Observing President Obama's relentlessly reckless approach to our nation's fiscal integrity is reminiscent of the signature phrase of Mad magazine's Alfred E. Neuman, "What, me worry?" Obama struck again last week at the G-20 conference in Toronto, urging other nations to follow his Pied Piper lead into deficit spending hell.
Unlike recent U.S. presidents who recognized and touted this nation as the world's exemplar for economic growth and prosperity, Obama is turning us into a poster nation for financial irresponsibility. While other nations at the meeting were focusing on deficit reduction, Obama was haplessly urging them to join us in Keynesian spending oblivion.
He told the conference that global economic recovery remains "fragile" and implored the nations' leaders to continue deficit spending to sustain the "recovery." The Washington Post reports that Obama's remarks "tempered the Group of 20's headline achievement at the summit, a deficit-reduction target that had been pushed by Canadian Prime Minister Stephen Harper, the host of the meeting and a fiscal conservative."
Obama is wholly impervious to the historical record documenting the failure of FDR's pump priming during the Depression, which exacerbated rather than ameliorated the economic problems. He is similarly detached from reality concerning the failure of his own policies to stimulate growth of any kind to save his beloved public sector and thus recommends more of the same.
In speech after speech, he takes credit for having launched an economic recovery in the United States and for achieving job growth. Notwithstanding his economic models that stubbornly predict such results, he can point to no empirical evidence to verify his delusional boasts.
It would be bad enough if his economic policies were simply retarding our economic recovery, but they are also accelerating our trip to national bankruptcy. Yet Obama continues to press forward with his foot smashed down on the gas pedal.
Though fiscal sanity would demand that we put the brakes on runaway government spending, Obama wants more of it and is in the process of securing it -- not just in the short term but also in perpetuity. Obama launched an array of new spending programs ostensibly billed as temporary -- to help "stimulate" the economy -- but his latest budget, according to The Heritage Foundation, "would replace this temporary spending with permanent new programs." As if that should surprise anyone!
Heritage's latest figures show that federal spending, deficits and debt continue "to grow at a pace not seen since World War II." This year, the federal government is spending $5,000 more per household than it was (SET ITAL) just two years ago (END ITAL).
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