By
William L. Garvin
“Aint got no place to lay your head,
somebody came and took your bed,
don't worry, be happy
the landlord say your rent is late,
he may have to litagate,
don’t worry, be happy"
somebody came and took your bed,
don't worry, be happy
the landlord say your rent is late,
he may have to litagate,
don’t worry, be happy"
Bobby McFerrin
There
is only one president in USA history that has presided over a budget with a
trillion dollar deficit. That is Barack
H. Obama. He has the ignominious record
of now having accomplished that feat four years in a row. It is very likely that he will make it eight years
in a row at his current pace. Since the
national debt was $10.6 trillion when he took office and now stands at $16.3
trillion, we can project him leaving office with America over $20 trillion in
arrears! He will have outspent George
Bush by over two to one! Don’t worry, be
happy.
The
federal budget year runs from October 1 through September 30 of the following
year. For October, the first month of
this 2012-2013 budget cycle, Washington ran up a $120 billion deficit. This is 22% higher than October of last
year. We have yet to see any increase in
the labor force participation rate, any decrease in the number of people on
food stamps, or any significant reason for employers to begin hiring. There is no indication that things are going
to get any better but don’t worry, be happy.
Our
economic problems are compounded by the federal government “bitterly clinging”
to its absurd fiscal policy of baseline budgeting. This fiscal behemoth institutionalizes
government growth. Since 1974, they have
taken the current expenditures and multiplied it by a factor for inflation and
population growth. Similar to
compounding interest, government compounds already bloated budgets. It automatically goes up without any congressional
action. Remember, the Senate has not produced
a budget since 2009. When the President
produced his mockery of a budget, it couldn’t even get a single Democrat vote. Don’t worry, be happy.
When
it comes to budget cuts, both parties only talk about reductions in the future
rates of growth. Why isn’t there a discussion
of a freeze at current spending levels?
Why isn’t there a discussion of a cut back to 2010 levels? Or 2008?
Or 2006? Why isn’t there
discussion of actual reductions in current levels of spending? Keep on spending…keep on investing…forward to
prosperity. Don’t worry, be happy.
Some
people object to across the board spending cuts because it reduces effective
programs as well as ineffective programs.
Unfortunately, targeting specific programs never seems to work. Politicians feel obligated to bring home
“pork” to their constituents. They are
obligated to the interests that funded their campaigns. The U.S. Postal Service just lost $15.9
billion dollars, triple the losses of last year. Most green energy can only exist with government
subsidies. Planned Parenthood has over a
billion dollars in assets but still gets taxpayer money. Big Bird and its Sesame Street cohorts pay
its CEO nearly a million dollars and is a toy marketing machine. We throw billions of dollars into a foreign
aid sinkhole with no appreciable results.
This administration shows no inclination to reduce its “investment” in
any of these areas. In fact, can you
name one specific cut to any federal program that President Obama has put
“forward”? But don’t worry, be happy.
Everyone
should take a lesson from Richard Trumka, head of the AFL-CIO, who recently said:
"There is no fiscal cliff." In addition: "What we’re facing is an obstacle course
within a manufactured crisis that was hastily thrown together in response to
inflated rhetoric about our federal deficit." Who knew sixteen trillion was mythical? Tell it to the coal miners who have been
thrown out of work. Tell it to the
18,500 workers who used to have jobs with Hostess but may soon be standing in unemployment
lines because they listened to their union bosses. Tell it to all the employees who are having
their hours cut to less than thirty hours per week. Tell it to the fifty percent of last year’s
college graduates who are unable to find a job.
Tell it to the 7.9% unemployed. To
all of you, don’t worry, be happy.