Spending 50 Percent More Than You Take In

This AP article notes that, “For the current year, the government would borrow 46 cents for every dollar it takes to run the government under the administration’s plan.” This came from newly released information on the fiscal year 2010 federal government budget.

The article notes that Obama’s budget “proposes higher taxes for the wealthy, a hotly contested effort to combat global warming and the first steps toward guaranteed health care for all.” Translation: Taxing one group of people and giving the money to others. But the problem is that, as Margaret Thatcher once noted, “The trouble with socialism is that you eventually run out of other people’s money.”