Obama Hell-Bent on Bankruptcy?
We’re told that the continued growth of the “contributory entitlement programs,” Medicare and Social Security, represents the greatest threat to the country’s long-term financial security. Fiscal 2011 data show Medicare and Social Security costs were $486 billion and $731 billion, respectively. With the continued addition of baby boomers to these roles, costs will only escalate.
Less well-publicized is the cost to taxpayers for means-tested welfare programs. In 2011, based on a report by the nonpartisan Congressional Research Service, the tab for federal supported means-tested welfare programs was $786 billion. When you include the required state programs, the total spending for government means-tested welfare reached $1.03 trillion.
To gain some perspective, the Senate Budget Committee released a report showing households below the poverty line can receive tax-free welfare benefits equivalent to $168 per day in the form of food stamps, housing, health care, child care and more. The median household income in 2011 was $50,054; this equates to $137 per day before taxes.
One might ask, why work? Are some cutbacks in these overly generous welfare programs on the horizon? Hardly. Based on future budget proposals, means-tested spending over the next four years is projected to increase 30 percent. How’s that for “their fair share”?
Now ask yourself, is it any wonder that the president wants the deficit ceiling permanently lifted? His inaugural address gave no indication that controlling spending and the deficit will be a primary focus for his new administration.
I can only conclude that he is hell-bent on bankrupting this country with his socialist policies. Many economists conclude we are on the pathway taken by Greece. Perhaps, but with a major difference. Greece is a small economy and can be bailed out by stronger Eurozone partners. Unfortunately for us, no such luxury exists.
Michael J. Keogh
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