Don’t Worry, Be Happy!

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"

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.