“The Obama Administration is the Most Fiscally Irresponsible in the History of the U.S.”
The above is a quote from Kevin Hassett’s article in Bloomberg. http://bit.ly/14X4sE
“The federal picture is so bleak because the Obama administration is the most fiscally irresponsible in the history of the U.S. I would imagine that he would be the intergalactic champion as well, if we could gather the data on deficits on other worlds. Obama has taken George W. Bush’s inattention to deficits and elevated it to an art form.
The Obama administration has no shame, and is willing to abandon reason altogether to achieve its short-term political goals. Ronald Reagan ran up big deficits in part because he believed that his tax cuts would produce economic growth, and ultimately pay for themselves. He may well have been excessively optimistic about the merits of tax cuts, but at least he had a story.
Obama has no story. Nobody believes that his unprecedented expansion of the welfare state will lead to enough economic growth. Nobody believes that it will pay for itself. Everyone understands that higher spending today begets higher spending tomorrow. That means that his economic strategy simply doesn’t add up.”
The bloomberg report goes on to say,”It takes years and years to make a mess as terrible as the California debacle, but the recipe is simple. All that you need is two political parties that are always willing to offer easy government solutions for every need of the voters, but never willing to make the tough decisions necessary to finance the government largess that results.”
I said it earlier in one of my posts below, the situation in California is a glimpse….a small microcosm of what will happen to the US (the bill will be due eventually) if we continue down the path of California. This is the end result of and expanding runaway big government, massive deficit spending and entitlement programs for everyone. There is only os much you can tax the producers (the productive members of society) to provide for the ‘consumers” (people who take out of the system without putitng in) nanny-state style. Already in America, 44% of the population does not even pay income taxes and what percentage of the 56% take out more from the system then they put in? Something will give eventually.
As Confederate Yankee said,”Nothing President Obama has done adds up. Not his economic strategy, nor his domestic policy, nor his foreign policy. Just an eighth of the way through his presidency Barack Obama appears to be the most dangerously incompetent man to have ever held the office, doing more long-term damage to this nation than any foreign invader could have ever dreamed. That he has another 3 1/2 years in office ahead of him, and an equally radical coalition of far left activists in Congress until at least 2010, is disheartening, to say the least. “