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July 12, 2010

The Desire for a Spending Binge Continues

“We know the American people only have us to depend on” –Senator Harry Reid
Despite the austerity measures being taken in Europe, the United States Congress continues to go its own way by spending, printing as much money, and creating as much debt as it possibly can.  From what I’ve gathered, government waste and spending cuts have been talked about by our federal officials, but little to no action has been taken.  If the readership can find measurable budgetary and fiscal restraint, I invite those to be shared.
While we are talking about action, let’s discuss the actions this administration has taken when it comes to fiscal discipline.  First, the Obama Administration used the G-20 in Toronto to pressure its large trade and economic partners to “continue some type of simulative spending” in order to avoid a “Hoover moment.”  My only question here would be if the same advice should be given to countries like Greece, Spain, and Argentina who clearly do not have the ability to spend more money. 
A great article in the Wall Street Journal’s Opinion section outlines how the Keynesian movement around the world is losing tremendous steam.
Recently, a spending push in Congress failed as Democrats tried to keep the printing presses open.  A part of the spending bill that failed was $24 billion in aid to states who were struggling to deal with the increased healthcare costs as a result of the passage of Obamacaid.  I enjoy how Senator Durbin (D-IL) stated “They said yes to the special interest groups they always stand by.”  I guess the American people are now a “special interest group.”  This illustrates how out of touch the Congressional leadership is.
What I found even funnier in the same article were the comments of Harry Reid.  “We know the American people only have us to depend on,” he stated.  There you have it; the American people out there who are feeling the pain of the current recession can find their saving graces in only one source, the federal government.
Is anyone else’s skin crawling from that statement?  Mine is.

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