But that's not the worst of it. The CBO has since shown that Obama grossly understated his already abysmal projections. It reported that Obama's cumulative deficits over the next decade would be $2.3 trillion higher than Obama's projections and that the debt would increase $1.8 trillion more than the administration predicted. Under Obama's budget, federal spending would be at record postwar levels and would never fall below 23 percent of gross domestic product. The annual deficits would average $1 trillion. Yet Obama tells us he's not going to be adding to the debt. Not "deficit," but "debt," which means he'd have to average a balanced budget from here on out. Does he think we can't speak English or add and subtract?
After adding astronomically to the debt with his failed stimulus program, locking in higher levels of spending through many federal programs, and reversing welfare reform, he is turning a blind eye to the entitlement crisis.
Obama's fiscal road map is to continue increasing discretionary spending, to persist in fiscal policies destined to retard economic growth and thus reduce federal revenues, and to be utterly AWOL on entitlement reform. This, knowing that even if he employed a pure libertarian approach of fiscal austerity to the discretionary budget, the entitlements would swallow our budget and bankrupt us within the next generation. The numbers are indisputable.
Rep. Ryan, on the other hand, is on the verge of laying out his bona fide road map to long-term fiscal viability, which consists of: instituting true entitlement reform while making no changes to the benefits for those in or near retirement; improving the health and retirement safety net; real and lasting cuts to discretionary spending; and adopting policies that stimulate, rather than suppress, economic growth, which is an integral part of the budgetary equation.
I intend to get into more detail in future columns about the specifics of Ryan's plan and how Obama's policies have dramatically exacerbated our budgetary crisis. But for now, be aware that if you think you've seen demagoguery before, just wait until Ryan unfolds his road map.
If we don't decisively win this war -- whose pivotal battlefield will be the 2012 elections -- we will have to start looking at financial doomsday scenarios.