The reality of the current huge federal budget deficit and out of control federal spending is that both political parties equally share the blame. They tend to blame each other but when it comes to spending taxpayer dollars without restraint both parties are the same.

The compassionate conservative Republican, George W. Bush never could find his veto pen in his two terms in office. Out of control government spending doubled the federal debt from around $5.5 trillion to over $10 trillion during the last eight years.

Last November, Democrat Barack Obama was elected President on a platform of change. Obama faults Bush for the current federal budget deficit mess every chance he gets but his memory is selective at best. The fact is that the Democrats controlled Congress during the last two years when federal spending continued to be unrestrained.

Yesterday, Barack Obama acknowledged the huge government deficit problem in a town Hall meeting in New Mexico. He said: “We can’t keep on just borrowing from China. We have to pay interest on that debt, and that means we are mortgaging our children’s future with more and more debt".

Obama continued : "Holders of U.S. debt will eventually “get tired” of buying it, causing interest rates on everything from auto loans to home mortgages to increase. It will have a dampening effect on our economy.”

Based on his statement, voters might think that Obama is a fiscal conservative. But the record of his first few months in office show that when it comes to federal spending, this Administration could eventually be elected to the government spending Hall of Fame.

Obama intends to spend more taxpayer dollars in the future than his predecessor George Bush. The Obama projected budget deficit for next year is now estimated at 1.2 trillion dollars and will go even higher because the economy will not grow nearly as much as the White House currently projects.

The depth of the current recession means that unemployment will continue to rise and will probably exceed ten percent next year. Meanwhile, just as the economy begins to recover, the international demand for commodities will explode. The price of food, gold, silver, and copper will spiral.

Huge federal deficits in the future will insure that the U.S. Treasury will be busy printing money and that the Federal Reserve will have to eventually raise interest rates to combat the problem of increasing inflation.

Meanwhile, Washington politicians will raise taxes in an attempt to reduce the budget mess and as a result future economic growth will contract while the unemployment rate remains stubbornly high.

Increasing inflation and high unemployment are destined to combine to create the next high economic misery index. It looks like a replay of America's economic problems of the 1970's and early 1980's in the next several years. The result will be economic “Stagflation” as tea party protests against federal government spending kick into high gear.

Spending in Washington D.C. by both parties has been out of control for many years. Despite the recent rhetoric, future deficits will continue to grow since there is no political desire to experience the pain necessary for real reform and change.

The bill from the government spending spree is about to come due. So, when the current recession is over in the next year, its a high misery index from a stagnant economic recovery that every American should fear.

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