Pinko Economics Delivers More Red Ink

The easiest way to defeat the most powerful nation on earth is to bankrupt it!

We're already on the hook for about a half million dollars per household just to pay for the unfunded liabilities in Social Security and Medicare, according to David M. Walker, former comptroller general of the United States and head of the Government Accountability Office from 1998 to 2008.

"The Peterson Foundation calculated the federal government accumulated $56.4 trillion in total liabilities and unfunded promises for Medicare and Social Security as of September 30, 2008," states Walker, president and CEO of the Peter G. Peterson Foundation. "The numbers used to calculate this figure come directly from the audited financial statements of the U.S. government."

Explains Walker, breaking down this liability to per family and per capita levels, "If $56.4 trillion in financial commitments is too big a number to digest, think of it as $483,000 per American household, or $184,000 for every man, woman and child in the country."

Actually, it's double that, more like $1 million per household, for the top half of the nation's income earners who pick up the lion's share of the federal tab. For tax year 2007, the Internal Revenue Service reports that the top 50 percent of income earners paid 97.11 percent of total amount collected in income taxes.

Digging deeper and faster into this fiscal hole, President Obama's proposed budget raises the nation's level of red ink by record-breaking amounts over the next 10 years.

"The proposed budget over the next decade would rack up $45.8 trillion in new spending, $9.1 trillion in deficits and more than $2 trillion in higher taxes on Americans," states Investor's Business Daily. "It will double the national debt held by the public to over $18 trillion, while raising taxes on 3.2 million small businesses and upper income taxpayers -- the very people the administration is counting on to pull us out of recession."

Obama's big idea is that we can beg and borrow our way to an America with more windmills, tinier cars, costlier schools and more jobs, all while making things more equal by taking more money out of the pockets of the people who create the jobs.

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