Here's what I understand to be the layers of this year’s federal budget:
1) Basic government services – national defense, welfare for the needy, and infrastructure programs that have been around for decades
2) Entitlement programs – Social Security, Medicare (including prescription) and interest on federal debt - none of which can be sustained at current levels
3) Recent reactive actions – bailout of financial institutions following mortgage crisis, higher unemployment benefits
4) Stimulus – Democrats' special interests and share-the-wealth initiatives passed last spring.
5) In Obama’s pipeline – government health insurance
Government will spend $34,000 per household in 2009. Median income is about $50,000. That’s madness.
I’m okay with 1) and could live with 2) if the bureaucrats would resize benefits. Some of 3) might be needed temporarily to fix past government missteps. Items 4) and 5) are irresponsible.
Do you personally spend money on what you want or what you can afford?
I balance my personal finances, and I’m sick and tired of Washington spending money they don’t have for programs we don’t need.
This economy will not recover until consumers and industry regain their confidence. On a scale of ten, my confidence in Washington is zero.
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