Despite massive spending, underachievement prevails

r-SAN-FRANCISCO-MINIMUM-WAGE-HIKE-large570Did you know that the number of people on food stamps has grown over the past 13 years by nearly 30 million, which accounts for almost 20% of households receiving taxpayer-funded food subsidies?  At the same time, the federal government is spending more per household than ever before – in fact, a 152 percent increase since 1965.

Our middle class is shrinking – the rich are getting richer and the poor are getting poorer, due in large part to insanely complex government rules and regulations that only those with resources can bypass.  In fact, the top 7% of households own 63% of the nation’s wealth.  During the so-called economy recovery, the other 93% of families lost wealth, putting into question the effectiveness of big spending government stimulus packages and who, in reality, the recovery truly helped.

ABC News reports that nearly 50 million people in the United States live in poverty, but yet, most Americans view our nation as the most prosperous in the world, fundamentally superior to our foreign counterparts despite our poor education system, insanely expensive healthcare industry and THE biggest government that we’ve ever had.

In fact, our healthcare system spends twice as much per person than any other developed nation in the world, a cost that accounts for more than 16% of our nation’s Gross Domestic Product (GDP).  Our healthcare spending has increased at twice the rate of inflation, but yet our pharmaceuticals continue to kill and emergency rooms remain clogged with people using it as their primary care service.

A much-maligned segment of the population, the top 1% of income earners in the country have a greater net worth than the bottom 90% put together.  Perhaps this is due to nearly a quarter of all jobs in the United States that pay a wage of less than $10/hour.

Worse, spending in Washington continues to grow, more than it ever has despite record tax revenues.  Federal politicians managed to rack up $755 billion in deficits through the first eleven months of 2013′s fiscal year.  Spending during the same period amounted to a whopping $3.2 trillion.

Now, the government wants to take over healthcare.  Already the most expensive healthcare system in the entire world, the 10,500-page Obamacare monstrosity has authorized the government to spend even more money.  The new healthcare system’s broken Healthcare.gov web site cost the American taxpayer $634 million to build.  Obamacare has caused many insurance companies to cancel policies and create more expensive alternatives.  Premiums have risen and job hours have decreased to sub-30 hours to avoid Obamacare penalties.

The evidence of the big government effect is clear and overwhelming, and it is costing the American taxpayer trillions of dollars in reckless spending.  Both the Democrats and Republicans represent the cause of these problems, and our nation will never truly fix our ailing spending habits until we replace those responsible for it.

Obama demands tax hikes on rich before any compromises

Days after the re-election of Barack Obama, the president said that any compromise from his office on the issue of taxes and the national debt will hinge on the inclusion of tax increases for wealthier Americans in an fruitless effort to slow our nation’s rising debt and limit the ensuing economic calamity.

“I’m committed to solving our fiscal challenges, but I refuse to accept any approach that isn’t balanced,” the president said.  Apparently to Mr. Obama, “balanced” means nothing more than offsetting any spending cuts with further tax revenue from this country’s job providers.

Obama insists on raising taxes on those who make more than $250,000 a year, although hard numbers on how much of a rise remains unknown.  According to Obama, a majority of Americans also believe this nation’s punitive tax system should be strengthened for those who are considered “wealthy”.

“I just want to point out, this was a central question during the election. It was debated over and over again. And on Tuesday night, we found out that the majority of Americans agree with my approach,” he said.

This news comes at a time when deficits remain at all time highs.  October, the first fiscal year in 2013, has already seen a massive increase in budget deficits — $6 billion above the estimated $114 billion.

Budget Office predicts another year of $1t+ deficits

According to estimates from the Congressional Budget Office, the government will once again run deficits that exceed $1 trillion in 2012, this time reaching $1.1 trillion.  The economic future of this nation is “uncertain”, at best.

“CBO expects the economic recovery to continue at a modest pace for the remainder of calendar year 2012, with real (inflation-adjusted) GDP growing at an annual rate of about 2¼ percent in the second half of the year, compared with a rate of about 1¾ percent in the first half.”

http://www.cbo.gov/publication/43539