Like the obese people who resolve to diet BUT STARTING NEXT week, St. Augustine prayed for continence but BUT NOT JUST YET, and Obama in his state of the union resolved fiscal restraint and deficit reduction BUT NOT THIS YEAR! Given his $3.8 Trillion budget submission and its $1.6 Trillion 2011 deficit with its Trillion dollar deficits that follow throughout the decade, the promised fiscal restraint and deficit reduction will not come before the nation is bankrupt.
As today’s WSJ editorial points out, this Obama budget is “one of the greatest spend-while-you-can documents in American history!” The budget will reach a post war high of over 25% of GDP, well over the 40-year average of 20.7%. As with most budgets the assumptions are optimistic. And despite nearly $2 Trillion more in taxes and fees, the decade long deficits will add $8.5 Trillion to the national debt.
You would think Obama would learn something form history, but that’s not the case. A friend, Ron Tomsic, sent this April 20th, 1934 cartoon from the Chicago Tribune. (Double click the image for a full size image.)
It took World War II to bring the country out of the Great Depression. Anyone think Obama will relish that prospect?
Tom Motherway
#1 by renohayektjm2 on February 3, 2010 - 3:52 am
UPDATE: See also in today's WSJ "How to Make a Weak Economy Worse," at:http://online.wsj.com/article/SB20001424052748703... tjm