Obama's 'Money Grows On Trees' Fantasia

The Patriot PostChronicle · Wednesday, January 27, 2010

The Foundation "To say that the United States should be answerable for twenty-five millions of dollars without knowing whether the ways and means can be provided, and without knowing whether those who are to succeed us will think with us on the subject, would be rash and unjustifiable." --James Madison

Editorial Exegesis

"[Barack] Obama's touted spending freeze for some domestic agencies is the politics of gesture. It would apply to only 17% of the budget, and these programs have already had a 22% increase in their annual appropriations in the past two years, and another 25% increase including stimulus. As for the deficit, CBO shows that over the first three years of the Obama Presidency, 2009-2011, the federal government will borrow an estimated $3.7 trillion. That is more than the entire accumulated national debt for the first 225 years of U.S. history. By 2019, the interest payments on this debt will be larger than the budget for education, roads and all other nondefense discretionary spending. If this borrowing were financing defense investments or tax rate reductions to spur the U.S. economy, we wouldn't be worried. But most of this money is going to transfer payments to individuals, or subsidies to home buyers and inefficient businesses that do little for wealth creation. As it always does, CBO forecasts that deficits will decline in the later years of its 10-year budget window. But this forecast depends on assumptions about Congress so fanciful that James Cameron couldn't make them up. ... If the President and his party really are serious, they can do more than promise a spending freeze after 2012. They can stop spending more now: Drop the health-care bill, cancel the unspent stimulus spending from last year, kill the $150 billion new stimulus that has already passed the House, and bar all repaid bailout cash from being re-spent. Everything else is marketing." --The Wall Street Journal

Upright "The problem is not the 'crises' Obama inherited. It's the ones he's creating. He has lived in such a socialist policy shell all his life that he doesn't have a clue that he's on a different planet than most of us. If he were just slightly less narcissistic, he might be able to figure this out. But ... no matter what adjustments he promises to make following the Boston Massacre, he still intends to govern like a socialist. He only wants to do a better job of figuring out how to do it less visibly, hoping we won't 'get it' before it's too late." --columnist David Limbaugh