Akin to borrowing our way out of debt, the AP reports that "neither spending cuts nor broad tax increases would be prudent deficit-fighting measures". Really, how can spending cuts not be prudent? What should be done, print more money, borrow more? Those two options don’t seem to be working but God forbid cut spending.
The country’s economic output looks more bleak. Our deficit approaches $9 trillion dollars, unemployment soars, the dollar plummets, the economy contracts, and nobody in the nation’s capital can figure out how to subtract.
Republicans were ready to pounce."The alarm bells on our nation’s fiscal condition have now become a siren," Senate Minority Leader Mitch McConnell, R-Ky., said. "If anyone had any doubts that this burden on future generations is unsustainable, they’re gone — spending, borrowing and debt are out of control."
Mr. McConnell, perhaps alarm bells should have gone off eight years ago when Republicans were in control of the White House, Senate, and House?
If not then, weren’t they ringing in the fall before the first "stimulus" bill was passed?
Alas, America and the rest of the world should be heartened, Obama has the solution. He has nominated one of the architects of the current recession, Fed Chairman Ben Bernanke, for another term.
Obama himself may have drowned out the rising deficit news with the announcement Tuesday that he intends to nominate Ben Bernanke to a second term as chairman of the Federal Reserve. The Bernanke news could neutralize any disturbance in the financial markets caused by the high deficit projections.
We better make sure the printing presses are powered up. Hopefully, D.C. will start powering them with Obama’s green energy. That’s the only way they will be stopped.
Only in government can ineptitude be rewarded and looked to for salvation.
God help us!