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July 1, 2009

When money is no object

Topics: Political News and commentaries

As the L.A. Times notes in its "A Road Map or a Road to Ruin?," it is indeed remarkable what (our free-spending) Congress can do when money is no object:

... as the House Committee on Transportation and Infrastructure demonstrated when it put out a blueprint for a reauthorization bill to govern the nation's spending on transportation. It's a cornucopia of goodies that's getting strong reviews from interest groups, mainly because it gives them nearly everything they've been asking for: Environmentalists get a new bureaucracy to encourage green projects, public transit agencies get a big influx of cash, high-speed rail enthusiasts get new trains, and states get billions in additional money to build and improve roads, bridges and highways.

There's just one small detail that has been left out -- so far, the committee hasn't identified a way to pay for any of this. And the price tag is breathtaking: $500 billion over six years, a 53% hike over federal transportation spending in the previous six.

We're talking $500 billion on top of the $11.4 trillion (see chart) national debt - plus earmark spending, we already have (with trillions more in the Obama-policies pipeline). Has America lost its collective mind and will we continue to allow our politicians to continue taking us down this "road to ruin" - as the LAT piece suggests?

Related: Bush Deficit vs. Obama Deficit in Pictures

Posted by Richard at July 1, 2009 8:01 AM

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