Newspaper: Fiscal Road To Ruin?

Barack Obama and Congressional Democrats are leading us over a cliff.

From Investor's Business Daily:

The proposed budget over the next decade would rack up $45.8 trillion in new spending, $9.1 trillion in deficits and more than $2 trillion in higher taxes on Americans. It will double the national debt held by the public to over $18 trillion, while raising taxes on 3.2 million small businesses and upper-income taxpayers — the very people the administration is counting on to pull us out of recession.

Based on recent estimates, the expected deficits are growing, not shrinking. Last year's proposed budget contained just $7.1 trillion in red ink over 10 years. This year, that's ballooned to $9.1 trillion. Higher spending is responsible for 90% of the increase. Total spending over the decade is expected to swell 54%.

During the decade, spending will average about 24% of GDP — compared with the 20% of GDP that has prevailed since shortly after World War II. This represents a permanent 20% increase in the real size of government — which explains why the number of federal employees has reached 2.15 million, the most ever.

If spending isn't brought under control soon, the U.S. will suffer the fate of all fiscally irresponsible nations — slower economic growth, lower standards of living, shorter lives.

Read the full editorial at the link below:

Investors.com - A New Era Of Irresponsibility

Originally posted at TONY PHYRILLAS