The federal government of the
is growing by leaps and bounds under the Obama administration while the private sector economy has imploded according to a recent report in Investors Business Daily, and the former is primarily responsible for the latter. United States
Government regulatory agencies now employ more agents and workers than McDonald's, Ford, Disney and Boeing combined, and public sector employment is booming; up by 13% since 2008, while private sector jobs are down by well over 5%, and the unemployment rate remains steady at over 9%. Regulatory agency budgets have grown by 16%, or $54 billion, during Obama’s presidency, while the private economy remains stagnant.
New rules and regulations are likewise multiplying like rabbits on steroids, costing taxpayers billions and billions of dollars every year. The number of pages in the Federal Register, where new regulations are published, increased 18% in 2010 alone, and more than 4,200 new rules and regulations are still awaiting publication, not even counting all the rules from some agencies, so the total will actually be far more.
The effects of all these new rules and regulations in terms of costs of compliance is catastrophic on private business – well over $1.75 trillion every year and climbing rapidly according to a 2010 study by the Small Business Administration.
Meanwhile, the Obama administration will spend as much as $510 million just in the next three years to build or overhaul biofuel plants and refineries. The state of
will receive $179 million just to fill in portions of a high-speed rail system between California and Los Angeles . San Francisco
The President’s stimulus package together with annual spending bills have already provided $10.1 billion for his national high speed rail project, while the total cost is estimated to be upwards of $43 billion.
Our federal government is still wildly spending taxpayer dollars on dubious projects, and at the same time killing the private sector golden goose with unnecessary rules and regulations; all the while operating on massive budget deficits and more than $14 trillion in debt, with conservative estimates at more than $25 trillion over the next decade, even if spending is drastically cut.
The terrible day of financial reckoning for
draws nigh. America