Sunday, February 15, 2009

AP Admits Obama's "Major Milestone" CRAPulus Will Increase Taxes, Reduce Services And Leave Our Grandchildren In Debt

From JammieWearingFool:

In one breath the Associated Press declares this porkulus scam a major milestone for Obama even though Nancy Pelosi and Harry Reid wrote the bill, then they admit it leaves us with crushing debt for generations.

What is there to celebrate?

One thing about the president's $790 billion stimulus package is certain: It will jack up the federal debt.

Whether or not it succeeds in producing jobs and taming the recession, tomorrow's taxpayers will end up footing the bill.

Forecasters expect the 2009 deficit — for the budget year that began last Oct 1 — to hit $1.6 trillion including new stimulus and bank-bailout spending. That's about three times last year's shortfall.

The torrents of red ink are being fed by rising federal spending and falling tax revenues from hard-hit businesses and individuals.

The national debt — the sum of all annual budget deficits — stands at $10.7 trillion. Or about $36,000 for every man, woman and child in the U.S.

Interest payments alone on the national debt will near $500 billion this year. It's already the fourth-largest federal expenditure, after
Medicare-Medicaid, Social Security and defense.

This will affect us all directly for years, as well as our children and possibly grandchildren, .in higher taxes and probably reduced government services. It will also force continued government borrowing, increasingly from China, Japan, Britain, Saudi Arabia and other foreign creditors.


Sounds about right.

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