From Blomberg: "Obama Says U.S. Long-Term Debt Load ‘Unsustainable’"
Ummm...really, Mr. President??
Interesting you are saying this now after presiding over the '09 budget with a deficit of $1.84 TRILLION. That is the ONE-YEAR DEFICIT is projected to by $1.84 trillion in '09.
This is more than the ENTIRE US DEBT in 1985 ($1.82 trillion according to Treasury)
This is more than the ENTIRE AMOUNT OF US BUDGET SPENDING in 2003--ONLY 6 YEARS AGO ($1.80 trillion according to OMB--Table 1.1, page 22)
This is more than the ENTIRE US GOVERNMENT SPENDING (on- and off-budget) in 2000--ONLY 9 YEARS AGO ($1.79 trillion according to OMB on same table above)
This is more than the ENTIRE GDP OF THE UNITED STATES (the value of all goods and services produced in the US) in 1976 ($1.83 trillion according to the Bureau of Economic Analysis)
This is more than the ENTIRE AMOUNT OF PERSONAL SPENDING IN THE US BY EVERY MAN, WOMAN, AND CHILD in 1980 ($1.76 trillion according to the BEA on same table above)
This is more than the ENTIRE GDP OF EVERY SINGLE COUNTRY except the US, Japan, China, Germany, France, UK, and Italy in 2008 (according to the CIA World Factbook)
President Obama would like you to believe that this in not his budget...however, as my friend DJ points out in his blog (emphasis added):
Mr. Obama, you are largely responsible for this budget, this deficit, and this out-of-control spending. You are responsible for the overwhelming burden of this debt on my children and theirs. DO NOT think that we cannot see that the EMPEROR HAS NO CLOTHES!!!Usually, the budget of the first fiscal year of an administration is set by the previous president and Congress (fiscal years run from October to September, thus FY09 began in October of 2008).
Note that I said “usually,” because this time, Congress refused to pass a budget during and after the election campaign. The government survived on continuing resolutions (Washington-speak for month-to-month spending) because Pelosi, Reid, et al wanted to let Obama write the FY09 budget, which he did. Of course, one of the bigger impacts on this year’s deficit (but far from the biggest) is the TARP fiasco, which Obama did not implement. However, he did support it wholeheartedly – in the campaign and on the Senate floor – so he can’t escape responsibility for that one either (had he, the Democratic nominee for President, refused to support it, odds are the Democratic majorities in Congress would have shot it down).
So unlike previous presidents, Obama must accept responsibility for this budget imbalance. This deficit is on him.
1 comment:
This $1,840,000,000,000.00 can be explained, in the words of C.S. Lewis, as: "Of all tyrannies a tyranny exercised for the good of its victims may be the most oppressive. It may be better to live under robber barons than under omnipotent moral busybodies. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end for they do so with the approval of their own conscience. They may be more likely to go to Heaven yet at the same time likelier to make a Hell of earth. This very kindness stings with intolerable insult. To be 'cured' against one's will and cured of states which we may not regard as disease is to be put on a level of those who have not yet reached the age of reason or those who never will; to be classed with infants, imbeciles, and domestic animals. But to be punished, however severely, because we have deserved it, because we 'ought to have known better,' is to be treated as a human person made in God's image." As it written in the Book of Ecclesiastes, "What has been will be again, what has been done will be done again; there is nothing new under the sun."
Publius
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