The Thing That Ate America

This is becoming like watching one of those horror movies where the bad guy keeps coming back…with even more scary big government programs that have failed the American people time after time. Only this time WE ARE FLAT BROKE. Correction: only this time WE ARE IN A CHINESE DEBTOR’S PRISON.

If you’re keeping score at home here are some of the latest atrocities 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. Almost 9000 earmarks.

* Obama/Pelosi Housing Bailout at $275 billion. Proposed now and will be debated within days.

* Bank Bailout at estimated $1 trillion. Details of this new Bank Bailout are still fuzzy but the numbers are huge. Debate to begin within weeks.

* Nationalized Health Care proposal is to be announced this Thursday. Word is it will run $634 billion. The President is saying his “health care reform will not wait another year.” What does that mean? Hundreds of billions more of your money and less individual health care choice for you.

So far, the agenda has been all rush-rush spending while taking our nation to historic debt levels. Last night, we saw the first big tax increase. And it is genuinely massive… try $1.2 trillion over the next decade on ENERGY, the one sector of the economy where prices are lower at the moment.

Obama and San Fran Nan Pelosi are now pimping 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 their new 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.

So much for “creating or saving 3.5 million jobs.” I guess those lost jobs that will offset them go “off budget.”

hat tip to Tim at Americans For Prosperity

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