How does President Obama plan to deal with our massive debt and deficit problem?  Tax more and (wait for it) spend MORE.  

prezo

That’s right, along with his expected tax increases, he wants another stimulus, another unemployment extension AND another debt ceiling increase.  Deja vu!  In return, we get (wait for it) another EXTENSION on the sequester.  So we can do the same thing again next year. Kim Strassel has details here.

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The National Debt (the amount our government owes)  is at $16.3 Trillion and growing.  But it isn’t just our politicians who are borrowing to spend on what they can’t afford.

American Household Debt is currently $11.3 Trillion. Most of that is Mortgage Debt ($8.3 Trillion), but we owe $956 Billion in outstanding Student Loans, $768 Billion in Auto Loans and a whopping $852 Billion in Credit Card Loans, with an average credit card balance of $15, 328.  Our default rate is about 11% (up about 1% since 2010).

As taxpayers and consumers, we owe more than $27 Trillion.  Sure, we can raise taxes or get a second job to help pay off a little, but until we deal with our reckless spending habits, both personal and political, we cannot fix this problem.

Cinema Verite: No More Kings

November 27, 2012

For our bicentennial post here at poliwogg:

 

“I believe the duel between Christianity and atheism is the most important in the world. I further believe that the struggle between individualism and collectivism is the same struggle reproduced on another level.”    From God and Man at Yale (1951)

That’s right.  It’s him!

 

President Obama’s reelection has everyone thinking of the possibility of a shift in the direction our country will take.  Some point to Europe as the model, but really California is the best example of where Progressive taxes, education, social welfare, business regulation and environmental policies can take us.  Californians have already put into place a majority of the policies (and taxes) that Obama and the Progressive Left say they want.

To see the results of these Progressive Reforms, I suggest reading recent analyses by Charlotte Allen, Joel Kotkin, Conn Carroll, and (the always entertaining) Bill Frezza.  If you like your facts cold and hard, just see the State of California’s budget. (Greece has less debt than California.)

California has, in many ways, been a leader in culture and in policy.  But chronic debt, high unemployment, record numbers of welfare recipients, businesses leaving the state in droves and overwhelming public pension liabilities point to an upcoming crisis of epic proportions.  The irony is that all of these problems were brought about by an unabashed adoption of the “Progressive Agenda” by voters and political leaders.  Sometimes you get what you ask for, almost always with unintended consequences.