Commentary by Jim Spence - Instead of cutting the unpatriotic deficits George W. Bush ran in half as Barrack Obama promised, he has added debt faster than the first forty-two U.S. presidents….combined. The United States government has now borrowed more than $5 trillion since Obama took the oath of office. How slow is the economic growth rate in the U.S.? Federal Reserve Board Chairman Ben Bernanke knows the economy is so tepid and vulnerable he has engaged in QE-3, a money printing operation designed to continue to allow Obama to borrow at near zero rates while savers earn near zero returns. The costs to savers is many hundreds of billions of dollars each year.
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Jim Spence (left) |
How could America borrow $5 trillion in less than four years? Where did all the money go? Consider the areas where Barrack Obama has concentrated his growth efforts and you will find a big part of the answer.
Besides the Justice Department giving automatic weapons to drug cartels in the Fast and Furious operation, which grew the number of murders in Mexico, the administration has been working hand-in-hand with the Mexican government to increase participation in the Supplemental Nutrition Assistance Program (SNAP), or food stamps. How? Obama’s USDA created an agreement with Mexico to actively promote American food assistance programs, including food stamps for Mexican nationals living in the U.S. The administration has done a great job of educating foreign nationals living in the United States about how easy it is to tap into the federal welfare system.
How much have these dubious government efforts to market dependency affected the federal budget deficit? According to the Congressional Research Service, the Obama administration in conjunction with state governments spent $1.03 trillion on federal welfare programs in fiscal year 2011. This made welfare the government’s largest expenditure, according to the latest data. Welfare costs have jumped 32% since Obama’s inauguration. When some people argue there has been no growth under Obama they are wrong. Welfare spending has grown tremendously under his watch with 15 million new people now enrolled.
Spence: Finally some growth, oops, in welfare