Obamanomics – California

“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.”

obamanomics

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. “

Advertisements

3 responses to “Obamanomics – California

  1. shouldn’t “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” come somewhere after Obama has his own equivalent of a September 11 – most devastating foreign attack on US soil since Pearl Harbour or Hurricane Katrina, which took five whole days for a federal response (compare with any first world nation)

    If a domestic economic policy of actually helping the people who it’s supposed to help, rather than sponsoring the elite, is so wrongheaded, why are other nations using similar stimulus? And developing infrastructure and giving people jobs is hardly welfare.

    That’s the only problem with conservative thought: no perspective

  2. welcometothedarkside

    Thank you for your comment berko.

    First, Setpember 11 and Katrina have nothing to do with Obama’s economic policy. Those parts of your comment will be ignored.

    That’s the problem berko, his economic policy is not helping anyway and is wasting billion of taxpayer dollars.

    Here is a graph of Obama’s unemployment predictions with and without the stimulus.
    Notice how the uneployment is far worse then what they said it would be without the stimulus!

    http://bit.ly/15t2Im

    Then we have the CBO graph of Obama’s deficits.

    http://blog.heritage.org/2009/03/24/bush-deficit-vs-obama-deficit-in-pictures/

    I have plenty of perspective. This president si strangling the economy with rambant spending and his runaway deficits during a recession. It will be future generations that pay for this wasteful spending.

  3. Thanks Mr Darkside, most especially for your polite and considered response.

    I have no quarrel with fiscal conservatives, nor do I disagree that rampant spending is undesirable. I expressed repeated alarm at the spending of the previous administration, which was truly out of control.

    I will take a more detailed look at the cited graphs later but, for now, a qualification: if you are going to assert that someone is the ‘most dangerously incompetent man who has held the office’ then you have consider more than just the priorities or the size of their Budget.

    Even if you were to base such a big call purely on spending and deficit, Reagan’s landmark billion dollar budget was exceeded by the Bush administration two trillion and three trillion budgets. Obama is a babe in the woods on that scale. And don’t forget that the Bush II administration was not including ‘discretionary defence spending’, which was in no wise insignificant.

    You also have to look not just at how much is being spent but where. While there seems little possibility of recouping any of the costs of waging the War on Terror, domestic spending can produce all manner of fiscal and social positives. Too often spending on impoverished communities is presumed to always be a nett loss as their capacity to contribute back is diminished, but if you count the immediate effect of their spending on consumables and then add the savings of less crime, incarcerations, policing and so forth then the picture changes somewhat.

    I highly doubt that, unless you secure the Iraqi oilfields for US profit, you are going to see similar returns there.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s