The Highway Robbery Act of 2009 is now history. President Obama signed The Porkulus Maximus into law this past Tuesday in Denver, Colorado, going into warp speed with the spending and gearing up the government expansion.
A couple of days ago we used the state of California and how they are handling their innumerable deficit as a benchmark for what we can expect when it comes time to pay the piper for Obama's luxurious use of a Presidential pen. Some more information is starting to leak about the exact cost of all this "legislation," as far as debt held by the public and everyday gub'ment cheese expenditures (i.e. The Omnibus)
First the CBO's prognostications on the debt. This is a lot to digest, I am not going to lie.
By 2010, after the stimulus, the federally public held debt as GDP will be 54.2%. You will notice that in 2007, when everything was getting ready to go down the proverbial tubes, as GDP, the publicly held debt was 36.9%. What does this increase mean for you? From Republican Office, Committee on the Budget.
This correlates with WashingtonWatch.com's findings which we presented in our earlier post and is actually worse once you take interest into account. Concerning the cost of temporary programs, I would say based on past experiences with "temporary programs" becoming extended, the likelihood of the $20,880 estimate is highly probable.
This is the CBO estimate for the long term effects of our legislator's present habits with spending.
You will notice the Alternative Fiscal Scenario is increasing almost exponentially after 2012. You reach critical mass, with publicly held debt, a little after 2022 and then the race is really on. The Extended-Baseline Scenario is a little less frightening since we will all be dead or drooling on ourselves by the time the tsunami of fiscal irresponsibility hits.
What is the AFS and the EBS? From the CBO,
CBO-"The extended-baseline scenario, which adheres closely to current law, follows CBO’s 10-year baseline from 2008 to 2018 and then extends the baseline concept in its projections for the rest of the 75-year projection period, to 2082."
"By comparison, the alternative fiscal scenario deviates from CBO’s baseline projections even during the next 10 years, incorporating some "changes" in policy that are widely expected to occur and that policymakers have regularly made in the past."
My reasoning for going with the alternative fiscal scenario might be sophomoric, but, since "change" is the keyword there, I think it's the most reliable.
Onto the Omnibus. According to Fox News, after our vaunted lawmakers return from a haranguing week off, due to President's day, (Why do the rest of us only get a day off?) they will vote on a $410 billion omnibus package to keep the gub'ment afloat till September.
This bill was not being voted on Oct 1st because then President Bush said he would veto the legislation.
Progressive wish list.
This goes beyond partisan politics, this shear disregard for the well being of our country and is organized crime at its best. I think investigations into blatant abuses of fraud and fiscal misconduct by our Congressional leadership, and otherwise, are in order. Anyone who attempts to say this garbage is necessary should be tarred and feathered, among other things.
I guess all I can really say is, "Yay!" :)
Western Experience-History on our national debt and what government hasn’t learned from it
Associated Press: Analysis: Democrats self-destructing over ethics
Associated Press: Poll: Public fears about troubled economy growing
Michael Elliot, Thursday, February 19, 2009