The Washington Examiner reported, via Instapundit:
“Even today, with Obama just beginning to manage the government, Geithner’s Treasury department must offer higher interest rates on bonds it sells to finance planned deficits because bondholders worry about Washington’s future repayment ability if taxes are not soon hugely increased. But those increases would kill economic growth, sending government revenues spiraling downward and eventually leaving Washington only one choice – repudiation of debt or bankruptcy. Either way, American prosperity will be a distant memory for generations to come. Intervention cannot come too soon.”But, even though the US Government is broke it hasn't stopped it from hiring.
And, the average pay for a federal worker will leap from $72,800 in 2008 to $75,419 next year.
That's "average" pay.
In 2007, the median annual household income was $50,233.00 according to the Census Bureau.
CBS News reported:
President Obama's call last year for "shared sacrifice" doesn't extend to federal employees, at least based on the details of his administration's 2010 budget released this week.It's really no surprise then that the Washington DC counties top the list as the nation's richest counties.
At a time when the official unemployment rate is nearing double digits, and 6.35 million people are receiving unemployment benefits, the U.S. government is on a hiring binge.
Executive branch employment — 1.98 million in 2009, excluding the Postal Service and the Defense Department — is set to increase by 15.6 percent for the 2010 fiscal year. Most of that is thanks to the Census Bureau hiring 102,000 temporary workers, but not counting them still yields a net increase of 2 percent in one year.
There's little belt-tightening in evidence in Washington, D.C.: Counting benefits, the average pay per federal worker will leap from $72,800 in 2008 to $75,419 next year.
A senior administration official says, The proposals "take on what we believe are a series of unjustifiable loopholes, unjustifiable tax breaks that we simply cannot afford."
That who cannot afford? The imperial federal government? Is it entitled to this money that is earned by you, the taxpayers? What they are really saying is that this money belongs to us .. and we just can't afford to let the people who earned it keep it. We'll let them keep just enough to keep them working. Are you starting to "get it" folks?
Borrowing implies that it will one day be paid back. With interest. Actually, it has to be paid off. Much of that debt is owned by foreign governments. That debt will have to be repaid. Some of the debt is held by Americans ... and the government can easily just ignore that. After all ... the government owns us. We work at the pleasure and for the pleasure of the political class. Whatever wealth we produce, they own. In their infinite wisdom they'll allow you to keep just enough of your wealth to encourage you to keep working so that you can keep funding them. It will be the same for your children and your grandchildren. There's a huge multi-trillion debt to be paid ... thank goodness the government has the assets to cover that debt. Your children.
In "Democracy in America," Alexis de Tocqueville anticipated people being governed by "an immense, tutelary power" determined to take "sole charge of assuring their enjoyment and of watching over their fate." It would be a power "absolute, attentive to detail, regular, provident and gentle," aiming for our happiness but wanting "to be the only agent and the sole arbiter of that happiness." It would, Tocqueville said, provide people security, anticipate their needs, direct their industries and divide their inheritances. It would envelop society in "a network of petty regulations -- complicated, minute and uniform." But softly: "It does not break wills; it softens them, bends them, and directs them" until people resemble "a herd of timid and industrious animals, of which the government is the shepherd."
Read it a couple of times. When you fully understand what de Tocqueville wrote find a government-educated friend and try to explain it to them. If you REALLY want a challenge find someone who voted for Obama - and has not come to regret that vote - and see if you can explain it to them.