AP Admits Obama's 'Major Milestone' Increases Taxes, Reduces Services, Leaves Us In Debt

In one breath the Associated Press declares this porkulus scam a major milestone for Obama even though Nancy Pelosi and Harry Reid wrote the bill, then they admit it leaves us with crushing debt for generations.

What is there to celebrate?

One thing about the president's $790 billion stimulus package is certain: It will jack up the federal debt.

Whether or not it succeeds in producing jobs and taming the recession, tomorrow's taxpayers will end up footing the bill.

Forecasters expect the 2009 deficit — for the budget year that began last Oct 1 — to hit $1.6 trillion including new stimulus and bank-bailout spending. That's about three times last year's shortfall.

The torrents of red ink are being fed by rising federal spending and falling tax revenues from hard-hit businesses and individuals.

The national debt — the sum of all annual budget deficits — stands at $10.7 trillion. Or about $36,000 for every man, woman and child in the U.S.

Interest payments alone on the national debt will near $500 billion this year. It's already the fourth-largest federal expenditure, after Medicare-Medicaid, Social Security and defense.

This will affect us all directly for years, as well as our children and possibly grandchildren, .in higher taxes and probably reduced government services. It will also force continued government borrowing, increasingly from China, Japan, Britain, Saudi Arabia and other foreign creditors.

The Washington Post hails saddling our grandchildren with debt a victory of historic proportions.

Yippee!

Nobody seems to have an answer for this simple question: What is none of this works?

Another nugget the AP adds:

Infrastructure:

Highways repaved for the first time in decades. Century-old waterlines dug up and replaced with new pipes. Aging bridges, stressed under the weight of today's SUVs, reinforced with fresh steel and concrete.

But the $90 billion is a mere down payment on what's needed to repair and improve the country's physical backbone. And not all economists agree it's an effective way to add jobs in the long term, or stimulate the economy.

First of all, in all the years I've been driving around the country I've encountered endless paving and highway reconstruction projects. It's a safe bet we've spent hundreds of billions on roads and bridges. What's this nonsense that highways haven't been repaved in decades?

Cute dig how bridges are stressed under the weight of SUV's, many of which are lighter vehicles than old passenger cars.