Oberstar spending creates debt crisis
For years, our politicians have been able to see the coming train wreck of excessive government spending and borrowing but have chosen to ignore it. Riots in Greece caused by irresponsible government spending and unbridled debt has not curbed Washington's appetite for more spending and increased debt. When Bush took office on Jan. 20 2001the U.S. debt stood at $5.7 trillion and raised to $6.2 trillion on Sept. 1, 2002 - an increase of $500 billion. In the equivalent time period, when Obama took office on Jan. 20 2009, the debt stood at $10.6 trillion but by Sept. 1, 2010 it rose to $13.4 trillion - an increase of $2.8 trillion which is nearly 6 times the amount of the Bush administration.
Debt now accounts for 90 percent of the U.S. economy. Greece's debt, by comparison, equals about 115 percent of its GDP today. Pundits are forecasting the U.S.'s debt to exceed 100 percent of its GDP in the foreseeable future. However, our Representative Oberstar has not seen the light of an impending debt crisis. He has voted for every major spending bill that has crossed his desk including Wall Street bailouts, automotive bailouts, failed Economic Stimulus Bills, cash for clunkers bill, raising the U.S. debt limits, and the unpopular healthcare reform bill. Has Oberstar and his colleagues spending helped our economy? When Obama took office the unemployment rate stood at 7.7 percent, but in August of 2010 it stands at 9.6 percent. Trillions of dollars have been thrown at our struggling economy and we have nothing to show for it.
And now Oberstar and colleagues want to pass even more spending bills that will further increase our debt. If we fail to curb big, misguided government spending now, then we may face a similar situation to Greece. Plus, our children will be burdened with paying our debt for years to come. Luckily, you District 8 voters can do something about this serious problem and that is to vote Oberstar out of office and replace him with someone who will be more fiscally responsible and that is Chip Cravaack.