America is diving into a Marianas Trench of red ink. There is barely a digit of black anywhere on the balance sheet, and spendthrift lawmakers are closing off numerous sources of positive revenue.
On the spending side of the ledger, the White House and Congress enacted a $700-billion financial bailout, followed by an earmark-laden $787-billion “stimulus” law and plans to ladle out $1.6 billion in federal government bonuses in 2009. Then came a $3.5 trillion FY 2010 budget, and the prospect of $9.3 trillion in total indebtedness over the coming decade.
A March 31 Bloomberg study found that the Treasury Department, Federal Reserve, FDIC and HUD have thus far obligated generations of Americans to $12.8 TRILLION in debt. That’s 90% of our nation’s entire 2008 Gross Domestic Product!
It’s more accrued debt than 43 previous administrations combined, and it doesn’t include the US share of the $1.1 trillion “global stimulus” devised by the Group of 20, to be administered by professional spenders at the International Monetary Fund – or the cost of servicing these debts.
Taxes will soar, to pay off these debts – and cover new levies on everything we do.
2,600 delegates recently flew greenhouse-gas-spewing jetliners to Bonn for another five-star-hotel UN climate change confab, envoy Todd Stern announced that the White House is “seized with the urgency” of tackling runaway global warming. Looming on the horizon is a hulking 648-page House climate change bill, with equally monstrous Senate and EPA versions waiting in the wings.
President Obama wants energy prices to “skyrocket,” to coerce Americans to slash carbon dioxide emissions 80% below 1990 levels by 2050 – to levels last seen in 1905! He says cap-and-trade will “raise” $656 billion between 2012 and 2019, to fund green energy, green job and other government programs. The National Economic Council and other analysts put the tax bite at $1.3 to $3.0 trillion.
This is not monetary manna. It is a massive wealth transfer – extracted from every hydrocarbon-using business, motorist and family, and doled out by Congress and bureaucrats to politically favored constituencies. These all-intrusive energy taxes will hit poorest households hardest.
Be the first to read Paul Driessen's column. Sign up today and receive Townhall.com delivered each morning to your inbox.
I Was A Woman In The Marine Corps In the Mid-70s. Hillary Clinton’s Story Doesn’t Add Up | Susan Hutchison