Four more years of endless spending
Published: Tuesday, November 13, 2012
Updated: Tuesday, November 13, 2012 23:11
Now that the president has been re-elected, the American people should be prepared for what is to come. More bailouts, more stimulus, more quantitative easing, more green jobs subsidies, more welfare and more government.
In 2008, Barack Obama “bailed out” GM and Chrysler, giving them billions of dollars in taxpayer money so that they could remain a competitive force in the auto industry. Yet the shareholders of these companies were screwed out of their investments and instead had to watch the money go to labor union pensions.
Later that year, Solyndra, a newly founded solar power company, was given over half a billion in loans. The company went bankrupt three years later and closed the plant that had just been built with tax payer money.
Early 2009, a trillion dollar stimulus bill makes it through the House of Representatives. It was promised that this money would keep the unemployment rate below 10 percent and provide hundreds of thousands of “shovel-ready jobs”. However, according to the president’s own analysis, those jobs weren’t “as shovel-ready as expected.” Just three months after the money was injected into the economy, unemployment peaked just above 10 percent and remained higher than 8 percent until September.
Perhaps the saddest statistic about the President’s first term is that 15 million more Americas now receive food stamps than when Obama first took office. This number translates into 5 percent of the entire population, bringing the total to well over 40 million. There is nothing wrong with assisting those in need, but when 15 percent of our population relies on the government for food, unsustainability is a major concern.
What can we look forward to in the next four years? Just look at the last four. We will see more citizens dropping out of the work force and relying on the government for assistance. We will see more taxpayer-funded jobs, whether through bailouts of private companies, or just giving money to solar and wind companies. We will see more government spending and continued deficits.
Our generation is being buried under a mountain of debt, all in the name of compassion and charity. What happens when the avalanche comes?