Monday, July 6, 2009

Two problems for Obama plans

Bloomberg: Firs this article
Kevin Hassett
California’s Nightmare Will Kill Obamanomics: Kevin Hassett

It takes years and years to make a mess as terrible as the California debacle, but the recipe is simple. All that you need is two political parties that are always willing to offer easy government solutions for every need of the voters, but never willing to make the tough decisions necessary to finance the government largess that results. Voters will occasionally change their allegiance from one party to the other, but the bacchanal will continue regardless of the names on the office doors.

California has engaged in an orgy of spending, but, compared with our federal government, its legislators should feel chaste. The California deficit this year is now north of $26 billion. The U.S. federal deficit will be, according to the latest numbers, almost 70 times larger.

Bleak Picture

The federal picture is so bleak because the Obama administration is the most fiscally irresponsible in the history of the U.S. I would imagine that he would be the intergalactic champion as well, if we could gather the data on deficits on other worlds. Obama has taken George W. Bush’s inattention to deficits and elevated it to an art form.

and this article
Glut of $4.5 Trillion Will Haunt Obama’s Dollar: William Pesek

July 6 (Bloomberg) -- It’s not a job Barack Obama signed up for, but it’s his nonetheless: Bond salesman-in-chief.

Such is the lot of a U.S. president overseeing an historic increase in debt issuance. Cartoonists are busily churning out depictions of Obama, who partly nationalized automakers, standing on a car lot hawking Detroit’s clunkers. It’s time to begin picturing Obama shilling bonds few may soon want.

These problems are not unrelated. Obama is doing many things wrong but he didn't cause this, nor did his predecessor. These problems are laid at the door of the congress who continue to behave only in their own self interest and never face up to a problem. Senators and Representatives in Washington represent the largest group of unprosecuted con men/women
in the western world. Throw the bums out!!


lonek8 said...

not just at Congress' door - at the feet of the lazy ass constituents who want everything done for them, and can't be bothered to make sure the people they have chosen to do it actually are.

Drumski said...

I feel helpless when I watch Pelosi and Barney on CSpan. Both parties have such a hold on our government......when are people going to wake up and see they're all a bunch of crooks. Throw them all out.....