A Grave Crisis

So what is insanity?  Insanity in some cases can be defined as doing an action you know is illogical but you proceed anyway.  Let me first start with a question for everyone: would it be logical for someone with a $50,000 yearly salary and $50,000 in credit card debt to spend $55,000 every year and would you recommend this person take out another credit card?  I believe almost everyone would resoundingly answer no on both accounts.  Well, then why is it acceptable for our government to have a $15.9 trillion GDP, $16.9 trillion in debt, and last year spent $642 billion more than revenues.  The Congressional Budget Office (CBO) projects in a report from September over the next ten years (2014-2023) the annual budget deficit will be $560, $378, $432, $482, $542, $648, $733, $782, $889, and $895 (billions of dollars).  Each of these deficits will add up to a cumulative deficit of $6.34 trillion over the next decade. 

For many of you these deficits I just listed will be a relief from the past few years of trillion dollar deficits.  I would not be let the relief sink in too fast though, because these projections our based upon fanciful annual GDP growth projections.  The CBO in an earlier report from February projected the annual GDP growth rates over the next decade will be 3.8%, 5.9%, 6.6%, 6.2%, 4.9%, 4.5%, 4.4%, 4.3%, 4.3%, 4.2% each year respectively.  What is the CBO smoking?  The last time our nation’s annual GDP growth rate surpassed four percent was all the way back in the year 2000.  Please explain to me how we will average nearly 5% annual GDP growth when that has not happened in any decade of any living American’s lifetime.  Without these far-fetched growth rates our nation’s tax revenues will far short of what is expected and will yield even larger budget deficits than previously listed.

 

My fellow citizens if we do not face the stark reality that faces us and begin to confront our government’s profligate spending habits the prosperity our nation has enjoyed since the founding will undoubtedly come to an abrupt and disastrous end.  Like the generations before us we must become good stewards of our nation in order to ensure future generations the opportunity to achieve a better life than our own.  Please before you go to the ballot box this fall or next ask yourself does the person I am voting for understand the gravity of our nation’s fiscal crisis?

Guest posted from www.theenlightenedrepublican.com