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Spending will confine Americans to debtors’ prison

May 11, 2010
Robert P. Murphy
5/8/2010

The Congressional Budget Office recently updated its estimates of the fiscal impact of the Obama administration’s proposals. The results are breathtaking, and show that the federal government is making a great leap forward into the red. While there is still time, taxpayers should be asking some tough questions.

The CBO is intended to be a non-partisan referee that analyzes the fiscal impact of proposed legislation. In its March 5 assessment of the White House’s budget request for 2011, the CBO painted a disturbing picture of the indebtedness that Obama proposes.

The story continues …..

One Comment leave one →
  1. Ross Wolf permalink
    May 12, 2010 12:38 am

    Obama Could Bring Americans To A Place Worse Than Debtor’s Prison.

    Imagine as Americans two years from now, having to accept the fact both your savings and retirement was worth almost nothing; your job no longer exists, and your only hope to eat was to beg Obama.

    While this article covered Obama’s planned $20 trillion national debt, and described how U.S. taxpayers will be held hostage to pay $925 billion a year in higher taxes to service this debt, the article failed to consider the costs of inflation that historically follow this kind of huge government deficit spending and borrowing.

    As Obama bankrupts our nation, Americans should expect that on top of higher and higher income taxes, serious hyperinflation. Some Americans believe that Obama to pay interests owed on the U.S. Government’s trillions in mounting debt, Obama will intentionally induce inflation sooner, to create cheaper dollars to pay the interests. The U.S. Government creating that kind of inflation would effectively throw millions of senior Citizens and others on fixed income under the bus. Germany during the 1930’s printed un-backed paper Marks in desperation to pay its government budget costs; then lost control of the inflation they created; a loaf of bread costs 12,000 Marks; businesses closed down and huge unemployment followed. As the German Government increasingly collected less income tax as more people became unemployed, the government printed more money faster until the entire economy collapsed. Then Hitler took power. Except for Hitler, this is the same direction Obama is taking Americans, but even worse, Obama is running the Treasury’s currency printing presses to beef up the failed socialist state of Greece; is they any doubt that will be a failed Obama effort at U.S. Taxpayer expense. Unless Obama and his socialist ilk’s out of control spending and printing money is stopped, Americans will find themselves begging the same Obama government that destroyed their nation for handouts.

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