We like David Brooks. I enjoy his columns or commentaries on TV and NPR.
Over the past year, Brooks praised Obama's candidacy. He was one of those conservatives who got caught up in "hope and change"!
Today, he wrote this: Fiscal Suicide Ahead
Brooks makes a sensible case:
"The new debt will continue to mount after the economy recovers.
The national debt will nearly double over the next decade.
Annual deficits will still hover around 5 percent or 6 percent of G.D.P. in 2019.
By that year, interest payments alone on the debt are projected to be $806 billion annually, according to the Congressional Budget Office."
Thank you David Brooks.
We like ROBERT SAMUELSON, a no nonsense economist who is worth reading. He just wrote this:
"Just how much government debt does a president have to endorse before he's labeled "irresponsible"?
Well, apparently much more than the massive amounts envisioned by President Obama.
The final version of his 2010 budget, released last week, is a case study in political expediency and economic gambling."
Pres BO's deficits are unsustainable. We will have unintended consequences, such as pushing back any kind of economic recovery.
"President Barack Obama, calling current deficit spending “unsustainable,” warned of skyrocketing interest rates for consumers if the U.S. continues to finance government by borrowing from other countries.
“We can’t keep on just borrowing from China,” Obama said at a town-hall meeting in Rio Rancho, New Mexico, outside Albuquerque.
“We have to pay interest on that debt, and that means we are mortgaging our children’s future with more and more debt.”
OK. So why in the world did we just add $787 billion in something called a "stimulus"?
Pres BO may be reacting to recent polls: Americans Want Less Government, Less Spending
The word is getting out. We are not the only ones complaining about all of this debt. The Philadelphia Inquirer has a great editorial: Deficit worries
