Reno Hayek Symposium

Tony Blankley in his October 14 Real Clear Politics post calls it like it is–our children, grandchildren and greatgrandchildren will be in the  poor house paying for Obama, Pelosi, Reid and company. Washington is living on the proverbial free lunch.  Sage advice: move to another country!

And yet the same Congress and president who want to stop the banks from taking too much risk cannot stop themselves from ever more deficits. Indeed, so intoxicated — nay, hypnotized! — by debt is the current government that it is not even proposing to try to cut back.

Last week saw, at the same time: 1) the world shuddering about the debt-driven weakening dollar (“The biggest story in the world economy is the continuing fall of the U.S. dollar, or at least it is everywhere outside of Washington, D.C., the place most responsible for its declining value.” — The Wall Street Journal) and 2) Washington cheering Sen. Max Baucus’ health bill’s spending levels (“Health Care Bill Gets Green Light in Cost Analysis” — The New York Times).

That’s right. The federal government is giving the “green light” for the country to drive to the poorhouse — and drive there, I would argue, by way of the lunatic asylum. Are they nuts? Consider a few details.

Before the Baucus health bill is enacted, $9.3 trillion of newly created deficit already has been added to the national debt. The Baucus bill is considered a triumph of careful budgeting because it may cost only $829 billion — and will not add to that unsustainable deficit because it is to be paid for by cutting Medicare and other programs by about $400 billion and raising taxes primarily on health care insurance by about $400 billion.

via RealClearPolitics – Washington Is Nuts.

America is in deep trouble.