Former US Secretary of State Colin Powell thinks Barack Obama is trying to spend more money than we have to spend. Colin Powell helped elect Obama as a prominent black and nominally Republican supporter.
"I'm concerned at the number of programs that are being presented, the bills associated with these programs and the additional government that will be needed to execute them," Mr. Powell said in an excerpt of an interview with CNN's John King, released by the network Friday morning.
Mr. Powell, a retired U.S. army general who rose to political prominence after a long and accomplished military career, said that health care reform and many of Mr. Obama's other initiatives are "important" to Americans.
But, he said, "one of the cautions that has to be given to the president -- and I've talked to some of his people about this -- is that you can't have so many things on the table that you can't absorb it all."
Powell states the obvious here:
"And we can't pay for it all," said Mr. Powell,
And I never would have believed that we would have budgets that are running into the multi-trillions of dollars, and we are amassing a huge, huge national debt that, if we donít pay for in our lifetime, our kids and grandkids and great grandchildren will have to pay for it.
Obama assumes the private sector can produce the wealth he needs to pursue is health, education, and other social programs. But the US economy
The country first got into debt to help pay for the Revolutionary War. Growing ever since, the debt stands today at a staggering $11.4 trillion - equivalent to about $37,000 for each and every American. And it's expanding by over $1 trillion a year.
That $37k per resident is a much higher number per net taxpayer. Those who pay more in taxes than they take in benefits are a minority of the working population let alone of the total population. Us net taxpayers carry a much heavier and growing burden. Peak Oil is approaching and combined with our demographic problems (an aging population and a dumbing population) the federal government's longer term ability to finance the debt is highly questionable.
|Share |||By Randall Parker at 2009 July 04 08:32 PM Politics Money|