Debt Crisis Finally Becomes an Issue After Two Years?

To The Editor:
It is distressing that the debt crisis becomes an issue several weeks before the government will not have enough money to potentially pay all of its obligations.
For two years there were no approved budgets but continuing resolutions that permitted uncontrolled spending without approval or oversight. Fast forward to several weeks before the government requires funds to cover their past spending spree. This year we have spent $1.6 trillion that we did not have. The administration is requesting increased debt ceiling funds to cover the past two years, but want to approve $2.5 trillion for the next two years, but spending cuts are spread out for 10 years! Go figure. The mea culpa was to blame the Wall Street financial group that caused our financial crises. Would some of the readers write and explain what the Wall Street fat cats sold that caused the crisis? Hint it was Fannie, Freddie and the FHA watered down mortgage — government approved mortgages. Please respond with the real causes if that statement was incorrect.
The taxpayer has financed $1trillion to create jobs. Research where the funds were applied: swimming pools, parks, and shrimp, tread mills, ant research and rebuilding some downtown areas. We had bailouts to Chrysler and GM. GM paid back $6 billion, and was given $38 billion in tax relief. The taxpayer-invested shares of Chrysler were just sold for billions under the bailout investment. While our debt accelerated, the Congress focused on a health care initiative that cost close to a trillion dollars that we did not have.
For every dollar the government spends they borrow 41 cents. If you are paying the bills and your significant other was spending 40 percent more than you were making, I am sure that some serious discussion would take place before 2½ years, or your lending institutions would have addressed the issue before then. To me that is the salient point; if the Federal Reserve is a private bank, they were clueless when we spent trillions on TARP, two unfunded wars, bailouts to banking, homeowners under water, cash for clunkers, auto companies and then a trillion on healthcare. I find it humorous that a new TV ad has three seniors lamenting that the Republicans want to cut $100 billion from hospitals but yet are not concerned that Obamacare cuts $500 billion from Medicare to finance Healthcare reform. How does that work for Medicare, that has been apprised of running out of money by 2023?
Recently the president suggested we spend $500 billion for job training; just what jobs are they going to be trained for with 14 million unemployed and another 12 million who have expended their unemployment or are under employed? What are the needed areas of training? Since the B P spill there are several thousand workers who are out of work because of a government freeze on drilling. Our domestic oil supply is reduced by 14 percent, oil and gas prices have continually stabilized the price of gas 80 cents higher than last year, the supplementing businesses to the Gulf rigs have also been affected.
A recent TV clip showed the president with Jeff Immelt, the Obama job czar and CEO of General Electric laughing at the acknowledgement of not having shovel-ready jobs. What was so funny? They spent $1 trillion, and Immelt outsourced 3,900 jobs from GE overseas.
AL CROSSSEN
North Wildwood