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Contributed by Sam Minervino 2009-06-08

Portland — This failed economy is all Bush’s fault and Obama inherited all these financial woes. But apparently Monsieur Obama inherited something else from ex-president Bush and has taken it to unprecedented levels; he spends like a drunken sailor. Obama has said he will “stimulate” us out of this recession but instead he has shackled us with so much debt our grandchildren will be slaves to it. Now, the so-called geniuses in the Whitehouse are facing a new problem, one they alone have created…

“The White House estimates that the government will rack up an unprecedented $1.8 trillion budget deficit this year - more than four times last year's all-time high.”-apnews.myway.com

This is causing panic in the bond market and will cause higher interest rates that are destined to delay and even kill any economic recovery…

“…bond investors anticipate a greater supply of government debt being sold to fund federal spending. Investors are also increasingly fearful that the trillions of dollars the government will need to borrow in the coming years to finance the various stimulus programs will lead to a new bout of inflation.”- apnews.myway.com

Didn’t they teach this stuff in Econ 101 at those Ivy League schools? Or maybe they did but sometimes reality trumps theory. And what about cutting budgets and downsizing when money is short? Isn’t that what they want all the auto makers to do?

“Fed Chairman Ben Bernanke acknowledged Wednesday in congressional testimony that large budget deficits could threaten financial stability by eventually eroding investor confidence and endangering the economy's prospects for long-term health.”- apnews.myway.com

And since he brought up “health”…

“President Barack Obama wants Congress to consider taxing the wealthy instead of workers to pay for a health-care overhaul, as House Democrats discuss a plan to require health insurance for most Americans.”- Bloomberg.com

Translation; when that isn’t enough…and it won’t be, Obama will figure out new ways to get your money. How about higher gas taxes, or taxing the health benefits employees receive or more tax on cigarettes or fast food or what about a carbon tax or a national sales tax and what about that “value Added Tax” or VAT he wants? Theoretically, and this administration only knows how to deal with theory since none of them have any practical experience in a free-market economy, the VAT could add 30% to almost everything Americans buy. Talk about stimulating.

Didn’t Obama promise “no new taxes” when he was lying his way to the presidency?

“The goal of Democratic supporters is to provide insurance to most of the nation’s 46 million uninsured… A key challenge is the potential impact of legislation on an already rising U.S. budget deficit that may reach $1.8 trillion this year.”- Bloomberg.com

We have Medicaid for the poor, Medicare for the old and the S-CHIP program for poor children… and Healthcare is not a right. Hypothetically, isn’t housing more important than medical care? Since that is so, wouldn’t Americans have more of a right to housing than healthcare if we are “theoretically” fixing priorities?

With an estimated 10% 0f Americans without healthcare, does that mean expanding the federal budget and taxing people into poverty is the way to go? The reality is this; of that 10%, some opt out because they are young and don’t want it, some are eligible for the already existing programs but haven’t signed on to them and others just don’t want to spend their own money for healthcare. So “theoretically” around 10 to 15 million Americans (about double the number of people who live in NY city) can’t afford health insurance. A new government program that will dwarf Social Security is not the way to go, not in these economic times, not ever. Haven’t they learned that more spending by the government won’t fix anything? Or maybe it is all about control and not really about the well being of Americans at all.