Obama states he’ll run trillion dollar Federal deficits for years to come. To put that in perspective, President Bush is perhaps the most fiscally irresponsible spender in history — running up deficits of over $470 billion. But incoming President Obama takes fiscal responsibility to new lows — going from irresponsible to reckless in doubling the Federal deficit.
Change you can believe in? No, change will be all that is left as sooner or later massive inflation arrives reducing everything to pocket change. You can not borrow your way out of debt — a “stimulus package” is simply borrowing against future production — it must be paid sooner or later (hopefully for Mr. Obama if the bill comes after he leaves office).
There’s simply no way to continue to spend and spend and spend massive deficits without paying the piper. Our prediction: Obama’s administration will not only double the deficit, he’ll double the debt (by adding over $10 trillion in deficit spending during his administration), hoping the bill waits for his successor. But kicking the can down the road is not viable fiscal policy (for all those Bush-haters saying Obama has to “clean up the mess” left by Bush, repeat again You can not borrow your way out of debt — there’s no excuse to continue irresponsible fiscal policy which makes the situation worse).
The rapid increase of the deficit under Obama will make the ponzi scheme of Madoff look minuscule by comparison. Obama is in a bad situation — he promised massive new spending, free healthcare, social programs, welfare (disguised as refundable tax credits), and so on, but with a bad economy he can’t pay for it. But no problem, just crank up the printing presses and presto!
The debt passed to children and grandchildren is massive. Of course that’s nothing new, as politicians have been doing it forever. But the kick-the-can scale Obama proposes, and the complacent attitude of Congressional leaders (and Obama disciples) is astonishing. If President Bush was bad for massive spending (true), how can many times more deficit spending by Obama be our savior (it’s not)?
We hope Mr. Obama changes course (that would be change we could believe in), but with a liberal Democratic Congress passing massive deficit spending a liberal Democratic President wants, how can this train wreck be averted?