$3.1 Trillion. Will that be cash or credit?

Bush Unveils $3.1 Trillion Spending Plan February 4, 2008 - 11:50am WASHINGTON (AP) - President Bush unveiled a $3.1 trillion budget on Monday that supports sizable increases in military spending to fight the war on terrorism and protects his signature tax cuts. Bush says the plan will keep the U.S. economy growing and protect the U.S. militarily. (WTOP)

For those who have not been paying attention lately (either because they have been partying all week or because they are elected officials), today is budget Monday. And the dunderhead-in-chief has added another nail to his legacy coffin, which regrettably we will continue shoveling dirt onto long after he has been kicked out of the White House (someone is counting the silver right?).

$3.1 trillion dollars. The deficit is already growing at $1 million a day and the United States is pouring so much bad money after good into the rat holes that are Iraq and Afghanistan that one has to start wondering where President Bush is going to come up with another cent much less $3 trillion of my money (yours too, and your children's and your children's children's).

If you are wondering why the economy is in the toilet, let me spell it out using small words. It has nothing (and never has) to do with illegal immigrants. That is now and has been for a long time, a red herring. It has everything to do with the housing market, from top to bottom. It has nothing to do with our carbon footprint, but everything to do with the cost of that oil and other chemicals that are increasing it and our failure to create a new source of energy that does not cost as much. And sadly, it has a lot to do with some of the so-called alternatives (after all, the cost of corn has gone up so much because we are putting it in our tanks, that we cannot afford to feed it to the livestock that provides us with the various dairy and meat products we consume, so as a result the cost of food is increasing because of a double-whammie of factors).

It has a lot to do with the poor regulations we have put on financial institutions, urban planning decision, and an economy so driving by quarterly earnings that no company looks more than 90 days ahead anymore and plans for the future. The employees have become little more than cogs in the machine and as a result, most will find themselves working long past retirement age (what does that mean anymore?) because they cannot afford to retire, much less get sick or drive (commute) to work.

We are in a recession. 60% of Americans recognize the signs (none of them of course are in elected government, at least at the federal level) and they also recognize that giving money back is not the solution to the problem. Regrettably, the solution is going to be painful for many people. Jobs will go away and people will loose their houses and large chucks of their financial security because we have, for too long, relied on fictitious models of economic viability and the IOUs that have been issued by our elected leaders are coming due in the worst way.

The current budget is at the Office of Management and Budget, and when you finish reading that, here is a little gem from cartoonist Ed Stein that really will scare you. And if it does not do that, check back in a few days, I am going to pull out America the Broke and give you an idea of how bad it is. Oh, the book was published in 2004 when everything looked a lot brighter and cheerier.