The Washington Examiner, March 27, 2009...
On Spending and the Deficit, McCain Was Right.
[Candidate] Obama used to get very upset about federal budget deficits. Denouncing an "orgy of spending and enormous deficits," ...
... President Obama is asking lawmakers to vote for a budget with a deficit three times the size of the one that so disturbed candidate Obama just a few months ago. ... for years to come, deficits that dwarf those he felt so passionately about way, way back in 2008.
... [Budget Director Peter Orszag] said such deficits, in the range of five percent of the Gross Domestic Product, "would lead to rising debt-to-GDP ratios in a manner that would ultimately not be sustainable."
... If the Congressional Budget Office projections are correct, we're headed for hell in a handbasket. ... the U.S. could have to print a lot of new money, "running the huge risk of inflation and returning to the situation of the 1970s, only far worse," ... The second option is to raise taxes.
... former Clinton budget director Alice Rivlin conceded that Obama's budget could present a "scary scenario" that would "raise deficits to unsustainable levels well after the economy recovers." ...higher taxes, and not just for the richest of the rich.
... Obama will likely have to bow to those in his party who say he must raise taxes if he wants to pay for health care and other expensive initiatives.
"The deficit issue could be one of the most, if not the most, consequential of Obama's unkept campaign promises."
How long will the Liberal media continue to cover for Obama, his lies, and his deceit before Americans wake up and see the truth?
AAR
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How long will the Liberal media continue to cover for Obama, his lies, and his deceit before Americans wake up and see the truth?
ReplyDeleteI think there are a couple things that could trigger a recognition by many in the press to abandon their support for Obi-One. The most obvious (and likely) is an abrupt end to what currently appears to be a classic Bear Market Rally, and the DOW plunging to, say 4 or 5,000. The 2nd, and, I hope, very unlikely event would be a catastrophically successful terrorist attack on a major American City with casualties in the 10's or 100's of thousands. That would be the ultimate test of this President, a test that I suspect he would fail miserably.
RS,
ReplyDeleteIt's possible something will intervene, but if Obama can get away with printing and dumping enough valueless paper money into the economy, he can create a short term impression of recovery and prosperity which the media will hail and credit to him and the inept Democrat Congress.
As you know, however, the real problems will come later with a devalued American dollar, higher prices and inflation, possibly hyper-inflation, and higher taxes for everyone. Most of those "taxes" will not be apparent. They will be concealed in higher prices, reduced buying power, and reduced availability for literally everything Americans use and buy from gasoline, to cars, to electricity, to hoousing, to healthcare, to food, and anything else one can name. Most Americans aren't smart enough to see or understand it, and those who do understand aren't doing what's necessary to educate the masses -- if that's even possible considering the indoctrination that's occurred in our liberal controlled and failed education system.
Little to nothing is being done by the Right to lay the foundation for an effective campaign against Obama and his liberal agenda, even if a catastrophe does occur like another terrorist attack. On the contrary, the Liberals (Democrats) will quickly package and promote any failures and disasters as the fault of Republicans, Conservatives, Christians, and everyone else who opposed or opposes their lies and incompetence.
If the Right had some smart people working the issues, it may not take a major catastrophe to derail Obama. Not only is he spending America's future income, but he is spending the reserves and future borrowing power that will be needed to deal with the next crisis, even a "minor" one like Katrina or an earthquake that destroys a major city such as San Francisco.
But, Republicans and Conservatives will continue to miss opportunity after opportunity as they have done in the past. They won't know how to effectively use a major crisis, even if it's handed to them on a golden platter.
AAR