President Obama signed the $410 billion bill Wednesday morning to keep most of the government operations running until September 30. Banking on Obama's willingness to sign the bill, both Republican and Democratic lawmakers jammed the bill with about 8,500 earmarks worth of $8 billion. At $410 billion, the bill represents an 8 percent increase over last year's spending levels, more than double the rate of inflation. Given the fact that the U.S. national deficit has been making its record everyday - currently at $10.9 trillion, we all know where the money is going to come from.
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It is frightening that when there is no money, OUR government keeps spending. The consequences could lead to far worse situations, and we are already in really bad ones. I fear that we are going to be in this a lot longer than we thought. Sigh....
ReplyDeleteThis bold step to stimulate the economy may or may not work. It is like a company with heavy debtload, and the CEO decides that the effective way to make this company survive is to borrow more money to develop new products and do more aggresive marketing!!
ReplyDeleteGreat cartoon on this subject. I'm currently exploring ways in which I can get my early teen children to start working now to get a jump on their share of the contribution. (Kidding) The fear I would have about this approach is that our fearless leaders will think they have more money to spend. Oh well roll the dice and see what happens I guess...
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