RealClearPolitics - Obama's Dangerous Debt
During Republican years, the MSM used to come unglued about deficits -- and they LOVED to look at "10 year projected costs" -- for perscription drugs, for the Iraq war, for any tax cut, etc, etc. Suddenly, one has to dig to find such an article. What is up with that?
Remember what was going on in 1950? We had just come through another long economic winter of Democrat control. Samuelson doesn't even get into BOs rosy economic projections -- I think he will be pretty lucky to not break the old 80% record.
Boy the MSM just used to HATE the idea that Reagan would "spend and borrow" -- and then they would turn around and castegate him for not spending enough on the stuff they wanted spending on. As Samuelson points out, "Beyond the undeserving who make more than $250K" -- wanna bet that those "undeserving" will be figuring out good ways to avoid income?? They didn't get to $250K by being chumps!! The fact is that the Democrats have been set on killing the "golden goose" of the "wealthy" that have been paying all the taxes the past few years -- it is a brilliant strategy. Run huge deficits, slow down the economy so you don't have that going for you and THEN try to hammer those with the most options on how hard they want to work, where they want to work and **IF** they will be doing any investment in the US!!
He ends with the obvious. Anyone that doesn't understand that McCain trying to do this would be boiled in oil and run out of town by now is living somewhere not in this universe:
During Republican years, the MSM used to come unglued about deficits -- and they LOVED to look at "10 year projected costs" -- for perscription drugs, for the Iraq war, for any tax cut, etc, etc. Suddenly, one has to dig to find such an article. What is up with that?
Let's see. From 2010 to 2019, Obama projects annual deficits totaling $7.1 trillion; that's atop the $1.8 trillion deficit for 2009. By 2019, the ratio of publicly held federal debt to gross domestic product (GDP, or the economy) would reach 70 percent, up from 41 percent in 2008. That would be the highest since 1950 (80 percent). The Congressional Budget Office, using less optimistic economic forecasts, raises these estimates. The 2010-19 deficits would total $9.3 trillion; the debt-to-GDP ratio in 2019 would be 82 percent.
Remember what was going on in 1950? We had just come through another long economic winter of Democrat control. Samuelson doesn't even get into BOs rosy economic projections -- I think he will be pretty lucky to not break the old 80% record.
One reason Obama is so popular is that he has promised almost everyone lower taxes and higher spending. Beyond the undeserving who make more than $250,000, 95 percent of "working families" receive a tax cut. Obama would double federal spending for basic research in "key agencies." He wants to build high-speed rail networks that would require continuous subsidy. Obama can do all this and more by borrowing.
Boy the MSM just used to HATE the idea that Reagan would "spend and borrow" -- and then they would turn around and castegate him for not spending enough on the stuff they wanted spending on. As Samuelson points out, "Beyond the undeserving who make more than $250K" -- wanna bet that those "undeserving" will be figuring out good ways to avoid income?? They didn't get to $250K by being chumps!! The fact is that the Democrats have been set on killing the "golden goose" of the "wealthy" that have been paying all the taxes the past few years -- it is a brilliant strategy. Run huge deficits, slow down the economy so you don't have that going for you and THEN try to hammer those with the most options on how hard they want to work, where they want to work and **IF** they will be doing any investment in the US!!
He ends with the obvious. Anyone that doesn't understand that McCain trying to do this would be boiled in oil and run out of town by now is living somewhere not in this universe:
The wonder is that these issues have been so ignored. Imagine hypothetically that a President McCain had submitted a budget plan identical to Obama's. There would almost certainly have been a loud outcry: "McCain's Mortgaging Our Future." Obama should be held to no less exacting a standard.
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