No, Mr. Obama, the fecklessness of politicians does not obligate me to send more of my money to the government.
Three times in my life I have lent money to people in serious financial straits. In every case, they came back to me for more. "X more dollars and I will be home free and can pay you back." In a few cases I came up with a second infusion and in one case I (embarrassingly) actually gave money a third time. In no case was I ever paid back. I haven't heard this phrase in years, but when I was young stock investors had a saying -- "your first loss is your best loss." This was just another way of saying don't throw good money after bad.
Obama and Bush (I haven't forgotten your culpability in all this George) sold the country, or at least Congress, on emergency spending for wars and bailouts and stimulus. This was supposedly one-time spending only for the duration of the emergency. But now Democrats and Obama are treating the peak of this emergency spending as the new baseline, from which cuts are impossible.
This lack of desire to cut spending and a resetting of norms as to "what is normal" is not just a government problem, it is endemic to every organization. Private organizations face this problem all the time. The difference is that when times go bad, private organizations do not have fiat taxation power, so that when they are underwater, they must cut bloated budgets or die. Either way, the problem goes away. Private companies differ from government not in that they don't have problems with beauracracy and risk aversion and deadwood and bloat and bad incentives - because they do. The difference is that private companies cannot get away with allowing this stuff to linger forever, and governments can.
Government will never, ever, ever, ever cut spending unless all hope of new taxes is removed, and even then they will likely try to cut spending on the most, rather than the least, popular programs to build public support for more taxes.
In the early 90's, after the fall of the Soviet Union, we talked about a peace dividend from reductions in military spending. I want a sanity dividend.
Postscript: We like to think that financial problems are due to bad luck, but they usually are due to poor management. The guy I lost the most money with was producing a really interesting boat concept, basically as fun and lithe and fast as a jetski but enclosed so boaters who were less daring would not actually be in contact with the water. I wanted a bunch for rental service at our marinas. But he kept asking for money, saying that he had bad luck with this supplier or that supplier. Eventually, I found out he was in this incredibly expensive commercial lease, and was burning all the money I lent him on useless rent payments. Stupid.
After I graduated from college, I cashed in about $7000 in savings bonds I had accumulated. I was going to make a fortune in the market. After three years I had lost almost all of it -- right in the heart of one of the greatest bull markets in history! A few years later, I was in a situation where I could have really used this money. This was not bad luck or circumstances, I did stupid things. I recognized something that many dentists and doctors never learn - it was possible to be a smart guy who sucked at investing. I was one of them. My investing has been in index funds ever since.