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Tuesday, February 02, 2010

Mission Accomplished.
Posted by Jill | 6:39 AM
After all, isn't this the very goal the Bush Administration had in mind when it spent like drunken sailors for eight years?
By President Obama’s own optimistic projections, American deficits will not return to what are widely considered sustainable levels over the next 10 years. In fact, in 2019 and 2020 — years after Mr. Obama has left the political scene, even if he serves two terms — they start rising again sharply, to more than 5 percent of gross domestic product. His budget draws a picture of a nation that like many American homeowners simply cannot get above water.

For Mr. Obama and his successors, the effect of those projections is clear: Unless miraculous growth, or miraculous political compromises, creates some unforeseen change over the next decade, there is virtually no room for new domestic initiatives for Mr. Obama or his successors. Beyond that lies the possibility that the United States could begin to suffer the same disease that has afflicted Japan over the past decade. As debt grew more rapidly than income, that country’s influence around the world eroded.

There's just one problem to this conservative paradise: It takes the entire country down with it to the point that even the wealthy can no longer raise their foam fingers and chant "We're Number One!":
Or, as Mr. Obama’s chief economic adviser, Lawrence H. Summers, used to ask before he entered government a year ago, “How long can the world’s biggest borrower remain the world’s biggest power?”

But even the author of this article has forgotten that George Bush was ever president or that the deficit was over a trillion dollars on January 20, 2009:
He is right. In the early years of the Clinton administration, government projections indicated huge deficits — over the “sustainable” level of 3 percent — by 2000. But by then, Mr. Clinton was running a modest surplus of about $200 billion, a point Mr. Obama made Monday as he tried anew to remind the country that the moment was squandered when “the previous administration and previous Congresses created an expensive new drug program, passed massive tax cuts for the wealthy, and funded two wars without paying for any of it.”

But with this budget, Mr. Obama now owns this deficit.

So let's just forget about that other guy. After all, facts are stupid things.

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Blogger rjs said...
a picture is worth a thousand words...

Blogger Jayhawk said...
As another drunken sailor pointed out, you are insulting drunken sailors. I am a former drunken sailor, and when I ran out of money I stopped drinking. I didn't borrow money so that I could keep on drinking, I didn't beat someone over the head and take their money so that I could keep on drinking, I didn't rob a bank so that I could keep on drinking, when I ran out of money I stopped drinking.

So stop with this "drunken sailor" thing. We were far more reasonable than this government is.

Anonymous tata said...
there is virtually no room for new domestic initiatives for Mr. Obama or his successors.

They did it. They broke the future.

That is - I don't even know what that is.