Conflicting Obama Political Priorities Lead to Paralysis
As the construction industry and the nation attempt to crawl out of a very deep economic hole, there is a maelstrom of competing political agendas: economic stimulus, proposed federal bailouts of an ever-widening group of companies and industries, health-care reform, global-warming initiatives and war strategies and funding, to name just a few. But with the national debt now standing at a staggering $12 trillion, an annual federal budget deficit hitting $1.36 trillion and the federal business bailout tab running $12 trillion—just for starters—there is no money for some or all of these initiatives unless the U.S. just prints a lot more, which is not a wise option.
The stumbling Obama administration seems incapable of finding its way through these initiatives. The “irreversible catastrophe” is not global warming, as President Obama said on Sept. 22 at the United Nations, it is bankrupting the U.S. with out-of-control spending.