Barack Obama's Bankrupt States of America

Sen. Judd Gregg (R-NH) knows more than a little about sound fiscal policy. He was elected in 2005 to chair the Senate Budget Committee, and he has been a proponent of spending restraint and lower taxes. No small wonder that he chose not to accept the cabinet post of Commerce Secretary recently offered to him by President Obama, whose thinking on fiscal matters is the antithesis of Gregg’s.

Appearing Sunday on CNN’s “State of the Union” program with John King, Gregg said that the Obama Administration’s massive budget proposal will bankrupt the country:

“The practical implications of this is bankruptcy for the United States. There’s no other way around it. If we maintain the proposals that are in this budget over the ten-year period that this budget covers, this country will go bankrupt. People will not buy our debt, our dollar will become devalued. It is a very severe situation.”

The Senator did credit Treasury Secretary Timothy Geithner and White House economic adviser Larry Summers, two top Obama money men who have been under the gun recently, for their efforts to try to rescue the nation’s ailing banking system:

“They’re doing the right things. They haven’t done it as definitely as they should have… they are moving in the right direction and the Fed is moving in the right direction.”

But nursing the banking system back to health will not make much difference when the Obama Administration is bankrupting the country with excessive taxing, spending and borrowing. Citing unprecedented actual and projected budget deficits in the coming years, Gregg explained:

“It is as if you were flying an airplane and the gas light came on and it said ‘you [have] 15 minutes of gas left’ and the pilot said ‘we’re not going to worry about that, we’re going to fly for another two hours.’ Well, the plane crashes and our country will crash and we’ll pass on to our kids a country that’s not affordable.”

The Senator’s choice of metaphor drives home the seriousness of what the Obamunists are doing to the nation. Even worse than a train wreck, an airliner crash is likely to kill more passengers and leave more pieces that are difficult to pick up. And Obama is no Captain Sullenberger who can heroically and safely ditch the plane in the Hudson River. Rather, he is more akin to a pilot, drunk on power, who takes the airliner and all those aboard down with him in a fatal nosedive.

“Please fasten your seat belts and make sure your seat back, tray table and window shades are in the upright positions. Bend over and place your head between your legs, and kiss your wallet goodbye.”

– JP