Democrats and a few Republicans must harbor the same mistaken assumption concerning American fiscal policy as that of Philip A. S. Franklin, Vice President of White Star Line when he made a comment in response to the sinking of his company’s ship, the RMS Titanic. He said “I thought her unsinkable and I based [my] opinion on the best expert advice available.” America has hit a fiscal iceberg and the ship is rapidly flooding with debt that will soon drag it to the bottom of the sea floor, and instead of bailing water over the bow, Congress is widening the hole allowing more debt to flood in.
Over the weekend Congress gave final approval to a $1.1 trillion omnibus spending measure that increases budgets for federal government agencies an average of 12 percent and gives federal workers a 2 percent pay increase. The bill also includes 5,224 pet projects known as earmarks at a cost of $4 billion. But what’s a few billion when you’re spending over a trillion dollars; we can afford it, right? (To get an idea of what a trillion dollars looks like, check out this link.)
Here is a small sampling of the disclosed earmarks:
- $2.7 million to support surgical operations in space.
- $200,000 for the Washington National Opera.
- $30,000 for the Woodstock Film Festival Youth Initiative. Read more…