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By Peter Ferrara on 6.24.09 @ 6:08AM
Everyone in Washington knows the record Federal deficits and debt are out of control and can't continue. President Obama knows it. The ultraliberal Democrat Congressional leadership knows it. Rank and file Congressional Republicans and Democrats know it. Fed Chairman Ben Bernanke has been openly saying so.
Obama's economic policies, adopted by the Democrat-controlled Congress, call for total Federal borrowing of $3.5 trillion this year alone! The Federal debt is projected to soar over the next 10 years to a peacetime record of 84% of GDP, and to keep on growing past the all-time record of 113% of GDP during World War II. Rep. Paul Ryan, ranking Republican on the House Budget Committee, projects it will climb to 200% of GDP, twice the size of our entire economy. That would be 5 times the level of national debt that prevailed for decades before Obama.
This is the result of adding Obama's extreme, liberal left, Keynesian economic plan, with its trillion dollar stimulus package of wasteful spending that will do nothing to stimulate the economy, on top of the exploding costs of our current entitlement programs.
Obama's New Amerika
But not to worry, because the Congressional Democrat leadership and President Obama have a plan. First they are going to pass national health care, adding the biggest entitlement of all to the fiscal catastrophe we already have, giving new definition to the term fiscal insanity. Then, after that, they are going to come back to us and say, gee, we have no choice now but to raise your taxes, really, really, really raise your taxes, to record-shattering levels, to levels so high that it will change the fundamental nature of our economy and our nation.
read it all here...
http://spectator.org/archives/2009/06/24/washingtons-plot-to-explode-yo