One of the most galling memes of the last eight years was the notion, passed on by thousands of talking-point-gurgitating, historically-illiterate, but sometimes well-meaning lefties at all levels of the media, alt-media and society, was that the Democrats – the party of the NRO, the CCC, the WPA, the Great Society, Ted Kennedy, Tip O’Neil and Phyllis Kahn – were the party of “fiscal responsibility”.
Especially this past eight years,when we were saddled with a president and Congress who spent like crack whores with stolen gold cards (by the standards we were used to anyway), allowing the Tics to frame the debate entirely in terms of “balanced budgets” and deficits, rather than spending.
Of course, we knew the meme was a bunch of baked wind. We merely hoped the US wouldn’t have to find out with the greatest lesson in negative consequences in the history of the free world.
Already in the first 45 days of his administration, the federal government has authorized more debt spending than Ronald Reagan did in eight years in office.Then last week the Democrats’ own Congressional Budget Office found that the ten-year deficits of the Obama plan will be about $2.3 trillion higher than the $6.97 trillion the White House is projecting. This is the policy of the party that was swept back into power in 2006 and 2008 promising a return to an era of fiscal responsibility.
Welcome to the Obama doctrine.
“Tax and Spend” is the meme we on the right have assigned to liberal policy for several generations now. It was pretty much a breezy device, in retrospect, compared to today, where Obama proposes to spend ghastly, brain-spinning sums today in exchange for job-killing, growth-shredding, future-mortgaging taxes tomorrow.
But the news on the red ink front is much worse than the president or even the CBO’s budget report suggests. If all of Obama’s “transformational” policy objectives–from global warming taxes to universal health care to doubling the Department of Energy’s budget–are enacted, the debt is likely
to increase from about 40 percent of GDP today to close to 100 percent of GDP by 2018. The ten-year debt is likely to be at least $6 trillion higher–or more than one-half trillion of higher deficits a year from now until forever–than the Obama budget projects.
These are uncharted levels of debt for the United States–though not for such high-flying nations as Argentina, Bolivia, and Mexico.
To be fair, Obama did promise change.
We’re changing into a third world country.