By September, the Obama stimulus program, and whatever other "surprise" comes BO's way, will give us a massive federal deficit relative to GDP:
"The debt currently being run up by the Obama administration exceeds anything in our peacetime history in at least the last 5 decades...."
You can't blame Bush for this one!
The Obama economy is here. He voted for everything in this deficit. And he will sign another $800 billion!
"“Obama pledged to fix what he considers Republican governing errors, not double down on them,” Heritage Foundation fiscal analyst Brian Riedl wrote Wednesday.
“Adding the ‘stimulus’ bill to a realistic budget baseline yields a projected 2010–17 cumulative budget deficit of $8.4 trillion—2.5 times the size of President Bush’s deficits over the equivalent eight-year time period.”
Someone at The White House, and at the "yes we can screamer's" headquarters, should stop gazing at Obama and read David Brooks. What happens when you chat with the ghost of the future? He tells you awful things:
"The failure to generate a recovery led to a collapse of public confidence. President Obama’s promises of 3.5 million jobs now seemed a sham and his former certainty a delusion.
The political climate grew more polarized. That meant it was impossible to tackle entitlement debt. That and the economic climate meant it was impossible to raise taxes or cut spending or do anything to reduce the yawning deficits.
Federal deficits were 15 percent of G.D.P. and growing.
Far from easing uncertainty, the exploding deficits led to more fear. The U.S. could not afford to respond to new emergencies, like hurricanes or foreign crises.
Other nations sensed American overextension. Foreign debt-holders grew nervous. Interest rates rose.
Congress indulged its worst instincts, erecting trade barriers, propping up doomed companies. Scholars began to talk about the American Disease, akin to the British Disease of the 1970s."
At least Scrooge was smart enough to change his ways and pay for Tiny Tim's medical bills.
I fear that "hope and change" won't do that!
Get ready for very high deficits and whatever else comes with it!
P.S. Want to get more depressed, see An Unstimulating Stimulus (What the Democrats have wrought) by Irwin M. Stelzer.
It's "hope and change" with a big price tag!
Who would have believed that "hope and change" would end up costing so much?
