Or as Sen. Judd Gregg, top Republican on the Budget Committee, put it the other day, this huge deficit spending “is a death certificate to the American dream for our children. Their lives will be mortgaged by the debt we put on their backs.” Michael Boskin, chairman of the Council of Economic Advisers under the first President Bush, noted in The Wall Street Journal last week that President Obama will have added more debt in his first two years in office than George W. Bush did in eight years. In his first 15 months, Mr. Obama will have raised the debt burden as a percentage of GDP by more than President Reagan did in all of his eight years.
This administration wants larger, not smaller government; broader, not lesser regulation; and greater government, not greater individual liberties. That would make our country weaker on the international stage, make it much more difficult for us to handle future recessions, and even more difficult to implement new programs or strategies that may be needed to improve our economy. Lawrence Summers, now director of the president’s National Economic Council, once asked, “How long can the world’s biggest borrower remain the world’s biggest power?” Obviously not very long, and we are rapidly moving in the wrong economic direction.
China is dumping US securities, that should worry you. The administration is swearing that their big spending saved us from a new great depression. Unfortunately, unemployment is higher than than Obama swore it would be if we just let him spend whatever he pleased on whatever he wanted.
In other words, we are declining. Rapidly. We have an economy in real trouble and a completely clueless leadership in power.
How’s that hope and change coming along?