While President Obama ignores the basics of responsible spending, his policies are also making life more expensive for Americans. Standing in a mini-mall parking lot in Gastonia, NC, I chatted with Eddie, who owns a local sub shop. He told me that his profit margins are at the breaking point because of ever higher gas prices and rising utility bills. Obama's ideological assault on fossil fuels has slowed coal and oil drilling, while diverting billions in federal loans to green energy scams.
In the rare moments President Obama acknowledges our troubling debt, his only proposed solution is to raise taxes on financially successful Americans. I think we know by now, a tax rate of 100% wouldn’t be high enough to pay for the excesses of the federal government.
This past Monday, the same day this young mother pulled me aside, was the first day our government began to run solely on credit. So, for the remaining 108 days of the year, every single dollar the federal government spends, roughly $10.5 billion per day, goes on our collective credit card called the national debt. You and I, our children and their children are of course responsible for paying that debt.
Every single second of the day our government spends over $12,000. So in the time it takes you to read this article, roughly five minutes, our government has spent $3.6 million. It take four seconds for the government to spend what the average American earns in an entire year.
If you’ve ever been in over your head financially, you know that sick nauseous feeling in your stomach as you ask yourself, “How am I ever getting out of this?” As a nation, we should all be feeling that way, and asking ourselves the same question. The only answer is for our elected officials to turn away from their big-government excesses, and stop spending money they don’t have.
President Obama could learn an important lesson from that young mother in Colorado Springs.