Obama's Plan to Limit Deficit Spending

Obama is out to prove that he is a fiscal conservative now!  In another yeah, right move, Obama proposes across the board spending cuts in an effort to reduce the budget deficit.  As of October 2008, we had a budget deficit of $455 Billion Dollars.  After 5 months of bailouts/stimulus/wasteful spending, the deficit is heading towards $2 Trillion Dollars.  Obama wants to cut that deficit in half - so we have a $1 Trillion Dollar annual deficit by 2013 when Obama is ready to leave office.

The problem with the plan is that it is still deficit spending.  The US Government is addicted to spending beyond their means, just like our fellow neighbors have been addicted to credit.  This can't go on.  Every year since 1957, our national debt has grown.  Right now, the national debt is over $10 Trillion Dollars.  That means that every deficit increases the debt burden of our government.  Interest on the national debt is over $451 Billion Dollars each year.  Debt is 400%  of annual revenue - some 70% of GDP.  Cutting the deficit in half still means increasing the burden of this debt.  We can't afford it anymore.  It is no coincidence that Hillary Clinton's first trip as Secretary of State was to China - the largest debt holder of US obligations.  

We cannot effectively return to prosperity until our balance sheet is in order.  It is foolhardy to think we can inflate ourselves out of this debt without bankrupting everyone.  Instead of trying to cut the deficit in half President Obama, eliminate deficit spending now.  Amortize the national debt so it is repaid within 20 years so our children can prosper.  Households are taking steps to reduce their balance sheet; why can't my government do the same.   Thomas Jefferson, a man who understood how government should work, cautioned that  

"It is incumbent on every generation to pay its own debts as it goes."

 That is something that has been lost on us.  If we don't address our debt burden Mr. Obama, our Country may be lost.