On the one hand this administration is cutting out bankruptcy as an option for people in dire financial situations. Telling us on one hand to reign in our spending while turning a blind eye to the overwhelming amount of credit card offers that we are bombarded with on a daily basis. While the administration spends like a 'drunken sailor' on what's necessary for their own agenda while cutting programs that benefit the majority of us.
As David Walker, the head of the nonpartisan Government Accountability Office, pointed out, "The federal government's obligations, current liabilities, and unfunded fiscal committments are over $43 trillion and rising . . .Yes, that's trillions with 12 zeros rather than billions with nine zeros."
Until you really get your head around these numbers it's hard to put it in perspective. Take for example -- the estimated net worth of American families is slightly over $47 trillion, and nearly all of it -- 90 percent -- would be needed to cover the government's current obligations and accordinbg to the GAO, it would take real double-digit growth over the next 75 years to pay off our current debt -- an impossible task, considering that the growth rate during the 1990s boom years averaged just 3.2 percent. These debt projections exclude such things as -- over the next ten years -- permanent tax cuts ($1 trillion), privatizing social security ($1.5 trillion over the first decade; $3.5 trillion in the second. His talk about cutting the deficit in half by 2009 does not include such things as the Iraq war and social security privatization.
And his attempt to balance this out would be to slash or eliminate programs that affect the quality of life of millions of Americans, such as education, Medicaid, clean water and clean air, the Head Start Program ans the program that assistance to low-income pregnant women.
DO AS I DO -- should be the new saying and this administrtation needs to be much more responsible with what is affecting 90% of us.
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