Do you know where your ankles are?

Maybe you should look.

Last night, we watched (in my case with disappointment and dismay) as President Obama -- with Speaker Pelosi applauding loudly behind him -- rolled out literally hundreds-of-billions more in spending and tax increases. Did you see how many people in the congressional audience and the media were beside themselves in ecstasy, also cheering and applauding wildly?

It was like watching one of those horror movies where the bad guy keeps coming back ... a bad guy whose only goal is termination of America ... with even more scary big government programs that have failed the American people time after time, decade after decade. But who reads or learns history and economics anymore?

If you're keeping score at home, here are some of the biggest boondoggles with the price tags attached:

"Continuing Resolution" legislation to fund existing federal programs at $410 billion -- an 8.7% increase in spending over the last year which is the biggest increase on domestic spending since the Carter Administration. Currently being debated this week and next.

Obama/Pelosi Housing Bailout at $275 billion.

Bank Bailout at estimated $1 trillion. Details of this new Bank Bailout are still fuzzy but there is no argument that the numbers are huge.

Nationalized Health Care proposal is to be announced this Thursday. The President is saying his "health care reform…will not wait another year." You should know what that means. Hundreds of billions more of your money and less individual health care choice for you.

So far, the Obama/Pelosi agenda has been ALL spending while taking our nation to historic debt levels. Last night, we saw the first big Obama/Pelosi tax increase. And it is genuinely massive -- try $1.2 trillion over the next decade on what else, ENERGY - the one sector of the economy where prices are lower (for the moment).

President Obama and Speaker Pelosi are now championing a "Cap and Trade" scheme that will ration energy while increasing taxes. A version of this proposal was introduced last year as the Warner/Lieberman Cap and Trade bill. Here are the key details from last year's legislation that are the basis for the Obama/Pelosi plan:

$1.2 TRILLION Tax Increase over 7 years on gasoline, home energy and really all energy in next decade. Source: Congressional Budget Office, April 10, 2008

This tax would cost the economy 3 to 4 million jobs according to an analysis by the American Council on Capital Formation

The average family would lose over $4,000 per year in purchasing power (and remember the Pelosi/Obama tax cut was only $800 per couple)

Gasoline prices would increase anywhere from 77 to 145 percent--that means prices of about $2 a gallon now would go up to $3.50 or even $5 a gallon.

In addition, the Washington Post has reported that President Obama's budget will also include income tax increases.

The numbers are staggering. But there is more. Under the Obama/Pelosi "Cap and Trade" scheme, for the first time the federal government will literally ration energy -- deciding how much energy should be available and at what cost to families and businesses. The impact on our families and economy will be disastrous.

Is this what you voted for?

Red State Patriot

Comments are welcome at redstatepatriot@hughes.net. Please include the title of the article as your subject line. Selected responses, in whole or part, may be published (appended to the article).

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Response by Fritz:

When added up, the new proposals which are pouring out of the White House at lightning speed, the totals are incomprehensible. Obama likes to say will be the only ones with tax increases will be those making over $250,000 per year. Even if those making over $250,000 per year, a shrinking group I assure you, gave up 100% of their income the new projects would not be funded.

Have you seen one proposal that would encourage new business formation? The idea that alternative energy is going to be the new business of the United States is not only short sighted, but sophomoric.

All of a sudden $700 billion here and $700 billion there is of no consequence. Those that say the Bush administration piled up enormous debt, should tighten their seat belts as this train is accelerating. The Iraq war has cost about $600-$800 billion over 6 years. The deficit for this year alone is projected at $1.75 trillion by the congressional budget office, and that is before the $410 billion the house and Senate has in their latest spending bill. There are trillion dollar deficits being spawned for years to come. Congress has criticized Americans for living beyond their means, with the use of home equity loans and credit cards. Their solution to the problem is to continue the process, however with government bonds and higher taxes.

This is insane.

Posted February 26, 2009 02:39 PM
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