America, You Asked For It!

Political News and Commentary from the Right

Government Takeover Grows Bigger and Bigger

by Michele Bachmann at Townhall.com

A front page story in Thursday’s USA Today newspaper caught my attention:

“Federal share of economy soaring”

The article warns that the seemingly endless flow of bailout money flooding from the U.S. Treasury Department to Bear Stearns, AIG, the financial markets, etc., has put the federal share of the nation’s economic activity close to $1 out of every $4, the highest level since World War II.

What does this mean for our nation’s future? According to the USA Today, economists predict that as this rapid spending spree continues, it could lead to “slower economic growth, higher interest rates, and the likelihood that tax increases or spending cuts will be needed to tame a budget deficit headed toward a record $1 trillion.”

…(Read full article)

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December 12, 2008 - Posted by | Bailout | , , , , , , , , , ,

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