It has been a very busy week. Congress is trying to pass the Fiscal Year 09 budget (yes, for those of you who are observant we are almost half way through the Government’s fiscal year 2009 and they are just now trying to pass the remaining budget bills). On top of that, the President had his big speech Tuesday night and then released his budget today.
As I have said before the whole thing makes me nervous. The President is a great speaker and I want to believe in everything he was proposing. But I am waiting for the details. I want to know how we are paying for this. He is proposing some very bold things…that have needed to be done for a long time (cut out Farm Subsidies to wealthy farmers, reform farm subsidies, get rid of some of the bloated defense spending…the spending that has us still building out of date and antiquated fighter planes). Can they do it? I am not sure, but more power to them. Although I thought he did a good job on the speech, it didn’t make me feel any better. In fact, I was left with more anxiety about the future.
And yes, they inherited a large deficit, but can I point out that his proposals and plans from his first 30 days double the deficit? There is no way…now way in hell we can pay for all these programs and bailouts by only taxing the rich. The new budget cuts the tax break for large charitable donations. I think that could prove detrimental during an economic downtown. The private sector must be helping take care of those in need, not just the government. The new budget includes $750 billion for MORE financial bailouts. Again, there is just so much spending going on and there is no way we can pay for it.
Just found a good WSJ article: http://online.wsj.com/article/SB123561551065378405.html?mod=djemEditorialPage