I knew we were in for real budgetary trouble with Obama, but his recent statements on the subject make me wonder whether he is so brainwashed with liberal ideology as to be divorced from reality -- or worse.
Based on his tireless rhetoric, it would appear that he thinks -- contrary to all evidence, including the failure of his $868 billion stimulus package to create jobs -- that even more spending would finally lead to jobs. This, though even his economic advisers have warned us not to expect unemployment levels to reduce to acceptable levels for years.
In the meantime, as wrongheaded as he is about government spending's creating jobs, he's outright delusional about what he's doing to the national debt -- and that's giving him the benefit of the doubt.
On our current course of runaway discretionary and entitlement spending, we will bankrupt the nation, yet Obama refuses to get serious about meaningfully curbing discretionary spending and is obstructing and demagoguing entitlement reform.
If this doesn't get your attention, then you are asleep, in denial or irresponsibly apathetic. For if you were engaged, you would have heard or read about Obama's stunning statements on the budget earlier this week.
He said, with a startling degree of casualness, "We will not be adding more to the national debt. ... We're not going to be running up the credit card any more."
Now juxtapose that sentence with the facts, even as he presents them. He has pledged to freeze -- at already unacceptably high levels -- domestic spending for five years. What cuts he would make over the next 10 years would only total $1.1 trillion -- an average of just over $100 billion a year.
Look at Obama's own budget deficit projections for the next decade, beginning with 2012. 2012: $1.101 trillion, 2013: $768 billion, 2014: $645 billion, 2015: $607 billion, 2016: $649 billion, 2017: $627 billion, 2018: $619 billion, 2019: $681 billion, 2020: $735 billion, 2021: $774 billion. Total for 10 years: $7.205 trillion -- an average deficit of $720 billion per year.
You simply cannot square these numbers with Obama's statement that he wouldn't be adding to the debt, unless he's actually confused about the difference between "deficits" and "debt," and that's almost as scary a thought as the numbers themselves.
That is, when you operate at staggering deficits that will add almost three-quarters of a trillion dollars to the debt each year, you are adding to the national debt; you are continuing to run up the national credit card. A third-grader could understand that.
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