Margaret Thatcher's famous quote about socialism seems to be reprinted in the media almost daily; "the problem with socialism is you run out of other people's money to spend," and what she was saying was basically that you "rob Peter to pay Paul," and when Peter runs out of money, and there is nothing more to take, Paul won't get anymore and when that happens Paul will be very upset. The Obama Administration had been borrowing money because the government didn't collect enough in taxes, and then is busy giving IOUs for that money backed by the American taxpayer. Okay so let's talk shall we?
Right now, the United States is heading for a fiscal cliff, and a drop-dead date to come up with a plan to live within its means. The Obama Administration hasn't been able to do that in the last four years, in fact they've been spending over $1 trillion every year for the last four years over the amount of money they take in taxes. In essence, the Obama Administration has added $5 trillion to United States debt. But the Obama administration maintains that it is following Keynesian economic theory, stimulating the economy during the recession, and then using the increase in tax revenue during the growth period to pay that back.
Unfortunately, they wasted the money, and they were not able to provide the 5 million jobs they promised, which were supposedly to come from the alternative energy sector. Much of the money that they spent is unrecoverable, but that doesn't mean it's not still owed by the taxpayer. Nevertheless, during the election the Obama campaign said that the economy was getting better, jobs were coming back to America, and things would continue to get better. That's not exactly the case, and come January 1, 2013 we are will hit sequestration, and mandatory cuts in the government meaning it must stop spending or we will have to raise taxes - I expect both to occur in a big way.
It appears that the Obama Administration wants to do a little of both. Neither of those will turn around the recession, and both of those will add to unemployment. This means the government will be on the hook for more money in unemployment benefits, along with all of its social programs which are already bankrupt like Social Security, Medicare, and many others. Worst of all, they wish to cut the military budget down to bare-bones, gutting the military, meaning we can no longer protect ourselves.
I find it unfortunate that the media refused to expose the economic realities of the Obama Administration, as I believe (in my view and opinion) the way they operate the federal government is more like a Ponzi scheme than any sort of Keynesian economic theory. Further, Mitt Romney never had a chance because the Obama campaign kept promising people more free stuff indefinitely and the only way they could continue to do that is to continue what they did for the last four years.
That is completely unsustainable; it's nothing more than robbing Peter to pay Paul. That's they way I see it. Please consider all this and think on it.
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