A number of
economic records have been established during the first
32 months of the Obama administration.
spending has surpassed twenty five percent of Gross
Domestic Product for the first time since World War II.
That rate of spending is nearly forty percent higher
than the historic sustainable rate of eighteen percent
of GDP, according to the Congressional Office of
Management and Budget.
for the first time since World War II the ratio of
budget deficit to Gross Domestic Product has surpassed
ten percent. Each year our nation is now borrowing more
than ten percent of the total amount that our entire
economy is producing. That amount is generally
calculated by using the expenditure method, wherein all
consumption, investment, government spending and net
exports are added to establish the annual GDP.
accumulated sum of that federal debt has now reached
more than two thirds of our Gross Domestic Product for
the first time since the end of World War II. It will
soon reach one hundred percent of GDP if our
congressional leaders fail to curtail our current
spending practices where forty cents of every dollar
spent is borrowed money.
of United States taxpayers that actually pay income
taxes now stands at forty nine percent. For the first
time in the modern era less than half of American tax
payers are contributing to income tax revenue, according
to the Joint Committee on Taxation.
downgrade of the quality of United States sovereign debt
by Standard and Poor’s was the first lowering of that
rating in the history of our nation
The part of
the United States workforce that is actively employed is
the lowest since 1983. Only about fifty eight percent of
the eligible workforce is currently employed, according
the United States Bureau of Labor Statistics.
statistics also show that nearly forty six percent of
the unemployed workforce has been long term unemployed.
That is the highest number of long term joblessness
since the 1930’s. Moreover, the meager one half percent
increase in non-farm payroll employment since the
alleged end of the recession twenty six months ago is
the lowest rate of job recovery following any recession
since the end of World War II.
ownership in the United States has plummeted to less
than sixty percent. That is the lowest percentage of
home owners since 1965, according to the United States
And the most
damning record achieved by the current administration is
the number of persons depending on their government for
sustenance. Forty seven percent of those who live in the
United States are receiving one or more federal benefit
payments. That astounding dependency record is the
highest in American history.
administration has enacted myriad policies and invested
trillions of dollars into the economy. The failed
policies include $825 million in stimulus spending, cash
for clunkers and the multibillion dollar bailouts of
General Motors and Chrysler.
nearly half a dozen forms of home mortgage foreclosure
relief, home-buyers credits and the ongoing multibillion
dollar cash infusions into Fannie Mae and Freddie Mac.
have been borrowed to leverage public-private investment
partnerships to purchase toxic assets from banks.
Financial regulations have been enacted that have dried
up investment capital and destroyed the balance sheets
of many small and mid-sized banks.
are being devoted to renewable energy subsidies that
ultimately produce power that is so unaffordable that it
too must be subsidized in order to sell. Multiple
reproducible studies in several nations have clearly
shown that the administration’s green energy promotion
is killing two private sector jobs for every green
sector job created.
impending economic effects of the Patient Protection and
Affordable Care Act will soon be visited upon us.
ObamaCare will result in government takeover of nearly
one third of our national economy, virtually eliminate
medical choice, enforce myriad new rules and
regulations, and levy multiple new taxes to further
throttle our national economy.
Obama’s recent speech before Congress appears to
guarantee more of the same. He promises to spend another
$450 billion of mostly borrowed money on programs that
are largely destined to fail or that have already
failed. This massive cash infusion is to be paid for by
as yet unidentified future spending reductions and
increased taxes on the rich.
Undisciplined attempts to offset current uncontrolled
spending with future spending reductions has resulted in
more than $14 trillion in sovereign debt and as much as
$100 trillion in total debt and unfunded liabilities.
Further, taxing the wealthiest one percent of Americans
at a marginal tax rate equal to one hundred percent of
their income would not begin to offset our current rate
of deficit spending.
President and I hold widely disparate understandings of
the role of government. He appears to believe that
government is the solution to every problem. I believe
that government is usually the cause of the problem.
remember, if we do not stand up for rural Oregon… no one