How does one spell government bankruptcy? O-B-A-M-A

If any CEO in the USA presented his board with a budget that was one-third unfunded, he would be fired and tossed out of the boardroom immediately.

President Barack Obama recently revealed a $3 trillion budget that had a $1.6 trillion deficit. The maximum deficit presented to Congress prior to this president was approximately a half-trillion dollars (in George W. Bush’s last year, $700 billion of his deficit was a loan, resulting in a net deficit of $500 billion).

Our president has made anemic gestures to reduce spending in his budget in certain non-discretionary areas. However, these are not to take place this fiscal year. If President Obama truly and sincerely wishes to reduce the deficit, he must take similar action that everyday U.S. corporations implement when confronted with huge losses.

Unfortunately, the principal way companies reduce their losses is by reducing their workforce to meet the shortfall. The U.S government, on the other hand, continues to increase its workforce in this great recession and is promoting and increasing the salaries of all government employees.

This is insane when our government continues to have this catastrophic deficit. This insanity is clearly a reflection on the extraordinary power public-sector unions have on the Democratic Party. What this does, without question, is transfer wealth from the productive private sector to the unproductive public sector.

The deficit is driven not only by outrageous increases in labor costs, but by inextricably increasing entitlement costs. Unless this government faces the grim reality, these entitlement costs will soon drive our nation to severe bankruptcy. A bankruptcy from which our children and grandchildren will never recover.

How does one spell economic doom and government bankruptcy for the once-greatest economic engine known to humankind around the globe? "O-B-A-M-A.”

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