So tell me: What do you make of a man who presents a projected 10-year budget that, best case, would add $7.205 trillion to the national debt but simultaneously tells you he won't add to the debt?
What would it take to startle this man into reality? He can't blame this on Bush anymore. He owns the record 2011 debt and his 10-year budget. President Bush's deficits before the extraordinary 2008 one -- with the Troubled Asset Relief Program, etc. -- averaged about $300 billion, and the deficit was just $161 billion in 2007. That's right; just four years ago, our deficit was 10 percent of what it is today, $1.65 trillion.
A fiscally prudent president on the heels of that monstrous TARP year deficit of $1.3 trillion (it was more like $800 billion when you factor in TARP repayments) would have said, "We're going to drastically cut back and never have another deficit fiasco like that again."
But Obama saw the Bush 2008 deficit not as a warning sign to restore fiscal responsibility, but as an excuse to ratchet up federal spending to record levels in order to redistribute wealth and advance pet liberal causes -- and that's precisely what he's done. Many of us warned that much of the spending he engineered in the stimulus was not a one-time affair, but new self-perpetuating programs. Sure enough, here we are at $1.65 trillion.
When Republicans proposed to cut just $100 billion from the continuing resolution, Obama and his shameless party called their proposal "Draconian," as if to say that it's immoral unless it bankrupts the nation. Is it Draconian not to spend $65 million on a tribute to the late Sen. Ted Kennedy? Is it not Draconian to impoverish our children and grandchildren?
Regardless of Obama's deeper motives, the reality is that he doesn't want to be responsible with our money because he intends to continue to play mad economic scientist with his failed experiments and keep throwing mega-dollars at walls, such as with this high-speed rail boondoggle, until there's nothing left to hurl.
Frankly, it's hard to comprehend why there's as little outrage and noise about this as there is. It's as if we are all walking the nation off the plank while our pied piper president tells us everything is going to be fine.
Bernie Sanders and Robert Reich Are Confused by Economics. And Government. And Reality | Seton Motley