Barack Obama has released his first federal budget proposal as president, and it is a monster. Obama's budget proposal is a whopping 3.55 trillion dollars, and it contains an astonishing $1.75 trillion projected federal deficit that would be nearly four times the highest in history.
The era of big government was definitely back under presidents Bill Clinton and George W. Bush.
Now we are entering the era of REALLY REALLY big government.
The following are some highlights from Obama's budget proposal.....
*A tax increase on Americans making more than $250,000 a year, but tax cuts for those making less than that.
*A 634 billion dollar first step toward a universal health care system.
*Despite America's deep economic crisis, Obama is seeking to double U.S. foreign aid to other countries.
*Obama's new budget also includes a new "global warming" tax. It would be the biggest tax increase in American history, and it would hit consumers with considerably higher utility bills.
*The Pentagon budget would get a 4 percent boost - to $534 billion next year.
Will all of this massive government spending fix the economy?
Well, it will help in the short term - just like going out and spending a thousand dollars on your credit cards will help you feel better in the short term too.
But what would happen to you personally if you went out and ran all your credit cards up to their maximum?
Financial disaster is what would happen.
And that is exactly what is happening to the United States government now.
The federal government of the United States is now over 10 TRILLION dollars in debt.
10,000,000,000,000 dollars in debt!
Will the current generation of Americans repay that?
No, the current generation seems determined to go even deeper in debt.
So, that means that Americans are dumping this debt on to their children and their grandchildren and to generations beyond that.
What America has done is they have sold their children and grandchildren into economic slavery forever. How would you feel if you were a little child and you discovered that your parents had left you with a debt that you could never, ever repay and that you would be making interest payments on for the rest of your life?
America's children and grandchildren will ALL be working all of their lives to pay interest on this ridiculous debt. Their labor will go into serving the owners of this debt, and there is no escape.
The goal should be to pass on a better world to America's children. How immoral is it to pass on such a debt to future generations?
Imagine if your parents came up to you and handed you a million dollar credit card bill that they had racked up and that was now in your name and you had to make payments on for the rest of your life?
America has had the greatest party of all time and has fueled the party on massive amounts of debt, but there is bad news.....
The party is almost over.
The reserves of America's local banks are gone. The financial institutions have borrowed an insane amount of money from the Federal Reserve this year just to stay afloat. America's financial system has never experienced a crisis of this magnitude in modern times.
The biggest debt bubble in the history of the world is starting to burst.
For decades Americans have lived like kings and queens.....enjoying the biggest party the world has ever known.....but financed with ever increasing amounts of debt.
Once upon a time, the United States was the biggest creditor in the world. But those days are long gone. Now America is the biggest debtor nation to ever exist on the earth.
America was the richest nation in the world, but that was never enough. Americans always had to have a bigger car, a bigger house and an endless supply of "stuff". So the American government piled up debt, American companies gorged on debt, and Americans made using credit cards into a national pastime.
If you include the future liabilities that America's government has already committed to such as future Social Security and Medicare payments, then the total debt of the federal government is over 65 TRILLION dollars.
65 TRILLION dollars!
Now that many of America's jobs have gone overseas, the price of gasoline is shooting through the roof, and tons of people are losing their homes, do we find that Americans are learning their lesson?
Instead Americans are squeezing everything they can out of their credit cards. Total credit card debt in America is now over 790 billion dollars, and it is increasing at a rate which is four times faster than earlier this decade.
Instead of showing restraint, Americans have jammed the accelerator to the floor.
And did you know that Americans actually have a NEGATIVE savings rate?
Do you know the last time when that happened?
The Great Depression.
Prices are increasing dramatically while wages are not. Jobs are being outsourced and factories are being closed. America's largest banks and financial institutions are teetering on the brink of failure. Homes are being foreclosed at record rates. Personal bankruptcies recently hit an all-time high. And what is the answer that the politicians give America? Wasting even more money and getting us into even more debt.
America is truly reaping what they have sowed.
The Scriptures talk about those who would hoard wealth in the last days. Instead of feeding the poor and taking care of those who couldn't take care of themselves, Americans spent their money on mini-mansions, luxury SUVs and as much entertainment as they could pack into our lives. Now Americans will suffer the consequences just as the Scriptures say in James 5:1-5.....
"Now listen, you rich people, weep and wail because of the misery that is coming upon you. Your wealth has rotted, and moths have eaten your clothes. Your gold and silver are corroded. Their corrosion will testify against you and eat your flesh like fire. You have hoarded wealth in the last days. Look! The wages you failed to pay the workmen who mowed your fields are crying out against you. The cries of the harvesters have reached the ears of the Lord Almighty. You have lived on earth in luxury and self-indulgence. You have fattened yourselves in the day of slaughter."