 82.4 percent. (Ronald Reagan left office with the national debt at 42 percent of GDP).
The right path forward is obvious and clear – bankruptcy or recovery.
Update: As if it could not be any worse:
The U.S. government and the Federal Reserve have spent, lent or committed $12.8 trillion, an amount that approaches the value of everything produced in the country last year, to stem the longest recession since the 1930s.
New pledges from the Fed, the Treasury Department and the Federal Deposit Insurance Corp. include $1 trillion for theÂ Public-Private Investment Program, designed to help investors buy distressed loans and other assets from U.S. banks. The money works out to $42,105 for every man, woman and child in the U.S. and 14 times the $899.8 billion of currency in circulation. The nationâ€™s gross domestic product was $14.2 trillion in 2008.
I will never, in my lifetime, see the end of this red ink.
Update: Yeah, this picture looks MUCH better:
SInce it is us, the American taxpayer, who need to burn off all this debt (through the next 2-3 generations) the GOP is finally proposing a preferable and mature alternative to the Democrats’ panic spending mode.