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Showing posts with label National Debt. Show all posts
Showing posts with label National Debt. Show all posts

Sunday, August 2, 2009

U.S. Deficit topples $11.4 Trillion meanwhile is the Economic Stimulus Package adding more damage?

The U.S. is making history as our debt continues to cruise passed the $11.4 trillion mark and head straight to,what seems to be a perpetual,endless black hole of infinite debt.

As everyday Americans try to 'get by' in the worst economy witnessed since the Great Depression,all attempts to soften the blow seem to be only making it worse and at the same time pushing us further down that hole of debt.The $787 Billion dollar Economic Stimulus Package(America Recovery Investment Act)was full of high hopes,with likes of repairing our nations crumbling infrastructure,(thousands of unsafe Bridges throughout America),increasing job growth opportunities and stimulating the economy.

On the contrary to the good intentions,however,there has been a serious misuse of the funds abroad.As an example,the National Education for Art Association granted $50,000 dollars worth of Stimulus funds to Framline Film(a porn film company...you read that right.)Insane!! If that's how it's gonna be,sounds to me like porn is the business to be in. With all that our Nation is facing right now,$50,000 to a Porn Film Company? Is this for real? I mean,while $50,000 may be a drop in the bucket to the deficit,to any struggling family who is dealing with a surprise lay-off or small businesses failing due to the plummeting economy,it is a slap in the face!

Wait!,there's more!As the Stimulus Funds continue to be divided out,crumbling bridges continue going without repair,while other's(bridges with sound infrastructure and high safety ratings) are receiving funds!In fact,out of the 2,476 bridges scheduled to receive stimulus money,so far 1,123 bridges (or about half) have passed inspection and are approved for a share of $1.2 Billion dollars in funds,even though their high ratings would have normally disqualified them from such.

Meanwhile,in Massachusetts where over half of their 5,063 bridges have been deemed deficient they are so far only spending stimulus funds on one bridge! Some bridges are so old and rickety that they are major a safety hazard to thousands of cars that inch across daily. We are taking about wooden bridges in some areas!
"The wooden bridge built in 1900 carrying Harlan Springs Road in Berkeley County, W.Va., is one of the nation's unsafe structures not being repaired. About 2,700 cars cross it every day. But with holes in the wooden deck and corroded railings and missing steel poles, only one car at a time can travel the 300-foot rickety span." (taken from the Associated Press.)
Out of the money allotted to transportation,70% of it is being used on easy projects,like repaving roads,while only 12% is going to bridges and reconstructing our nation's unsafe structures.

One of my personal favorite spending sprees the White House is currently going (sarcasm is my friend)on is the $.09 Billion dollars of Stimulus money used for the creation of the CNCS (Corporation for National and Community Service)and next year the Organization is expected to receive another $1.1 Billion. Am I just crazy or is this a REALLY bad time to be spending money on civilian volunteer organizations?

Aside from the irresponsible and mindless spending of our State's Bureaucrats,and our topping-the-charts-deficit, it's no wonder that China is apprehensive to buy more of our U.S. Treasury Bonds. Secretary of State,Hilary Clinton recently took a trip to China and urged them to continue buying U.S. Treasury Bonds, but while China already owns about $739.6 Billion of our Bonds(debt),they are worried about the guarantees on their loans and loaning us more and with good reason.Although,they will likely continue to do so since their economic livelihood and ours are intertwined. As Hilary Clinton said,"We are truly going to rise or fall together,”
So,other Nations are paying our bills and buying our bonds,which essentially is not lowering our debt,it's only moving our debt around and after interest? Increasing it.

With figures like we are seeing now that it's hard to imagine how we will ever get out of it.
What is the solution? Do you have one? Check out http://www.usdebtclock.org/index.html, it is our Nation's Debt in REAL time and it is Astounding!

Sorry for the depressing article? Hope you have a beer in the fridge? Or for those of you whom don't drink,uh...chocolate milk?

Cheers!