Today, President Obama convened the first meeting of his ‘Fiscal Commission.’ The commission, according to the White House’s website is tasked with “…identifying policies to improve the fiscal situation in the medium term and to achieve fiscal sustainability over the long run.”
It’s worth noting that when President Obama took office on January 20, 2009 the national debt had hit the $10 trillion mark. After only a year, the most recent figures available indicate that debt totals have risen to almost $13 trillion. President Obama and this Democratic Congress have increased the national debt by over $2 trillion dollars, making our deficit crisis substantially worse.
And now the President is attempting to generate fanfare for his fiscal responsibility credentials?
Some of you regular Greeneyeshade readers may remember an exchange I had with OMB Director Peter Orzag regarding the budget that the President submitted to Congress. After reading that budget, it became quite clear to me that it was simply a fantasy based on rosy assumptions and overly optimistic economic metrics, and that the President had no viable solution to reduce the debt and deficit, he was…at a loss.
Mr. President, if you want to control the debt, you must start by controlling spending in the near term, the medium term, and the long term. Simply forming commissions to talk about the problem won’t help either. This problem won’t fix itself and tough decisions must be made by Congress and the White House…the time to act is now.