Senator Judd Gregg warned today that Barack Obama’s plans for spending in the next decade will bankrupt the country:
“The practical implications of this is bankruptcy for the United States,” Gregg said of the Obama’s administration’s recently released budget blueprint. “There’s no other way around it. If we maintain the proposals that are in this budget over the ten-year period that this budget covers, this country will go bankrupt. People will not buy our debt, our dollar will become devalued. It is a very severe situation.”
Gregg, known as one of the keenest fiscal minds on Capitol Hill, also told CNN Chief National Correspondent John King that he thought it was “almost unconscionable” for the White House to continue with its planned course on fiscal matters with unprecedented actual and projected budget deficits in the coming years.
“It is as if you were flying an airplane and the gas light came on and it said ‘you 15 minutes of gas left’ and the pilot said ‘we’re not going to worry about that, we’re going to fly for another two hours.’ Well, the plane crashes and our country will crash and we’ll pass on to our kids a country that’s not affordable.”
Not affordable and not sustainable. If you are in a hole financially you simply cannot spend your way out of it. It doesn’t work in personal finance and it will not work in government finance, either.
Congressional Democrats are spending like a drunken sailors. No, wait, that’s unfair to drunken sailors. Drunken sailors stop spending when they are out of money. Congress and Obama passed a “stimulus bill” that, to date, has “saved” – for a year – 25 jobs so far. Have you seen Obama flying off to tout his success since March 6th?
Do you really want this bunch deciding on what health care you are allowed to have? Do you really want this bunch spending even more?
One thing that I find very interesting about the linked CNN story is the comments. I just scanned them, but there is a lot of dislike for Obama’s proposals and for the behavior of Congress. And nothing like the full-throated attempt to shout down the opposition that is the hallmark of the left.
I don’t think Obama has anything like the support he thinks he has.
The first rule for getting yourself out of a hole is STOP DIGGING. I don’t think anyone has bothered to tell Obama and his Congressional Cronies this truism. You can’t get out of a holee that you continue to dig deeper – it doesn’t work. They are blindly turning this into a third world country and there doesn’t seem to be much anyone can do to stop them.
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Oh by the way, Michelle is throwing a “Wagyu and Wine at The Whitehouse this Wednesday evening”.
I’m not invited, but those who are, are to enter through the window.