Jed Babbin has the top story today at Human Events.
Many of President Obama’s critics argue that he and Democratic congressional leaders are out of touch with America. That judgment is both too harsh and too kind.
It’s too harsh because President Obama congressional Democrats are already reacting to the Tea Partyers’ rebellion against his massive increases in government spending. It’s too kind because the president, Nancy Pelosi and Harry Reid are undeterred. They will do whatever is necessary to convince voters that their relentless pursuit of their hyperliberal agenda will reduce the deficit in the hope that voters won’t stop them until it is too late.
Back in May, Obama’s administration was projecting a deficit of $7.1 trillion for the years 2010-2019 on top of the $1.8 trillion deficit in 2009. Those projections would result in a 2019 deficit that amounted to 82% of the GDP. At that level, America would be a bad credit risk, and the deficit would either result in huge tax increases or an America that would, simply, be bankrupt.
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Just Some Thoughts
Duke Monday, November 23rd at 9:32AM EST (link)With the backblast from the voters next November, which should take back at least one house of the Congress, followed by the White House switching sides in 2012, why can’t the new President and Congress simply take back the printed fiat currency, cut out the cancerous socialized health care tumor and delete those parts of the bureacracy that mechanized those things? Do these liberals really plan on doing something that will make their deadly legislation somehow so malignant that it can survive a congressional transplant?
It is my belief that many of the liberal Dems who voted for this travesty will face certain defeat in November. Even Dave Obey is looking like fish bait right now, and polls in Wisconsin showed former Gov. Tommy Thompson would be neck and neck with Sen. Feingold for Feingold’s seat in the U.S. Senate. And Thompson’s not even running!
It’s not about a purge. It’s about an insurrection.
Does the GOP have the bollocks . . .
ottomustaine Monday, November 23rd at 10:02AM EST (link). . . to roll back health care, cut spending, pass entitlement reform, etc… if they take back power? Based on the experience of the Bush years you would have to say no. So here’s hoping all the tea-partiers and redstate readers and contributors continue to keep the GOP’s feet to the fire after the GOP takes back power, whenever that may be. Otherwise we’ll get the same big-government crap we got during the Bush years.
that is what concerns me...
larryp Monday, November 23rd at 1:21PM EST (link)Is that a total majority veto-proof Gop majority somehow takes over in 2011. They look at what the Donks hath wrought. The gop then says Say…look at allthe power we have over the people. Well we can modify this or fix that or change this a bit…and we get a partial excrement sandwich instead of the whole thing.
There are all these scams being worked. The public option scam, the are public spending on abortion, the spending scam. Why are they scams? Because they can be removed and then the whole bill is declared ok and then the GOP votes for it. Of course all the ‘removed sections’ are enabled somewhere else in the 2000 pages or will be slipped in. And there is the total control by the Health Commissioner who can order anything-see HR 3200.
Facing this reality,
4life (Diary) Monday, November 23rd at 9:33AM EST (link)I’m trying to figure out the best place to put my savings. CD’s and money markets are out, because inflation will come and they will lose real value. T-bills and other bonds are out for the same reason. I’m thinking my current S&P fund is not a good place either because certain industries will really suffer under cap and trade and the banks may be hit again, hurting the fund. Agriculture may be the way to go. Maybe pharmaceuticals? Gold (already at an all time high)? Import businesses (but there is trouble legislatively here too)?
So here’s the political implication. If smart people are going to get out of T-bills and bonds, because of the coming inflation, then who will want to buy our debt? What happens then? How can we possibly be doing this to ourselves?
Oops! Slight correction.
skorrent1 (Diary) Monday, November 23rd at 10:26AM EST (link)“…result in a 2019 deficit that amounted to 82% of the GDP” should likely be “…a 2019 PUBLIC DEBT that …” Our politicians often confuse deficit with debt, but we, being smarter, must be more accurate.
The basic point, however, is valid. That level of debt cannot be sustained with near-zero interest rates, and increasing interest will place an unbearable burden on taxes.